Archive
Original announcement by thenewswire on
- Company
- Granada Gold Mine Inc.
- Ticker
- GGM
- Exchange
- TSXV
- Region
- Quebec
- Primary commodity
- Gold
- Secondary commodities
- None reported
- Document categories
- Resource update
- Extracted
- 2026-10-01 03:49:58 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Granada Gold Mine Inc. has announced an updated 2026 Mineral Resource Estimate for the Granada Gold Project in Quebec, reporting a 64% increase in Measured and Indicated resources to 890,600 oz Au and a 90% increase in Inferred resources to 865,500 oz Au. The expansion is primarily driven by higher gold prices supporting lower economic cut-off grades compared to the 2022 estimate.
Reasoning: The 2026 MRE shows substantial increases in both tonnage and contained gold compared to the 2022 estimate, driven by higher gold prices allowing for lower cut-off grades. While average grades have declined, the overall scale of the resource has expanded significantly.
Positive factors
- Significant tonnage growth (+64% M&I, +90% Inferred)
- Contained metal growth (+64% M&I, +90% Inferred)
- QP/CP signed (Claude Duplessis, P.Eng.)
- Cut-off grade disclosed
- Deposit remains open along strike and at depth
Negative factors
- Grade decline vs 2022 estimate due to lower cut-off grades
Facts used in scoring: 6
Classification and evidence
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: M&I tonnage increased 64% and Inferred tonnage increased 90% compared to 2022 estimate.
Evidence · text
“64% increase in Measured and Indicated contained gold and a 90% increase in Inferred contained gold”
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: Contained gold increased by 64% for M&I and 90% for Inferred.
Evidence · text
“64% increase in Measured and Indicated contained gold and a 90% increase in Inferred contained gold”
Grade Declinenegative
Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: Average grades for both M&I and Inferred categories decreased compared to the 2022 estimate due to lower cut-off grades.
Evidence · text
“the average grade of the reported resource is lower than in 2022”
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: Claude Duplessis, P.Eng. of GoldMinds Geoservices Inc. is named as the independent Qualified Person.
Evidence · text
“prepared by Claude Duplessis, ing. (P.Eng.), of GoldMinds Geoservices Inc.”
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: Cut-off grades for in-pit (0.25 g/t Au) and underground (1.4 g/t Au) are clearly stated.
Evidence · text
“Pit-constrained resources reported at a 0.25 g/t Au cut-off; underground resources at a 1.4 g/t Au cut-off.”
Extracted facts
Stored fact records: 6. Some facts used in scoring do not have a stored record.
Resource Estimates (6)
measuredGranada Gold Project · goldTonnes: 6634000Grade: 1.75Grade Unit: g/tContained Metal: 372900Contained Unit: oz auView all detailsHide details
Identity
- Project
- Granada Gold Project
- Commodity
- gold
- Region
- canada_qc
- Reported Region
- Quebec
- Ticker
- GGM
Resource scope
- Estimate type
- resource
- QP Signed
- Yes
- Qualified person names
- Claude Duplessis
- Resource group id
- resource:5597d833383e4f57248b
- Deposit or zone
- Granada Gold Project
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- measured
- Tonnes
- 6634000
- Grade
- 1.75
- Grade Unit
- g/t
- Contained Metal
- 372900
- Contained Unit
- oz au
- Cutoff Grade
- 0.25
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2026-06-08
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: Measured resource component of the update.
Positive factors
- High confidence category
Evidence · table
“1.75”
Context: 6,634,000
Tags used in scoring
Measured Resourcepositive
Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves.
Why it applies: category is "measured"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
indicatedGranada Gold Project · goldTonnes: 9348000Grade: 1.72Grade Unit: g/tContained Metal: 517700Contained Unit: oz auView all detailsHide details
Identity
- Project
- Granada Gold Project
- Commodity
- gold
- Region
- canada_qc
- Reported Region
- Quebec
- Ticker
- GGM
Resource scope
- Estimate type
- resource
- QP Signed
- Yes
- Qualified person names
- Claude Duplessis
- Resource group id
- resource:7328142a7178b3253266
- Deposit or zone
- Granada Gold Project
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- indicated
- Tonnes
- 9348000
- Grade
- 1.72
- Grade Unit
- g/t
- Contained Metal
- 517700
- Contained Unit
- oz au
- Cutoff Grade
- 0.25
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2026-06-08
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: Indicated resource component of the update.
