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Message: Grande Portage Resources Ltd. Announces 15.27 Metre Intercept of 1.084
Ounces Gold per Tonne-- Other Multi-Ounce Intercepts Also Received
VANCOUVER, Aug. 2, 2011 /CNW/ - Grande Portage Resources Ltd. (TSX-V GPG) ("Grande Portage" or "the Company") is pleased to announce the first assay results of 2011 from its property at the Herbert Glacier gold project located near Juneau, Alaska.
In June 2010, Grande Portage entered into an agreement with Quaterra Resources Inc. (TSX-V: "QTA", NYSE Amex: "QMM") to explore the Herbert Glacier gold property. GPG has now fully earned its 65% interest in the property. Grande Portage and Quaterra will form a joint venture for the further exploration and development of the project, with each party bearing their proportionate share of costs.
Initial 2011 assays have returned numerous multi-ounce gold samples. A weighted average which includes most of the vein structure encountered in 11E-2 from 137.1 metres to 152.37 metres graded 1.084 opt over a true width of 8.76 metres. Highlights within that zone include a 6.570 opt interval from 147.07metres to 148.14 metres. Multi-ounce assays were also reported from 150.57 metres to 150.83 metres (2.389 opt) and 148.14 metres to 149.70 metres (4.132 opt).
Another weighted average assay in hole 11E-2 within the main zone of 147.07 metres-149.70 metres graded 5.124 opt over a true width of 1.50 metres. Assays in excess of 1 opt were also reported in drill hole 11E-1, particularly 1.504 opt from 110.92 metres to 111.25 metres and 1.402 opt from 111.25 metres to 112.16 metres. High grade intervals from 11E-1 are contained within a zone from 107-115.82 metres showing a weighted average of 0.419 opt over a true width of 6.95 metres. These holes are located near the western end of the Deep Trench vein.
A table of the results to date are provided below:
Holes 11E-1, -2 and -3 are in a vertical plane and drilled about due south from -45 to -72. Hole 11E-3, the steepest, also contains visible gold and returned a best assay of 0.224 opt over 1.59 metres. A fourth hole (11E-4) drilled at an azimuth of about 210 also showed visible gold in the same vein structure but assays have not yet been received from the laboratory. These holes drilled from the E Platform explore the western end of the Deep Trench vein which was also encountered in the 2010 drilling program in hole 10A-4.
Data collected thus far from E Platform drill holes and surface exposures give the known mineralization in the vein a vertical extent of at least 400 metres and open to depth. The vein has a known strike length of almost 1000 metres and further drilling is being conducted to extend the mineralization. The Deep Trench vein is just one of several similar parallel veins on the property which include the Main Vein system and the Floyd vein.
A hole drilled from the D Platform testing the eastern extent of the Main Vein also encountered vein material with visible gold, however assays are still pending. The Company is currently drilling exploratory holes which test a strong linear feature underlying Goat Creek which is north of and parallel to the Main Vein. This structure has peripheral mineralization in adjacent wall rocks where 7 grab samples have returned assays ranging from 0.65 gpt Au to 65.6 gpt Au and with an average of 31.47 gpt Au. Drilling activities will return to the Main Vein system and the Deep Trench Vein after completing initial drilling on the Goat Creek structure.
All 2011 drill holes have been assayed by fire assay, using the metallic screening for coarse gold preparation by ALS Minerals. Common and characteristic elements such as As, Ag, Pb, and W are being assayed by ICP methods. All samples were under direct control of Grande Portage Resources Ltd. prior to their delivery to Alaska Air Cargo for shipment to the ALS prep lab in Fairbanks, AK. As a result of their very favorable gold content, the Company has instructed the lab to re-assay the highest grade samples. Re-runs will be taken from the coarse rejects or from the pulps, with subsequent fire assaying.
The Herbert Glacier prospect is in the historic Juneau Gold Belt, formerly a world class district with producers such as the AJ and Treadwell mines and literally dozens of smaller gold mines and prospects. Overall gold production from the district is over 7 million ounces. In 2010, the district was reactivated by the reopening of Couer Alaska's Kensington gold mine located northwest of the Herbert Glacier property and is on track to mine 125,000 ounces Au in each of the next 12+ years. In addition, strong community support has been demonstrated for Hecla Mining Company's polymetallic Green's Creek Mine, a massive sulfide deposit containing silver, gold and zinc located in a parallel trend 20 kilometers to the west.
To date in 2011, the Company has completed 11 drill holes from 3 platforms totaling approximately 2000 metres of NQ diamond drilling. Plans are to continue drilling throughout the summer and into the fall. The Company will drill at least 4000 metres from approximately 25 drill holes from 8 different platforms which will test up to four separate major veins and their satellitic structures.
This news release has been prepared and approved by Carl Hale, CPG, a geologist with more than 40 years experience and a Qualified Person as defined under NI #43-101. Mr. Hale is supported by C. C. Hawley, Ph.D., CPG of Hawley Resource Group, Inc. and Alaska Earth Sciences, Inc. of Anchorage, Alaska
ON BEHALF OF THE BOARD OF DIRECTORS
Ian Klassen, President
Statements about the Company's future expectations and all other statements in this press release other than historical facts are "forward looking statements". Such forward-looking statements are based on numerous assumptions, and involve known and unknown risks, uncertainties and other factors, including risks inherent in mineral exploration and development, which may cause the actual results, performance, or achievements of the Company to be materially different from any projected future results, performance, or achievements expressed or implied by such forward-looking statements.
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
Source: Canada Newswire (August 2, 2011 - 8:00 AM EDT)
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