Grande Portage Resources Reports New Assay Results from Its Herbert Gold Project in S.E. Alaska
Vancouver, November 24, 2020 - Grande Portage Resources Ltd. (TSXV: GPG) (OTCQB: GPTRF) (FSE: GPB) ("Grande Portage" or "the Company") is pleased to announce additional assay results from its recently completed drill program at its Herbert Gold Project located in S.E Alaska. The following discussion presents only the results to date from Pad T, the northern most pad which tested the North vein, Goat vein, Sleeping Giant, Ridge veins and the Main vein. Future news releases will disclose results from Pads U, Y, H, and the balance of T.
Assays to date from 2020 Pad T are shown in the summary table below:
|20T-2||29.45||37.5||8.05||5.820||Eastern Goat, hanging wall|
|20T-2B||332.68||334.08||1.40||17.293||N. Strand of Main Vein|
|20T-3||133.61||136.96||3.35||2.012||H.W. Satellite to Goat V.|
|20T-5||228.82||229.25||0.43||8.113||Footwall strand of Goat|
|20T-6||109.26||109.70||0.44||7.069||H.W. Satellite to Goat V.|
|20T-7||145.31||145.75||0.44||7.128||H.W. Satellite to Goat V.|
|20T-7||259.79||264.02||4.23||2.516||Footwall strand of Goat|
The Main and Goat veins have extraordinarily strong and consistent east-west structures with numerous associated splays and satellite structures which are often well-mineralized and constitute future drill targets. Most notable among the veins found in the structural block between the Goat and the Main veins are the Ridge, the North Strand of the Main vein, and the newly recognized Sleeping Giant. Veins located in this block tend to be shorter and not as predictable as the Goat, Main and Deep Trench veins, but often have rich gold values and are expected to contribute significantly to the total gold resource in the Herbert system.
Drilling on the Goat vein from Pad T was mainly designed to test the eastern limits of previously known mineralization. Hole 20T-5 was the eastern-most hole drilled from this platform (about 200 meters east of previous drilling) and intersected approximately 5 meters of strong shearing and hydrothermal alteration, confirming the continuance of the mineralized structure. Hole 20T-6, drilled 30 meters to the west, also hit strong shearing but with lower grade gold values.
However, just 30 meters into the hanging wall in 20T-6, a satellite structure or splay of the Goat vein returned an impressive 1.62 meters assaying 15.27 g/t Au with visible gold in the core. This suggests that during the mineralizing event the gold followed the hanging wall split instead of the main Goat structure due to the prevailing structural parameters at the time. Additionally, only approximately 10 meters further west and 40 meters below that intersection with the Goat vein in 20T-6, hole 20T-7 revealed a 7-meter Goat vein intercept which contained a 3.74 meter zone assaying 10.527 g/t Au within which has a 68cm section contained 51.33 g/t Au with visible gold. The Company will conduct follow-up drilling in this area for greater definition and understanding.
Hole 20T-3 hit the Goat vein 110 meters below the surface with a 2.71m intercept of 52.34 g/t Au which contained a 54cm sample assaying 256.9 g/t. This area is in the eastern portion of an apparent 600 meter long high-grade shoot which likely begins at the major contact with the metasediments at the western end. The metasedimentary package is the recognized source of the mineralizing hydrothermal fluids.
Holes from Pad T also tested the Main vein which lies about 250 meters south of the Goat. Six of these holes have assay results returned to date. The target zone was the deepest central portion of the vein, reaching depths of around 500 meters below the surface. The deepest hole with returned assay results, 20T-7, assayed 2.91 meters of 7.083 g/t Au. 20T-8 at 330 meters below the surface showed the Main vein to be quite rich with 2.63 meters of 18.674 g/t Au.
|Hole||Collar E.||Collar N.||Elev., m.||Az.||Dip||Length|
Collar details of holes drilled from T Pad are shown below (last three have no assay results yet):
The Company drilled 8375 meters in 2020 with two drill rigs and completed 21 holes into the North vein, Goat, Sleeping Giant, Ridge, Main, Deep Trench, Floyd and Elusive veins and numerous subsidiary veins and structures in between.
Additional sample results are expected to be received throughout November, December and into January. Assay processing from the lab has been especially slow this year due to COVID-19 related protocols.
Ian Klassen, President of the Company remarked, "We are delighted with these results. These assays confirm further extension of the mineralization to depth and to the east of any previous known drilling. The results continue to demonstrate that the Herbert discovery is a high value mineralized system. On another note, I would like to extend a very special note of appreciation to our geological crew led by Carl Hale and the drill contractors who did a terrific job during very difficult conditions."
Additional lab results will be reported in future disclosures as they are received from the lab and QA/QC has been verified. 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. In addition, all core is photographed with a high resolution camera for future viewing.
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 2.5 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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