Positive factors
- High confidence category
Evidence · table
“1.72”
Context: 9,348,000
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
inferredGranada Gold Project · goldTonnes: 20096000Grade: 1.34Grade Unit: g/tContained Metal: 865500Contained Unit: ozView all detailsHide details
Identity
- Project
- Granada Gold Project
- Commodity
- gold
- Region
- canada_qc
- Reported Region
- Quebec
- Ticker
- GGM
Resource scope
- Estimate type
- resource
- QP Signed
- Yes
- Qualified person names
- Claude Duplessis
- Resource group id
- resource:0b65f4c2eb2a92f15afb
- Deposit or zone
- Granada Gold Project
- Ownership percent
- 100 %
- Resource basis
- gross
Resource Data
- Category
- inferred
- Tonnes
- 20096000
- Grade
- 1.34
- Grade Unit
- g/t
- Contained Metal
- 865500
- Contained Unit
- oz
- Cutoff Grade
- 0.25
- Cutoff Unit
- g/t Au
Prior Estimate
- Resource Date
- 2026-06-08
Lab
- Laboratory
- SGS Canada Inc.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: Inferred resource component of the update.
Positive factors
- Significant tonnage growth
Negative factors
- Speculative category
Evidence · table
“1.34”
Context: 20,096,000
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
indicatedGranada Gold Project · goldTonnes: 8220000Grade: 2.05Grade Unit: g/tContained Metal: 543000Contained Unit: ozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Granada Gold Project
- Commodity
- gold
- Region
- canada_qc
- Reported Region
- Quebec
- Ticker
- GGM
Resource scope
- Estimate type
- resource
- Resource group id
- resource:58823ecb777ac3a14f47
Resource Data
- Category
- indicated
- Tonnes
- 8220000
- Grade
- 2.05
- Grade Unit
- g/t
- Contained Metal
- 543000
- Contained Unit
- oz
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-23T00:00:00.000Z
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: Historical 2022 MRE for comparison.
Evidence · text
“543,000 ounces Measured and Indicated (8,220,000 tonnes at 2.05 g/t Au)”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 4.0 years before this release
inferredGranada Gold Project · goldTonnes: 3010000Grade: 4.71Grade Unit: g/tContained Metal: 456000Contained Unit: ozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Granada Gold Project
- Commodity
- gold
- Region
- canada_qc
- Reported Region
- Quebec
- Ticker
- GGM
Resource scope
- Estimate type
- resource
- Resource group id
- resource:f5df0a89382d0a8d2600
Resource Data
- Category
- inferred
- Tonnes
- 3010000
- Grade
- 4.71
- Grade Unit
- g/t
- Contained Metal
- 456000
- Contained Unit
- oz
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2022-06-23T00:00:00.000Z
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: Historical 2022 MRE for comparison.
Evidence · text
“456,000 ounces Inferred (3,010,000 tonnes at 4.71 g/t Au)”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 4.0 years before this release
Fact 6NorandaView all detailsHide details
Identity
- Project
- Noranda
- Region
- canada_qc
- Reported Region
- Quebec
- Ticker
- GGM
Resource scope
- Estimate type
- resource
- Resource group id
- resource:f6bed4461cbc46f503df
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-06-23T00:00:00.000Z
Reasoning: Explicit resource disclosure recovered from source prose.
Evidence · text
“As expected, when a deposit is re-evaluated at a materially higher gold price, the average grade of the reported resource is lower than in 2022, because lower-grade material that was previously below the cut-off grades applied in 2022 is captured within the reported resource at the lower cut-off grades applied in 2026.”
Tags used in scoring
Cut-off Lowerednegative
Cut-off grade significantly reduced vs prior estimate — tonnage growth may be artificial inflation.
Why it applies: As expected, when a deposit is re-evaluated at a materially higher gold price, the average grade of the reported resource is lower than in 2022, because lower-grade material that was previously below the cut-off grades applied in 2022 is captured within the reported resource at the lower cut-off grades applied in 2026.
Evidence · text
“As expected, when a deposit is re-evaluated at a materially higher gold price, the average grade of the reported resource is lower than in 2022, because lower-grade material that was previously below the cut-off grades applied in 2022 is captured within the reported resource at the lower cut-off grades applied in 2026.”
Context: Noranda, Quebec
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.