Mr. Frank Basa reports

GRANADA GOLD MINE STRUCTURAL INTERPRETATION SUPPORTS ADDITIONAL DRILL TARGETS

Granada Gold Mine Inc. has provided a structural interpretation provided by its geological consultants. Historically, the Granada gold mine was mined through two shafts with an average gold grade of 9.7 grams per tonne from veins 1 and 2 with three additional veins (2a, 3 and 5) identified. The company has completed 126,000 metres of drilling in 538 holes to date. With only 20 per cent of the two-kilometre east-west mineralized structure explored and with the mineralized package being open to depth, the potential exists for more vein structures to be identified with further drilling.

The interpretation identifies the southern part of the property as showing a higher structural complexity based on all geophysical and historical data, which extend eastward and westward the length of the property. Further work is required on the northwest- and northeast-trending faults, and their relationship to the regional east-west-trending structures.

The geological consultants further recommended to create an updated geological map for the property that integrates historical mapping, lidar and magnetic lineaments as well as compiling historical structural measurements into a database to create a more complete structural framework to support an updated 3-D model.

Qualified person

The technical information in this news release was reviewed and approved by Matthew Halliday, PGeo, director of Granada Gold, member of the Ordre des Geologues du Quebec, who is a qualified person in accordance with National Instrument 43-101.

Mineral resource estimate

On Aug. 22, 2022, the company filed an updated NI 43-101 technical report supporting the resource estimate update for the Granada gold project (please see July 6, 2022, news release) reporting that the Granada deposit contains an updated mineral resource, at a base-case cut-off grade of 0.55 gram per tonne gold for pit-constrained mineral resources within a conceptual pit shell and at a base-case cut-off grade of 2.5 g/t for underground mineral resources within reasonably minable volumes of 543,000 ounces of gold (8.22 million tonnes at an average grade of 2.05 g/t Au) in the measured and indicated category, and 456,000 ounces of gold (3.01 million tonnes at an average grade of 4.71 g/t Au) in the inferred category. Please see table 1 below for full details.

About Granada Gold Mine Inc.

Granada Gold 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 20,000 metres out of 120,000 metres complete. The drills are currently paused to provide the technical team with the necessary time to evaluate, assimilate existing data and wait for improved market conditions.

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 22 mineralized structures trending east-west over 5.5 kilometres. Three of these structures were mined historically from four shafts and three open pits. Historical underground grades were eight to 10 grams per tonne gold from two shafts down to 236 m and 498 m with open-pit grades from 3.5 to five grams per tonne gold.

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 1930s 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. It also extracted a bulk sample (pit 2) of 22,095 tonnes grading 3.46 g/t Au.

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