ROUYN NORANDA, QC, Jan. 27, 2021 /CNW/ - Granada Gold Mine Inc. (TSXV: GGM) (the "Company" or "Granada") is pleased to provide another update on its continuing drill program at Granada. This release contains drill results from the 100-series, part 3, near-surface drill program targeting Vein 1. The program is progressing as expected with the intention of converting the current low-grade open pit resource at 1 gram per tonne to a smaller, higher grade open pit with the majority of the future potential ounces in a resource underground. The company has now increased the drill program to 18,000 meters with a target of 120,000 meters to be drilled.
Highlights:
-- 7.9 g/t gold over 3.0m in hole GR-20-121 from 15.0 to 18.0m -- 6.45 g/t gold over 4.5m in hole GR-20-122 from 0.0 to 4.5m -- 3.43 g/t gold over 20.5m in hole GR-20-126 from 0.0 to 20.5m
Frank J. Basa, P.Eng., President and CEO notes, "The short-hole drill program has been successful and the company will begin with a new 200-series program with the objective of identifying deeper, down-dip, near-surface mineralization to develop a higher-grade open pit. The current program has been focused on an over 500 meters east-west strike length of a potential 5.5 kilometers mineralized strike length."
ASSAY RESULTS
Gold Hole ID From (m) To (m) Length (m) (g/t) GR-20-121 0.00 9.00 9.00 0.45 and 15.00 18.00 3.00 7.90 including 15.00 16.50 1.50 15.65 GR-20-122 0.00 10.50 10.50 3.25 including 0.00 4.50 4.50 6.45 and 67.50 78.00 7.00 0.66 and 87.35 91.45 4.10 3.06 including 88.85 91.45 2.60 4.46 GR-20-126 0.00 20.50 20.50 3.43 including 11.00 13.00 2.00 4.12 including 16.00 18.00 2.00 14.9
Lengths are core length, no capping applied. Au is Gold by Fire assay, or by gravimetric finish or screen metallic method. Other assays results are still pending. As the Company is being impacted by longer than expected turnaround time (TAT) of analytical results due to COVID-19 and extensive workloads at the ALS laboratory the Company has decided to send the next samples to SGS laboratories to shorten the time frames.
The 100-series holes were drilled to intersect the vein uncovered by stripping and to follow the high-grade corridor. Holes GR-20-118 to GR-20-125 are vertical holes drilled to intersect the mineralized vein structures and Hole GR-20-126 is drilled within the vein structure.
Typical true thickness of the number 1 vein is 1.5 to 6.0 meters. The halo effect around vein 1 has been measured up to 20 meters true thickness with numerous mineralized veinlets hosting native gold. It has been estimated, based on metallurgical testing, that close to 50 percent of the gold is in native form and can be recovered from these veinlets.
Current Drilling
Drilling continues with two drills remaining on site at Granada. The goal is to complete 6000-meter drill program intervals with the objective of targeting 120,000 meters. The current program is focused on exploration on only 20 percent of the entire potential 5.5-kilometre mineralized structure.
Qualified person
The technical information in this news release has been reviewed by Claude Duplessis, P.Eng., GoldMinds Geoservices Inc. member of Qubec Order of Engineers and a qualified person in accordance with National Instrument 43-101 standards.
Quality Control and Reporting Protocols
All NQ core assays reported were obtained by either 1-kilogram screen fire assay or standard 50-gram fire-assaying-AA (Atomic Absorption) finish or gravimetric finish at ALS Laboratories in Val d'Or, Qubec, Thunder Bay, Ontario, Sudbury, Ontario or Vancouver, British Columbia. The screen assay method is selected by the geologist when samples contain visible gold. The drill program, Quality Assurance/Quality Control ("QA/QC") and interpretation of results is performed by qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices. Standards and blanks are included with every 20 samples for QA/QC purposes for this program in addition to the lab QA/QC.
About Granada Gold Mine Inc.