Mr. Frank Basa reports

GRANADA GOLD MINE INTERSECTS FIVE HIGH-GRADE GOLD ZONES BELOW 1,200 METERS ON THE STEP-OUT DEEP HOLE

Granada Gold Mine Inc. has released additional results from its Granada gold mine project with multiple new gold assays from its GR-21-14 deep hole. The hole, drilled to a total length of 2,004 metres, intersects multiple high-grade gold zones.

Stepout deep drill hole highlights:

• From 1,209.8 metres downhole, 12.7 grams per tonne gold over 1.5 metres (duplicate No. 1: 13.47 grams per tonne, duplicate No. 12: 10.82 grams per tonne gold);
• From 1,239.9 metres downhole, 4.6 grams per tonne gold over one metre (duplicate No. 1: 5.01 grams per tonne gold, duplicate No. 12: 8.03 grams per tonne gold);
• From 1,267.9 metres downhole, 5.5 grams per tonne gold over 0.8 metre (duplicate No. 11: 4.14 grams per tonne gold);
• From 1,326.5 metres downhole, 2.41 grams per tonne gold over 0.75 metre;
• From 1,835.8 metres downhole, 6.42 grams per tonne gold over 0.6 metre.

"The stepout deep hole on the north edge of the Granada mine property was a high-risk drill target that confirmed gold grades increase with depth and proximity to the Cadillac break which is the source of many multimillion-ounce gold deposits," commented Frank J. Basa, PEng, chief executive officer.

The Cadillac break, which borders the Granada mine property to the north, has produced many multimillion-ounce gold deposits. Mineralized material typically extends below two kilometres on the Cadillac break and can be economically mined. Macassa gold mine in Ontario and the Don Laronde gold mine in Quebec both operate below two kilometres from surface.

Location

The Granada gold mine project is located near Rouyn-Noranda and adjacent to the prolific Cadillac break shear zone, which is hosted in Pontiac metasedimentary rocks, granites and younger syenite sills along the Granada shear zone (Long Bars zone). The project is located on the same side of the Cadillac fault as the Canadian Malartic mine property, which has historically produced 12.7 million ounces of gold from 1935 to 2010 with an additional five million ounces as of June 18, 2020.

Qualified person

The technical information in this news release has been reviewed by Claude Duplessis, PEng, GoldMinds Geoservices Inc., a member of the Quebec Order of Engineers, and is a qualified person in accordance with the National Instrument 43-101 standards.

Quality control and reporting protocols

The 2023 assay results are from TTL in Cobalt, Ont. The screen metallic fire assay method is preselected by the geologist or geological engineer when samples contain visible gold. The drill program, quality assurance/quality control (QA/QC) and interpretation of results are performed by qualified persons employing procedures consistent with NI 43-101 and industry best practices. Standards and blanks are included with every 20 samples for QA/QC purposes for this program in addition to the lab QA/QC.

Mineral resource estimate

On March 15, 2021, the company released an updated NI 43-101 resource estimate for the Granada gold project with a combined total of 713,000 gold ounces of measured, indicated and inferred. This estimate contains 351,000 gold ounces of combined measured, indicated and inferred for the open pit and 362,000 gold ounces of combined measured, indicated and inferred for the underground.

About Granada Gold Mine Inc.

Granada Gold Mine continues to develop and explore its 100-per-cent-owned Granada gold property near Rouyn-Noranda, Que., and is adjacent to the prolific Cadillac break. The company owns 14.73 square kilometres of land in a combination of mining leases and claims. The company is currently undergoing a large drill program with 30,000 metres out of 120,000 metres complete. The drills are currently paused to provide the technical team with the necessary time to evaluate and assimilate existing data.

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