(via TheNewswire)
These new intercepts verify the continuity of gold mineralization along the main vein structure East of Pit #1 and support the extent of high-grade gold.
Drilling Highlights
- The 200-Series drill holes (GR-21-05, GR-21-09, GR-21-10, and GR-21-11) were designed to determine the variability of gold mineralization of the main vein zone within the eastern extension of Pit #1 by drilling down the dip of the structure.
- These assay results confirm the significant extent of localized high-grade gold mineralization within the structure as well as prove the continuity of the mineralization over much broader intervals up to 263m down-dip of the main zone below Pit #1.
- Previously released results from GR-21-05 graded 3.49 g/t over 30.50m (including 66.54 g/t over 0.50m (Press release
- GR-21-09 intersected 4.11 g/t over 3.00m, 3.24 g/t over 1.50m, 34.20 g/t over 1.40m including 95.00 g/t over 0.50m.
- GR-21-10 intersected 3.73 g/t over 4.00m, 7.16 g/t over 5.60m, and 1.58 g/t over 3.25m.
- GR-21-11 intersected 2.65 g/t over 3.0m.
“The assay results in these drill holes proved the continuity along the main structure and confirmed the extent to depth of high-grade gold mineralization. This supports the view that our gold grades and occurrences are continuous and have substantial thickness to the zone.” said
The mineralized zone beneath the eastern extension of Pit #1 contains a collection of multiple veins with sulfide mineralized halos.The zone contains 3 distinct sub-parallel mineralized veins which connect with the former Pit #1 to the west.The true thickness of these mineralized structures varies between 2m and 11m. The main zone of these 3 structures is what was tested with the 200-Series drill holes.
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Figure 1: Plan Map Showing Drill Hole and Assay Locations just East of Pit #1
Table 1: Sample Details
---------------------------------------------------------------- |Hole ID |Target Location |From (m)|To (m)|Length (m)|Au (g/t)| |--------------------------------------------------------------| |GR-21-05 |Main Zone Pit #1|37.5 |54.00 |16.50 |12.61 | |--------------------------------------------------------------| |Including|Main Zone Pit #1|39.75 |40.50 |0.75 |23.52 | |--------------------------------------------------------------| |Including|Main Zone Pit #1|43.00 |43.50 |0.50 |62.08 | |--------------------------------------------------------------| |Including|Main Zone Pit #1|44.50 |45.00 |0.50 |23.64 | |--------------------------------------------------------------| |Including|Main Zone Pit #1|46.50 |47.00 |0.50 |31.26 | |--------------------------------------------------------------| |Including|Main Zone Pit #1|51.00 |51.50 |0.50 |27.86 | |--------------------------------------------------------------| |GR-21-05 |Main Zone Pit #1|79.00 |109.50|30.50 |3.49 | |--------------------------------------------------------------| |Including|Main Zone Pit #1|109.00 |109.50|0.50 |66.54 | |--------------------------------------------------------------| |GR-21-05 |Main Zone Pit #1|188.50 |189.50|1.00 |12.76 | |--------------------------------------------------------------| |GR-21-05 |Main Zone Pit #1|261.00 |262.50|1.50 |3.53 | |--------------------------------------------------------------| |GR-21-09 |Main Zone Pit #1|21.00 |24.00 |3.0 |4.11 | |--------------------------------------------------------------| |GR-21-09 |Main Zone Pit #1|87.00 |88.50 |1.50 |3.24 | |--------------------------------------------------------------| |GR-21-09 |Main Zone Pit #1|115.60 |117.00|1.40 |34.20 | |--------------------------------------------------------------| |Including|Main Zone Pit #1|116.10 |117.00|0.50 |95.00 | |--------------------------------------------------------------| |GR-21-10 |Main Zone Pit #1|42.50 |46.50 |4.00 |3.73 | |--------------------------------------------------------------| |Including|Main Zone Pit #1|46.00 |46.50 |0.50 |22.80 | |--------------------------------------------------------------| |GR-21-10 |Main Zone Pit #1|60.00 |65.60 |5.60 |7.16 | |--------------------------------------------------------------| |GR-21-10 |Main Zone Pit #1|109.00 |112.25|3.25 |1.58 | |--------------------------------------------------------------| |GR-21-11 |Main Zone Pit #1|23.50 |26.05 |2.55 |0.78 | ----------------------------------------------------------------
The 200-Series holes were designed with an azimuth of 10-30 degrees to the north attempting to drill down the vein structures as opposed to obliquely. Normally, the drill holes are aimed southward which are designed to intersect the structures at a high angle, with an azimuth in the general range of 170-190 degrees. Previous intercepts into this structure have returned6.95 g/t gold over 3.50 meters (truethickness)inhole GR-11-380(Press release
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
All NQ core assays reported for Wedges of 2020 holes were obtained by either 1-kilogram screen metallic fire assay or standard 50-gram fire assay (with either atomic absorption or gravimetric finish). This was completed at the
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”
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