Sep 06, 2011
Grande Portage Resources Ltd. Announces Additional High Grade Results
Main Vein Intercept of 79.25 gpt/Au (2.314 oz/ton Au) and 106 gpt/Ag (3.1 oz/ton Ag) over 3.05m - Including 227 gpt/Au (6.628 oz/ton) over 0.71m and 243 gpt/Ag (7.1 oz/ton Ag) over 0.75m.
VANCOUVER, BC, September 6, 2011 - Grande Portage Resources Ltd. (TSX-V GPG) ("Grande Portage" or "the Company") is pleased to announce further results from its 2011 Herbert Glacier drilling program conducted in the Juneau Gold Belt, SE Alaska. A table of the results is provided below.
Drill hole 11D-1, drilled from the easternmost platform on the Main vein, intersected a quartz vein showing strong visible gold. The hole, drilled at an azimuth of 233º and an angle of -45º, intersected 3.05 meters (true width 1.74 meters) averaging 79.25 gpt gold (2.314 oz/ton Au) and 106 gpt silver (3.1 oz/t Ag) beginning at a downhole depth of 136.24 meters. This interval includes a higher-grade zone of 0.71 meters of 227 gpt gold (6.628 oz/ton Au) and 243 gpt silver (7.1 oz/t Ag) over 0.75 meters.
The Main vein is one of five major gold enriched parallel mesothermal vein structures on the Herbert Glacier property. Drill hole 11D-1 was the first of 3 holes drilled in 2011 from platform D and is approximately 12 meters from a previous historic high grade hole drilled by Tenneco in 1988 (true width of 7.6 feet averaging 1.79 oz/ton gold).
The Company has just completed seven holes from platform I, located approximately 500 meters west of platform D, near the western end of the Main vein system. Two of the holes, 11I-4 and 11I-5, also contain intercepts with visible gold. These assays are currently pending. The Main vein has been traced by drilling for at least 650 meters, but mapping indicates a strike length of at least 1,000 meters.
The Company has also recently completed a trenching and channel sampling project on the Deep Trench vein which consists of four hand-dug trenches across the vein in the area of drill platform E. When the assays are received, these samples will be used in conjunction with the underlying drill results to help determine the character and dimensions of the gold deposit.
"We are very excited about these drill results," says project manager Carl Hale. "We are finding significant high grade intersections in parallel veins. The total contained ounces of gold in a district add up very quickly when one can find multiple high grade intercepts similar to those in drill holes 11E-1, 11E-2, 11D-1, and the visible gold in the two holes from the Platform I."
Deep Trench vein
The Deep Trench vein is a major vein about 200 meters south of and parallel to the Main vein. The Company is currently drilling from platform G, located 130 meters east of platform E, where earlier holes intersected extremely strong gold mineralization reported on August 2, 2011. Less than 200 meters of the Deep Trench vein's total length of over 1000 meters has been drill-tested at this point.
Goat Creek vein
Results from drill hole 11J-1, drilled due south at an angle of -45º on the Goat Creek vein, were very encouraging and may be quite significant because this is the first hole drilled on the structure which geologic interpretations suggest could be over 1000 meters long. The hole intersected approximately three meters of sheared, hydrothermally altered and mineralized rock containing one section assaying 7.29 gpt gold over 0.84 meters. The vein has no surface exposure anywhere along the projection of the structure which was carved out by the erosion of the Herbert Glacier and subsequently covered with outwash boulders and gravel. It was deemed a prime exploration target due to its alignment with the other known veins and the strength of peripheral mineralization in exposed wallrock. This vein is virtually unexplored and has similar potential for high grade-gold as the Main vein and the Deep Trench veins.
Grande Portage has drilled over 3600 meters in 20 holes so far in 2011 and has immediate plans to drill from three more platforms. Assay results from the holes not previously mentioned were not as significant but did demonstrate mineralization ranging from weak to strong through the intersections of the target veins.
In June 2010, Grande Portage entered into an agreement with Quaterra to earn a 65% interest in Herbert Glacier by exploring the property. Quaterra retains a 35% interest. Going forward, Quaterra and Grande Portage are currently forming a joint venture for the further exploration and development of the property, with each party bearing their proportionate costs.
The Herbert Glacier prospect is in the historic Juneau Gold Belt, formerly a world-class district with producers such the AJ and Treadwell mines and literally dozens of smaller gold mines and prospects. Overall gold production from the district is more than seven million ounces. In 2010, the district was reactivated by the reopening of Coeur Alaska's Kensington gold mine located 40 kilometers north of the Herbert Glacier property. In addition, Hecla Mining Company's polymetallic Greens Creek Mine, a massive sulfide deposit containing silver, gold and zinc, is located in a parallel trend 20 kilometers to the west.
All 2011 drill holes are assayed by fire assay, using the metallic screening for coarse gold preparation by ALS Minerals. Common and characteristic elements such As, Ag, Pb, and W are being assayed by ICP methods. All samples are 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 previously announced (see press release dated August 2, 2011), reject samples from hole 11E-2 were re-assayed given their high gold content. The results confirmed equivalent gold values as stated in that press release.
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
For further information please contact:
Mr. Ian Klassen
Phone: (604) 899-0106
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.
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