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Rouyn Noranda, Quebec -- March 27, 2025 -- NewsGenie -- Granada Gold Mine Inc. (TSXV: GGM) has signed a non-binding MOU for custom milling of the Granada Gold Mine ore at the Beacon Mill, owned by Lafleur Minerals in Quebec, Canada. The Beacon Mill is fully permitted for 750 tonnes per day. Granada Gold Mine is fully permitted to ship gold ore. Current open-pit and underground 43-101 measured and indicated resource at 543,000 ounces of gold at 2 grams per tonne gold. The toll milling agreement is expected by June of this year followed by shipping of ore thereafter to the Beacon Mill.
Granada CEO Frank J. Basa commented, "This is a welcome development for Granada which enables the Company to generate revenue to carry on with the planned deep drilling program and the potential to increase our current 43-101 resource by further drilling while developing a metallurgical balance. Granada has obtained numerous permits allowing the Company to conduct open-pit mining to ship ore to a local mill and we are happy to know that the Beacon Mill can be available to process it. We are expecting the evaluation process to be relatively short and we are confident that shipping and production can begin before the end of 2025."
The current mineralized zone, over 2 kilometers of the 5-kilometer overall east-west structure, is only 20 percent explored. A 120,000-meter drill program was outlined, of which 18,000 meters has been completed, to test gold mineralization at depth. Upon completion of this drill program, the Company will have drilled 270,000 meters. Based on gravity concentration processing of previous bulk samples, the Granada Gold Mine mineralized material shows that an average of 50% of the recoverable gold is visible, or native 43-101 reference. Processing of a bulk sample by toll milling will allow a comprehensive metallurgical balance to determine an accurate grade of the open pit resource.
In the past, the grade of ore when milled averaged 30 percent higher than the current 43-101 resource developed from drill intersections. The Granada Gold Mine open pit was mined at 3.5 to 5 grams per tonne gold, while the current open pit and underground 43-101 resource is 2 grams per tonne gold. Recently, two 500-tonne open pit samples taken by the company returned grades of 4 grams per tonne gold (Please see July 6, 2022 news release).
Granada announces a non-brokered private placement financing for up to 40,000,000 units ("Units") at a price of C$0.025 per Unit raising gross proceeds of C$1,000,000. Each Unit is comprised of one common share of the Corporation and one common share purchase warrant. Each whole Warrant will entitle the holder to acquire one additional Share (a "Warrant Share") at an exercise price of $0.05 per Warrant Share (the "Exercise Price") for a period of 24-months immediately following the closing.
On August 22, 2022 the Company filed an updated NI 43-101 technical report supporting the resource estimate update for the Granada Gold project (Please see July 6, 2022 news release) reporting that the Granada deposit contains an updated mineral resource, at a base case cut-off grade of 0.55 g/t Au for pit constrained mineral resources within a conceptual pit shell and at a base case cut-off grade of 2.5 g/t for underground mineral resources within reasonably mineable volumes, of 543,000 ounces of gold (8,220,000 tonnes at an average grade of 2.05 g/t Au) in the Measured and Indicated category, and 456,000 ounces of gold (3,010,000 tonnes at an average grade of 4.71 g/t Au) in the Inferred category.
Granada Gold Mine Inc. continues to develop and explore its 100% owned Granada Gold Property near Rouyn-Noranda, Quebec, and is adjacent to the prolific Cadillac Break. The Company owns 14.73 square kilometers of land in a combination of mining leases and claims.
Granada Gold Signs Milling MOU with Lafleur Minerals for Beacon Mill
Rouyn Noranda, Quebec -- March 27, 2025 -- NewsGenie -- Granada Gold Mine Inc. (TSXV: GGM) has signed a non-binding MOU for custom milling of the Granada Gold Mine ore at the Beacon Mill, owned by Lafleur Minerals in Quebec, Canada. The Beacon Mill is fully permitted for 750 tonnes per day. Granada Gold Mine is fully permitted to ship gold ore. Current open-pit and underground 43-101 measured and indicated resource at 543,000 ounces of gold at 2 grams per tonne gold. The toll milling agreement is expected by June of this year followed by shipping of ore thereafter to the Beacon Mill.
Granada CEO Frank J. Basa commented, "This is a welcome development for Granada which enables the Company to generate revenue to carry on with the planned deep drilling program and the potential to increase our current 43-101 resource by further drilling while developing a metallurgical balance. Granada has obtained numerous permits allowing the Company to conduct open-pit mining to ship ore to a local mill and we are happy to know that the Beacon Mill can be available to process it. We are expecting the evaluation process to be relatively short and we are confident that shipping and production can begin before the end of 2025."
The current mineralized zone, over 2 kilometers of the 5-kilometer overall east-west structure, is only 20 percent explored. A 120,000-meter drill program was outlined, of which 18,000 meters has been completed, to test gold mineralization at depth. Upon completion of this drill program, the Company will have drilled 270,000 meters. Based on gravity concentration processing of previous bulk samples, the Granada Gold Mine mineralized material shows that an average of 50% of the recoverable gold is visible, or native 43-101 reference. Processing of a bulk sample by toll milling will allow a comprehensive metallurgical balance to determine an accurate grade of the open pit resource.
In the past, the grade of ore when milled averaged 30 percent higher than the current 43-101 resource developed from drill intersections. The Granada Gold Mine open pit was mined at 3.5 to 5 grams per tonne gold, while the current open pit and underground 43-101 resource is 2 grams per tonne gold. Recently, two 500-tonne open pit samples taken by the company returned grades of 4 grams per tonne gold (Please see July 6, 2022 news release).
Granada announces a non-brokered private placement financing for up to 40,000,000 units ("Units") at a price of C$0.025 per Unit raising gross proceeds of C$1,000,000. Each Unit is comprised of one common share of the Corporation and one common share purchase warrant. Each whole Warrant will entitle the holder to acquire one additional Share (a "Warrant Share") at an exercise price of $0.05 per Warrant Share (the "Exercise Price") for a period of 24-months immediately following the closing.
On August 22, 2022 the Company filed an updated NI 43-101 technical report supporting the resource estimate update for the Granada Gold project (Please see July 6, 2022 news release) reporting that the Granada deposit contains an updated mineral resource, at a base case cut-off grade of 0.55 g/t Au for pit constrained mineral resources within a conceptual pit shell and at a base case cut-off grade of 2.5 g/t for underground mineral resources within reasonably mineable volumes, of 543,000 ounces of gold (8,220,000 tonnes at an average grade of 2.05 g/t Au) in the Measured and Indicated category, and 456,000 ounces of gold (3,010,000 tonnes at an average grade of 4.71 g/t Au) in the Inferred category.
Granada Gold Mine Inc. continues to develop and explore its 100% owned Granada Gold Property near Rouyn-Noranda, Quebec, and is adjacent to the prolific Cadillac Break. The Company owns 14.73 square kilometers of land in a combination of mining leases and claims.