(via TheNewswire)
Leverages Renewed Leases for Operational and Resource Expansion, now positioned for production on the Cadillac Break through planned 600,000-Tonne Trial Mining Over Three Years
The extension of BM813, a 21.12-hectare mining lease, complements the 10-year renewal of BM852, reinforcing Granada Gold Mine’s foothold on the prolific Cadillac Break. These renewals provide the Company with the stability and confidence to move forward with its operational plans, including a planned trial of 600,000 tonnes from the high-grade Vein 1 area over the next three years.
Key highlights of the Company’s plans include:
Trial Mining: A comprehensive plan to conduct a trial of 600,000 tonnes from the Vein 1 area over the next three years, aimed at validating the resource potential and optimizing extraction techniques.
Strategic Partnerships:
Ongoing discussions with potential milling partners and exploration of opportunities for developing a new mill to process the mined material efficiently.
Looking for key partners to assist in the continued expansion of resources and technical support for the development of the property.
Community Engagement:Continuous efforts to keep the local community and shareholders informed and involved, ensuring transparency and collaboration throughout the project’s development.
"We are committed to maintaining open lines of communication with our stakeholders and keeping them apprised of our progress," added
Qualified person
The technical information in this news release has been reviewed and approved by
About
Mineral Resource Estimate
On
Table 1: Mineral Resource Estimate Showing Tonnes, Average Grade, and Gold Ounces
Cut-Off (g/t Au) | Classification | Type | Tonnes | Au (g/t) | Gold Ounces |
0.55 / 2.5 | Measured1 | In Pit + UG | 4,900,000 | 1.70 | 269,000 |
Indicated | In Pit + UG | 3,320,000 | 2.57 | 274,000 | |
Measured & Indicated | In Pit + UG | 8,220,000 | 2.05 | 543,000 | |
Inferred | In Pit + UG | 3,010,000 | 4.71 | 456,000 |
(1) The 1930-1935 production was removed from these numbers (164,816 tonnes at 9.7 g/t Au / 51,400 ounces Au).
(2) The Independent QP for this resources statement is
(3) The effective date is
(4) CIM (2014) definitions were followed for Mineral Resources.
(5) Mineral resources which are not mineral reserves do not have demonstrated economic viability. An Inferred Mineral Resource has a lower level of confidence than that applying to a Measured and Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
(6) No economic evaluation of the resources has been produced.
(7) All figures are rounded to reflect the relative accuracy of the estimate. Totals may not add due to rounding
(8) Composites have been capped where appropriate. The 2.5 m composites were capped at 21 g/t Au in the thin rich veins and at 7 g/t Au in the low-grade volumes.
(9) Cut-off grades are based on a gold price of
(10) Pit constrained mineral resources are reported at a cut-off grade of 0.55 g/t Au within a conceptual pit shell
(11) Underground mineral resources are reported at a cut-off grade of 2.5 g/t Au within reasonably mineablevolumes.
(12) A fixed specific gravity value of 2.78 g/cm3 was used to estimate the tonnage from block model volumes
(13) There are no mineral reserves on the Property.
(14) The deepest resources reported are at a depth of 990 m.
(15) SGS is not aware of any known environmental, permitting, legal, title-related, taxation, socio-political, marketing or other relevant issues that could materially affect the mineral resource estimate.
(16) The results from the pit optimization are used solely for the purpose of testing the “reasonable prospects for economic extraction” by an open pit and do not represent an attempt to estimate mineral reserves. There are no mineral reserves on the Property. The results are used as a guide to assist in the preparation of a mineral resource statement and to select an appropriate resource reporting cut-off grade.
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 fire destroyed 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:
Wayne Cheveldayoff,
Corporate Communications
P: 416-710-2410
E: waynecheveldayoff@gmail.com
Neither the
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