GOLD: Maiden resource for underground mineralization at Granada

[caption id="attachment_1003718464" align="aligncenter" width="608"] The Granada gold property is only 5 km south of Rouyn-Noranda, Que. Credit: Granada Gold Mine.[/caption] QUEBEC – Granada Gold Mine of Rouyn-Noranda, Que., has released the maiden  underground resource estimate for the area north of the near surface deposit 5 km south of the town. The inferred portion is 10.4 million tonnes grading 4.56 g/t gold (at a 1.5 g/t cut-off) and containing 1.5 million ounces. The measured and indicated resource for the planned pit is 21.6 million tonnes grading 1.16 g/t gold (at a 0.39 g/t cut-off) or 807,700 contained ounces. Granada Gold says the resource calculation uses a revised block model for all of the holes drilled to date. The company believes that geologists are “closing in on the roots of a deeper, high grade system associated with a vast halo of lower grade mineralization.” The former Granada gold mine first reached production in 1930, but a fire in 1935 shut down the project. The property was explored again for high grade quartz veins from the late 1980s to mid-1990s, but a stubbornly low gold price halted the work. About 2,200 oz. of gold was recovered from vein No.2, and then the property sat idle until Granada Gold acquired it in 2006. A further 1,304 oz. was recovered from the same vein during bulk sampling in 2007. Visit www.GranadaGoldMine.com to read the 43-101 reports associated with the project.