Stock Quote:
Last:$0.100   Date:Apr 22, 2019
Volume:600 Time:07:05 am PDT
Change:$0.000 15-20 min delay
TSX-V: GPG

News Releases

April 24, 2018

Grande Portage Announces its Independent Updated Mineral Resource Estimate-642% Increase for Inferred Gold Category and 47% Increase for Indicated Category

VANCOUVER, BC, April 24, 2018 - Grande Portage Resources Ltd. (TSX-V GPG) ("Grande Portage" or "the Company") is pleased to announce receipt of its independent updated resource estimate for the Herbert Gold Project located in S.E. Alaska.

The updated NI43-101-compliant resource estimate, authored by DRW Geological Consultants Ltd., used the digital database derived from a total of 143 diamond drillholes totaling 22,090 m of core that includes the results from the 2017 expansion drill program. The 2017 program, which represents the first year of drilling at the Herbert Property since the 2012 drill season, was designed to expand upon the previously identified resources and to test extensions of mineralization in the Main, Deep Trench veins as well as new targets in the Goat vein.

Today's updated estimate contains an uncut Indicated Mineral Resource of 1,106,800 tonnes grading 7.25 grams per tonne gold (gpt) for 267,950 ounces of gold, largely in the three principal veins. The resource was calculated using a base case cut-off of 2.5 gpt. An Inferred Mineral Resource of 423,200 tonnes grading 6.04 gpt gold for 82,200 ounces of gold was also established using the 2.5 gpt cut-off. The continuity and consistency of gold mineralization identified by in-fill drilling suggest that exploration on these and other veins may produce similar results. The veins are all open to the east and west as well as to depth except the Main Vein which has been terminated to the west. Additional subparallel veins are considered likely to occur both north and south of the current area that has been drilled.

The Deep Trench vein contains the highest grade Indicated Mineral Resource discovered to date of 273,300 tonnes averaging 10.66 gpt (at a 2.5 gpt cut-off). 

"The results of the resource estimate underscore the vast potential of our Herbert Project and highlights the deposit's quality and excellence for expansion. Our total drilling to date has reached less than 15% of the known property potential," says Ian Klassen, President and CEO of Grande Portage. "The continuity is excellent and mineralization is open at depth and along strike. The substantial increase in the Inferred Mineral Resource is largely due to fact that the eastern-most four intercepts on the Goat Vein all intersected higher than average grades including 28.92 gpt gold over 2m in 17L2 and 5.31 gpt gold over 7m in 17L4. Additional high-grade material was encountered in the Goat Vein to the east on surface {231 gpt gold across 1.22m (see NR Sept. 6, 2017)}, but was not used in this resource estimate." 
 

Indicated Mineral Resource, uncut, ID2, All veins
Cut-offTonnesGradeOunces gold
3.0936,9838.07243,014
2.51,106,7597.25257,944
2.01,403,7656.19279,229
Inferred Mineral Resource, uncut, ID2, All veins
Cut-offTonnesGradeOunces gold
3.0333,5866.9374,360
2.5423,1776.0482,206
2.0468,7455.6785,473


Rotated tabular blocks were constrained to wireframes developed on each vein using geology and assays from one-metre composites. Veins were truncated both to surface and where necessary to the metasedimentary terrain to the west. ID2 estimation, with a 100m search ellipsoid utilizing a minimum of two and a maximum of nine composites, was utilized with blocks within 60m of a composite being classified as an Indicated Mineral Resource and between 60 and 100 m being classified as an Inferred Mineral Resource.

Dr. D.R. Webb, Ph.D., P.Geol., P.Eng is the QP within the meaning of NI 43-101 and has reviewed and approved the technical disclosure in this release. A full technical report will be filed with the relevant regulatory authorities within 45 days of this release.

About Grande Portage Resources Ltd.

Grande Portage Resources Ltd. is a Tier 2 publicly traded mineral exploration company principally 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 nearly seven million ounces of gold. 

ON BEHALF OF THE BOARD OF DIRECTORS

"Ian Klassen"
________________________________________
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