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Grande Portage Resources Releases Results from 2022 Herbert Gold Project in S.E. Alaska

28.01.2023  |  Newsfile

Vancouver, January 27, 2023 - Grande Portage Resources Ltd. (TSXV: GPG) (OTCQB: GPTRF) (FSE: GPB) ("Grande Portage" or "the Company") is pleased to announce drill results from its Herbert Gold Property in S.E. Alaska.

Five diamond drill holes were drilled from the AB pad for a total of 3631.5 meters. (Table 1)

Hole Collar E. Collar N. Elev., m. Az. Dip T. D.,ft. T. D., m.
22AB-1 518422 6488499 102 200 -62.0 1636.0 498.65
22AB-2 518422 6488499 102 204 -74.0 2796.0 852.22
22AB-3 518422 6488499 102 195 -48.0 2712.5 826.77
22AB-4 518422 6488499 102 183 -63.0 2754.0 839.42
22AB-5 518422 6488499 102 162 -55.0 2016.0 614.48

Pad AB was located farther north than any previous pads to be able to explore the deeper projections of the Goat, Sleeping Giant, Ridge and Main Veins. The pad was situated in the unmineralized gneisses, tonolites and metasediments to the northeast of the major geologic contact with the Herbert quartz diorite which hosts the gold-bearing veins, so all the holes gave good geologic information about that major contact before encountering the target gold-bearing unit. Hole 22AB-1 was lost before reaching its targets and could not be re-entered. Hole 22AB-3 went completely through the quartz diorite and into the younger metasediments to the west of and underlying the quartz diorite.

Results of the drilling program are shown in the chart below (Table 2):

Hole From To Intrvl. Sample Gold
Name (m) (m) (m) # Location, Vein, Etc. g/t
22AB-1 335.59 336.91 1.32 730072 North Vein, w/quartz, aspy 3.190
22AB-1 336.91 337.80 0.89 730073 North Vein, quartz, aspy, breccia 2.100
22AB-3 625.40 626.15 0.75 730660 Sleeping Giant 6.310
22AB-3 826.30 826.77 0.47 730681 Fault in western volcanics and metasediments 3.720
22AB-4 472.69 473.90 1.21 730694 Goat Vein 3.220
22AB-4 473.90 475.05 1.15 730695 Goat Vein. Weighted average: 4.9 m. of 2.553 g/t 4.030
22AB-4 597.90 598.63 0.73 730709 Sleeping Giant or f.w. split of Goat 6.080
22AB-4 740.72 741.52 0.80 730714 N. Strand, Main Vein 3.300
22AB-5 446.23 446.80 0.57 730730 Goat Vein, (in a 3.5 m. altered shear zone) 5.570

Ian Klassen, President, reports, "The deepest drilling program proved to be technically challenging, however we are pleased that the shortened program continued to intersect potentially economic mineralization in some of eastern-most drill holes completed on the property to date, albeit over narrower widths. It was expected that the veins would eventually terminate against the eastern gneisses, however that contact seems to dip moderately to steeply to the east, providing for extensions east of the surface contact, providing for additional resource potential. Future work will continue to test the structures to depth as well as internal gaps that exist in areas within our well mineralized veins."

As previously disclosed, the 2022 drilling program progressed at an uncharacteristically slower rate than expected, which meant that several highly prospective holes and targets that were planned, from multiple drill pads, could not be achieved before the season ended. Some of the most prospective targets planned for the 2022 drill program were in that category and will be drilled in 2023. Past drilling over many years has confirmed that the Herbert gold project is a high-grade deposit. The chief primary gold-bearing veins at the Herbert gold project are strong, persistent and extend from the Western boundary fault to the Eastern fault, a distance averaging nearly one kilometer. Strong gold mineralization has been identified almost everywhere along these structures, both laterally and to the deepest limits of drilling over the last number of years. Much of the shallower portions of the veins have been tested with good to superb results. The Company will resume drilling in the late spring and publish new details concerning its drill plan in the near future.

All core samples are cleaned and photographed before logging and sampling by a registered professional geologist. Samples were analysed at ALS Canada Ltd. at its North Vancouver facilities using conventional preparation techniques and analysed using Au-ICP21 for gold with screened metallic analyses for samples where visible gold was noted. ME-MS41 techniques were used to determine additional element concentrations. Blanks and standards were inserted in the field, as well as in the laboratory, with all checks reporting acceptable results. ALS is independent of the Company and certified ISO-17025.

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 over seven million ounces of gold. The Company's updated NI#43-101 Mineral Resource estimate reported at a base case mineral resources cut-off grade of 3.0 grams per tonne gold (g/t Au) and consists of: an indicated resource of 1,196,800 ounces of gold at an average grade of 10.23 g/t Au (3,637,000 tonnes); and an inferred resource of 325,900 ounces of gold at an average grade of 8.91 g/t Au (1,138,000 tonnes), as well as an Indicated resource of 686,700 ounces of silver at an average grade of 5.87 g/t Ag (3,637,000 tonnes); and an inferred resource of 169,300 ounces of silver at an average grade of 4.63 g/t silver (1,138,000 tonnes).

ON BEHALF OF THE BOARD

"Ian Klassen"
Ian M. Klassen
President & Chief Executive Officer
Tel: (604) 899-0106
Email: Ian@grandeportage.com
www.grandeportage.com

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.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED UNDER THE POLICIES OF THE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/152790


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