(via TheNewswire)
Test Work Highlights:
Mineralized gold and silver grades of open-pit bulk sample:
Gold 3.0 to 5.5 grams per tonne
Silver 0.5 to 1.5 grams per tonne
A total of 50 samples of ten kilograms each were subjected to the test work.
Test work indicated that Granada mineralized material can be co-mingled with owner’s mineralized material for processing or, with the addition of 35 kilograms of calcite material to Granada mineralized material, would permit custom processing at any mill in
Ontario or Quebec.
Qualified person
The technical information in this news release has been reviewed and approved by
About
Mineral Resource Estimate
On
Table 1: Mineral Resource Estimate Showing Tonnes, Average Grade, and Gold Ounces
Cut-Off (g/t Au) | Classification | Type | Tonnes | Au (g/t) | Gold Ounces |
0.55 / 2.5 | Measured1 | InPit+UG | 4,900,000 | 1.70 | 269,000 |
Indicated | InPit+UG | 3,320,000 | 2.57 | 274,000 | |
Measured & Indicated | InPit+UG | 8,220,000 | 2.05 | 543,000 | |
Inferred | InPit+UG | 3,010,000 | 4.71 | 456,000 |
(1) The 1930-1935 production was removed from these numbers (164,816 tonnes at 9.7 g/t Au / 51,400 ounces Au).
(2) The Independent QP for this resources statement is
(3) The effective date is
(4) CIM (2014) definitions were followed for Mineral Resources.
(5) Mineral resources which are not mineral reserves do not have demonstrated economic viability. An Inferred Mineral Resource has a lower level of confidence than that applying to a Measured and Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
(6) No economic evaluation of the resources has been produced.
(7) All figures are rounded to reflect the relative accuracy of the estimate. Totals may not add due to rounding
(8) Composites have been capped where appropriate. The 2.5 m composites were capped at 21 g/t Au in the thin rich veins and at 7 g/t Au in the low-grade volumes.
(9) Cut-off grades are based on a gold price of
(10) Pit constrained mineral resources are reported at a cut-off grade of 0.55 g/t Au within a conceptual pit shell
(11) Underground mineral resources are reported at a cut-off grade of 2.5 g/t Au within reasonably mineablevolumes.
(12) A fixed specific gravity value of 2.78 g/cm3 was used to estimate the tonnage from block model volumes
(13) There are no mineral reserves on the Property.
(14) The deepest resources reported are at a depth of 990 m.
(15) SGS is not aware of any known environmental, permitting, legal, title-related, taxation, socio-political, marketing or other relevant issues that could materially affect the mineral resource estimate.
(16) The results from the pit optimization are used solely for the purpose of testing the “reasonable prospects for economic extraction” by an open pit and do not represent an attempt to estimate mineral reserves. There are no mineral reserves on the Property. The results are used as a guide to assist in the preparation of a mineral resource statement and to select an appropriate resource reporting cut-off grade.
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 thesurface buildings. In the 1990s, 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
For further information, Contact:
Chief Executive Officer
P: 416-625-2342
Or:
Wayne Cheveldayoff,
Corporate Communications
P: 416-710-2410
E: waynecheveldayoff@gmail.com
Neither the
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