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Granada hits near-surface gold

Granada Gold Mine (TSXV: GGM) has hit 15m grading 7.67g/t gold near surface in the latest drilling programme at its namesake, previously-mined project in Rouyn-Noranda, Quebec.
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Granada Gold Mine’s namesake project in Quebec

Staff reporter

The above intercept, from the extended Long Bars zone, began at 18.5m.

President and CEO Frank Basa said the drilling programme had been designed to unlock the high-grade potential of mineralised intersections near surface, identified from previous drill holes.

"These preliminary results highlight the potential of near-surface, high-grade mineralisation and continue to support higher grades that are in line with historic production grades of 8-10g/t gold when it was mined in the 1930s from the two shafts," he said.

The sister company to Canada Cobalt Works said it was permitted to make a "rolling start" at the Granada gold project and mine up to 550t per day.

The project has a 2019 measured and indicated resource comprising 22.3 million tonnes grading 1.06g/t gold for 762,000oz and an inferred 6.9Mt at 2.04g/t for 455,000oz.

Granada acquired the project in 2006 and is among the explorers busy on the Abitibi Greenstone Belt straddling Ontario and Quebec.

It raised about C$925,000 (US$701,000) in September at 10c per unit for surface exploration, trenching, resampling historical Granada core and for general working capital purposes.

Its shares, which had reached 23c in February, rose 15% or 1.5c yesterday to close at 11.5c, near a 52-week low of 9c touched in May.

It is capitalised at $9.3 million (US$7 million).