(via TheNewswire)
These new intercepts verify the continuity of mineralization at shallow depth and confirm extension of the multiple mineralized structures
Drilling Highlights
Drill holes GR-21-22, GR-21-23, GR-21-24 and GR-21-25 were designed to confirm the presence of gold mineralization at shallow depth.
The drill holes were aimed to fill gaps in the SGS mineral resources envelopes, with the potential of increasing the tonnage of the high-grade, open-pit resource grade of 2 grams per tonne gold.
GR-21-22 intersected
1.25g/t Au over 7.75m
GR-21-23 intersected
5.54 g/t Au over 6.00m, including 31.30 g/t Au over 1.00m
GR-21-24 intersected
0.78g/t Au over 11.70m, including 5.40 g/t Au over 0.60m
GR-21-25 intersected
1.14 g/t Au over 5.1m, including 10.05 g/t Au over 0.50m
“The assay results from these drill holes prove the continuity of mineralization along the main Granada central structure. Also, the 30,000-meter drill program we conducted over the past year has confirmed that the average assays of the down-dip results of the mineralized structure are consistently higher than the previous perpendicular-to-structure drill results. The company is planning another bulk sample similar in size as the previous one taken to get a better understanding of the correlation to drill data results. We expect the bulk sample results to give a more representative grade of the mineralized vein zone,” commented
A 500-tonne bulk sample of mineralized material was taken in the fall of 2020 (Press Release
Figure 1: Plan Map Showing Drill Hole Traces and Significant Assay Locations Immediately Northeast of Pit #1.
Click Image To View Full Size
Table 1: Sample Details
Hole ID | Target Location | From (m) | To (m) | Length (m) | Au (g/t) |
GR-21-22 | Northeast of Pit#1 | 111.70 | 112.90 | 1.20 | 2.37 |
GR-21-22 | Northeast of Pit#1 | 165.90 | 173.65 | 7.75 | 1.25 |
GR-21-22 | Northeast of Pit#1 | 190.25 | 194.00 | 3.75 | 1.10 |
GR-21-23 | Northeast of Pit#1 | 135.50 | 141.50 | 6.00 | 5.54 |
Including | Northeast of Pit#1 | 135.50 | 136.50 | 1.00 | 31.30 |
GR-21-23 | Northeast of Pit#1 | 188.00 | 193.00 | 5.00 | 0.86 |
GR-21-23 | Northeast of Pit#1 | 214.50 | 221.60 | 7.10 | 2.44 |
Including | Northeast of Pit#1 | 214.50 | 215.50 | 1.00 | 11.70 |
GR-21-24 | Northeast of Pit#1 | 243.75 | 255.45 | 11.70 | 0.78 |
Including | Northeast of Pit#1 | 247.70 | 248.30 | 0.60 | 5.40 |
Including | Northeast of Pit#1 | 254.90 | 255.45 | 0.55 | 4.99 |
GR-21-24 | Northeast of Pit#1 | 336.30 | 340.70 | 4.40 | 0.57 |
GR-21-24 | Northeast of Pit#1 | 425.85 | 426.35 | 0.50 | 5.73 |
GR-21-25 | Northeast of Pit#1 | 169.05 | 170.20 | 1.15 | 2.82 |
GR-21-25 | Northeast of Pit#1 | 182.45 | 189.00 | 6.55 | 1.01 |
GR-21-25 | Northeast of Pit#1 | 201.00 | 206.10 | 5.10 | 1.14 |
Including | Northeast of Pit#1 | 205.60 | 206.10 | 0.50 | 10.05 |
GR-21-25 | Northeast of Pit#1 | 258.80 | 261.00 | 2.20 | 3.54 |
GR-21-25 | Northeast of Pit#1 | 273.20 | 276.70 | 3.50 | 2.43 |
GR-21-25 | Northeast of Pit#1 | 289.00 | 291.50 | 2.50 | 2.43 |
including | Northeast of Pit#1 | 290.00 | 290.55 | 0.55 | 10.75 |
Please note: Bolded intervals represent assay composite calculations. Non-bolded intervals represent single assays. G/t refers to grams per tonne. Intervals are core length with no capping applied.
Location
The Granada Gold project is located near
Qualified person
The technical information in this news release has been reviewed by
Quality Control and Reporting Protocols
The 2021 assay results are from ALS laboratory in Val d’Or. The screen metallic fire assay method is pre-selected by the geologist or geological engineer when samples contain visible gold. The drill program, quality assurance, quality control (QAQC), and interpretation of results is performed by qualified persons employing procedures consistent with NI 43-101 and industry best practices. Standards and blanks are included with every 20 samples for QAQC purposes for this program in addition to the lab QAQC.
Mineral Resource Estimate
On
Table 2: Mineral Resource Estimate Showing Tonnes, Average Grade, and Gold Ounces
Type | Category | Tonnes | Avg Grade Au (g/t) | Gold Ounces |
Measured | 3,756,000 | 1.89 | 228,000 | |
Indicated | 1,357,000 | 2.55 | 111,000 | |
Measured + Indicated | 5,113,000 | 2.06 | 339,000 | |
Inferred | 34,000 | 11.29 | 12,000 | |
Underground | Measured | 37,000 | 4.22 | 5,000 |
Indicated | 807,000 | 4.02 | 104,000 | |
Measured + Indicated | 844,000 | 4.03 | 109,000 | |
Inferred | 1,244,000 | 6.33 | 253,000 |
About
The property includes the former Granada Gold underground mine which produced more than 50,000 ounces of gold at 10 grams per tonne gold in the 1930’s from two shafts before a firedestroyed the surface buildings. In the 1990s, Granada Resources extracted a bulk sample (Pit #1) of 87,311 tonnes grading 5.17 g/t Au. They also extracted a bulk sample (Pit # 2) of 22,095 tonnes grading 3.46 g/t Au.
“Frank J. Basa”
Chief Executive Officer
For further information, Contact:
Chief Executive Officer
P: 416-625-2342
Or:
Corporate Communications
P: 416-710-2410
E: waynecheveldayoff@gmail.com
Neither the
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