Retracting ??? TheNewswire - March 2, 2023 - Granada Gold Mine Inc. (TSXV:GGM) (the “Company” or “Granada”) announced today that it has retracted its published inferred Rubidium resource for the Granada Gold Project, located near Rouyn-Noranda, Quebec.
Following a review by the British Columbia Securities Commission (BCSC), it was found that the published inferred Rubidium resource estimate did not comply with National Instrument 43-101 ("NI 43-101") standards, and therefore cannot be relied upon. Granada takes its obligations to provide accurate and transparent disclosure very seriously and regrets any confusion or inconvenience caused by this retraction.
The following summarizes the reasons for the retraction:
-
The estimation of resource was based on a single hole.
-
The estimation of resource did not include all the required information and disclosures required by NI 43-101.
-
The estimation of resource did not provide enough details about the assumptions and parameters used in the estimation.
-
The estimation of resource was not supported by a sufficient amount of geological data to meet NI 43-101 standards.
Granada is committed to upholding the highest standards of disclosure and transparency and will work diligently to rectify this situation. The Company will ensure that all future estimates of mineral resources are based on sufficient geological data and comply with all NI 43-101 requirements.
Granada's CEO, Frank J. Basa, B.Eng., P.Eng., commented, "We apologize for any inconvenience this may have caused and we are taking immediate steps to address the error. We remain committed to the responsible development of the Granada Mine Gold Project and will continue to update our shareholders and stakeholders as appropriate."