Grande Portage Resources Ltd. Begins Mobilization for Drill Program
Drilling is slated to commence on or about August 1, 2010. The project is in the Juneau Gold Belt approximately 30km (18mi) NNW of Juneau, Alaska, and 42km (26mi) SSE from the Kensington Mine which has just announced commercial production of gold. The Herbert Glacier project is about 8 km (5mi) east of the Glacier Highway and will be helicopter supported.
Grand Portage has engaged Core One Enterprises LLC to conduct the approximate 2500m (8000ft) drill program. The Company expects to drill multiple holes from five-seven drill platforms sited from the results of the 2007 geologic and geochemical survey conducted by Quaterra Resources and historic drilling (1986 and 1988) as modified to account for rugged terrain. From six to nine NQ holes will be drilled from each platform in horizontal and vertical fan patterns mostly in the depth range of 150-230m (500-750ft). The targets are ribboned gold-in-quartz veins, Mesothermal type, that range from less than a meter to more than 3 meters thick. Main veins strike from about E to N 80 degrees E and dip from about 65 to 85 degrees northerly.
In addition to visible free gold the veins contain small concentrations of arsenopyrite, pyrite, galena, sphalerite, and scheelite. Main vein structures tend to have sharp footwalls and complex hanging walls with subsidiary veins. Of more than six veins identified so far, the Main or No.1, Deep Trench, and North are targeted for exploration in 2010. Only the Main Vein has been drilled previously. Initial targets are on the Main Vein and will be drilled, at least, from Drill Pads nos. 1 and 2 (see below):
APPROXIMATE DRILL PAD LOCATIONS,
HERBERT GLACIER PROJECT, JUNEAU GOLD BELT
HERBERT GLACIER PROJECT, JUNEAU GOLD BELT
| 2010 Pad | Old No. | E Nad 27 | E Nad 83 UTM Meters | N Nad 27 | N Nad 83 | El (ft) | El (m) | Vein Target |
| 1 | 2 | 518,537 | 518,642 | 6,488,000 | 6,488,037 | 765 | 233 | Main (No1) |
| 2 | 1 | 518,210 | 518,315 | 6,487,963 | 6,488,000 | 455 | 139 | Same |
| 3 | 5 | 518,537 | 518,642 | 6,487,739 | 6,487,776 | 810 | 247 | Deep Trench |
| 4 | 7 | 518,200 | 518,305 | 6,487,737 | 6,487,774 | 410 | 125 | Same |
| 5 | 3 | 518,807 | 518,912 | 6,487,936 | 6,487,973 | 925 | 282 | Main (No 1) |
| 6 | 6 | 518,200 | 518,305 | 6,488,423 | 6,488,460 | 600 | 183 | North |
| 7 | 4 | 518,507 | 518,612 | 6,487,697 | 6,487,734 | 1,060 | 323 | Deep Trench |
The fan drill pattern is expected to test the vein on horizontal spacing of about 50m and slightly less than this vertically. The close spaced pattern is designed, if successful, to allow identification of Geologic Resources in the Indicated to Measured classes.
Carl Hale, CPG, a geologist of more than 40 years experience, will direct the field program and will act as the qualified person as that term is defined under NI 43-101. Mr. Hale will be backed up 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
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.
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
Grande Portage Resources Ltd. Announces Update
The claims host six main composite vein-fault structures that contain ribbon structure quartz-sulfide veins. The structures strike east-west and dip steeply, mostly to the north. Only one of the six known vein systems was drilled in 1986 and 1988. All six structures locally have high-grade gold-quartz mineralization and are recommended to be drill tested.
Commencing in early August, the Company will drill (using NQ core) between 4500 feet and 7000 feet from approximately six drill sites to further test possible ore-shoots in vein no. 1 identified in historic drilling and begin to test the underground potential of several other veins found to be strongly enriched gold-bearing in surface studies done in 2007.
As well, the Company wishes to indicate that is fully financed for the 2010 and 2011 drill seasons as per its recently announced option agreement.
Wes Raven, P. Geo. a qualified person as that term is defined under NI 43-101, has reviewed the technical information contained in this news release.
ON BEHALF OF THE BOARD OF DIRECTORS
Ian Klassen, President
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.
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
Grande Portage Resources Ltd. Signs Agreement to Explore the Herbert Glacier High Grade Gold Project in Alaska
GPG has the right to earn a 51% interest in the Property and the Lease by incurring Expenditures on the Property of not less than USD$750,000 on or before June 15, 2011. The Company can earn an additional 14% interest in the Property and the Lease for an aggregate 65% interest in the Property and the Lease by incurring Expenditures on the Property of not less than an additional USD$500,000 on or before June 15, 2012. If Grande Portage acquires an interest, then 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, and a dilution formula will be applicable to any non-contributing party to reduce such party's joint venture interest. If either party is reduced to 10% or less, then such party's joint venture interest will be reduced to a 1% net smelter returns royalty, which may be acquired by the other party for USD$1 million.
