Business
Granada Gold Outlines Robust Open-Pit and High-Grade Underground Resources at Granada
ROUYN-NORANDA, QC, May 16, 2017 /CNW/ - Granada Gold Mine (TSX.V: GGM) ("Granada Gold" or the "Company") is pleased to announce that the Company has received an
About this update from Granada Gold Mine Inc.
[{"type":"text","content":"ROUYN-NORANDA, QC, May 16, 2017 /CNW/ - Granada Gold Mine (TSX.V: GGM) (\"Granada Gold\" or the \"Company\") is pleased to announce that the Company has received an updated Mineral Resource Estimate for its 100%-owned Granada Gold Property near Rouyn-Noranda, Quebec, which includes the first estimate of high-grade resources recently discovered in zones at depth north of the LONG Bars Zone open-pit deposit. The updated resource calculation, accompanied by a revised Block Model for the entire area drilled at Granada to date, is the most significant since the Company's initial discovery of the shallow and expansive east-west LONG Bars Zone in 2010. It underscores the robust nature of mineralizing events at Granada where recent drilling to the north suggests that geologists are closing in on the roots of a deeper high-grade system associated with a vast halo of lower-grade mineralization averaging above 1 g/t Au from surface to a depth of approximately 400 meters, extending 1.4 km east-west and open in multiple directions. Granada is fully permitted for initial mining of open-pit resources based on a 2014 Pre-Feasibility Study, and mineralized material has been stockpiled on site (refer to Company's March 28, 2017 news release). High-Grade Discovery With Maiden Inferred Resource The \"heat engine\" for Granada mineralization is believed to exist in the northwest part of the property, a high priority untested area now referred to as the \"Genesis Target\" that includes a large granite intrusion and intense shearing immediately south of the Cadillac fault. An initial Inferred underground resource of 10,386,500 tonnes grading 4.56 g/t Au at a cut-off grade of 1.5 g/t Au (1.5 million oz. Au) has been outlined along 600 m of strike east of Genesis based on drilling by Granada Gold in late 2016 and early this year. This is a major development in the evolution of the Granada Property and even higher grades are being targeted in the discovery area and to the west-northwest at Genesis which has never been previously drilled. Significantly, only a fraction of the total area (1.8 km north-south x 2.1 km east-west) north of the LONG Bars Zone Measured and Indicated near-surface resource has been drill-tested, further solidifying Granada as one of the premier exploration and development opportunitie...