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The reposado tequila and the pomegranate from the grenadine (I used a homemade syrup) work well toegether and are the primary flavors - lime comes to the taste a little later. Bolivar bitters aren't prominent, but I believe they give the cocktail a boost.
I note that the flavor of Bolivar bitters is quite different from Ango - I'm sure this is an enjoyable cocktail when made with Ango, but it is certainly a (slightly) different cocktail than one made with Bolivar.

We really like the tequila forward in this and think it is so pretty in a Coupe glass. It's a bit like a Pinga com mel variant that we do (Pinga com mel vermelha): 50ml Cachaca; 25ml lime juice; 5ml Grenadine syrup; 10ml honey syrup; and 4 drops Bob's Daiquiri Bitters.

I went with this recipe and quite happy with it. 12.5ml grenadine might be a bit sour for me

60 ml Patrón Reposado tequila
22.5 ml Lime juice (freshly squeezed)
22.5 ml Grenadine/pomegranate syrup
5 dash Angostura Aromatic Bitters

i put 1 1/2oz tequila and 1/2oz mezcal, and added 1/2oz orange juice and think its fantastic!

Great alternative to the traditional Margarita. Went outstanding with our Mexican food dinner. Will definitely do again. Enough sweetness to be drinkable, but not to overwhelm you as some Margaritas.