(via TheNewswire)
These new intercepts verify the continuity of mineralization under the Orphan Tailings of 1935 and confirm extension of the mineralized structure at depth
Drilling Highlights
- The drill holes GR-21-15, GR-21-16, GR-21-17 & GR-21-18 were designed to verify if gold mineralization was present beneath the Orphan Tailings pond. These new assays confirm that the gold mineralization is both present and continuous at depth.
- These results confirm the existence of localized, high-grade gold mineralization within the structure under the Orphan Tailings pond as seen in GR-21-17 which graded 15.15 g/t Au over 1.50m, and in GR-21-18 which graded 21.50g/t Au over 0.70m
- It also proves the continuity of the mineralization over broader intervals (and at depth) north of Pit #1 as seen in GR-21-16 which graded 3.16 g/t Au over 4.90m, GR-21-17 which graded2.77g/t Au over 8.45m, andGR-21-18 which graded 1.02g/t Au over 13.80m.
- GR-21-15 intersected
- 1.05g/t Au over 3.05m
- 0.89g/t Au over 5.80m
- 4.38 g/t Au over 1.55m
- GR-21-16 intersected
- 3.16 g/t Au over 4.90m, including 11.90 g/t Au over 0.70m
- 1.15 g/t Au over 3.95m
- GR-21-17 intersected
- 2.77g/t Au over 8.45m,including 15.15 g/t Au over 1.50m
- 1.37g/t Au over 2.95m
- GR-21-18 intersected
- 0.75 g/t Au over 14.80
- 3.42 g/t Au over 0.60m
- 1.02g/t Au over 13.80m,including 4.69 g/t Au over 1.45m
- 4.70g/t Au over 3.25m,including 21.50g/t Au over 0.70m
“The assay results in these drill holes prove the continuity of mineralization along the main Granada central structure north of Pit #1 and at depth. The validation of gold existing under the orphan tailings highlights that any rehabilitation of the orphan tailings is not a restoration plan option as it would result in covering significant gold mineralization of economic grades. Again, this supports the view that our gold grades and occurrences are continuous, have substantial thickness to the zone, and show the potential to increase our existing mineral resources. Moreover, it clearly shows the previous operators did not extract all the near-surface gold in the central zone north of the pit#1 structure” said
The historical orphan tailings amount to 52,000 tonnes from past mining of mineralized material grading 9 to 10 grams per tonne gold from shafts one and two. The responsibility for rehabilitation of the historical tailings belongs to the Province of
Two open pit bulk samples were taken in the nineties around the number one mine shaft grading 3.5 to 5 grams per tonne gold to the immediate south of the orphan tailings. The previous operators never expanded the number one open pit due to the proximity of the orphan tailings. The company will make a provision to have these tailings moved into a more secure holding area so that the mineralized material can be mined and processed.
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Figure 1: Plan Map Showing Drill Hole and Assay Locations immediately North of Pit #1.
