Granada Gold Mine (TSXV: GGM) announced this evening that it is conducting gap analysis to amend a current certificate of authorisation for a mill at the firms Granada property in the Abitibi region, near Rouyn-Noranda, Quebec. The company has retained Tetra Tech to conduct the analysis for the firm.
The need for the mill is a result of local mills not being able to process the mineralized material from the proposed Granada Gold project without significant modification. Current operators in the area are said to not be capable of recovering the amount of visible gold on site due to the current process flowsheet.
The Granada Gold project currently has measured and indicated open pit gold resources of 22,267,000 tonnes at a grade of 1.06 grams per tonne, for a total contained gold resource estimate of 762,000 ounces. The project also has inferred resources of 455,000 ounces of gold at an average grade of 2.04 grams per tonne.
Outside of the work being conducted for an on-site mill at the firms Granada project, the company has also resold a back-in option to Canada Silver Cobalt (TSXV: CCW) on five mining leases at what is referred to as Castle East, a property near Gowganda, Ontario. The company has been compensated 2.94 million shares and warrants of Canada Silver Cobalt in exchange for granting the option, valued at $1.5 million. Each share is exercisable for a period of five years at a price of $0.55 per share.
Granada Gold Mine last traded at $0.20 on the TSX Venture.
Information for this briefing was found via Sedar and Granada Gold Mine. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
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