The Granada Gold Mine presents high-grade sheets and aims to be the lowest-cost gold producer in the Cadillac Range.

The Granada Gold Mine presents high-grade sheets and aims to be the lowest-cost gold producer in the Cadillac Range.

Historically, the Granada Vein 1 was mined underground at an impressive grade of 9 to 10 g/t gold. With this new flow and equipment plan, the Granada Gold Mine is well positioned to become the lowest-cost gold producer in the larger Cadillac Range.

CEO Frank Basa said: “One of our mining consultants previously estimated the capital cost to be approximately $959 per ounce of gold for initial mining and processing costs, based on an initial gold price of $1,462 per ounce. However, the recent increase in gold prices ($2,346 or C$3,189 per ounce, yesterday’s price) significantly increases our forecast revenue and project IRR, making this already attractive project even more promising.”

Granada Gold Mine expects capital expenditure (CAPEX) to be poor for capital gains, mainly due to rising gold prices. This favorable combination of factors underscores the Company’s confidence in the economic viability and viability of the Granada Project.

A qualified professional

The technical information contained in this press release was prepared by Claude Duplessis, P.Eng., an employee of GoldMinds Geoservices Inc. and also a member of the organization The Order of Engineers of Québec is, in its capacity as a qualified person under National Instrument 43-101 checked.

About Granada Gold Mine Inc.

Granada Gold Mine Inc. continues to develop and explore its 100% owned Granada gold property near the Cadillac Resort of Rouyn-Noranda, Quebec. The company owns 14.73 square kilometers of land including mineral leases and claims. The company is currently running a major drilling program. So far, 30,000 meters of 120,000 meters have been completed. Mining operations are currently on hold to give the technical team enough time to evaluate and process the existing data.

To die The Granada Shear Zone and South Shear Zone contain up to 22 mineralized structures extending over five and a half kilometers in an east-west direction, based on detailed historical mapping and current and historical drilling. Three of these structures were historically excavated from four pits and three open pits. Historical underground grades ranged from 8 to 10 grams gold per tonne (g/t) in two shafts to depths of 236 meters and 498 meters respectively, while open pit grades ranged from 3.5 to 5 grams gold per tonne.

Mineral Resource Estimates

On August 20, 2022, the Company issued an updated NI 43-101 technical report to support an updated resource estimate for the Granada Gold Project (see press release dated July 6, 2022), reporting that the Granada deposit has updated mineral resources. – using a cut-off grade of 0.55 g/t Or for hole-locked Mineral Resources within the hypothetical hole model and using a cut-off grade of 2.5 g/t for underground Mineral Resources within a mineable volume of 543,000 oz (8,220,000) t at an average grade of 2.05 g/t Au) in the Proven and Indicated category and 456,000 oz of gold (3,010,000 t at an average grade of 4.71 g/t Au) in the Inferred category. Full details can be found in Table 1 below. Report reference: Update of Mineral Resource Estimates for the Granada Project, Rouyn-Noranda, Quebec, Canada, written by Yann Camus, P.Eng. and Maxime Dupéré, B.Sc, P.Geo., SGS Canada Inc. dated 20 August 2022 and comes into force on 23 June 2022.

Table 1: Mineral Resource Estimates in tonnes, average grade and ounces of gold

Salary deduction

(g/t Or)



metric tons

Or (g/t)

Gold (oz)

0.55 / 2.5


In the pit + underground




It has been shown

In the pit + underground




It is proven and implied

In the pit + underground





In the pit + underground




  1. Production from 1930-1935 was removed from these data (164,816 tonnes at 9.7 g/t Au / 51,400 ounces Au).
  2. The independent QP for this resource statement is Yann Camus, P.Eng., SGS Canada Inc.
  3. Effective date is June 23, 2022.
  4. The CIM (2014) definition of mineral resources was followed.
  5. Mineral resources that are not mineral reserves have not demonstrated economic potential. An Inferred Mineral Resource has a lower level of confidence than a Proved and Indicated Mineral Resource and cannot be converted into a Mineral Reserve. It is expected that most of the Indicated Mineral Resources may be converted to Indicated Mineral Resources as exploration continues.
  6. No economic assessment of the resource has yet been made.
  7. All numbers are rounded to show the relative accuracy of the estimate. Totals may not add due to rounding.
  8. Stanzas were marked where appropriate. 2.5 meters of mix was graded at 21 g/t Au in narrow high-grade veins and 7 g/t Au in low-grade veins.
  9. The cut points are based on a gold price of $1,700 per ounce, an exchange rate of $0.78 to CA$1 and a gold recovery of 93%.
  10. Mineral resources associated with the hole are reported at a cut-off grade of 0.55 g/t Au within the casing of the hypothetical hole.
  11. Underground mineral resources are reported at a cut-off grade of 2.5 g/t Or within the mineable amount.
  12. A constant specific gravity value of 2.78 g/cm3 was used to estimate the tonnage from the block model volume.
  13. There are no mineral deposits on the property.
  14. The deepest reported resources are at a depth of 990 m.
  15. SGS is not aware of any known environmental, permitting, legal, ownership, tax, social, political, marketing or other significant issues that could materially affect mineral resource estimates.
  16. Mine optimization results are intended for the purpose of measuring “reasonable prospects of economic production” from an open pit mine and do not include an attempt to estimate mineral reserves. There are no mineral deposits on the property. The results are used as a guide to assist in preparing mineral resource information and selecting the appropriate cut-off grade for resource reporting.

The property includes the Granada Gold underground mine, which produced more than 50,000 ounces of gold at 10 grams per ton of gold in two shafts in the 1930s before a fire destroyed the surface buildings. In the 1990s, Granada Resources sampled a mass of 87,311 tonnes (Hole #1) grading 5.17 g/t gold. A bulk sample of 22,095 tonnes (Hole #2) grading 3.46 g/t was also recovered.

“Frank J. Basa”

Frank J. Basa, P. Eng., Member of the Order of Engineers of Ontario

Director General

For more information please contact:

Frank J. Bassa

Director General

T: 416-625-2342


Wayne Cheveldayoff,

Business Communication

T: 416-710-2410


Neither the TSX Venture Exchange nor its Regulatory Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release may contain forward-looking statements, including, without limitation, opinions about future events and situations that are subject to various risks and uncertainties. In addition to statements of historical fact, opinions related to resource potential, future work programs, geological interpretations, preservation and security of mineral property titles, financial availability and others are forward-looking statements. Forward-looking statements are not guarantees of future performance and actual results may differ materially from such statements. General terms and conditions are factors that could cause actual results to differ materially from those expressed in forward-looking statements.

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At the time the news was published, shares of Granada Gold Mine were trading at more than +14,29 % with a level of 0.040CAD traded on TSX Venture (April 9, 2024, 11:00 pm).