Grande Portage Resources Ltd. Announces 11.58 Metres of 24.37 gpt Gold
Exceptional Gold Assay Returns Continue at Herbert Glacier Project
VANCOUVER, B.C., October 9, 2012 -- Grande Portage Resources Ltd. (TSX-V: GPG) ("Grande Portage" or "the Company") is pleased to announce new assay results from four additional diamond drill holes on the Deep Trench Vein and six from the Main Vein on its Herbert Glacier gold project located 30 km north of Juneau, Alaska.
Hole 326B2, drilled on the western Deep Trench vein, intersected rich mineralization consisting of 11.58 metres (6.14 metres true thickness) of 24.37 grams per tonne gold (0.712 ounces per ton) in a shear zone with quartz veins containing visible gold. One sample within this interval returned 364 grams per tonne (10.63 ounces per ton) over 0.71 metres (see Table below). Another intercept deeper in hole 326B-2 penetrated a footwall split vein which returned 2.68 metres of 5.54 grams per tonne. Results from other 326 Platform holes include an intercept in 326C of 4.24 metres (2.84-metres true thickness) of 4.50 grams per tonne gold. The strong gold mineralization in the 326 Platform holes appears to be confirmation of the shallower upward continuation of the high grade zone intersected by several of the E Pad holes reported in earlier releases and also seen in trenches at the surface.
Drilling on the Main Vein this season included eleven holes from the O Platform which is located approximately 100 metres east of Pad A and 70 metres west of Pad D (see Map below). New assays from hole 12O-1 resulted in an intercept of 4.90 metres (4.46-metres true thickness) averaging 9.39 grams per tonne (0.274 ounces per ton) gold including a 0.56 metre intercept of 54.60 grams per tonne (1.594 ounces per ton) gold. Results from holes 12O-1 through six are shown in the table below. Assays for the additional holes are pending.
The Company recently completed seven holes from the J Pad on the Goat Creek vein, the northernmost of the five parallel mesothermal veins that make up the Herbert Glacier project. All J Pad drill holes have intersected mineralized structures with several having intercepts containing visible gold. These strong early results of drilling on the Goat Vein are extremely encouraging. Assays are now pending.
The following table summarizes the new results which have been received since the last news release:
Metallic screen assays for several of the above intercepts are pending. Typically if coarse gold is a component of the sample, the assay values for that sample are upgraded substantially by using the metallic screening process because no gold is lost during sample preparation.
The newest drilling platform, H Pad, was recently located in a 150 metre step-out to the east on the Deep Trench vein to continue the exploration drilling. A visual inspection of the initial hole shows abundant levels of quartz and arsenopyrite-rich core, which are important elements for gold mineralization at the Herbert. Importantly, this hole was extended an additional 200 metres to intersect the parallel Floyd vein. The Floyd outcrops on the surface 160 metres south of the Deep Trench vein. This is a significant development as it's the first time that drilling has intercepted the Floyd vein at depth and not just observed at the surface.
The Herbert Glacier prospect is in the historic Juneau Gold Belt, formerly a world class district with producers such the A-J and Treadwell mines and literally dozens of smaller gold mines and prospects. The district has been reactivated by the reopening of Coeur Alaska's Kensington gold mine located northwest of the Herbert Glacier property. Strong community support has also been demonstrated for the Green's Creek Mine, a rich massive sulfide deposit containing silver, gold and zinc located in a parallel trend 20 kilometers to the west.
Core logging, processing, sampling and storage is conducted at a secure location in Juneau. Analytical testing of the core samples has been conducted by ALS Canada Ltd., with the sample preparation being done in Anchorage, AK, and analysis of the samples by the Vancouver, B.C. laboratory. Methods include metallic screening for coarse gold, fire assays, and multi-element ICP analysis.
Grande Portage and Quaterra Resources, Inc. (TSX-V: "QTA", NYSE Amex: "QMM") have formed a 65%/35% joint venture for the further exploration and development of the property with each party bearing their proportionate costs.
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
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