The Herbert Glacier Property comprises 1,880 acres, and consists of 74 Federal unpatented mining claims and 17 leased mining claims, which host six main composite vein-fault structures that contain ribbon structure quartz-sulfide veins. The structures strike east-west and dip steeply, mostly to the north. Only one of the six known vein systems was drilled in 1986 and 1988. Sampling in 2007 shows that all six structures locally have high-grade gold-quartz mineralization and should be drill tested.
The Herbert Glacier property is subject to a mining lease dated November 1, 2007 with the underlying property owners for a term of 20 years, with a right of renewal. During the option period, Grande Portage will assume the annual lease minimum work commitments of USD$50,000 on the property, and pay annual advance royalties of USD$12,000 until October 31, 2011, increasing to USD$20,000 thereafter until October 31, 2017, and thereafter increasing to USD$30,000 per annum for the term of the lease. All advance royalties will be credited towards and offset the underlying net smelter returns royalty of 3% to 5% on a sliding scale based on the price of gold, and being 5% where gold exceeds USD$601 per oz.
The vein systems are strongly enriched in gold (Au): Of 199 rock chip samples collected during a reconnaissance mapping and sampling program in the summer of 2007, almost half (94 samples) contained more than 1g/t Au; 33 samples contained more than 10 g/t; and 12 contained more than one ounce of Au/ton.(1) One 1.5 ft. (about 46 cm) banded quartz vein with visible gold assayed 81.9 g/t (about 2.39 oz/ton) Au. Veins typically pinch and swell, but individual veins are as much as 14 feet thick and composite veins up to more than 20 feet across. The veins are competent, but occur within halos of altered quartz diorite, and are generally marked on surface by deep trenches eroded from the incompetent altered host rocks. Gold is accompanied, in approximate decreasing order by arsenopyrite, pyrite, and galena with lesser amounts of scheelite, chalcopyrite, and sphalerite. The Herbert Glacier property lies within the 100-mile long Juneau gold belt, which has produced nearly seven million ounces of gold through a total depth range of thousands of feet. Trace elements typical of the gold belt and the mesothermal aspect of the ribboned quartz veins suggest that the veins of the Herbert Glacier property could be persistent in both strike and depth.
The Summit vein, part of the southernmost of the six vein systems, was known in the early days of the Juneau district. Much of the area now known to be mineralized was, however, covered by glacial ice. Veins were exposed as the ice receded and discoveries were made in the 1980s. The next system to the north, called the Herbert Vein, was drilled in 1986 and 1988 respectively by Tenneco Minerals and its successor Echo Bay Mining Co. The structure was explored on approximate 200 foot intervals along a 2,000 foot strike length with 5,272 feet of drilling in 19 core holes. Shallow angle holes established continuity of gold mineralization in the vein system and found intercepts of up to 12.84 oz Au/ton. Highlights of this drilling are shown in the table below:
HIGHLIGHTS OF HISTORIC (1986 & 1988) DRILLING AT THE HERBERT GLACIER PROSPECT
Drill holes are listed below in order west to east over about 2000 feet strike length. All intercepts>1-ft of 0.3 oz/ton Au are shown. The data is from reports by George A. Moerlein for Tenneco Minerals (1986) and Echo Bay Mining Co (1988).
| Hole | From (ft) | To (ft) | Interval(3) | oz/ton Au |
| H-9 | 88.0 | 89.2 | 1.2 | 0.38 |
| H-6 | 190.0 | 191.0 | 1.0 | 3.85 |
| H-5 | 165.5 | 168.1 | 2.6 | 0.93 |
| H-2 | 147.0 | 149.0 | 2.0 | 0.99 |
| H-1 | 78.0 | 84.0 | 6.0 | 0.93 |
| H-13 | 286.5 | 300.5 | 14.0 | 0.98 |
| Includes | 296.8 | 297.8 | 1.0 | 12.64 |
| H-12 | 160.4 | 162.0 | 1.6 | 0.31 |
| H-12 | 165.5 | 168.4 | 2.9 | 0.31 |
All drilling was NQ core with excellent recovery.
A metallurgical study on a 240 pound composite sample by the US Bureau of Mines indicated that 88% of the gold was free milling and could be recovered by gravity methods (Herbert Glacier -- No. JU097, ARDF file, Juneau Quadrangle, U.S. Geological Survey).
On signing the agreement, Ian Klassen, President of Grande Portage remarked, "We are delighted to be working along side Quattera on the Herbert Glacier. This high-grade gold project has all the makings of a significant asset. We intend to drill approximately 4,000 ft this summer and hope to demonstrate similar grades and tonnages at depth and in the other parallel veins. We believe that this project could represent a significant gold deposit for the Company."
Wes Raven, P. Geo. a qualified person as that term is defined under NI 43-101, has reviewed the technical information contained in this news release.
(1) Thickness of veins at the surface are reported as true thickness.
