Granada Gold samples 55.6 g/t gold over 3 metres

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Granada Gold Mine Inc. [GGM-TSXV; GBBFF-OTC; B6D-FSE] has provided an update of its 2020 high-grade exploration and bulk sampling program at its 100%-owned Granada gold mine project located 5 km south of Rouyn-Noranda, Quebec.

Highlights:

A grab sample returned 55.6 g/t native gold from 1,220 kilograms of mineralized material taken from surface over a 3-metre strike length on Vein No. 1 structure where diamond drill hole GR-19-A intersected 11.45 g/t gold from 0 to 33 metres core length.

The sample was processed at Temiskaming Testing Labs in Cobalt, Ontario. Conventional gravity concentration was used and therefore only native gold was recovered and quantified. The gold-bearing sulfides were not recovered.

Native gold component has been defined for the Granada Gold Mine to represent an average of 50% percent of the recoverable gold from the mineralized deposit.

A second drill rig is focusing on the high-grade Vein No. 1 structure. Stripping to the west continues along strike. The mineralized structure has been traced on surface for over 115 metres on east-west trend by stripping. The structure extends over 500 metres when connecting the pierce points with the drill holes.

Frank J. Basa, P.Eng., President and CEO, commented: “Historically, the mill grades at Granada Mine were higher than drill grades. This is common with high-grade native gold concentration deposits on the Cadillac Trend – as it is with this deposit. The 1,220-kg sample returned four times the drill grade of the core using only the native gold component.”

He added: “A bulk sample is to be taken at this location to further quantify the grade of the mineralized material. The company is awaiting quotes from local contractors to take this bulk sample.”

The current 2019 pit-constrained Measured & Indicated Resources total 22,267,000 tonnes grading 1.06 g/t gold, for 762,000 ounces. Inferred Resources are 6,930,000 tonnes grading 2.04 g/t gold, for 455,000 ounces.


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