Granada Gold Mine announces that it has received a trenching and drill permit for its Aukeko property, immediately adjacent to its flagship gold property, the Granada Mine, in the province of Quebec, Canada. The company will begin with site visits to locate areas of trenching and diamond drilling. The permit has been granted for 6,000 metres of drilling.
The Company also announces the closing of its previously-announced private placement of convertible secured notes in an aggregate amount of $250,000. The notes and the common shares and warrants into which the notes are convertible are subject to a “hold period” which expires on March 22, 2018.
The Aukeko mine has had historical exploration undertaken in the late 1930’s where a shaft was sunk to 13 metres and extensive trenching was undertaken on surface. Considerable detailed mapping at that time identified several auriferous structures within a 500-metre wide, east-west trending zone with shearing, alteration and quartz veining along with numerous porphyry intrusions. Of significance is the “Auk Shear” zone where the Aukeko Shaft was sunk in conjunction with stripping and trenching in the same vicinity. This zone was mapped over a 1 kilometre length with an average width of 50 metres. The Auk Shear zone was the location of the Bert Vein where 3 bulk samples were reported to have been taken in 1938 from a trench approximately 50 -150 metres east of the Aukeko Shaft that averaged a grade of 7.0 ounces gold per ton (240.0 grams per tonne) (from public files with MERN (Ministère d’Energie et Ressources Naturelles) GM52851).
The Aukeko gold mine is part of the east-west trending structure on the Granada Gold Mine property. It is 2 kilometres east from the extended LONG Bars zone where over 120,000 metres of drilling has been undertaken to date including historical drilling from the 1990’s. A further 1.9 kilometres east is the Austin-Rouyn Mine. The potential strike length on the property is 5.5 kilometres, beginning at the western most drill hole near the historical Granada shafts and extending eastward to the historical Austin Rouynshaft where grab samples in 1940 showed up to 6.57 ounces of gold per short ton (225.2 grams per tonne).