Granada, Frist Nations ink LOI for precious metals exploration in Quebec
VANCOUVER (miningweekly.com) – TSX-V-listed project developer Granada Gold Mine has signed a letter of intent (LOI) with the Temagami First Nation (TFN) and Teme-Augama Anishnabai (TAA), giving Granada the opportunity to evaluate brownfield sites on the First Nations’ traditional territory for potential redevelopment.
The LOI will allow the company to assess the technical, operational and financial feasibility of installing a mill for processing precious metal bearing ores within an existing brownfield site on the tribal reserves.
"Granada Gold Mine wishes to respect TFN's and TAA's goal of taking care of and protecting their homelands known as n'Daki Menan. We understand that any contemplated milling project utilising TFN's and TAA's traditional territory should be a positive development that minimises the outstanding environmental condition of an existing brownfield site in addition to minimising environmental impacts that are associated with a new metal processing mill locating within the brownfield site," stated president and CEO Frank Basa.
Granada is developing the Granada gold property near Rouyn-Noranda, Quebec. The property includes the former Granada gold mine which produced more than 51 476 oz of gold in the 1930s, with an average grade of 9.6 g/t, before a fire destroyed the surface buildings.
The prolific Cadillac Trend cuts through the north part of the property. The Cadillac Trend has been the source of more than 50-million ounces of gold produced in the past century on a line running from Val-d'Or to Rouyn-Noranda.
Granada has acquired the necessary permits for the initial mining phase known as the "rolling start", for which stripping has already started.
News of the LOI signing sent Granada’s stock up nearly 8% on Tuesday to C$0.07 apiece.
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