The mining company received an updated mineral resource estimate from SGS Canada for its wholly-owned gold tract near Rouyn-Noranda.
The updated calculations also included a “revised block model” for the drilling area, as defined by the completed drilling program in 2017.
Resource highlights from Granada
Granada listed some of the highlights in a press release:
Pit constrained mineral resources:
464,000 ounces Measured @ 1.13 g/t Au and 349,000 ounces Indicated @ 1.13 g/t Au at a cut-off grade of 0.40 g/t Au (813,000 ounces M&I @ 1.13 g/t Au);
455,000 ounces Inferred @ 2.04 g/t Au
GGM has also obtained the required permits for open-pit mining at the site. This was based on a 2014 pre-feasibility study.
Granada Gold listed the pit-constrained resources in the Long Bars zone at 12.8 million tonnes grading 1.13 g/t Au for total contained gold of 464,000 ounces.
They also noted that indicated pit-constrained mineral resources sit at 9.63 million tonnes grading 1.13 g/t Au for total gold ounces of 349,000, measured and indicated total 22.432 million tonnes at 1.13 g/t Au for 813,000 ounces.
And the inferred pit-constrained resources amount to 6.93 million tonnes grading 2.04 g/t Au for total gold ounces of 455,000.
The gold property near Rouyn-Noranda is part of the former Granada gold mine that operated from 1930 to 1935. The mine pulled out more than 50,000 ounces of gold until it was shut down after a fire razed all the mine’s buildings.
Granada’s gold project is located within the Cadillac Trend, running along the north end of the property. The Trend has produced more than 50 million ounces of gold in the last 100 years. The gold-producing part of the Cadillac Trend extends more than 100 kilometers from Rouyn-Noranda to Val-d’Or, Quebec.
And Granada is already off to a “Rolling Start” in north-western Quebec:
The Company has obtained all necessary permits for the initial mining phase known as the “Rolling Start” for which stripping has already begun, and has been conducting exploration drilling in order to expand the reported mineral resource for the property.
Granada Deposit at Various Gold Cut-off Grades
In regards to the property’s resources, Granada Gold notes the historical production of 51,476 ounces of gold (181,744 sT @ 0.28 oz/sT Au) from 1930 to 1935 is included in the current resource statement shown above.
According to the company:
…There is no digital information for exactly where the historical production was completed and if the historical production was completed in the area covering the current resource estimate. The historical production cannot be verified by SGS.
Full Disclosure: Granada Gold (GGM.V) is an Equity Guru marketing client.