Granada Gold Mine Reviews the Potential of 1 Gram per Tonne Gold in an Open Pit Resource at Minesite

Core Viewpoint - Granada Gold Mine Inc. is reviewing the potential for an open pit resource at the Granada Minesite due to the current increase in gold prices, specifically targeting a grade of 1 gram per tonne [1] Company Overview - Granada Gold Mine Inc. operates the Granada Gold Property near Rouyn-Noranda, Quebec, which spans 14.73 square kilometers and is adjacent to the Cadillac Break [12] - The company is currently conducting a large drill program, having completed 20,000 meters out of a planned 120,000 meters, with drilling paused to evaluate existing data and market conditions [12] Resource Estimates - The fully permitted resource is shovel-ready, with 80% of the 5.5-kilometer mineralized structure open for exploration, indicating potential for significant resource increases [2] - Historical resource estimates from May 2017 indicated a total measured and indicated resource of 21,575,500 tonnes at an average grade of 1.16 grams per tonne, equating to 807,700 ounces of gold [3][4] - An updated resource estimate as of August 2022 reported 543,000 ounces of gold in the Measured and Indicated category and 456,000 ounces in the Inferred category, with average grades of 2.05 grams per tonne and 4.71 grams per tonne respectively [10][11] Historical Context - The Granada Gold Mine operated as an underground mine in the 1930s, producing gold at grades of 9-10 grams per tonne from two shafts [2][13] - Historical production from the mine totaled over 50,000 ounces of gold at an average grade of 10 grams per tonne [14] Development Plans - The current development plan proposes to operate as an open pit followed by a higher-grade underground mine, leveraging the existing mineralized zones [2]