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GGM-Granada Gold Mine

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5 months 3 weeks ago #120770 by DearJohn
DearJohn replied the topic: GGM-Granada Gold Mine
Stock holding up not bad in a crap market

2018-06-04 08:41 ET - News Release


Mr. Frank Basa reports

GRANADA GOLD MINE STARTS EXPLORATION PROGRAM ON EASTERN EXTENSION OF LONG BARS ZONE AT AUKEKO

Granada Gold Mine Inc. has completed an initial trench program at its Aukeko property, immediately adjacent to its flagship gold property, the Granada mine, in the province of Quebec, Canada.

Under the supervision of GoldMinds Geoservices Inc. two trenches have been completed, totalling 300 metres in length with a width of around 1.5 metres (trench 1 of 90 m length and trench 2 of 210 m length). The main goal of the trenching program is to intersect the east-west extension of the extended LONG Bars zone of gold mineralization and to prepare targets for the upcoming diamond drilling program.

"This trenching program is a substantive advance for Granada in shaping management's understanding of our resource. The results of the trenches' samples will be used as a guide for the next step of the exploration to capture the unexplored eastern extension of the mineralized structures, also called the LONG Bars zone," stated Frank J. Basa, PEng, president and chief executive officer of Granada Gold Mine.

About Aukeko

Historical exploration of the Aukeko mine property was undertaken in the late 1930s, when a shaft was sunk to 13 metres and extensive trenching was undertaken on surface. Considerable detailed mapping at that time identified several auriferous structures within a 500-metre-wide, east-west-trending zone with shearing, alteration and quartz veining along with numerous porphyry intrusions. Of significance is the Auk shear zone where the Aukeko shaft was sunk in conjunction with stripping and trenching in the same vicinity. This zone was mapped over a one-kilometre length with an average width of 50 metres. The Auk shear zone was the location of the Bert vein where three bulk samples were reportedly taken in 1938 from a trench approximately 50 to 150 metres east of the Aukeko shaft that averaged a grade of 7.0 ounces gold per ton (240.0 grams per tonne) (from public files with MERN (Ministere d'Energie et Ressources Naturelles) GM52851).

The Aukeko gold mine is part of the east-west-trending structure on the Granada Gold Mine property. It is two kilometres east from the extended LONG Bars zone where over 120,000 metres of drilling have been undertaken to date, including historical drilling from the 1990s. A further 1.9 kilometres east is the Austin-Rouyn mine. The potential strike length on the property is 5.5 kilometres, beginning at the westernmost drill hole near the historical Granada shafts and extending eastward to the historical Austin Rouyn shaft where grab samples in 1940 showed up to 6.57 ounces of gold per short ton (225.2 grams per tonne) (from public files with MERN (Ministere d'Energie et Ressources Naturelles) GM52851). Grab samples are selected samples and are not necessarily representative of the mineralization hosted on the property. Note that there are two crosscutting intrusive dikes of undefined width within that strike length. The potential strike length is conceptual in nature as there has been insufficient exploration to define the full length of the mineralized material and it is uncertain if further exploration will do so.

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6 months 1 week ago #120701 by ron
ron replied the topic: GGM-Granada Gold Mine

davplan wrote: Joined you GoldenBoy.
I too took small initial position in GGM.
Hope to build on that at this level or below
Good luck to us both.
Robin


to us three,i'm holding a position also..lol...

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6 months 1 week ago #120697 by davplan
davplan replied the topic: GGM-Granada Gold Mine
Joined you GoldenBoy.
I too took small initial position in GGM.
Hope to build on that at this level or below
Good luck to us both.
Robin

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6 months 1 week ago #120694 by GoldnBoy
GoldnBoy replied the topic: GGM-Granada Gold Mine
Nice idea to start a topic I bought a position This thing is cheap

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6 months 1 week ago #120693 by ron
ron created the topic: GGM-Granada Gold Mine
Revitalization efforts
There are many advantages to mining in the Cadillac trend. Not least of which is the fact that a decades-long history of prospecting in the area, continuing to this day, means that the Cadillac trend has strong mining infrastructure readily available.

One of the companies applying the strategy of finding new opportunity in the shadows of old mines is Granada Gold Mine (TSXV:GGM,OTC Pink:GBBFF,FWB:B6D). Granada acquired property in the Cadillac trend in 2006. Located just 7 kilometers south of Rouyn-Noranda, the property was first staked in 1922 and brought to production in 1930 before a fire destroyed the mine’s surface structures and forced its closure just five years later. In those few short years before its closure, the Granada mine produced over 51,476 ounces of gold from 181,744 tons.

Granada completed a NI 43-101 compliant resource estimate in 2017, outlining 800,000 million ounces of gold measured and indicated in a constrained open pit and 1.5 million ounces inferred underground. This is part of a larger unconstrained estimate for the deposit consisting of 4.9 million ounces of gold in the ground. According to the company, only 20 percent of the property’s exploration zone has been surveyed — so like other areas along the belt, untapped potential remains. Granada will begin undertaking the mine’s revitalization effort in 2018.

Granada is far from the only company looking to breathe new life into old mining sites along the Abitibi greenstone belt. Eldorado Gold (TSX:ELD,NYSE:EGO) acquired Integra Gold in May 2017 and along with it the Lamaque project located near Val-d’Or. The site has been mined four times over the past hundred years. The last mining operations on the Lamaque property took place in 2002, but Eldorado plans to commence commercial production in 2019.

investingnews.com/daily/resource-investi...ibi-greenstone-belt/

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