Highlights:
- 5.64 g/t gold over 6.86m in GR-20-10 from 364.64 to 371.50m
- 4.26 g/t gold over 4.50m in hole GR-20-13 from 290.50 to 295.00m
The company completed the 6000-meter drill program and has begun another 6000-meter drill program with 2 drills on site. All drill holes intercepted mineralization which will be used in the updated resource calculation.
ASSAY RESULTS FROM BELOW PIT-CONSTRAINED MINERAL RESOURCE
Hole ID | From (m) | To (m) | Length (m) | Gold (g/t) |
GR-20-10 | 364.64 | 371.50 | 6.86 | 5.64 |
Including | 364.64 | 365.84 | 1.20 | 4.47 |
Including | 370.00 | 371.50 | 1.50 | 20.40 |
GR-20-11 | 292.50 | 294.00 | 1.50 | 3.37 |
GR-20-12 | 338.70 | 341.70 | 3.00 | 3.07 |
Including | 339.70 | 340.20 | 0.50 | 14.40 |
GR-20-13 | 290.50 | 295.00 | 4.50 | 4.26 |
Including | 292.00 | 293.50 | 1.50 | 11.90 |
GR-20-14 | 304.90 | 306.00 | 1.10 | 4.51 |
AND | 324.15 | 324.65 | 0.50 | 11.65 |
AND | 430.90 | 431.40 | 0.50 | 5.92 |
AND | 445.30 | 446.80 | 1.50 | 4.41 |
GR-20-16 | 356.66 | 360.15 | 3.47 | 2.87 |
Including | 358.16 | 359.16 | 1.00 | 7.17 |
Lengths are core length and are close to true widths, no capping applied. Au is Gold by Fire assay, or by gravimetric finish or screen metallic method. The assays still pending are for holes GR-20-15 and GR-20-17.
Holes GR-20-10 through GR-20-13 were drilled in front of GR-11-384 to enable definition of an underground mineral resources panel in that sector. GR-11-384 intersected 3.05m at 35.76 g/t Au at 425.45m. This interval is 225m up dip of GR-18-03 which intersected 8 meters at 6.65 g/t Au at a depth of 569m in vein 2 (footwall vein historical labelling within the
Holes GR-20-14 and GR-20-15 were drilled 50 metres to the north of GR-11-377 to enable definition of underground mineral resources in that sector. GR-11-377 previously intersected the 3 veins: Vein 1, Vein 3 & Vein 2(foot wall) with high-grade individual assays of 3.64 g/t Au over 1.5m at 265.5m, 14.37g/t Au over 1.5m 328.5m, and 6.65 g/t Au over 1.3m at 429.7m.
Holes GR-20-16 and GR-20-17 were then drilled on the same set-up as GR-11-393 with different dips to enable definition of underground mineral resources in that sector. GR-11-393 had intersected the 3 veins: Vein 1, Vein 3 & Vein 2 (foot wall) with high-grade individual assays of 12.14 g/t Au over 0.5m at 277.5m, 9.76g/t Au over 1.0m at 318.0m, and 12.73 g/t Au over 1.3m at 425.5m. As noted, assay results from GR-20-15 and GR-20-17 have not yet been received but will be disclosed after they are validated and interpreted. See drillhole location map further down in this press release for more details. The table presents the characteristics of the drill holes.
DRILL HOLE LOCATION DATA
Hole | UTME | UTMN | Elevation | Azimuth | Dip | Length (m) |
GR-20-10 | 647140.1 | 5338416.9 | 304.85 | 192.9 | -57.4 | 475 |
GR-20-11 | 647140.2 | 5338417.3 | 304.83 | 186.9 | -76.8 | 522 |
GR-20-12 | 647140.0 | 5338417.1 | 304.63 | 196.0 | -70.0 | 552 |
GR-20-13 | 647140.4 | 5338417.3 | 304.88 | 185.7 | -70.5 | 549 |
GR-20-14 | 647226.5 | 5338476.8 | 303.40 | 185.6 | -69.9 | 516 |
GR-20-15 | 647226.5 | 5338476.9 | 303.32 | 180.0 | -80.3 | 552 |
GR-20-16 | 647006.5 | 5338446.3 | 312.52 | 201.5 | -73.1 | 498 |
GR-20-17 | 647006.6 | 5338446.4 | 312.48 | 201.5 | -80.2 | 558 |
A total of 5,841.77meters were drilled. The information contained in this press release covers both completed and partial results for 3,664 meters of drilling.
Qualified person
The technical information in this news release has been reviewed by
Quality Control and Reporting Protocols
All NQ core assays reported were obtained by either 1-kilogram screen fire assay or standard 50-gram fire-assaying-AA (Atomic Absorption) finish or gravimetric finish at (i)
About
Pit-Constrained Mineral Resources at Granada disclosed on
Category | Tonnes | Grade (g/t AU) | Contained Gold |
Measured | 12,637,000 | 1.02 | 413,000 |
Indicated | 9,630,000 | 1.13 | 349,000 |
Measured & Indicated | 22,267,000 | 1.06 | 762,000 |
Inferred | 6,930,000 | 2.04 | 455,000 |
Mineral resources which are not mineral reserves do not have demonstrated economic viability. An Inferred Mineral Resource has a lower level of confidence than that applying to a Measured and Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
* Pit constrained mineral resources are reported at a cut-off grade of 0.4 g/t Au within a conceptual pit shell.
The Company is in possession of all mining permits required to commence the initial mining phase, known as the "Rolling Start", which allows the company to mine up to 550 tonnes per day. Additional information is available at www.granadagoldmine.com.
"Frank J. Basa"
President and Chief Executive Officer
Neither the
SOURCE
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