VANCOUVER, BC, March 6, 2017 -- Grande Portage Resources Ltd. (TSX-V GPG) ("Grande Portage" or "the Company") is pleased to announce that it has signed a contract with a First Nations, Alaskan-based, diamond drill contractor (the "Contractor"), whereby the Contractor has committed to drill up to 19,000 feet of diamond drill core on the Company's Herbert Gold project in S.E. Alaska.
Under the terms of the contract, 50% of the overall invoiced value will be settled via issuance of common shares of Grande Portage (the "Shares") at a deemed value of CDN$0.25 per Share. The total number of such Shares shall be issued upon completion of the drilling program and will then be deposited and held in escrow under a Form 5D escrow agreement to be executed by the Contractor and the Company.
The maximum number of Shares issuable thereunder will not exceed 800,000 common shares of Grande Portage. The Form 5D escrow agreement and the issuance of the Shares to the Contractor are subject to the prior written acceptance for filing by the TSX Venture Exchange on behalf of Grande Portage.
Ian Klassen, Grande Portage's CEO remarked, "We are delighted to be active again in Alaska. This upcoming drill program is very exciting as we will be drilling deeper and further to the East than in year's past in order to test the known gold bearing mesothermal veins which collectively make up the Herbert Gold property. We are looking forward to working with our drilling contractor and we are very pleased that they have shown confidence in the Herbert Gold project by taking 50% of their drilling services in common shares of the Company."
About Grande Portage Resources Ltd.
Grande Portage Resources Ltd. is a Tier 2 publicly traded mineral exploration company on the TSX Venture Exchange, principally focused on the Herbert Gold property discovery situated approximately 25 km north of Juneau, Alaska. The Herbert Gold property has a NI 43-101 technical report completed with indicated resources of 821,100 tonnes containing 182,400 oz of gold at 6.91 g/t. Inferred resources of 51,600 tonnes containing 12,800 oz of gold at 7.73 g/t. 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 160 km long Juneau Gold Belt, which has historically produced nearly seven million ounces of gold. Grande Portage conducted an initial drill program on the Herbert Gold property in the fall of 2010. The results from the drilling program confirm the identification of major elements of a complex mesothermal gold-quartz system with numerous targets. Subsequently, the Company has conducted follow up drill programs consisting of a total of 108 diamond drill holes from ten different platform locations.
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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