Drill Program Moving Ahead / Corporate Update
VANCOUVER, April 7, 2021 - Gold Port Corp. (CSE: GPO) (PINK: GPOTF) (the "Company") is providing a corporate update.
Groete Gold Copper Project Drill Program
Camp expansion at the Company owned Groete Gold Copper Project, located in Guyana, has been completed and the work site is now prepared for a phase one drill program. All planned drill holes have been located and confirmed to be accessible. No planned drill holes are within existing mining pits. Management are reviewing several drilling proposals, and interviewing potential key staff members.
The project was last explored in 2012, which included a drill program that allowed the calculation of an Inferred Mineral Resource of 1.57 million gold copper equivalent ounces within 74 million tonnes, at a grade of 0.66 grams per tonne gold copper equivalent. A cutoff grade of 0.25 gold copper ounce per tonne equivalent, a gold price of $ U.S 1,275 and copper price of $ 3.00 per pound was used in the calculation of the Inferred Mineral Resource.
The objective of the follow up drill program will be to potentially enhance the known resource from inferred to measured and indicated, and to also expand the deposit size. The first phase of the program is anticipated to include 2,500 meters totalling 12 holes.
Mr. William Feyerabend, a Consulting Geologist and Qualified Person under National Instrument 43-101, participated in the writing of, and has reviewed and approves of the technical disclosure contained in this press release.
Financial Update and Business Development
Management are pleased to report to the shareholders the current financial position of the Company. Corporate investments over the past year have returned significant gains resulting in the Company having a working capital balance of approximately Cdn $ 6,300,000. The proceeds will be utilized for the further development of the Company's asset in Guyana.
To compliment and diversify the business of the Company, management are reviewing opportunities within the alternative energy space, and intend to make an acquisition in the near future.
The Canadian Securities Exchange has not reviewed, nor approved the contents of this news release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in the United States. The securities described herein have not been registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities law and may not be offered or sold in the "United States", as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration requirements is available.
This release contains certain "forward looking statements" and certain "forward-looking information" as defined under applicable Canadian securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict, that may cause the Company's actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out here in, including but not limited to: the potential impact of epidemics, pandemics or other public health crises, including the current outbreak of the novel coronavirus known as COVID-19 on the Company's business, operations and financial condition, the inherent risks involved in the general securities markets; uncertainties relating to the availability and costs of financing needed in the future; the inherent uncertainty of cost estimates and the potential for unexpected costs and expenses, currency fluctuations; regulatory restrictions, liability, competition, loss of key employees and other related risks and uncertainties. The Company undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents managements' best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
ON BEHALF OF THE BOARD OF DIRECTORS
President, CEO and Director
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SOURCE Gold Port Corp.