Mr.
Highlights:
- Grab sample returns 55.6 grams per tonne native gold from 1220 kilograms of mineralized material taken from surface over a 3-meter 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 (refer to
January 9, 2020 , news release). - Sample was processed at
Temiskaming Testing Labs inCobalt, 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 (43-101 Technical Report datedFebruary 13, 2019 on the Granada Gold Project Mineral Resource Estimate,Rouyn Noranda, Quebec authored by the Qualified persons,Allan Armitage , Ph. D..,P. Geo andMaxime Dupere ,B.SC ., Geo both ofSGS Canada Inc. – Section 13.1). - Second drill rig focussing on the high-grade Vein No 1 structure. Stripping to the West to continue along strike. The mineralized structure has been traced on surface for over 115 meters on east-west trend by stripping. The structure extends over 500 meters when we connect the pierce points with the drill holes.
Historical Recap:
- Historic underground production between 1930 and 1935, from 2 shafts had an average grade of 9.7 grams/tonne gold and 1.5 grams/tonne silver from 164,816 tonnes of mineralized material (51,476 ounces gold in 181,744 tons at 0.28 oz/ton) primarily from Vein No.2 underground *
- A 1994 surface bulk sample extracted 87,311 tonnes grading 5.17 g/t gold from Pit No.1 (on Vein No. 1) *
- A later, 1996 surface bulk sample extracted 22,095 tonnes grading 3.46 g/t gold from Vein No. 2.
- The Aukeko Shaft, 2300 metres east of the current bulk sample, and within the Auk Shear, saw an average of 7.00 ounces gold per Ton (240.0 grams per tonne) from 3 bulk samples taken just east of the Aukeko shaft in 1938 (from public files with MERN (Ministère d'Energie et Ressources Naturelles) GM52851). The Auk Shear zone was mapped over a one-kilometre length with an average width of 50 metres. The Aukeko gold mine is part of the east-west trending structure on the
Granada Gold Mine property. It is two kilometres east from the extended LONG Bars zone where over 120,000 metres of drilling has been undertaken to date, including historical drilling from the 1990s. A further 1.9 kilometres east is theAustin-Rouyn Mine where grab samples in 1940 showed up to 6.57 ounces of gold per Ton (225.2 grams per tonne). Grab samples are selected samples and are not necessarily representative of the mineralization hosted on the property.
*The above disclosure of the bulk sample size and grade is extracted from the 43-101 Technical Report dated
Drill programs in 2019 focussed on testing the gold grade continuity and variability within mineralized structures.
GR-19-C intersected a high-grade zone with 7.67 g/t gold over 15 meters of core length from near surface at downhole depth of 18.5 to 33.5 metres on the extended LONG Bars zone (refer to
Coarse, native gold was observed in the drill core of hole GR-19-E which intersected a high-grade zone with 12.32 g/t Au over 2 metres core length at a depth of 35.5 metres on the extended LONG Bars zone (refer to
It is important to note that the current NI 43-101 resource calculation by SGS does not include the above mineralized zone as it was recently uncovered by stripping for a water sump.
The current resource at the Company's Granada Gold project in
Current Resources: 2019 Pit-Constrained Resource Estimate1 | |||
Category | Tonnes | Grade | Contained Gold (oz.) |
Measured | 12,637,000 | 1.02 | 413,000 |
Indicated | 9,630,000 | 1.13 | 349,000 |
M&I Total | 22,267,000 | 1.06 | 762,000 |
Inferred | 6,930,000 | 2.04 | 455,000 |
1 Cutoff 0.4 g/t Au; see Press Release of |
Qualified Persons
For the purposes of this announcement,
About
The Company is in possession of all permits required to commence the initial mining phase known as the "Rolling Start", which allows the company to mine up to 550 tonnes per day, capable of producing up to 675,000 tonnes of ore over a 3-year period of time. Additional information is available at www.granadagoldmine.com.
"Frank J. Basa"
Chief Executive Officer and Chairman
Neither the
SOURCE
© Canada Newswire, source