(via TheNewswire)
Drilling Highlights:
GR-16-14W1 intersected 2.82 g/t over 1.0 m at 852.65m
GR-16-14W2 intersected 4.26 g/t over 1.0m at 907.85m
GR-16-14W3 intersected 7.63 g/t over 5.0 m at 886.0 m
GR-21-01 intersected 7.55 g/t over 1.0 m at 314.75 m
GR-21-02 intersected 7.91 g/t over 1.0 m at 363.85 m
GR-21-12 intersected 4.68 g/t over 1.25 m at 457.45 m
“The objective was to drill under the pit-constrained resource and at depth – in order to increase the quantity and quality of the mineral resources. These latest drill results – from new holes and wedges off existing holes – show intersections of gold of economic grade near the surface, under the pit-constrained resource and at depth. This supports the view that a significant increase in our next resource update is possible,” said
This news release presents available partial results of diamond drill wedge holes off GR-16-14 as well as infill holes between GR-11-362 and GR-11-393.The mineralized structures were intersected at various depth in each wedge showing the continuity of the structures with gold grade variability, confirming the continuation of mineralized veins.
Holes GR-21-01 and GR-21-02 were drilled to bridge a 100m gap between GR-11-362 and GR-11-393 under the pit-constrained resource. Partial results are disclosed. GR-21-12 was drilled to identify continuity of gold zones on the eastern edge of the orphan tailings.
Table 1: Structures intersected assay results
---------------------------------------------------------------------------- |Hole ID |From (m)|To (m)|Length|Gold |Objective | | | | |(m) |(g/t)| | |--------------------------------------------------------------------------| |GR-16-14W1|667.55 |668.05|0.50 |2.76 |Extends under | | | | | | |Pit-Constrained | | | | | | |Resource | |--------------------------------------------------------------------------| |AND |852.65 |853.65|1.00 |2.82 |idem | |--------------------------------------------------------------------------| |GR-16-14W2|665.30 |666.42|1.12 |0.42 |idem | |--------------------------------------------------------------------------| |AND |690.00 |694.00|4.00 |1.38 |idem | |--------------------------------------------------------------------------| |AND |808.50 |811.20|2.70 |1.25 |idem | |--------------------------------------------------------------------------| |AND |864.00 |865.00|1.00 |3.85 |idem | |--------------------------------------------------------------------------| |AND |907.85 |908.85|1.00 |4.26 |idem | |--------------------------------------------------------------------------| |GR-16-14W3|712.60 |714.00|1.40 |7.84 |idem | |--------------------------------------------------------------------------| |AND |826.50 |827.50|1.00 |1.14 |idem | |--------------------------------------------------------------------------| |AND |849.00 |850.45|1.45 |1.22 |idem | |--------------------------------------------------------------------------| |AND |886.00 |891.00|5.00 |7.63 |idem | |--------------------------------------------------------------------------| |Including |888.00 |888.65|0.65 |53.50|idem | |--------------------------------------------------------------------------| |GR-21-01 | | | | |Infill between GR-11-362&GR-11-393| | |191.25 | |4.15 |1.62 | | | | |195.40| | | | |--------------------------------------------------------------------------| |Including |193.40 |194.40|1.00 |3.82 |Idem | |--------------------------------------------------------------------------| |AND |223.90 |227.05|3.15 |0.81 |Idem | |--------------------------------------------------------------------------| |AND |236.00 |240.10|4.10 |1.54 |Idem | |--------------------------------------------------------------------------| |Including |236.00 |237.00|1.00 |4.69 |Idem | |--------------------------------------------------------------------------| |AND |252.10 |253.10|1.00 |2.20 |Idem | |--------------------------------------------------------------------------| |AND |314.75 |318.22|3.47 |2.32 |Idem | |--------------------------------------------------------------------------| |Including |314.75 |315.75|1.00 |7.55 |Idem | |--------------------------------------------------------------------------| |AND |341.40 |342.50|1.10 |4.53 |Idem | |--------------------------------------------------------------------------| |GR-21-02 |361.10 |364.85|3.75 |2.61 |Idem | |--------------------------------------------------------------------------| |Including |363.85 |364.85|1.00 |7.91 |Idem | |--------------------------------------------------------------------------| |GR-21-12 |331.10 |334.50|3.40 |1.05 |East of Orphan Tailings | |--------------------------------------------------------------------------| |AND |367.35 |369.00|1.65 |1.11 |Idem | |--------------------------------------------------------------------------| |AND |379.65 |382.95|3.30 |1.52 |Idem | |--------------------------------------------------------------------------| |AND |456.00 |459.85|3.85 |1.77 |Idem | |--------------------------------------------------------------------------| |Including |457.45 |458.70|1.25 |4.68 |Idem | ----------------------------------------------------------------------------
Lengths are core length, no capping applied. Au is Gold by Fire assay, or by gravimetric finish or screen metallic method.
Table 2: DRILL HOLE LOCATION DATA – Wedges inserted at 424m depth and above
------------------------------------------------------------------- |Hole |UTME |UTMN |Elevation|Azimuth|Dip |Length (m)| |-----------------------------------------------------------------| |GR-16-14W1|647516.8|5338875.7|298.96 |191.5 |-65.5 |906 | |-----------------------------------------------------------------| |GR-21-01 |646996.6|5338305.4|309.47 |186.0 |-80.0 |447 | |-----------------------------------------------------------------| |GR-21-02 |646996.6|5338305.4|309.47 |196.0 |--65.0|429 | |-----------------------------------------------------------------| |GR-21-12 |646743.0|5338364.0|315.0 |203 |-85.0 |474 | -------------------------------------------------------------------
The 2021 Exploration program
The 2021 drill program is aiming to fill the gaps allowing additional mineral resources to be developed while simultaneously testing the continuity of the structures with the 200-series holes.
In addition, holes are being drilled to verify the extension of structure and gold mineralization under the orphan tailings area.
The drill program has completed 30,000 meters to date and will be paused to give the technical team the time to evaluate and assimilate all existing data as well as to incorporate the laboratory results which are lagging due to ongoing delays in turnaround times across the industry.
Qualified person
The technical information in this news release has been reviewed by
Quality Control and Reporting Protocols
All NQ core assays reported for Wedges of 2020 holes were obtained by either 1-kilogram screen fire assay or standard 50-gram fire-assaying-AA (Atomic Absorption) finish or gravimetric finish at
About
Updated Mineral Resource
The updated resource at the Company’s Granada Gold project in
Updated Mineral Resource Estimate Base Case with Details for both the Open Pit Portion and the Underground Portion
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1.Cut-off grades are based on a gold price of
US$1,600 per ounce, a foreign exchange rate ofUS$0.76 for CA$1, a gold recovery of 93%2.Pit constrained mineral resources are reported at a cut-off grade of 0.9 g/t Au within a conceptual pit shell
3.Underground mineral resources are reported at a cut-off grade of 3.0 g/t Au within reasonably mineable volumes
“Frank J. Basa”
President and Chief Executive Officer
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