(2) Rock chip samples are selective in nature and are not indicative of either grade or continuity of mineralization.
(3) Drill hole intercepts reported as drilled thickness.
ON BEHALF OF THE BOARD OF DIRECTORS
Ian Klassen, President
For further information please contact:
Mr. Ian Klassen
Phone: (604) 899-0106
Email:
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.
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
Grande Portage Resources Ltd. Announces Update
Merry Widow Bulk Sample:
The Company has completed its previously announced bulk sample at the Merry Widow project. A 5-tonne sample was collected from the north edge of the open pit, in an area locally referred to as "Copper Knob", a prominent exposure of semi to massive chalcopyrite mineralization. Approximately 250 kilograms of sample was sent to West Coast Mineral Testing Inc in North Vancouver, BC. West Coast selected one kilogram of material for metallurgical testing.
The results of the sample are encouraging and are presented in the table below:
Mineral |
Head Grade |
Recovery (%) |
Au |
9.9 g/t |
95.1 |
Ag |
74.0 g/t |
88.9 |
Cu |
5.9% |
88.0 |
The Company is very pleased with these results as they have yielded very good gold recoveries and indicated the possibility of improved copper recovery. It should be noted that there was some copper oxide mineralization present in the sample in the form of malachite. The oxide copper mineralization was lost in the rougher tailing thus a sample containing pure copper sulphide mineralization should produce better copper recoveries.
The Company is reviewing the permitting process to obtain a significantly larger bulk sample in the summer of 2010. Interested parties are encouraged to visit the Company's website (www.grandeportage.com) or SEDAR (www.sedar.com) to view details concerning its current mineral resource calculation, as set forth in the NI 43-101 compliant technical report dated November 30, 2008, filed on SEDAR on January 22, 2009.
Equity Investment:
Further to the Company's equity investment in Nexstar Energy Ltd. (TSX-V "NXE.A") ("Nexstar") as previously announcement September 11, 2009 Grande Portage wishes to confirm that Nexstar has completed its announced corporate arrangement with Result Energy Inc (TSX-V "RTE") ("Result") pursuant to a Plan of Arrangement (the "Arrangement"). Under the Arrangement, Result acquired all of the outstanding securities of Nexstar through the issuance of 1.05 Result common shares for each issued Class A share of Nexstar. In result, the Class A shares of Nexstar were delisted from trading on Feb. 22, 2010 and Grande Portage now holds its investment in shares of Result Energy Inc. which trades under the symbol "RTE" on the TSX Venture Exchange.
Further, PetroBakken Energy Ltd. (TSX "PBN") ("PetroBakken") and Result Energy Inc. have now entered into an arrangement agreement, pursuant to which PetroBakken will, subject to certain conditions, acquire all of the issued and outstanding shares of Result for the equivalent of 42 cents per Result share by way of a plan of arrangement. The transaction is valued at approximately $480-million, including Result's positive working capital of more than $60-million. Consideration for the transaction comprises $200-million cash with the remainder of the consideration to be paid in PetroBakken shares, at a deemed price of $32.25 per PetroBakken share, being the five-day weighted-average trading price of PetroBakken's shares ending Jan. 22, 2010.
Based on the expected fully diluted shares outstanding of Result at the closing of the arrangement with PetroBakken, each Result shareholder will receive, at his or her election: (a) 42 cents in cash, or (b) 0.013023 of a PetroBakken share, or (c) a combination thereof for each Result share held. The arrangement with PetroBakken is expected to close on or about April 1, 2010.
Wes Raven, P. Geo., a qualified person as that term is defined under NI 43-101, has reviewed the technical information contained in this news release.
ON BEHALF OF THE BOARD OF DIRECTORS
Ian Klassen, President
For further information please contact:
Mr. Ian Klassen
Phone: (604) 899-0106
Email:
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.
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
Grande Portage Resources Ltd. Invests in Quaterra Resources Inc.
QTA is a reporting issuer whose common shares are listed on the TSX Venture Exchange, and full details of its mineral exploration projects are available at www.sedar.com. The Units of QTA were offered by way of a private placement, and form part of a larger equity financing of up to $6 million being raised by QTA.
The investment of these funds in QTA is in accordance with Grande Portage's plan to invest in advanced staged exploration projects with infrastructure and near term cash flow potential. The securities acquired will be held for investment purposes. There is a 4 month hold period on the securities until January 22, 2010. The funds invested are not required for the immediate working capital needs of Grande Portage.
QTA plans to use the proceeds principally for further drilling on their silver and gold projects in Mexico at Nieves and Americas-Mirasol, and their copper projects in Nevada in both the McArthur and Yerington areas.
About Grande Portage Resources Ltd.
Grande Portage Resources Ltd. is a mineral exploration and development company focused on massive sulphide exploration in British Columbia as well as select investment positions within the energy and mineral exploration sectors. 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
________________________________________
Ian Klassen, President
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.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.