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| | Wed Oct 15, 2008
Grande Portage Resources Ltd. Intersects 2.46 metres grading 12.84 g/t gold, 29.21 g/t silver, 4.88% lead and 3.36 % zinc from Quartz Veins at Pass Property
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| | VANCOUVER, BC, October 15, 2008 -- Grande Portage Resources Ltd. (TSX-V GPG) ("Grande Portage" or "the Company") is pleased to announce that it has completed 24 NQ-size diamond drill holes totaling 1,569 metres from four drill setups at its 100% owned gold -- silver base metal property near Smithers, B.C.
The initial drill program was designed to focus on the high-grade gold-silver bearing polymetallic quartz veins identified by previous operators and confirmed by the Company's grab samples collected in 2007, where previous prospecting work had outlined a strike length of almost 1 kilometre. Complete details of the 2007 prospecting results are reporting in the Company's news release dated March 3, 2008.
The primary vein is characterized by strong silicification and sulphide minerals in variable concentrations including pyrite, chalcopyrite, galena and sphalerite, from disseminations to massive sulphide. The vein itself pinches and swells along strike and down dip as evidenced both in the trenches and in drillhole intersections. Wallrock is strongly silicified with propylitic (epidote) alteration and disseminated sulphide mineralization.
Drillhole intersections of the primary quartz vein provided widths from between 0.23m to 9.93m. In some holes more than one vein was intersected. All veins and related mineralization occur within a silicified and mineralized alteration halo extending 1m to 12.46m in total width. The veins and surrounding alteration are referred to as the vein complex. The sulphide mineralization associated within the alteration halo occurs as disseminations and micro veinlets and is a similar assemblage as the primary veins.
The Phase I drill program tested the vein complex from four drill sites encompassing over 700 metres of strike length as a series of fan holes across the strike length of the vein. Three holes, 3, 9 and 18 failed to intersect the mineralized vein material, and five holes failed to show any significant mineralization. The initial site locations were selected for ease of set-up and to maximize strike exposure. All vein intersections reported are near surface; there was no deep or down dip drill testing of the vein system completed in this drill phase. Future drilling will require (i) both infill and down-dip drill testing of the vein complex already tested, (ii) expansion of the vein strike length to the southwest and northeast, and (iii) sampling and drill testing of a another possibly parallel vein system located near the top of a ridge and not tested in 2008.
A complete summary of all drill hole assay intersections is shown in the table below. All intersections reported are core lengths, not true widths, though the drill holes were oriented nearly perpendicular to the vein system and are close to true widths. All core marked for assay was cut in half with a diamond saw with half shipped for analysis and the remaining half returned to the core box as a permanent record of the sample interval. In addition analytical standards were randomly inserted into the sampling as part of the Company's QA/QC measures All samples were processed by ALS Chemex at their facility in North Vancouver. Gold analysis was done by fire assay of a 30-gram pulp with a gravimetric finish, silver and base metal values were obtained by ore grade assay methods.
Table 1 - Pass Property 2008 Drill Hole Assay Intercepts (measured in metres)
Hole No |
From |
To |
Length |
Au g/t |
Ag g/t |
Cu % |
Pb % |
Zn % |
PAS-08-01 |
42.80 |
43.68 |
0.88 |
|
2.3 |
|
|
|
|
|
|
|
|
|
|
|
|
PAS-08-02 |
No significant assays |
|
|
|
|
|
PAS-08-03 |
No significant assays, failed to intersect vein |
|
|
|
|
|
PAS-08-04 |
No significant assays |
|
|
|
|
|
PAS-08-05 |
No significant assays |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PAS-08-06 |
33.07 |
43.00 |
9.93 |
|
|
0.03 |
|
0.41 |
including |
41.48 |
43.00 |
1.42 |
|
|
0.52 |
|
1.22 |
|
90.99 |
91.78 |
0.79 |
0.07 |
6.00 |
0.28 |
|
|
|
|
|
|
|
|
|
|
|
PAS-08-07 |
79.02 |
80.25 |
1.23 |
0.18 |
5.00 |
0.31 |
|
