(via TheNewswire)
These new intercepts verify the continuity of mineralization along the main Vein #2 high-grade gold-bearing structure up to 250m to the west of Pit #2.
Drilling Highlights
- The 200-Series drill holes (GR-21-26 and GR-21-28) were designed to determine the variability of gold mineralization of the main vein zone within the western extension of Pit #2 by drilling down the dip of the structure – similar to the 200-series drill holes previously released on
September 7, 2021 , that were focusing on the area east of Pit #1.- These assay results confirm the significant extent of localized, high-grade gold mineralization within the structure as well as prove the continuity of the mineralization over much broader intervals (of up to 109m down-dip) of the main zone below surface west of Pit #2.
- GR-21-26 intersected 1.11 g/t Au over 109.65m, including:
- 15.35 g/t Au over 1.70m
- 29.00 g/t Au over 0.50m
- 7.13 g/t Au over 7.70m
- 9.32 g/t Au over 1.75m
- 53.70 g/t Au over 0.65m
- GR-21-28 intersected 7.20 g/t Au over 8.85m including:
- 13.62 g/t Au over 2.30m
- 28.10 g/t Au over 0.80m
“The assay results in these drill holes prove the continuity of mineralization along the main Granada footwall structure that is located between the Granada and
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Figure 1: Plan Map Showing Drill Hole and Assay Locations just West of Pit #2.
Table 1: Sample Details
---------------------------------------------------------------- |Hole ID |Target Location |From (m)|To (m)|Length (m)|Au (g/t)| |--------------------------------------------------------------| |GR-21-26 |Main Zone Pit #2|19.35 |129.00|109.65 |1.11 | |--------------------------------------------------------------| |Including|Main Zone Pit #2|19.85 |21.55 |1.70 |15.35 | |--------------------------------------------------------------| |Including|Main Zone Pit #2|20.40 |20.90 |0.50 |29.00 | |--------------------------------------------------------------| |Including|Main Zone Pit #2|114.00 |121.70|7.70 |7.13 | |--------------------------------------------------------------| |Including|Main Zone Pit #2|114.00 |115.75|1.75 |9.32 | |--------------------------------------------------------------| |Including|Main Zone Pit #2|121.05 |121.70|0.65 |53.70 | |--------------------------------------------------------------| |GR-21-28 |Main Zone Pit #2|4.10 |12.95 |8.85 |7.20 | |--------------------------------------------------------------| |Including|Main Zone Pit #2|6.95 |9.25 |2.30 |13.62 | |--------------------------------------------------------------| |Including|Main Zone Pit #2|11.05 |11.85 |0.80 |28.10 | ----------------------------------------------------------------
The mineralized zone at the western extension of Pit #2 contains a collection of multiple veins with sulfide mineralized halos.The zone contains 2 distinct sub-parallel mineralized veins which connect with the former Pit #2 to the east.The true thickness of these mineralized structures varies between 2m and 11m. The main zone of these 2 structures is what was tested with the 200-Series drill holes.
The 200-Series holes were designed with an azimuth of 10-30 degrees to the north attempting to drill down the vein structures as opposed to obliquely. Normally, the drill holes are aimed southward which are designed to intersect the structures at a high angle, with an azimuth in the general range of 170-190 degrees. Previous intercepts into this structure near these 2 holes have returned grades such as 4.04g/t gold over 7.50 meters (truethickness)inhole GR-10-13, and3.99 g/t gold over 6.00 meters in hole GR-11-226. The results we see in these 200-Series drill holes validate the assays encountered previously in other drill programs (such as the ones in 2010 & 2011) and confirm the continuity of the gold mineralization. It also demonstrates that the system is a multi-vein system (as opposed to a single discrete vein).This is why the truethickness of the gold mineralization at Granada varies significantly from small high-grade intervals, such as example 95.00 g/t over 0.50m, to even 0.31 g/t over 301m (Press Release
Location
The Granada Gold project is located near
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 metallic fire assay or standard 50-gram fire assay (with either atomic absorption or gravimetric finish). This was completed at the
Mineral Resource Estimate
On
Table 2: Mineral Resource Estimate Showing Tonnes, Average Grade, and Gold Ounces
---------------------------------------------------- |Type |Category |Tonnes |Avg Grade|Gold | | | | |Au (g/t) |Ounces | |--------------------------------------------------| |Open Pit |Measured |3,756,000|1.89 |228,000| | |--------------------------------------| | |Indicated |1,357,000|2.55 |111,000| | |--------------------------------------| | |Measured +|5,113,000|2.06 |339,000| | |Indicated | | | | | |--------------------------------------| | |Inferred |34,000 |11.29 |12,000 | |--------------------------------------------------| |Underground|Measured |37,000 |4.22 |5,000 | | |--------------------------------------| | |Indicated |807,000 |4.02 |104,000| | |--------------------------------------| | |Measured +|844,000 |4.03 |109,000| | |Indicated | | | | | |--------------------------------------| | |Inferred |1,244,000|6.33 |253,000| ----------------------------------------------------
About
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 1990’s, 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.
“Frank J. Basa”
Chief Executive Officer
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