Granada Gold Mine's Comprehensive Deep Drill Program
Granada Gold Mine Inc. has announced an extensive deep drilling initiative located north of the existing open pit resource, primarily within an area referred to as the Big Claim. This endeavor aims to delineate the extent of gold mineralization within a significant 2-kilometer east-west structural formation that encompasses a broader 5.5-kilometer mineralized gold structure. Recent analyses suggest that this gold mineralization could extend well beyond the current 1600-meter vertical depth limitation identified in prior drilling efforts.
Focus on High-Grade Potential
The deep drill program targets high-grade potential to support an upcoming update of the gold resource at depth. Preliminary results from select deep drill holes on the Big Claim have validated the presence of high-grade gold mineralization. Noteworthy results include:
- 55.9 g/t gold over 1.00 meters from hole GR-16-14, which also signified a broader intersection of 14.5 g/t gold over 4 meters.
- 45.7 g/t gold achieved over 1.00 meters in hole GR-18-03, aligning with an 8.39 g/t gold result across 6 meters.
- A remarkable finding of 107.9 g/t gold over 4.00 meters in drill hole GR-20-21.
Drill Program Details and Insights
This initiative is part of a planned 120,000-meter drilling campaign, of which 20,000 meters have already been accomplished. Frank J. Basa, President and CEO of Granada, expressed enthusiasm regarding the program's potential, stating, "We aim to evaluate the high-grade resources underground based on historical production metrics, which have shown gold averages between 9 and 10 grams per tonne. This continues to align with our strategy to meticulously assess the property’s high-grade potential at depth."
Expert Review and Resource Estimates
The technical information presented has received validation from Matthew Halliday, P.Geo., the Director at Granada Gold Mine Inc. and a member of the Ordre des Géologues du Québec, acknowledging the adherence to National Instrument 43-101 standards. An updated mineral resource estimate filed on August 22, 2022, indicated a substantial resource within the Granada Gold project, which holds an impressive total of 543,000 ounces of gold categorized under Measured and Indicated resources and an additional 456,000 ounces in the Inferred category.
Understanding the Granada Gold Project
Granada Gold Mine Inc. is deeply committed to the exploration and development of its fully owned Granada Gold Property adjacent to the Cadillac Break. The property comprises 14.73 square kilometers of a blend of mining leases and claims. Currently, the extensive drill operations are temporarily paused, allowing the technical team to analyze and integrate the existing data while monitoring market conditions.
The Granada Shear Zone and South Shear Zone feature numerous mineralized structures that extend over five and a half kilometers, showcasing a historical mining backdrop with significant grades from various shafts and pits. Historically, the underground mine produced over 50,000 ounces of gold at an average grade of 10 g/t, reinforcing the area’s rich mineral potential.
Contact Information for Further Inquiries
For more details or inquiries, please reach out to:
Frank J. Basa, P.Eng., Chief Executive Officer
P: 416-625-2342
Or contact:
Wayne Cheveldayoff, Corporate Communications
P: 416-710-2410
E: waynecheveldayoff@gmail.com
Frequently Asked Questions
What is the significance of the new drill results from Granada Gold Mine?
The recent drill results indicate significant high-grade gold intersections, which may expand the project's mineral resource and enhance its valuation.
How does Granada Gold Mine plan to utilize these drilling results?
The results will be integral in assessing the underground resource potential, guiding future exploration and development strategies.
What areas are covered by Granada Gold's current drilling program?
The drilling program primarily focuses on the Big Claim area, aiming to map a 2-kilometer east-west strike length rich in gold mineralization.
How does Granada Gold Mine confirm the high-grade status of its gold deposits?
Confirmed high grades come from both historical mining data and recent drilling results, with assays showing values significantly above average.
Who can I contact for more information about Granada Gold Mine?
Inquiries can be directed to CEO Frank J. Basa or Corporate Communications officer Wayne Cheveldayoff for detailed questions regarding the project.
