Grande Portage Resources Confirms Gold Mineralization Extends to North Vein
VANCOUVER, BC, January 3, 2019 – Grande Portage Resources Ltd. (TSX-V: “GPG”); (OTCQB: “GPTRF”); (Frankfurt: “GPB”); (“Grande Portage” or the “Company”) is pleased to announce assay results from their 2018 drill holes 18M-1 & 2.
These two holes are the first ever core holes testing the North Vein which can be seen in outcrop locally and is situated about 300 meters north of the gold bearing Goat Vein structure. The North Vein occupies an East-West trending fault which dips very steeply to the north and is similar in attitude to the Goat, Main Vein, Deep Trench and the Floyd Veins. Two reconnaissance samples taken in 2007 showed that strong gold values and free gold can be found locally in outcrop. One of the samples was a grab of mineralized quartz from the vein just north of Pad 18M and contained 11.6 gpt/gold. The other sample was a 4 foot chip sample taken across a hydrothermally altered shear zone containing variable quartz near the east end of the vein and assayed 3.57 gpt/gold.
Drilling in 2018 confirmed the existence of the structure at a depth of 100 meters below surface and combined with surface exposures, indicates a strike length of at least 260 meters for the vein. Hole 18M-1 (aimed N 25º W at -45º) hit several strands of the fault in a zone about 8 meters true width. The two best intercepts have about 5 meters separation with the footwall strand returning a 0.41 meter intercept with 27.8 gpt/gold and had visible gold in the core. The hanging wall strand returned a 0.37 m intercept containing 8.33 gpt/gold. Hole 18M-2, aimed N 21º E at -45º, hit weak faulting and alteration in the projected location of the vein with the best intercept showing 0.64 m of 0.304 gpt/gold.
Ian Klassen, President commented, “We are pleased to have identified another subparallel mineralized structure bringing the total to five structures with attendant splays, spanning approximately 1 km east-west. The surface and initial drilling results in 2018 demonstrate that future drilling is warranted to properly test the expansion potential of the North Vein. This is in keeping with early drilling on the other veins similarly stacked at the Herbert. Mesothermal veins characteristically pinch and swell and thus we anticipate positive results based upon more drilling. Additional subparallel structures may exist beyond the limits of our drilling as suggested from the LIDAR survey completed this year.”
Samples are analyzed by an independent lab in Vancouver, with the more highly mineralized intervals processed using the metallic screening and fire assay method which assures no coarse gold is missed in the analysis.
The qualified person for this news release is Mr. Carl Hale, P.Geo. Mr. Hale is a Qualified Person as defined by NI 43-101, and is responsible for the technical content of this press release.
About Grande Portage:
Grande Portage Resources Ltd. is a Tier 2 publicly traded mineral exploration company principally focused on the Herbert Gold Property situated approximately 25 km north of Juneau, Alaska. The Company holds a 100% leasehold interest in the Herbert Gold Property, subject to a 5% NSR in favour of the underlying property owners. The Herbert Gold Property has an amended and restated NI 43-101 technical report dated July 12, 2018, effective May 28, 2018, completed with an uncut Indicated Mineral Resource of 1,107,000 tonnes containing 257,950 oz of gold at 7.25 g/t and uncut Inferred Mineral Resources of 423,200 tonnes containing 82,200 oz of gold at 6.04g/t, each at a 2.5 gpt cut-off. The 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. The results from the Company’s drilling programs confirm the identification of major elements of a complex mesothermal gold-quartz system with numerous targets.
On Behalf of the Board
Ian M. Klassen
President & Chief Executive Officer
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