Unexpected near-surface, high-grade mineralization has been discovered within the recently explored two-kilometer
The 450-meter Fall, 2019 drill program focused on testing the gold grade continuity and variability within mineralized structures.
Highlights
11.45 g/t in drill hole GR-19-A from 0 to 33 m core length including high-grade intercepts of 42.5 g/t from 0 to 1.5 m, 480 g/t from 8.1 to 8.5 m, and 70.8 g/t from 31.9 to 32.4 m. The horizontal width, based on outcrop, is about 9 meters and true width is estimated at 6.3 meters. The core length reported is estimated to have intersected only 15-20% of the entire thickness of the zone. However, it is a real known extent in that direction down dip of gold mineralization within the intersected length. Assays are uncut except where indicated.
A further 50 m strike length of stripping uncovered a massive mineralized quartz zone exposing strong veining with visible gold on surface
Hole GR-19-A was drilled down-dip from a surface exposure of the mineralized zone composed of a massive quartz vein within a sheared and altered conglomerate adjacent to feldspar porphyry to the south. The entire mineralized zone has a 9-meter horizontal thickness in that sector. GR-19-A was drilled at azimuth 21 degrees North with a dip of 41 degrees in NQ core size.
An ongoing drilling and stripping exploration program at Granada will focus on defining new zones of high-grade mineralization, both on surface and at depth. Numerous high-grade intercepts have been found from surface to below a depth of 1000 meters. It is open both at depth and on east-west strike for 5.5 kilometers.'
Composite Section TSX-V GGM OTC PK GBBFF
The company has completed surface stripping over a 25-meter by 50-meter extent in the immediate area and has begun another short drill program to further test for near-surface high grade mineralization.
The company has retained the drilling services of MultiDrilling based in
Private Placement Closing
The Company has closed a private placement financing raising gross proceeds of
All securities issued are subject to a four-month-and-a-day hold period expiring on
The proceeds of the private placement will be used for surface exploration, trenching, and historical resampling of drill core on the Company's Granada Gold Property in
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 (i)
About
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.
Open pit mineral resources are reported at a cut-off grade of 0.4 g/t Au within a conceptual pit shell. Cut-off grades are based on a gold price of
The Company is in possession of all mining permits that are required to commence the initial mining phase, known as the 'Rolling Start', which allows the company to mine up to 550 tonnes per day.
Contact:
Tel: 1-819-797-4144
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.
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