Rouyn Noranda, Q. C. – TheNewswire – April 29, 2024 – Grenada Gold Mine Inc. (TSXV: GGM) (OTC: GBBFF) (Frankfurt: B6D) (the “Company” or “Grenada”) reacts to the recent announcement related to the progression of a high-quality flowchart. Granada Gold Mine is pleased to provide more details on its plans to build a mill on the Granada property. After productive discussions with our favorite supplier, the company is moving forward with an in-depth study to build an on-site plant in Granada. This strategic resolution reflects our confidence that on-site processing will provide the maximum favorable economic conditions and enable a step forward in quality for the company.
Although the four3-101 open pit resource is estimated at 2 grams per tonne, the effects of two 500-tonne bulk samples yielded average grades of four grams per tonne of gold (press release of 28 November 2023 and 10 May 2022). These discoveries are consistent with traditional open-pit grades ranging from 3. 5 to 5 grams per tonne of gold, validating the prospect of Grenada ore.
Chief Executive Officer Frank Basa expressed confidence in the robustness of the resource calculation, stating, “Our ongoing exploration and sampling efforts have consistently demonstrated the high-grade nature of the mineralization in Grenada. These recent findings reflect our confidence in the economic viability of the allocation and our commitment to maximizing shareholder value.
The status quo of an on-site mill aligns with Granada Gold Mine’s strategic vision to streamline operations and minimize demanding logistical situations related to off-site processing. By bringing processing functions closer to the source of mineralization, the company aims to optimize production and capitalize on operational efficiencies.
The upcoming study will compare a variety of factors, adding infrastructure requirements, environmental considerations, and economic feasibility, to determine the design and implementation of the plant on site. Granada Gold Mine remains committed to transparent and accountable control of its resources, adhering to more productive industry practices and regulatory criteria in the process of progression.
Granada Gold Mine remains true to its project of delivering value to stakeholders while maintaining the criteria of environmental responsibility and network commitment. With these recent advancements, the company is poised to open up new opportunities for expansion and prosperity.
Qualified Person
The technical data contained in this press has been reviewed and approved through Claude Duplessis, P. Eng. , GoldMinds Geoservices Inc. , who is a member of the Ordre des ingénieurs du Québec and a qualified person according to the standards of National Instrument 43-101. . .
About Granada Gold Mine Inc.
Granada Gold Mine Inc. continues to expand and explore its wholly-owned Granada Gold assets near Rouyn-Noranda, Quebec, adjacent to the prolific Cadillac fault. The company owns 14. 73 square kilometers of land through a combination of mining leases and claims. The Company is recently undertaking an extensive drilling program with 30,000 m to 120,000 m completed. Training sessions have been suspended lately to give the technical team time to compare and assimilate existing data.
The Granada Cut Zone and the South Cut Zone contain, on detailed old maps as well as in old and existing drill holes, up to twenty-two mineralized structures trending east-west along five and a half kilometers. Three of these structures have traditionally been extracted from four wells and three open pits. Historical underground grades were 8 to 10 grams per tonne gold from two wells up to 236m and 498m with open pit grades of 3. 5 to five grams per tonne gold.
Mineral Resource Estimation
On August 20, 2022, the Company issued an updated NI 43-101 technical report supporting the updated resource estimate for the Grenada Gold Project (see July 6, 2022 press release) reporting that the Granada deposit comprises a mineral resource to date, with a base case cut-off grade of 0. 55 g/t Au for limited mineral resources in a conceptual pit and with a base case cut-off grade of 2. 5 g/t for underground mineral resources in fairly exploitable volumes, 543,000 ounces of gold (8,220,000 tonnes at an average grade of 2. 05 g/t Au) in the Measured and Indicated category, and 456,000 ounces of gold (3,010,000 tonnes at an average grade of 4. 71 g/t Au) in the Inferred category. See Table 1 below for more details. Report Reference: Updated Mineral Resource Estimate for the Grenada Gold Project, Rouyn-Noranda, Quebec, Canada, written via Yann Camus, P. Eng. and Maxime Dupéré, B. Sc, P. Geo. , SGS Canada Inc. dated August 20, 2022 and effective June 23, 2022.
Table 1: Mineral Resource Estimates Showing Tons, Average Grade, and Gold Ounces
Cut
(g/t Au)
rating
Defeat
Tons
Au (g/t)
Ounces of Gold
0,55 / 2,5
Measured1
InPit UG
4 900 000
1,70
MX$269,000
Indicated
InPit UG
3 320 000
2,57
274 000
Measured & Indicated
InPit UG
8 220 000
2. 05
543 000
Inferred
InPit UG
3 010 000
4,71
456 000
(1) Production in 1930-1935 got rid of those figures (164,816 tonnes at 9. 7 g/t Au/51,400 oz Au).
(2) The independent user of this resource statement is Yann Camus, P. Eng. , SGS Canada Inc.
(3) The date is June 23, 2022.
(4) CIM (2014) definitions for mineral resources were followed.
(5) Mineral Resources that are not Mineral Reserves have not demonstrated economic viability. An Inferred Mineral Resource has a lower confidence point than a Measured and Indicated Mineral Resource and deserves not to be changed to a Mineral Reserve. Rather, it is expected that the majority of Inferred Mineral Resources can simply be transferred to Indicated Mineral Resources through further exploration.
(6) No economy of resources has been realized.
(7) All figures are rounded to reflect the relative accuracy of the estimate. Totals may not be loaded due to rounding.
(8) Compounds were limited where appropriate. The 2. 5 m compounds were limited to 21 g/t Au in the fine veins and 7 g/t Au in the low-grade volumes.
(9) Cut-off grades are based on a gold value of US$1,700 per ounce, an exchange rate of US$0. 78 per C$1 and a processing gold recovery of 93%.
(10) Restricted ore in the pit is reported at a cut-off grade of 0. 55 g/t Au in a conceptual pit.
(11) Underground mineral resources are presented at a cut-off grade of 2. 5 g/t Au in fairly exploitable volumes.
(12) A constant and express gravity price of 2,78 g/cm3 was used to estimate tonnage from block volumes.
(13) There are no mineral reserves on the Property.
(14) The most internal resources reported have an intensity of 990 m.
(15) SGS is not aware of any environmental, licensing, legal, title, tax, socio-political, marketing or other issues that could materially affect the mineral resource estimate.
(16) The effects of mine optimisation are used solely for the purpose of proving “reasonable customers for economic extraction” through an open pit mine and do not constitute an attempt to estimate mineral reserves. There are no mineral reserves on the property. Effects are used as consultants to assist in the preparation of a mineral resource and to choose an appropriate cut-off grade for resource reporting.
The assets include the former Granada Gold underground mine that produced more than 50,000 tonnes of gold at 10 grams per tonne of gold in the 1930s from two shafts before a fire destroyed the buildings on the surface. In the 1990s, Granada Resources extracted a bulk sample. (Well #1) of 87,311 tonnes grading 5. 17 g/t Au. They also mined a bulk skipper (Well #2) of 22,095 tonnes grading 3. 46 g/t Au.
“Frank J. Basa”
Frank J. Basa, P. Eng. Member of Ontario Professional Engineers
Managing Director
For information, please contact:
Frank J. Basa
Managing Director
Phone: 416-625-2342
Or:
Wayne Cheveldayoff,
Corporate Communications
Phone: 416-710-2410
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