Granada Gold Mine Inc. (TSX-V: GGM) (OTCPINK: GBBFF) (Frankfurt B6D) is a precious metals exploration and development company (formerly Gold Bullion Development Corp.). Its flagship Granada Gold Property, a past producer, is located 5 km south of Rouyn-Noranda, Quebec, on the prolific Cadillac Trend of the famous Abitibi Greenstone region, which hosts numerous multi-million-ounce gold deposits.
The Company has steadily explored and advanced the quartz-vein property since acquiring it in 2006. In May 2016, Granada received all permits to begin open-pit mining of high-grade areas of the deposit (averaging 4.24 g/t) and to ship the ore to local mills for processing. Stripping has already exposed sufficient ore to begin shipping. The Company is in the process of negotiating a milling contract with local mills. If milling proceeds, production is expected to be 25,000 ounces Au per year with the potential to ramp up to 100,000 ounces Au per year within three years.
After a pause for three years to conduct feasibility and permitting work, Granada resumed exploration on the property in September 2016 with the goal of doubling the size of the deposit within two years. The most recent resource estimate in 2012 for both open-pit and underground mining had indicated measured and indicated resource of 1.6 million ounces (47.5 million tonnes with average grade of 1.05 g/t) and inferred resource of 1.0 million ounces (30 million tonnes with average grade of 1.07 g/t), assuming a cut-off grade of 0.4 g/t. This estimate excludes recent drill results and 400 holes drilled prior to 2006, which have been confirmed by geologists since the 2012 technical report was filed. A deep-hole drill program is underway to test mineralization at depth and results are expected soon.
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