Granada may identify vein structures with drilling

Executive Summary

• Granada Gold Mine Inc. released a structural interpretation by geological consultants identifying additional drill targets, noting that only 20% of the two-kilometer east-west mineralized structure has been explored and the package remains open to depth.
• The company has completed 126,000 meters of drilling in 538 holes to date, with current operations paused to evaluate data and wait for improved market conditions.
• An updated NI 43-101 technical report filed on August 22, 2022, outlines a mineral resource estimate of 543,000 ounces (measured/indicated) and 456,000 ounces (inferred) of gold.

Key Details

• Structural Interpretation: Consultants identified higher structural complexity in the southern part of the property, extending eastward and westward. Further work is required on northwest- and northeast-trending faults and their relationship to regional east-west structures.
• Recommended Actions: Creation of an updated geological map integrating historical mapping, lidar, and magnetic lineaments, plus compiling historical structural measurements into a database for a 3-D model.
• Drilling Status: 126,000 meters completed in 538 holes. Current drill program involves 20,000 meters out of a planned 120,000 meters; drills are currently paused.
• Mineral Resource Estimate (Aug 22, 2022):
  • Measured and Indicated: 543,000 ounces of gold (8.22 million tonnes at 2.05 g/t Au) at a cut-off grade of 0.55 g/t (pit-constrained) or 2.5 g/t (underground).
  • Inferred: 456,000 ounces of gold (3.01 million tonnes at 4.71 g/t Au).
• Historical Context:
  • Historical mining via two shafts yielded an average grade of 9.7 g/t from veins 1 and 2.
  • Three additional veins (2a, 3, and 5) were identified.
  • Historical underground grades ranged from 8 to 10 g/t Au down to depths of 236m and 498m.
  • Open-pit grades ranged from 3.5 to 5 g/t Au.
  • The former mine produced over 50,000 ounces at 10 g/t in the 1930s.
  • 1990s bulk samples included Pit 1 (87,311 tonnes at 5.17 g/t Au) and Pit 2 (22,095 tonnes at 3.46 g/t Au).
• Property Details: 14.73 square kilometers of land near Rouyn-Noranda, Que., adjacent to the Cadillac Break. Contains up to 22 mineralized structures trending east-west over 5.5 kilometers.

Notable Quotes

• "With only 20 per cent of the two-kilometre east-west mineralized structure explored and with the mineralized package being open to depth, the potential exists for more vein structures to be identified with further drilling."