- Cut-off grades are based on a gold price ofUS$1,600per ounce, a foreign exchange rate ofUS$0.76for CA$1, a gold recovery of 93%
- Pit constrained mineral resources are reported at a cut-off grade of 0.9 g/t Au within a conceptual pit shell
- Underground mineral resources are reported at a cut-off grade of 3.0 g/t Au within reasonably mineable volumes
Qualified PersonsFor the purposes of this announcement,Claude Duplessis, P. Eng., of Goldminds Geoservices Inc., a geological, environmental and mining consultant and qualified person in accordance with National Instrument 43-101, has reviewed and approved the contents of this news release.About Granada Gold Mine Inc.Granada Gold Mine Inc. continues to develop the Granada Gold Property nearRouyn-Noranda, Quebec. Approximately 120,000 meters of drilling has been completed to date on the property, focused mainly on the extended LONG Bars zone which trends 2 kilometers east-west over a potential 5.5 kilometers of mineralized structure. The highly prolific Cadillac Break, the source of more than 75 million plus ounces of gold production in the past century, cuts through the north part of theGranadaproperty, but is not necessarily indicative of mineralization hosted on the company’s property.The Granada Shear Zone and the South Shear Zone contain, based on historical detailed mapping as well as from current and historical drilling, up to twenty-two mineralized structures trending east-west over five and a half kilometers. Three of these structures were mined historically from two shafts and two open pits. Historical underground grades were 8 to 10 grams per tonne gold from two shafts down to236 mand498 mwith open pit grades from 5 to 3.5 grams per tonne gold.The Company is in possession of all mining 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. Additional information is available atwww.granadagoldmine.com.”Frank J. Basa”Frank J. Basa P. Eng.President and Chief Executive OfficerNeither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
SOURCE Granada Gold Mine Inc.View original content to download multimedia:http://www.newswire.ca/en/releases/archive/February2021/12/c6553.html