Table 1: Sample Details
---------------------------------------------------------------------------- |Hole ID |Target Location |From |To |Length|Au | | | |(m) |(m) |(m) |(g/t)| |--------------------------------------------------------------------------| |GR-21-15 |North of Pit #1&Under Orphan Tailings|229.0 |232.05|3.05 |1.05 | |--------------------------------------------------------------------------| |GR-21-15 |North of Pit #1&Under Orphan Tailings|362.55|368.35|5.80 |0.89 | |--------------------------------------------------------------------------| |GR-21-15 |North of Pit #1&Under Orphan Tailings|391.45|393.00|1.55 |4.38 | |--------------------------------------------------------------------------| |GR-21-16 |Northeast of Pit #1 |235.00|239.90|4.90 |3.16 | | |Under Orphan | | | | | | |Tailings | | | | | |--------------------------------------------------------------------------| |Including|Northeast of Pit #1 |237.70|238.40|0.70 |11.90| | |Under Orphan | | | | | | |Tailings | | | | | |--------------------------------------------------------------------------| |GR-21-16 |Northeast of Pit #1 |374.05|378.00|3.95 |1.15 | | |Under Orphan | | | | | | |Tailings | | | | | |--------------------------------------------------------------------------| |GR-21-17 |Northeast of Pit #1 |395.25|397.25|2.00 |1.49 | | |Under Orphan | | | | | | |Tailings | | | | | |--------------------------------------------------------------------------| |GR-21-17 |Northeast of Pit #1 |444.00|452.45|8.45 |2.77 | | |Under Orphan | | | | | | |Tailings | | | | | |--------------------------------------------------------------------------| |Including|Northeast of Pit #1 |444.00|445.50|1.50 |15.15| | |Under Orphan | | | | | | |Tailings | | | | | |--------------------------------------------------------------------------| |GR-21-17 |Northeast of Pit #1 |498.00|500.95|2.95 |1.37 | | |Under Orphan | | | | | | |Tailings | | | | | |--------------------------------------------------------------------------| |GR-21-18 |Northeast of Orphan Tailings |364.75|379.55|14.80 |0.75 | |--------------------------------------------------------------------------| |GR-21-18 |Northeast of Orphan Tailings |427.15|429.00|1.85 |1.46 | |--------------------------------------------------------------------------| |GR-21-18 |Northeast of Orphan Tailings |517.55|520.20|2.70 |1.91 | |--------------------------------------------------------------------------| |GR-21-18 |Northeast of Orphan Tailings |578.35|592.15|13.80 |1.02 | |--------------------------------------------------------------------------| |including|Northeast of Orphan Tailings |578.35|579.80|1.45 |4.69 | |--------------------------------------------------------------------------| |GR-21-18 |Northeast of Orphan Tailings |879.00|882.25|3.25 |4.70 | |--------------------------------------------------------------------------| |Including|Northeast of Orphan Tailings |880.00|880.70|0.70 |21.50| ----------------------------------------------------------------------------
Please note: Bolded intervals represent assay composite calculations. Non-bolded intervals represent single assays. G/t refers to grams per tonne. Intervals are core length with no capping applied.
Location
The Granada Gold project is located near
Qualified person
The technical information in this news release has been reviewed by
Quality Control and Reporting Protocols
The 2021 assay results are from ALS laboratory in Val d’Or. The screen metallic fire assay method is pre-selected by the geologist or geological engineer when samples contain visible gold. The drill program, quality assurance, quality control (QAQC), and interpretation of results is performed by qualified persons employing procedures consistent with NI 43-101 and industry best practices. Standards and blanks are included with every 20 samples for QAQC purposes for this program in addition to the lab QAQC.
Mineral Resource Estimate
On
Table 2: Mineral Resource Estimate Showing Tonnes, Average Grade, and Gold Ounces
---------------------------------------------------- |Type |Category |Tonnes |Avg Grade|Gold | | | | |Au (g/t) |Ounces | |--------------------------------------------------| |Open Pit |Measured |3,756,000|1.89 |228,000| | |--------------------------------------| | |Indicated |1,357,000|2.55 |111,000| | |--------------------------------------| | |Measured +|5,113,000|2.06 |339,000| | |Indicated | | | | | |--------------------------------------| | |Inferred |34,000 |11.29 |12,000 | |--------------------------------------------------| |Underground|Measured |37,000 |4.22 |5,000 | | |--------------------------------------| | |Indicated |807,000 |4.02 |104,000| | |--------------------------------------| | |Measured +|844,000 |4.03 |109,000| | |Indicated | | | | | |--------------------------------------| | |Inferred |1,244,000|6.33 |253,000| ----------------------------------------------------
About
The property includes the former Granada Gold underground mine which produced more than 50,000 ounces of gold at 10 grams per tonne gold in the 1930’s from two shafts before a fire destroyed the surface buildings. In the 1990’s, Granada Resources extracted a bulk sample (Pit #1) of 87,311 tonnes grading 5.17 g/t Au. They also extracted a bulk sample (Pit # 2) of 22,095 tonnes grading 3.46 g/t Au.
“Frank J. Basa”
Chief Executive Officer
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