Unexpected near-surface, high-grade mineralization has been discovered within the recently explored two-kilometer LONG Bars Zone of the five and half kilometer Granada Shear zone which trends east-west on the property
Granada Gold Mine Inc. (TSXV: GGM) (the “Company” or “Granada”) is pleased to provide assays results from the last hole in the latest drill program at its 100%-owned Granada gold deposit in Rouyn-Noranda. Unexpected near-surface, high-grade mineralization has been discovered within the recently explored two-kilometer LONG Bars Zone of the five and half kilometer Granada Shear zone which trends east-west on the property.
The 450-meter Fall, 2019 drill program focused on testing the gold grade continuity and variability within mineralized structures. The Granada Shear Zone and the South Shear Zone contains, based on historical detailed mapping as well as from current and historical drilling, up to twenty-two mineralized structures trending east-west over five and half kilometers. Three of these structures were mined historically from two shafts and two open pits. Historical underground grades were 8 to 10 grams per tonne gold from two shafts down to 236 m and 498 m with open pit grades from 5 to 3.5 grams per tonne gold.
- 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.
Frank J. Basa, P.Eng., Granada Gold’s president and chief executive officer, comments: “The current drill program has unlocked the high-grade, near-surface potential and shows that the Granada gold deposit resource may have been underestimated.
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.”
Granada Gold Mine High-Grade Intersections
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 Rouyn-Noranda. The program was under supervision of GoldMinds Geoservices technical team.
Private Placement Closing
The Company has closed a private placement financing raising gross proceeds of $200,000. A total of 2,000,000 units were issued with each unit consisting of one common share in the capital of the Company and one share purchase warrant. Each warrant entitles the holder to purchase one share of the Company for a period of two years from closing at an exercise price of $0.15 cents per share.
All securities issued are subject to a four-month-and-a-day hold period expiring on May 10, 2020, in accordance with applicable securities laws. The private placement is subject to final TSX Venture Exchange approval.
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 Québec and for general working capital purposes.
Source: Company Press Release