Granada Gold Project
The Granada Gold Property, located 5 km south of the historic mining community of Rouyn-Noranda, Quebec, was first acquired by Gold Bullion in 2006. Less than a decade later, Granada is on the verge of a planned first stage of production - a high-grade “rolling start”.
The company’s first-ever drill program at Granada commenced in late 2009 and resulted in an early discovery (hole GR-17) of mineralization in a previously undrilled area more than 500 meters east-northeast of past producing Pit #1.
Drilling intensified at Granada following the eastern extension discovery, and by the end of 2012 Gold Bullion had defined a significant resource in what’s known as the LONG Bars Zone:
With only 20% of the LONG Bars Zone systematically explored to date, excellent near-term opportunities exist for the company to upgrade both the quality and the size of the resource. In tandem with the rolling start, additional drilling and trenching is being planned for 2016. Of special interest is the historic Aukeko area located 2 km east of the initial production pit. The average grade of the three bulk samples taken from this area in 1938 was reported as 7.00 oz. Au/st (239.9 g/t) (Willoughby, 1994).
Gold Bullion President/CEO Frank Basa at drill hole in promising area immediately west of the high-grade Starter Pit.
A Preliminary Feasibility Study released June 19, 2014, revealed robust economics for the high-grade rolling start based on a gold price of $1,400 CDN, a Canadian dollar at 90 cents U.S. and fuel costs of $1.30 per liter.
Source: 43-101 Technical Report Prefeasibility Study (PFS) Phase I – Open Pit Granada Gold Project Rouyn-Noranda, Québec, published June 19, 2014, effective date May 6, 2014. Claude Duplessis, Eng. Gilbert Rousseau, Eng. Jonathan Gagné, Eng. Martin Stapinsky, P.Geo.,M.Sc.,Ph.D, are the independent qualified persons in accordance with National Instrument 43-101.
Gold Bullion’s long-term goal (following rolling start) is to be a 100,000 ounce per-year open-pit producer over 10 years with an underground operation thereafter.