VANCOUVER, BC, March 24, 2021 – Grande Portage Resources Ltd. (TSX-V “GPG”); (OTCQB: “GPTRF”); (Frankfurt: “GPB”); ("Grande Portage" or "the Company") is pleased to announce the remainder of the assay results from its 2020 drilling program on the Herbert Gold Project in S.E. Alaska. These assays were from holes targeting the Goat, Main, Deep Trench, and Elusive veins and intermediate veins which include the Sleeping Giant, North Strand of the Main and other satellite veins.
Significant assay results from the balance of drill holes are shown in the following table:
||Sl. G., FW split
||N. Strand, Main V.
||H.W. split, D.T. Vein
Collar Information For Above Holes:
Commentary on Drill Pads H, T & Y
Drilling from the H Pad mainly targeted the Deep Trench and the Elusive veins but also intersected the Floyd vein. Hole 20H-3 intersected strong mineralization in the Deep Trench vein, up to 51.26 g/t Au over 0.77 m, and was discussed in the Company’s December 14, 2020 news release. The first ever drill hole into the Elusive vein intersected 1.78 m showing 4.46 g/t Au in a shear zone approximately 2 m wide. Despite the paucity of quartz in this zone, it showed strong chlorite/sericite alteration, arsenopyrite, pyrite, and even a small visible flake of gold. No galena or sphalerite were detected. Hole 20H-3 also intersected the Floyd Vein structure, which at this depth appears to have split into several strands, the best one showing 0.69 m of 3.815 g/t Au within 1.2 m of 3.30 g/t Au.
Drill hole 20T-11 intersected 3.11 m intercept of 18.291 g/t. Au in the Goat Vein which includes 0.74 m of 61.2 g/t Au. This intersection occurs near the eastern limits of drilling at a depth of 140 m below the surface. There is approximately 200 m of untested vein projection before the main Eastern Boundary fault is believed to terminate the Goat structure. The Goat vein intersection in hole 20T-12 consisted of a 10 m highly altered shear zone with almost no quartz and gold values less than 1.45 g/t.
The Sleeping Giant vein and a nearby footwall split showed impressive results of 1.48 m. assaying 10.356 g/t Au and 1.28 m. assaying 13.755 g/t Au.
Please click the following link to reference longitudinal and vertical cross sections associated with the 2020 drill program: Herbert Gold Project | Grande Portage Resources Ltd.
2020 Herbert Drilling Observations:
The drilling in 2020 tested both the eastern extents of the known mineralization as well as some of the deepest drill holes to date on the property. In addition, the most southerly drilling took place, testing additional structures.
The Goat vein has been extended to the east for more than 150 m (25.27 g/t Au over 0.7 m in 20T-6) in near surface drilling and is still open. Three intersections 100 m or more below surface intersected excellent grades up to 80 m east of the established resource (113.41 g/t Au over 1.2 m in 20T-3, 24.0 g/t Au over 2.1 m in 20T-11, and 18.45 g/t Au over 2.0 m in 20T-7).
The Ridge vein had at least five intersections with the best grades returned 200 m below its surface outcrop and returned 1.48 m of 29.21 g/t Au.
The Main Vein also had fourteen intercepts with results ranging up to 18.67 g/t Au over 2.63 m in 20T-8.
The Deep Trench vein was tested by seven drill holes, extending mineralization 100 m farther to the east within 100 m of surface including 20H-3 (11.85 g/t Au over 4.5 m) and to depths of 500 m below surface peripheral to an established resource in 20U-2 (2.98 g/t Au over 0.4 m).
There were many additional intercepts that can be correlated to newly defined zones such as the Sleeping Giant vein which occurs immediately south of the Goat Vein. Intercepts from the Sleeping Giant vein include:
Ian Klassen, President of the Company remarked, “The 2020 drilling campaign clearly demonstrates confidence that the Herbert Gold system is pervasive and continues to expand. All veins drilled in 2020 encountered mineralized material. This, we expect, will be important when recalculating the NI resource. In partial measure alone, the four exceptional intercepts in the newly discovered Sleeping Giant vein found within a 200 m x 200 m range is very welcomed news and we expect will be especially impactful when we factor in the numerous assays received on all the other veins drilled this season”.
The Company would like to thank all its stakeholders and interested parties for enduring the delays between assay announcements from the 2020 drill program, The assay lab reports that during 2020/2021 it has undergone unprecedented delays in their reporting procedures.
Samples taken for assay were split from the core with a diamond saw with one half being sent to Bureau Veritas Labs, Richmond, B.C., an independent certified lab from the Company. The Company geologist who logged the core identified certain sections which could contain coarse gold and marked them for the special preparation procedure of metallic screening which captures the nuggety gold in the assay. Known standards and blanks were inserted into the stream of samples on a regular basis. Additionally, all core was photographed with a high resolution camera for future viewing.
This news release has been prepared and approved by Carl Hale, CPG, a geologist with more than 40 years of experience and a Qualified Person as defined under NI #43-101.
About Grande Portage:
Grande Portage Resources Ltd. is a publicly traded mineral exploration company 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. The Company's recent Mineral Resource estimate (Webb, 2019, available on the Company’s website or on SEDAR.COM ) is reported at a base case mineral resources cut-off grade of 2.50 grams per tonne gold (g/t Au) and consists of: An indicated resource of 606,500 ounces of gold at an average grade of 10.03 g/t Au (1,880,500 tonnes); and an inferred resource of 251,700 ounces of gold at an average grade of 14.15 g/t Au (553,429 tonnes). The resource assumes underground mining techniques, a gold price of $1,300 and are reported at a 2.5 g/t cut-off. Composites were capped at 125 g/t. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted to Mineral Reserves. The estimate of Mineral Resources requires assumptions that are believed to be reasonable and may be materially affected by environmental permitting, legal, title, sociopolitical, marketing or other relevant issues.
On Behalf of the Board
Ian M. Klassen
President & Chief Executive Officer
Tel: (604) 899-0106
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties as described in the Company's filings with Canadian securities regulators. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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