VANCOUVER, BC, October 1, 2020 – Grande Portage Resources Ltd. (TSX-V “GPG”); (OTCQB: “GPTRF”); (Frankfurt: “GPB”); ("Grande Portage" or "the Company") is pleased to announce the first assay results from the summer drill program at its Herbert Gold Project located in S.E Alaska. These partial results are from Pad T, the northern most pad which tested the Main vein, Goat vein and the Ridge vein. The Company also reports its first assays from the Pad U located a few hundred metres to the southeast of Pad T where it tested the eastern extensions of the Main vein. (The first hole 20T-1 was abandoned within a few metres due to deviation from its intended azimuth).
The Goat vein is an extraordinarily strong and consistent structure with numerous associated splays and satellite structures which are often well-mineralized and constitute future drill targets. The high grade assay tabulated in hole 20T-3 is 170 metres east of any drilling on the Goat vein conducted to date. A summary table of some of our first results is shown below:
||Hanging wall, Goat
||N. Strand of Main Vein
||Sleeping Giant split
** True Widths
In addition to the abovementioned step out drilling on the Goat vein, drilling on the Deep Trench vein extended coverage approximately 100 metres eastward and it filled in the deep western portion of the vein. The Main vein saw drilling which was 200 metres deeper into the central portion of the vein than was previously tested.
The Company continues to test known primary veins within the system but also drilled areas previously untested. One such exploratory hole was into the Elusive vein, south of the Deep Trench vein, which was successful in confirming the existence of the structure at depth which consisted of a 2.5 metre intercept of a structure containing Fe-carbonate alteration, weak silicification. Visible gold was observed in this intercept but assay results have not been received.
The Company has currently drilled almost 7500 metres and have holes into the North vein, Goat vein, Sleeping Giant and Ridge veins, Main vein, Deep Trench, Floyd and Elusive veins and numerous subsidiary veins and structures in between.
Final sample results are expected throughout October and into December. Assay processing from the lab has been especially slow this year due to Covid-19 related protocols.
Drilling with two rigs continues. When completed, the program will consist of 21 holes for a total of approximately 8500 metres. Visual inspection of the core has been very encouraging with at least 15 intercepts of veins showing visible gold.
Ian Klassen, President of the Company remarked, “This drill program reaffirms the emerging and ever-enlarging mesothermal vein system discovered at the Herbert gold project. These results continue to expand the resource database and knowledge of this system. All veins drilled have encountered mineralized material. Mesothermal veins are commonly less than two metres wide and at the Herbert deposit often occur in parallel sets”.
Other lab results will be reported in future disclosures as they are received from the lab and QA/QC has been met. Samples taken for assay are split from the core with a diamond saw with one half being sent to Bureau Veritas Labs, Richmond, B.C., an independent lab from the Company. The Company geologist who is logging the core identifies certain sections which could contain coarse gold and marks them for the special preparation procedure of metallic screening which captures the nuggety gold in the assay. Known standards and blanks are inserted into the stream of samples on a regular basis. Additionally, all core is photographed with a high resolution camera for future viewing. Duplicates, blanks and certified standards report acceptable results.
Impact of COVID-19
Grande Portage is carefully monitoring the public health impact of the coronavirus (COVID-19) on a daily basis. Our first priority is the health and safety of our communities, shareholders, contractors, employees and other stakeholders. The Grande Portage team has been working closely to ensure all the correct protocols and safety precautions are in place. The Company will continue to monitor the evolving COVID-19 situation and will continue to act proactively to protect the health of its workforce.
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 gpt cut-off. Composites were capped at 125 gpt. 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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