Vancouver, British Columbia--(Newsfile Corp. - December 17, 2020) - Grande Portage Resources Ltd. (TSXV: GPG) (OTCQB: GPTRF) (FSE: GPB) ("Grande Portage" or "the Company") is pleased to announce that is has filed its 2021 Plan of Operation for mineral exploration at its Herbert Gold project near Juneau, Alaska.
Subject to regulatory approval, the proposed work schedule for 2021 consists of up to 8,500 meters diamond drilling with additional detailed mapping and trench sampling to expand previous exploration. The program will consist of up to two diamond drill rigs utilizing seven pads to drill approximately 30 holes.
Project highlights:
- A 100% interest in the Herbert Gold Project
- The Herbert Gold property is host to at least 8 large, long, gold bearing mesothermal veins
- 176 drill holes from 47 platforms totaling 35,000 m confirm a large gold-quartz system
- Past drilling produced multi-ounce assays on several veins. Select samples include:
Deep Trench Vein: 15.7m grading 37.07 g/t Au, 8.08m grading 59.91 g/t Au, 11.58m grading 28.41 g/t Au
Goat Vein: 9.08m grading 30.24 g/t Au, 3.74m grading 10.53 g/t Au, 1.62m grading 15.27 g/t Au
Ridge Vein: 1.46m grading 43.03 g/t Au, 1.46m grading 23.80 g/t Au
Main Vein: 6.46m grading 21.55 g/t Au, 2.63m grading 18.67 g/t Au, 2.38m grading 11.47 g/t Au
Sleeping Giant Vein: 3.22m grading 20.70 g/t Au
Elusive Vein (new 2020 discovery): 1.78 m grading 4.15 g/t Au
Main Vein, Goat Vein and the Ridge Vein: 2.71m grading 52.34 g/t Au
- 2019 NI#43-101 report includes an Indicated resource of 1.88 Million tonnes containing 606,500 oz gold at 10.03 g/t using 2.5 g/t cutoff plus an inferred resource of 553,400 tonnes containing 251,700 oz gold at 14.15 g/t (open to length and depth)
- 2018 channel samples on the Goat Vein assayed 129.02 g/t gold (3.76 opt) and 290 g/t gold (8.46 opt) with 224 g/t silver (6.53 opt)
- LiDAR survey of property discovered numerous targets…the first of these tested confirmed gold discovery
- Received excellent metallurgical recoveries up to 98.2%
- Completed three years of environmental baseline water sampling
The Herbert Gold Property is host to abundant composite vein-fault structures containing ribbon structure quartz-sulfide veins and lies prominently within the 100 mile long Juneau gold belt, which has produced millions of ounces of gold through a total depth range of thousands of feet.
Additional assay results from the 2020 drill program are expected throughout December and January. Assay processing from the lab has been especially slow this year due to Covid-19 related protocols.
About Grande Portage:
Grande Portage Resources Ltd. is a publicly traded mineral exploration company focused on the Herbert Gold discovery situated approximately 25 km north of Juneau, Alaska. The Company holds a 100% interest in the Herbert property. The Herbert Gold property system is open to length and depth and is host to at least eight main composite vein-fault structures that contain ribbon structure quartz-sulfide veins. The project lies prominently within the 160km long Juneau Gold Belt, which has produced nearly seven million ounces of gold. The Company's recent Mineral Resource estimate (Webb, 2019, available on the Company's website or on ) is reported at a base case mineral resources cut-off grade of 2.5 grams per tonne gold (g/t Au) and consists of: An indicated resource of 606,500 ounces of gold at an average grade of 10.03 g/t Au (1,880,500 tonnes); and an inferred resource of 251,700 ounces of gold at an average grade of 14.15 g/t Au (553,429 tonnes). The resource assumes underground mining techniques, a gold price of $1,300 and are reported at a 2.5 gpt cut-off. Composites were capped at 125 gpt. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted to Mineral Reserves. The estimate of Mineral Resources requires assumptions that are believed to be reasonable and may be materially affected by environmental permitting, legal, title, sociopolitical, marketing or other relevant issues.
ON BEHALF OF THE BOARD
"Ian Klassen"
Ian M. Klassen
President & Chief Executive Officer
Tel: (604) 899-0106
Email:
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties as described in the Company's filings with Canadian securities regulators. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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