Grande Portage Resources Ltd.

Published : September 20th, 2012

Grande Portage Resources Ltd. Announces 8.08 Metres of 55.53 gpt Gold

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Keywords :   Canada | Diamond | Gold | Gold Mine | Gold Mines | Lead | Silver | Storage | Zinc |

Grande Portage Resources Ltd. Announces 8.08 Metres of 55.53 gpt Gold


Other Significant Gold Intercepts also Reported

VANCOUVER, Sept. 20, 2012 /CNW/ - Grande Portage Resources Ltd. (TSX-V GPG) ("Grande Portage" or "the Company") is pleased to announce additional assay results from 7 Diamond drill holes from the Deep Trench vein including 1 hole which also intersected the Main vein on its Herbert Glacier gold project located near Juneau, Alaska.

DDH 311A intersected shallow, high grade mineralization totaling 8.08 metres of 55.53 grams per tonne gold (1.621 ounces per ton) from 36.06 metres to 44.14 metres, including 3.58 metres of 108.86 grams per tonne gold (3.179 ounces per ton). Additionally, results from the other F Platform holes effectively extend the mineralized envelope of the Deep Trench vein system westward by approximately 40 meters.

Results of the drilling by the Company in the 2012 season have significantly increased the extent of mineralization by both infill and step-out drilling, have discovered new high grade mineralization within the greater mineralized envelope and have suggested new targets for further exploration.  Project manager Carl Hale stated "In 40 years as a field geologist the Herbert Glacier is one of the most exciting gold projects I have ever worked on in terms of its potential to become a mine and we have thousands of meters of veins which have barely been touched."

To date, 100 per cent of holes drilled have encountered gold mineralization. Since 2010, the Company has completed 97 drill holes from 15 platforms totaling approximately 13,870 metres of NQ2, NQTW and BQTW Diamond drilling, including 51 holes (7340 meters) drilled to date in 2012 (most of which assays are still pending), with at least 12 more holes planned before season's end. Additional drilling will focus on the Main Vein system and the Goat Vein to the north of Deep Trench and the H Pad on the Deep Trench vein, which will be a 110 meter step-out to the east from G Pad.

20 new holes, totaling approximately 2600 metres, were completed in August in a program designed to test the western extent of the Deep Trench vein, which remains open to the west, east and at depth.  The assay returns from DDH 12O-1, a 50 metre step-out eastward, demonstrates that the vein system remains open, showing a very strong shear zone with up to 1.925 gpt over 1.05 metres. DDH 12O-1 was drilled from a platform designed chiefly to test the Main Vein system and returned a weighted average gold value of 13.85 gpt over 3.12 metres where it intercepted the Main Vein. Additional discussion of the Main Vein and Goat Vein drilling results will be the subject of future news releases.

The Herbert Glacier prospect is in the historic Juneau Gold Belt, formerly a world class district with producers such the A-J and Treadwell mines and literally dozens of smaller gold mines and prospects.  The district has been reactivated by the reopening of Couer Alaska's Kensington gold mine located northwest of the Herbert Glacier property.  Strong community support has also been demonstrated for the rich Green's Creek Mine, a massive sulfide deposit containing silver, gold and zinc located in a parallel trend 20 kilometers to the west.

Core logging and processing of the core for sampling and storage is done at a secure location in Juneau.  Analytical testing of the core samples has been conducted by ALS Canada Ltd., with the sample preparation being done in Anchorage, AK, and analysis of the samples by the Vancouver, B.C. laboratory.  Methods include metallic screening for coarse gold, fire assays, and multi-element ICP analysis.

Hole     From     To     Interval     Thickness     Au,     Au,
Name     (m)     (m)     (m)     True, m     Gr/t     Oz/ton
12F-1     32.89     33.22     0.33     N/A     16.90     0.493
12F-1     127.34     128.58     1.24     0.61     2.66     0.078
12F-1     133.76     134.12     0.36     0.18     7.34     0.214
12F-1     140.01     140.71     0.70     0.34     4.03     0.118
12F-2     13.47     13.84     0.37     N/A     3.39     0.099
12F-2     120.13     120.48     0.35     0.16     3.91     0.114
12F-2     137.79     138.23     0.44     0.20     4.26     0.124
12F-3     13.70     18.34     4.64     N/A     5.25     0.153
12F-3     70.98     71.60     0.62     N/A     4.64     0.135
12F-4     18.56     21.35     2.79     N/A     5.35     0.156
12F-4     24.29     26.31     2.02     N/A     8.35     0.244
12F-4     96.93     100.57     3.64     2.33     2.89     0.084
12F-4     117.50     118.24     0.74     0.47     5.75     0.168
12F-5     85.06     88.16     3.10     1.49     1.41     0.041
311A     36.06     44.14     8.08     5.66     55.53     1.621
Incl:     37.45     41.03     3.58     2.51     108.86     3.179
12O-1
(Main vein)
    92.92     96.04     3.12     2.84     13.85     0.404
12O-1     339.11     340.16     1.05     ~1.00     1.93     0.056

In addition to the above values, DDH 311A returned assay results of up to 92.8 gpt Ag, 2.68% Pb, and 1.25% Zn.  Silver, lead, and zinc normally only occur in appreciable quantities in the highest grade zones of the vein system.

Grande Portage and Quaterra Resources, Inc. (TSX-V: "QTA", NYSE Amex: "QMM") have formed a 65%/35% joint venture for the further exploration and development of the property with each party bearing their proportionate costs.

Lastly, the Company announces that subject to regulatory approval it has granted incentive stock options to various consultants and employees to purchase up 1,000,000 common shares at an exercise price of $0.15 per share for a period of 5 years from date of grant.

This news release has been prepared and approved by Carl Hale, CPG, a geologist with more than 40 years' experience and a Qualified Person as defined under NI #43-101. Mr. Hale is supported by C.C. Hawley, Ph.D., CPG of Hawley Resource Group, Inc. and Alaska Earth Sciences, Inc. of Anchorage, Alaska.

ON BEHALF OF THE BOARD OF DIRECTORS

________________________________________
Ian Klassen, President

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

 

 

SOURCE: Grande Portage Resources Ltd.

For further information:

Mr. Ian Klassen
Phone: (604) 899-0106
Email: ian@grandeportage.com
Website: www.grandeportage.com

.
Data and Statistics for these countries : Canada | All
Gold and Silver Prices for these countries : Canada | All

Grande Portage Resources Ltd.

CODE : GPG.V
ISIN : CA38655P1027
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Grande Portage Res. is a silver and gold exploration company based in Canada.

Grande Portage Res. holds various exploration projects in Canada.

Its main exploration properties are MERRY WIDOW and HERBERT GLACIER in Canada.

Grande Portage Res. is listed in Canada. Its market capitalisation is CA$ 3.5 millions as of today (US$ 2.8 millions, € 2.5 millions).

Its stock quote reached its highest recent level on December 29, 2006 at CA$ 0.93, and its lowest recent point on January 01, 2016 at CA$ 0.01.

Grande Portage Res. has 11 955 237 shares outstanding.

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