Grande Portage Resources Ltd. Announces 6.46 Metres of 21.55 gpt Gold
Earlier results have been upgraded with receipt of new metallic screened assays
VANCOUVER, B.C., September 26, 2012 - Grande Portage Resources Ltd. (TSX-V: GPG) ("Grande Portage" or "the Company") is pleased to announce new assay results from three additional diamond drill holes on the Deep Trench Vein and one from the Main Vein on its Herbert Glacier gold project located 30 km north of Juneau, Alaska.
Hole 311D intersected high grade mineralization in the Deep Trench vein consisting of 6.46 metres (3.42-metres true thickness) of 21.55 grams per tonne gold (0.629 ounces per ton) in a quartz vein showing visible flakes of gold. Another intercept 9.6 metres deeper in the same hole returned 2.32 metres (1.23-metres true thickness) of 4.18 grams per tonne (gpt) gold. Results from other 311 Platform holes include an intercept in 311C of 2.25 metres (1.98-metres true thickness) of 21.22 gpt gold. The strong gold mineralization seen in the 311 Platform holes is located in the shallower portion of the high grade zone intersected by some of the G Pad holes reported in earlier releases.
Bonanza results from hole 311A, reported in the previous release, have been upgraded by the receipt of new metallic screened assays. The 8.08 metre interval from 36.06m-44.14m (5.66m true thickness) now shows 59.91 gpt (1.749 opt) which includes a 3.58m interval of 117.54 gpt (3.432 opt). The best intercept within this zone is a 0.53 metre sample from 37.45m-37.98m which returned 365 gpt (10.658 opt) gold.
The first results of drilling this season on the Main Vein from the O Platform include an intercept of 3.12 metres (2.84-metres true thickness) showing 13.85 gpt gold. Results from the other 10 holes from this platform are pending and visible gold was seen in several of these holes.
The Company's larger drill rig is now drilling the Goat Creek vein which is the northernmost of the three drill-tested parallel mesothermal veins that make up the Herbert Glacier project. All five holes drilled to date have intersected well-mineralized structures with the third hole having two intercepts showing flakes of visible gold. The deepest gold bearing zone is a 1.2 metre quartz vein with galena, arsenopyrite and particles of free gold throughout. These strong early results of drilling on the Goat Vein are extremely encouraging.
The following table summarizes the new results which have been received since the last news release:
One of the new vein targets which occurs near the western end of the Deep Trench vein is currently being drilled with the smaller rig. Strong visible gold encountered in core from this platform occurs in a steeply-dipping, northeast striking vein which may be a splay of the Deep Trench vein.
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