Vancouver, British Columbia--(Newsfile Corp. - February 24, 2022) - Grande Portage Resources Ltd. (TSXV: GPG) (OTCQB: GPTRF) (FSE: GPB); ("Grande Portage" or "the Company") is pleased to release partial drill results from its summer/fall 2021 drill program at its 100% controlled Herbert gold project in SE Alaska. The exploration program was completed in late October 2021. Drill holes released today are from infill and expansion drilling at the Herbert project. The results of the 2021 program will be added to the Company's NI#43-101 mineral resource estimate reported at a base case mineral resources cut-off grade of 3.0 grams per tonne gold (g/t gold) and consists of: an indicated resource of 1,196,800 ounces of gold at an average grade of 10.23 g/t gold (3,637,000 tonnes) and an inferred resource of 325,900 ounces of gold at an average grade of 8.91 g/t gold (1,138,000 tonnes).
Herbert drilling highlights include:
3.53 metres at 51.5 gpt/gold in hole 21W-1 including 0.54 metres of 305.09 gpt/gold (8.91 opt) and 157.3 gpt/silver on the Main vein. This intersection is 63 metres deeper than the high-grade intersections in 10C-1 and 85 metres deeper and east of 11I-5 and 81 metres west of a low-grade intersection in 17L-3. This area was previously estimated to be low-grade due to its distance from higher-grade holes. This intersection will materially impact this area.
1.77 metres at 11.36 gpt/gold in hole 21Q-3. This intersection is at the deepest limits of drilling to date on the Main vein and is open to depth and eastward. 21Q-4 for which assay results have not been received was drilled about 120 metres deeper and looks similar. This intersection is 125 metres east of an isolated high-grade intersection in 20T-7.
2.45 metres at 9.34 gpt/gold in hole 21X-2. This intersection is above a high-grade intersection in 17L-2 and below a lower-grade intersection in 17L-3, expanding the higher grade zone by approximately 50 metres.
The holes for which sample analyses have been completed are listed in the chart below. The seven holes which still have incomplete results and which will be presented in future news releases are 21Q 4-6 and 21Z 1-4.
|Hole||Collar E. ||Collar N. ||Elev., m. ||Az. ||Dip ||T. D., m. |
Significant results from the above holes are listed in the chart below along with the names of the intersected structures:
|Hole||From (m)||To (m)||Intrvl.||Au gpt||Location|
|21P-1||294.95||295.70||0.75||9.790||F.W. stringer, Goat|
|21P-1a||314.00||314.55||0.55||3.850||F.W. stringer, Goat|
|21P-3||197.00||198.43||1.43||1.289||H.W. split, Goat|
|21P-3||250.13||250.62||0.49||9.430||F.W. stringer, Goat|
|21P-4||327.05||328.00||0.95||6.763||F.W. stringer, Goat|
|21Q-3||529.14||531.05||1.91||6.156||Footwall stringer, M.V.|
|21W-1||206.06||207.55||1.49||1.521||North Strand, Main V.|
|21X-1||45.68||47.17||1.49||9.147||Hanging Wall, Goat|
|21X-1||104.55||105.54||0.99||4.960||F.W. stringer, Goat|
|21X-2||67.60||68.60||1.00||2.300||Hanging Wall, Goat|
|21X-2||351.85||352.94||1.09||6.900||North Strand, Main V.|
Ian Klassen, President of Grande Portage, commented, "We would like to thank our shareholders for their patience over the last few months. We are very pleased to, finally, be receiving assays from the lab. Last year, while observing the drill core, our exploration team was very upbeat about the program but naturally had to wait for the laboratory to process the samples. In addition to the high-grade drill hole results, the significant number of additional intersections between 3 and 10 gpt/gold continues to point to the development of a much larger resource. As always, our drill holes were planned to intercept multiple veins and we continue to report multiple intersections in nearly all of our drill holes. The Company is still awaiting assays from other important holes and we look forward to releasing those results as soon as possible. The 2022 drill season will soon be upon us. We are fully financed and confident to be working with the same experienced drilling contractor again this year."
Discussion of Drill Results:
Drillholes from pads P and Q mainly targeted the eastern extensions of the Goat vein and Main vein and their associated splits and satellite structures. Pad W principally tested internal areas of the Main vein which previous drilling didn't cover. Hole 21W-1 intersected 3.53 metres with a weighted average of 51.528 gpt/gold which included 0.54 metres of 305.09 gpt/gold (8.91 opt) and 157.3 gpt/silver.
Pad Q also had several holes designed to test the deeper eastern portions of the Sleeping Giant and Main veins for which all the assay returns have not been received but initial indications from core inspection are extremely promising.
A strongly mineralized area of the Main vein which was discovered in 2020 by drillholes 20T-7 and 20T-11 was expanded in 2021 by holes 21Q-3 & 4. These holes are the deepest holes drilled to date on the Main vein and are located near the eastern limit of drilling and are from 500 to 600 metres below the surface. 21Q-3 intersected 1.77 metres of 11.365 gpt/gold. 21Q-4 intersects the vein about 120 metres below 21Q-3 and is awaiting assay returns. Initial indications from core inspection certainly look encouraging. This high grade area of the Main vein is open to depth and eastward.
Mineralization in the Herbert gold vein system appears to be constrained to the competent quartz diorite block sandwiched between two major northwest striking contact faults which are in excess of one kilometer apart. Both of these contact zones dip northeast between 60 and 67 degrees. The vein structures and associated mineralization continues through the deepest holes drilled to date with no indications of weakening.
The three primary veins drilled in 2021 (Goat, Main and Deep Trench) are quite pervasive and predictable with strong surface expressions due to erosion of fractured and hydrothermally altered quartz diorite associated with the major East-West striking mineralized faults. In addition to these major structures a complex system of splits, transverse veins, and satellite veins exist which often attain significant size and grade in themselves and will be major contributors to the overall gold resources in the Herbert system. The Sleeping Giant and North Strand of the Main Vein are prime examples of this fact. Very high-grade zones are often encountered due to structural complications introduced during tectonism and mineralization.
Hole 21Q-4 (for which analyses are not yet received and will be discussed in more detail in future releases) discovered an unexpected mineralized zone in the Sleeping Giant projection which was far wider and more quartz-rich than anything previously encountered in the Herbert system. The variable sheared, altered and quartz-veined intercept is nearly 45 metres wide (approximately 150 ft) and is open laterally and to depth and contains several visible gold showings.
Data compilation is underway following the completion of the 2021 drill program at the Herbert Gold Project. Total metreage for the program was 8,148 metres in 19 completed drill holes. Assays results will be released on a continuing basis pending review and meeting company quality assurance/quality control protocols.
This news release has been prepared and approved by Carl Hale, CPG, a geologist with more than 40 years of experience and a Qualified Person as defined under NI #43-101.
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 six 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 over seven million ounces of gold. The Company's updated NI#43-101 Mineral Resource estimate reported at a base case mineral resources cut-off grade of 3.0 grams per tonne gold (g/t Au) and consists of: an indicated resource of 1,196,800 ounces of gold at an average grade of 10.23 g/t Au (3,637,000 tonnes); and an inferred resource of 325,900 ounces of gold at an average grade of 8.91 g/t Au (1,138,000 tonnes), as well as an Indicated resource of 686,700 ounces of silver at an average grade of 5.87 g/t Ag (3,637,000 tonnes); and an inferred resource of 169,300 ounces of silver at an average grade of 4.63 g/t silver (1,138,000 tonnes).
ON BEHALF OF THE BOARD
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.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED UNDER THE POLICIES OF THE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/114666