Granada Gold Selects Ausenco to Commence Feasibility Study for Mine Development at Cadillac Trend Gold Property in Quebec - Video Available on Investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - April 11, 2018) - Granada Gold Mine (TSXV: GGM) (FSE: B6D) (OTCPink: GBBFF) has selected Ausenco Limited to commence a feasibility study for the development of a mine at its Granada Gold property, with an annual production capacity of 80,000 to 100,000 ounces of gold.
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The 100% owned Granada Gold property, located near Rouyn-Noranda in Quebec, includes the former Granada gold mine, which produced more than 50,000 ounces of gold in the 1930s, before a fire destroyed the surface buildings. The highly prolific Cadillac Trend, a line running from Val-d'Or to Rouyn-Noranda, has been the source of more than 50 million ounces of gold in the past century, and cuts through the north part of the property.
Frank J. Basa, President and CEO, stated: "Ausenco has a reputation for innovation and efficiency, and in fact sponsored PDAC's #disruptmining event this year along with Goldcorp, they also successfully assist Atlantic Gold Corporation in their similar project in Eastern Canada. We are anticipating that their fresh approach will help us move at a good pace to move us forward in our focus on production."
The study will focus on the pit-constrained resource of 807,700 ounces Measured & Indicated at 1.16 grams per tonne gold, comprising 625,000 ounces Measured at 1.14 grams per tonne and 182,700 ounces Indicated at 1.26 grams per tonne, with a cut-off grade of 0.39 grams per tonne gold. The company has undertaken and completed all the required environmental studies and obtained the required permits to be a producer under its original "Rolling Start" program.
In the meantime, the company has signed a provisional milling agreement with Canada Cobalt Works (TSXV:CCW) to process an initial 600,000 to 2,000,000 tonnes of mineralized material showing a grade of 4.5 grams per tonne gold. Canada Cobalt retained the engineering firm Wood Group to undertake the necessary studies to obtain the required permits to install a 600-tonne-per-day mill at the Castle mine site in Gowganda, Ontario to process the mineral reserves identified in Granada's 2014 Pre-Feasibility Study.
These activities are intended also to provide a ramp to production for the company's high-grade, underground maiden resource, an initial Inferred resource outlined along 600 meters of strike, north of the original near-surface discovery at Granada.
The 2017, 43-101 Mineral Resource Estimation Update identified 1.5 million ounces of gold, from 10,386,500 tonnes averaging 4.56 grams per tonne gold Inferred at a cut-off grade of 1.5 grams per tonne. This update includes the first material estimate of high-grade gold resources discovered in zones at depth immediately north of the LONG Bars Zone open-pit deposit.
For more information, please visit www.granadagoldmine.com, contact Wayne Cheveldayoff, Investor Relations, at 416-710-2410 or email waynecheveldayoff@gmail.com.
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