Granada Gold Mine Inc. (TSX-V: GGM) (OTCPINK: GBBFF) (Frankfurt B6D) is a precious metals exploration and development company. 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 reviewing a potential 600 t/d mill arrangement in nearby Ontario. If milling proceeds, production is expected to be 25,000 ounces Au per year until a new, larger mill is constructed at the Granada property. The Company has also engaged the Ausenco engineering firm to conduct a bankable Feasibility Study for a fully operating open-pit mine at the Granada property producing 80,000 to 100,000 ounces Au per year.
In addition, Granada Gold is conducting high-potential exploration at two prospective sites on the property: (1) The former Aukeko shaft site where a 1938 bulk sample tested 240 g/t Au; and (2) The Genesis Target, which has been identified by geologists as potentially the "heat source" of the gold on the property. Results are expected later this year. Only 20% of the identified 5.5 km strike length of gold veins on the property has been explored to date.Read less
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