Grande Portage Resources Announces Field Program Now Underway
Vancouver, British Columbia--(Newsfile Corp. - July 29, 2019) - Grande Portage Resources Ltd. (TSXV: GPG) ("Grande Portage" or "the Company") is pleased to announce that it has commenced its summer field program at its 100% controlled Herbert Gold project located north of Juneau, Alaska. The program will include trenching and channel sampling on numerous locations on the Deep Trench Vein and other locations on the Main Vein.
Trenching on the Deep Trench Vein will be conducted near the central portion of the vein and near the eastern limit of past successful drilling which focused on an outcrop where chip sampling of the vein assayed 14.1 g/t Au. Another location for trenching has been chosen near the eastern end of the vein where it has split into two strands. The north strand was intersected by DDH 10B-1 and returned 0.52 m of 9.40 g/t Au and crops out just west of the drill station in a steep, rugged gully where the trench will be located.
Additional fieldwork will include geological mapping, metallurgical sampling and new prospecting on the property as a follow up to the Company's 2018 LiDAR survey. The survey accurately identified all of the known mineralized quartz veins, as well as a minimum seventeen additional structures that are similar in geometry and appearance within the same quartz diorite host.
To date, prospecting, mapping and drilling has tested less than 1,000m of the 4,600m gold trend, and this survey clearly extends the prospective structures for another >1,400 m to the southeast and 400 m to the northwest. These new structures will be prospected, mapped, and sampled to assess each one. All targets are located within the Company's current claim portfolio.
Ian Klassen, President reports "As a follow up to our 2019 updated mineral resource calculation, we are enthusiastic to conduct "on the ground" reconnaissance of the LiDAR survey targets. We are hopeful to find additional structures similar to the ones that host the Herbert Gold's expanding Indicated resource of 606,000 ounces at an average grade of 10.03 g/t gold and Inferred resource of 252,000 ounces at an average grade of 14.15 g/t gold."
Lastly, the Company announces that, subject to TSX Venture Exchange approval, it has granted incentive stock options to various directors, officers and consultants to purchase up to 900,000 common shares exercisable on or before July 29, 2024 at a price of $0.15 per share. The Company also announces that it has cancelled a total of 400,000 incentive share options which consisted of 250,000 priced at $0.15 expiring on February 23, 2023, 50,000 priced at $0.20 expiring on July 29, 2022, and 100,000 priced at $0.15 expiring on July 13, 2021.
The qualified person for this news release is Mr. Carl Hale, P.Geo. Mr. Hale is a Qualified Person as defined by 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 is quoted 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).
ON BEHALF OF THE BOARD
Ian M. Klassen
President & Chief Executive Officer
Tel: (604) 899-0106
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