An updated resource for Granada Gold Mine Inc.'s namesake Granada property in Quebec returned combined measured and indicated pit-constrained resources containing 813,000 ounces of gold within 22.4 million tonnes grading 1.13 g/t gold.

A 2017 estimate pegged open pit constrained measured and indicated resources at 807,700 contained ounces of gold within 21.6 million tonnes grading 1.16 g/t gold.

The Dec. 12 update also included inferred resources containing 455,000 ounces of gold within 6.9 million tonnes of ore grading 2.04 g/t gold. It uses a cutoff of 1.5 g/t gold for pit-constrained resources within a conceptual pit shell.

Granada Gold noted that a revised block model was included in the updated resource calculation as of the end of the 2017 drilling program at Granada.

The company is fully permitted for initial open pit mining based on a 2014 pre-feasibility study, with mineralized material stockpiled.

In September 2017, Granada Gold signed a memorandum of understanding with Canada Cobalt Works Inc., formerly Castle Silver Resources, for the processing of ore from the property.