ROUYN NORANDA, QC, March 30, 2021 /CNW/ - Granada Gold Mine Inc.
(TSXV: GGM) (the "Company" or "Granada") and Canada Silver
Cobalt Works Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the "Company" or "Canada
Silver Cobalt") are pleased to jointly announce that early analysis
indicates the potential for the Re-2Ox (http://www.re-2ox.com/)
process to be used for the extraction of rare earth and alkali
metals which have recently been found at the Granada Gold Mine
property. The Re-2Ox process was previously used in the production
of a cobalt sulphate compound at SGS Canada for end use in
lithium-ion batteries at Canada Silver Cobalt's Castle property
from a high-grade silver, cobalt and arsenic gravity concentrate
(refer to CCW Press Release August 15,
2018).
Processing Highlights
- Processing of mineralized core involves using one of the
conventional mineral processing steps: gravity concentration,
magnetic concentration or flotation.
- Bench scale leach testing to be done on the Granada rare earth and alkali
concentrate.
- Pilot plant leach testing to be done on the Granada rare earth and alkali
concentrate.
The U.S. Department of the Interior published a final list of
the 35 metals deemed critical to U.S. National Security and the
Economy. To view the original U.S. government list, follow
this link:
https://www.usgs.gov/news/interior-releases-2018-s-final-list-35-minerals-deemed-critical-us-national-security-and.
The following is a list of the 14 metals now known to be present in
various concentrations at the Granada Gold Mine property's new
discovery on the Big Claim in the 588-meter GR-20-20 hole: arsenic,
barite, cesium, cobalt, gallium, hafnium, magnesium, manganese,
rubidium, scandium, strontium, tungsten, vanadium, and
zirconium.
Both Companies will continue to work together on this initiative
and will look at market demand fundamentals for the rare earth and
alkali metal compounds prior to commencing bench scale testing.
CEO Frank J. Basa, P.Eng.,
commented that "We appear to have 40 percent of the metals deemed
critical to the US national security - everything that is now
coming into focus as being in short supply in the western
world. These recent developments are extremely exciting given
that the timing coincides with an awareness that many countries
must play catch up quickly. Given the well-documented 2020
challenges in sourcing metals, this is resonating in a big
way."
Qualified person
The technical information in this news release has been reviewed
by Claude Duplessis, P.Eng.,
GoldMinds Geoservices Inc. member of Québec Order of Engineers and
a qualified person in accordance with National Instrument 43-101
standards.
About Granada Gold Mine Inc.
Granada Gold Mine Inc. continues to develop the Granada Gold
Property near Rouyn-Noranda,
Quebec. Approximately 120,000 meters of drilling has been
completed to date on the property, focused mainly on the extended
LONG Bars zone which trends 2 kilometers east-west over a potential
5.5 kilometers of mineralized structure. The highly prolific
Cadillac Break, the source of more than 75 million plus ounces of
gold production in the past century, cuts through the north part of
the Granada property, but is not
necessarily indicative of mineralization hosted on the company's
property.
The Granada Shear Zone and the South Shear Zone contain, based
on historical detailed mapping as well as from current and
historical drilling, up to twenty-two mineralized structures
trending east-west over five and a half kilometers. Three of these
structures were mined historically from four shafts and three open
pits. Historical underground grades were 8 to 10 grams per tonne
gold from two shafts down to 236 m
and 498 m with open pit grades from
3.5 to 5 grams per tonne gold.
Updated Mineral Resource
The updated resource at the Company's Granada Gold project in
Rouyn-Noranda, Quebec was
estimated by SGS Canada and outlined in a January 29, 2021 news release. The final
report was filed March 15, 2021 with
an Effective date of December 15,
2020. The 43-101 Technical Report is titled: Granada Gold
Project Mineral Resource Estimate Update, Rouyn-Noranda, Quebec, Canada authored by
Yann Camus, P.Eng. and Maxime
Dupéré, B.Sc, géo. Both of SGS Canada Inc.
Updated Mineral Resource Estimate Base Case with Details
Between the Open Pit Portion and the Underground Portion
Type
|
Category
|
Tonnes
|
Au
(g/t)
|
Gold
Ounces
|
In Pit
|
Measured1
|
3,756,000
|
1.89
|
228,000
|
Indicated
|
1,357,000
|
2.55
|
111,000
|
Measured+Indicated
|
5,113,000
|
2.06
|
339,000
|
Inferred
|
34,000
|
11.29
|
12,000
|
Underground
|
Measured
|
37,000
|
4.22
|
5,000
|
Indicated
|
807,000
|
4.02
|
104,000
|
Measured+Indicated
|
844,000
|
4.03
|
109,000
|
Inferred
|
1,244,000
|
6.33
|
253,000
|
1.
|
Cut-off grades are
based on a gold price of US$1,600 per ounce, a foreign exchange
rate of US$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
|
The Company is in possession of all mining permits required to
commence the initial mining phase, known as the "Rolling Start",
which allows the company to mine up to 550 tonnes per day.
Additional information is available at www.granadagoldmine.com.
"Frank J. Basa"
Frank J. Basa P. Eng.
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation 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 news release may contain
forward-looking statements including but not limited to comments
regarding the timing and content of upcoming work programs,
geological interpretations, receipt of property titles, potential
mineral recovery processes, etc. Forward-looking statements address
future events and conditions and therefore, involve inherent risks
and uncertainties. Actual results may differ materially from those
currently anticipated in such statements.
SOURCE Granada Gold Mine Inc.