(TheNewswire)
Rouyn Noranda, Q.C., June
4
, 2024 –
TheNewswire –
Granada Gold Mine Inc.
(TSXV: GGM) (OTC: GBBFF) (Frankfurt: B6D) (the “Company” or
“Granada”)
announces
that it has granted stock options to its directors and
officers to purchase an aggregate of 1,200,000 common shares in the
capital of the Company. The stock options are exercisable for a term
of five years at an exercise price of $0.05 per share. All stock
options are granted in accordance with the terms of the Company’s
Stock Option Plan and the policies of the TSX Venture Exchange and
will be subject to a hold period of four months and one day.
About Granada Gold Mine Inc.
Granada Gold Mine Inc. continues to develop and explore
its 100% owned Granada Gold Property near Rouyn-Noranda, Quebec, which
is adjacent to the prolific Cadillac Break. The Company owns 14.73
square kilometers of land in a combination of mining leases and
claims. The Company is undergoing a large drill program with 30,000m out of 120,000m complete. The drills are currently paused to provide the technical team with the necessary time to evaluate and assimilate existing data.
Insight: Exploring Mineralized Structures
The Granada Shear Zone and the South Shear Zone
contain, 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 a half kilometers. Three of these
structures were mined historically from four shafts and three 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 3.5
to 5 grams per tonne gold.
Mineral Resource Estimate
On August 20, 2022 the Company released an updated NI
43-101 technical report supporting the resource estimate update for
the Granada Gold project reporting that the Granada deposit contains an updated mineral
resource, at a base case cut-off grade of 0.55 g/t Au for pit
constrained mineral resources within a conceptual pit shell and at a
base case cut-off grade of 2.5 g/t for underground mineral resources
within reasonably mineable volumes, of 543,000 ounces of gold
(8,220,000 tonnes at an average grade of 2.05 g/t Au) in the Measured
and Indicated category, and 456,000 ounces of gold (3,010,000 tonnes
at an average grade of 4.71 g/t Au) in the Inferred category.
Additional Insight: Resource Potential
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 1990s, 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.
