Granada Gold Mine Applies for Drill Permits to Expand Mineral Resources
Renewed drilling depends on permits, financing and contractor availability, with its scope, budget and schedule still to be confirmed.
Sentiment and the balance of points
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Rhea-AI Summary
Granada Gold Mine (GBBFF) has applied for drill permits to advance exploration at its wholly owned Granada Gold Project near Rouyn-Noranda, Quebec. The company plans drilling within the existing resource to improve confidence, alongside exploration drilling to test extensions. Drilling remains subject to required permits, financing and contractor availability; the scope, budget and schedule will be announced once confirmed.
The mineral resource estimate effective June 8, 2026 reports 890,600 ounces of gold in measured and indicated resources, where geological confidence is higher, and separately 865,500 ounces in lower-confidence inferred resources. Resources extend over approximately 2 km of an estimated 5.5 km mineralized structure, and the deposit remains open along its length and at depth.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointMeasured and indicated resources contain 890,600 ounces of gold: 15,982,000 tonnes at 1.73 grams per tonne.
- Minor point. Forward-looking: it has not happened yet and may not happen.Planned infill drilling aims to improve resource confidence; exploration drilling would test potential extensions.
- Minor pointInferred resources separately contain 865,500 ounces of gold: 20,096,000 tonnes at 1.34 grams per tonne.
- Minor pointDeposit remains open along its length and at depth, with approximately 20% of the property explored.
Negative
- Moderate pointDrilling remains subject to required permits, financing and contractor availability.
- Minor pointThe 2026 resource update included no additional diamond drilling after the 2022 resource estimate.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Rouyn-Noranda, Quebec--(Newsfile Corp. - October 7, 2026) - Granada Gold Mine Inc. (TSXV: GGM) (OTC Pink: GBBFF) (FSE: B6DA) (the "Company" or "Granada") announces that it has applied for drill permits at its
Historical exploration at Granada has included more than 150,000 metres of drilling in approximately 1,000 drill holes, with mineral resources delineated over approximately 2 km of an estimated 5.5 km east-west mineralized structure. The deposit remains open along strike and at depth, and approximately
Building on this work, the Company intends to combine infill drilling to improve confidence in the existing mineral resource with exploration drilling to test potential extensions and better understand the broader property. Results would guide future exploration spending and support resource updates as the Company evaluates opportunities for resource growth.
Following J.W. Dumont's appointment as President on September 28, 2026, the Company's immediate priority is to prepare for renewed drilling and align exploration spending with its financing plans.
"Past exploration has demonstrated Granada's gold potential, and we believe there is significant upside still to be tested," said J.W. Dumont, President. "Our focus now is disciplined capital allocation to maximize long-term shareholder value. We want to finance and execute targeted work that improves our understanding of the property and helps us assess opportunities for resource growth. The results should guide where we invest next."
The Company will announce the finalized scope, budget and schedule once confirmed. Drilling remains subject to required permits, financing and contractor availability.
Current mineral resource
The 2026 mineral resource estimate, effective June 8, 2026, reports Measured and Indicated Mineral Resources of 890,600 ounces of gold (15,982,000 tonnes at 1.73 g/t Au), and separately Inferred Mineral Resources of 865,500 ounces (20,096,000 tonnes at 1.34 g/t Au). Pit-constrained and underground resources are reported at cut-offs of 0.25 and 1.4 g/t Au, respectively. The estimate is supported by the amended NI 43-101 technical report dated September 9, 2026, prepared by independent Qualified Person Claude Duplessis, P.Eng., of GoldMinds Geoservices Inc.
The 2026 update reflects revised economic assumptions and cut-offs. The update did not include additional diamond drilling after the 2022 resource estimate. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. Inferred resources have lower confidence, and there is no assurance that further work will upgrade them.
Qualified Person
The technical information in this news release was reviewed and approved by Matthew Halliday, P.Geo., Director of Granada Gold Mine Inc., and member of the Ordre des Géologues du Québec, who is a Qualified Person in accordance with National Instrument 43-101.
About Granada Gold Mine Inc.
Granada Gold Mine Inc. continues to develop and explore its
The Granada Shear Zone and the South Shear Zone contain, based on historical detailed mapping as well as from current and historical drilling, up to twenty-two mineralized structures trending east-west over five and a half kilometres. Three of these structures were mined historically from four shafts and three open pits. Historical underground grades were 8 to 10 grams per tonne gold from two shafts down to 236 m and 498 m with open pit grades from 3.5 to 5 grams per tonne gold (43-101 reference).
The property includes the former Granada Gold underground mine which produced more than 50,000 ounces of gold at 10 grams per tonne gold in the 1930's from two shafts before a fire destroyed the surface buildings. In the 1990s, Granada Resources extracted a bulk sample (Pit #1) of 87,311 tonnes grading 5.17 g/t Au. They also extracted a bulk sample (Pit #2) of 22,095 tonnes grading 3.46 g/t Au. Details available in 43-101 report and on Company website: https://granadagoldmine.com/.
For further information, contact:
J.W.Dumont
President
P: +1 514-261-3261
E: jw@granadagoldmine.com
Wayne Cheveldayoff
Corporate Communications
P: +1 416-710-2410
E: waynecheveldayoff@gmail.com
Forward-Looking Statements
This news release contains forward-looking statements and information under applicable securities laws regarding permitting, financing, the scope, budget and schedule of future drilling, exploration potential, resource updates and growth, capital allocation and shareholder value. These statements assume necessary approvals, available financing and contractors, and technical results supporting further work. Actual results may differ materially due to permitting delays or conditions, financing constraints, exploration results, resource-estimation uncertainty, costs and market conditions. There is no assurance that permits or financing will be obtained, drilling will proceed, resources will increase or shareholder value will improve. Except as required by law, the Company undertakes no obligation to update forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/317886
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What drilling does Granada Gold Mine plan at the Granada Gold Project?
Granada plans infill drilling to improve confidence in the existing resource and exploration drilling to test potential extensions. Drilling remains subject to required permits, financing and contractor availability. The finalized scope, budget and schedule will be announced once confirmed.
How much gold is in Granada Gold Mine's 2026 mineral resource estimate?
The estimate effective June 8, 2026 reports 890,600 ounces in measured and indicated resources and separately 865,500 ounces in inferred resources. The respective estimates are 15,982,000 tonnes at 1.73 grams of gold per tonne and 20,096,000 tonnes at 1.34 grams per tonne.
What changed in Granada Gold Mine's 2026 resource update?
The 2026 update reflects revised economic assumptions and cut-offs, without additional diamond drilling after the 2022 resource estimate. Pit-constrained and underground resources use cut-offs of 0.25 and 1.4 grams of gold per tonne, respectively—the grade thresholds used to include material in each resource estimate.