|
|
|
|
|
|
|
|
|
|
PAS-08-08 |
50.87 |
53.75 |
2.88 |
|
2.70 |
0.08 |
|
|
including |
52.12 |
53.75 |
1.63 |
|
4 |
0.13 |
|
|
|
|
|
|
|
|
|
|
|
PAS-08-09 |
No significant assays, failed to intersect vein |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PAS-08-10 |
24.12 |
27.47 |
3.35 |
1.73 |
32.81 |
0.05 |
2.29 |
0.49 |
|
24.90 |
27.47 |
2.57 |
2.09 |
42.62 |
0.06 |
2.98 |
0.64 |
|
24.90 |
25.10 |
0.20 |
18.10 |
364.00 |
0.07 |
>20 |
5.77 |
|
|
|
|
|
|
|
|
|
PAS-08-11 |
16.98 |
17.75 |
0.77 |
1.99 |
12.00 |
0.12 |
0.75 |
0.43 |
|
|
|
|
|
|
|
|
|
PAS-08-12 |
15.43 |
17.15 |
1.72 |
0.95 |
0.91 |
|
|
|
including |
15.43 |
15.90 |
0.47 |
1.51 |
2.00 |
|
|
|
|
|
|
|
|
|
|
|
|
PAS-08-13 |
18.37 |
24.50 |
6.13 |
|
|
0.04 |
|
|
|
|
|
|
|
|
|
|
|
PAS-08-14 |
15.06 |
18.21 |
3.15 |
0.39 |
0.60 |
0.03 |
0.06 |
0.02 |
|
15.06 |
15.71 |
0.65 |
1.33 |
1.00 |
0.05 |
0.10 |
0.04 |
|
|
|
|
|
|
|
|
|
PAS-08-15 |
34.25 |
38.85 |
4.60 |
2.8 |
3.17 |
0.04 |
0.21 |
0.96 |
including |
34.25 |
34.80 |
0.55 |
20.8 |
22.00 |
0.29 |
1.66 |
7.43 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PAS-08-16 |
24.09 |
29.48 |
5.39 |
0.29 |
2.26 |
0.06 |
|
0.15 |
including |
25.36 |
26.53 |
1.17 |
0.81 |
5.55 |
0.21 |
|
0.28 |
|
|
|
|
|
|
|
|
|
PAS-08-17 |
22.82 |
27.92 |
5.10 |
0.67 |
5.21 |
0.10 |
|
0.27 |
including |
22.82 |
25.05 |
2.23 |
1.06 |
9.34 |
0.14 |
|
0.55 |
and including |
22.82 |
23.52 |
0.70 |
2.74 |
21.00 |
0.38 |
|
1.57 |
|
|
|
|
|
|
|
|
|
PAS-08-18 |
No samples taken, failed to intersect vein |
|
|
|
|
|
|
|
|
|
|
|
|
|
PAS-08-19 |
No significant assays |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PAS-08-20 |
No significant assays |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PAS-08-21 |
7.91 |
9.08 |
1.17 |
0.47 |
2.00 |
0.03 |
0.03 |
0.03 |
|
|
|
|
|
|
|
|
|
PAS-08-22 |
13.01 |
14.15 |
1.37 |
|
|
0.05 |
0.47 |
0.03 |
|
|
|
|
|
|
|
|
|
PAS-08-23 |
19.40 |
21.86 |
2.46 |
12.84 |
29.21 |
|
4.88 |
3.36 |
|
20.61 |
21.86 |
1.25 |
22.80 |
42.00 |
|
6.92 |
5.75 |
|
|
|
|
|
|
|
|
|
PAS-08-24 |
11.19 |
12.19 |
1.00 |
0.48 |
|
|
|
|
The Company is very pleased by these results for the first ever drill testing completed on the property and plans a more comprehensive program in 2009. The project's infrastructure is excellent, with a road and power line passing through the northern portion of the claims within one kilometre of the area drill tested. A 45 minute drive from the staging area on the Telkwa Pass road leads to Provincial Highway #16 at Telkwa, 15 kilometres east of Smithers, BC.
The Company would also like to assure shareholders that, during these uncertain times, it is conserving its significant cash resources and is intent on fulfilling its corporate mandate of developing an economic mineral deposit. The Company has a strong balance sheet, with $4.6-million in cash with its funds secured in short-term, fully liquid bankers' acceptance notes on deposit with a major Canadian bank. The Company has no debt. Due to the current unrest in global market conditions, the Company has elected to conserve its treasury. The Company has been conserving cash, reducing costs and reducing its field operations for some time now, and is in a good position to weather the current downturn in the global capital markets.
Wesley Raven, P. Geo., VP Exploration, is the qualified person and takes responsibility for the technical disclosure in this news release.
About Grande Portage Resources Ltd.
Grande Portage Resources Ltd. is a mineral exploration and development company focused on massive sulphide exploration in British Columbia. Grande Portage is operated by experienced managers and professionals who have been effective in discovery, mine development, and mining operations throughout North and South America, Africa, Europe, and Central Asia. The Company is well financed with no debt. More information is available online at www.grandeportage.com
ON BEHALF OF THE BOARD OF DIRECTORS
________________________________________
Alistair MacLennan, Chairman
For further information please contact:
Mr. Ian Klassen
Phone: (604) 899-0106
Email: ian@grandeportage.com
Website: www.grandeportage.com
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.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE |
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