Vancouver, British Columbia--(Newsfile Corp. - March 29, 2022) - Grande Portage Resources Ltd. (TSXV: GPG) (OTCQB: GPTRF) (FSE: GPB) ("Grande Portage" or "the Company") is pleased to release the remaining drill results from its summer/fall 2021 drill program at its 100% controlled Herbert gold project in SE Alaska. 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).
The Company has posted long and cross sections on is website and can be found by using the following link: https://grandeportage.com/photo-gallery/2021-herbert-drill-program-sections/
Herbert drilling highlights include:
- 2.13 metres at 15.42 grams per tonne gold in hole 21Q-4 in the Sleeping Giant Vein. This intersection had significant quartz, shearing and hydrothermal alteration and demonstrates strong potential for the development of additional high grade shoots.
- 0.92 metres at 20.9 grams per tonne gold in hole 21Q-4 on the Main Vein. This intersection is at the deepest limits of drilling to date on the Main vein and is open to depth and eastward. This intercept is 600 metres below the surface and is 125m east of a high-grade intersection in 20T-7.
- 1.07 metres at 85.74 grams per tonne gold in hole 21Q-6. This intersection is approximately 20 metres into the hanging wall of the Goat Vein and contains visible gold.
Note: Initial ICP gold values listed as showing >10 ppm will have metallic screen and/or fire assay results have not been returned yet from the laboratory.
The additional holes for which sample analyses have been completed are listed in the chart below.
|21Q-4||405.62||406.45||0.83||3.17||H.W. Split, Sleeping Giant|
|21Q-5||131.00||131.53||0.53||22.20||Footwall Split, Goat|
|21Q-5||213.32||214.78||1.46||18.53||F.W. Split, Sleeping Giant|
|21Q-6||85.58||86.65||1.07||85.74||Hanging Wall, Goat|
|21Q-6||144.60||144.96||0.36||>10.000||F.W. Split, Goat|
|21Q-6||285.57||289.20||3.63||4.61||Sleeping Giant, F.W, Split|
|21Q-6||379.48||380.34||0.86||10.72||H.W. Main Vein|
|21Z-1||411.78||412.55||0.77||3.31||Contact zone, Hidden Fault|
|21Z-2||209.86||210.92||1.06||3.13||Hanging Wall, Goat|
|21Z-2||331.00||331.65||0.65||8.54||F.W. Split, Goat, W. end|
The chart below lists the final drill holes to be discussed in this news release for which final sample results have been received:
|Hole||Collar E.||Collar N.||Elev., m.||Az.||Dip||T. D.,ft.||T. D., m.|
The exploration program was completed in late October 2021. Drill holes released today are from infill and expansion drilling at the Herbert project.
Mr. Ian Klassen reports, "These results have continued to expand our high-grade zones in the Goat, Main and Deep Trench veins into previously undrilled areas. Additionally, infill drilling shows potential for the Sleeping Giant to expand to the west as well as to depth, and for the higher-grade zones within the Main Vein to expand to the west. We look forward to increasing these zones during our upcoming, fully funded 2022 drill season."
Discussion of Drill Results:
The three major veins (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.
Holes 21Q 1-4 are the farthest east holes drilled on the Goat, Sleeping Giant and Main Veins to date. This bank of holes indicates that the Goat Vein weakens considerably in the shallower portion of the vein but improves dramatically in the deepest hole on this azimuth, 21Q-4, which intersected 1.28 metres with 10.01 gpt/gold and lies 180 metres below the surface, and about 150 metres west of its projected intersection with the eastern major contact fault. Drilling planned for 2022 will test for the continuation at depth of this improvement of the Goat Vein.
Drill holes 21Q-3 and 4 intersected good gold values for the Main Vein (1.77metres of 11.36 gpt/gold and 0.92m of 20.9 gpt/gold respectively). These intercepts are quite significant because they are the farthest east and deepest holes drilled to date on the Main Vein and show that strong gold mineralization in the Herbert system can continue to unknown depths.
These holes also intersected the Sleeping Giant vein which lies about 100 metres south of the Goat in this vicinity, and like the Goat vein, improved greatly with depth. 21Q-4 intersected 2.13 metres of 15.42 gpt/gold. This impressive intercept is near the top of a 45 metre zone of shearing, alteration and quartz mineralization and lies about 450 metres below its surface outcrop and is open to the east and to depth. Holes to the west drilled from the P Pad in 2021 and the T Pad in 2020 also showed very good results for the Sleeping Giant but at much shallower depths and were discussed in earlier news releases. The excellent intercept in hole 21Q-4 indicates that the S.G. Vein has great potential for the development of gold reserves in the untested areas to the west, east and deeper from this intercept.
Hole 21Z-1 was drilled in a southwesterly direction and penetrated the Hidden Fault which is the major boundary contact between the gold-bearing veins in the quartz diorite of the Herbert system and the metasediments to the west. It intersected 0.77 metres of 3.31gpt/gold in this contact zone which is significant in the fact that it indicates that this whole fault zone could be a gold target for future exploration.
Lab results are reported as they are received from the lab and QA/QC has been verified. Samples taken for assay are split from the core with a diamond saw with one half being sent to Bureau Veritas Labs, Richmond, B.C., an independent lab from the Company. The Company geologist, who is logging the core, identifies certain sections which could contain coarse gold and marks them for the special preparation procedure of metallic screening which captures the nuggety gold in the assay. Known standards and blanks are inserted into the stream of samples on a regular basis. In addition, all core is photographed with a high resolution camera for future viewing.
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 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), as well as an Indicated resource of 686,700 ounces of silver at an average grade of 5.87 g/t silver (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.
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