Mining Explorers 2012: Grande Portage Resources Ltd.
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Last updated 11/11/2012 at Noon
CPG: TSX-V
Chairman: Paul Bowes
President: Ian Klassen
Vice President, Exploration: Wesley Raven
Drilling completed by Grande Portage Resources Ltd. over the past three years has outlined a high-grade gold deposit at Herbert Glacier that is shaping up to be on par to its neighbors in the Juneau Gold Belt of Southeast Alaska.
Located about 35 kilometers northwest of the historical Treadwell Mine and about the same distance southeast of Coeur d'Alene Mines' Kensington operation, Herbert Glacier lies along a trend legendary for giving up high-grade mesothermal gold deposits.
Since signing a joint venture agreement with Quaterra Resources Inc. in 2010, Grande Portage has set out to confirm and expand on high gold grades drilled by Echo Bay Resources during the 1980s.
Earning a 65 percent stake in the project in 2011, Grande Portage released an inaugural resource for Herbert Glacier.
Based on 65 core holes (9,386 meters) and four trenches (19.7 meters) along the Main and Deep Trench veins, the estimate outlines an inferred resource of 245,145 ounces of gold at an average grade of 4.86 grams per metric ton in 1.57 million metric tons of ore.
The resource areas of Deep Trench and Main represent about 30 percent of the some 3,700 meters of strike extent of five vein systems mapped at Herbert Glacier and the depth of these mesothermal veins is only limited by drilling.
In July, Grande Portage launched a 15,000-meter drill program at Herbert Glacier.
About 12,000 meters of this program is designated to upgrade and expand the resource through infill drilling.
The balance of the program tested the strike extent of Deep Trench and Main as well as testing other parallel vein targets such as Goat.
Highlights from initial drilling at Deep Trench include hole 12E-1, which intersected 3.34 meters (true thickness 2.47 meters) averaging 17.79 grams per metric ton gold; hole 12G-5, which intersected 5.73 meters (true thickness 3.55 meters) averaging 20.3 g/t gold; hole 12G-3, which cut 3.15 meters (true thickness of 2.05 meters) averaging 15.6 g/t gold; and hole 309B; which cut 4.07 meters (true thickness 2.60 meters) averaging 11.3 g/t gold.
Drilling at the eastern edge of the Deep Trench resource area encountered a new high-grade zone.
Hole DDH 311A, drilled into this shoot, cut 8.08 meters (true thickness of 5.66 meters) averaging 59.91 g/t gold starting at a depth of 36 meters, including 3.58 meters of 117.54 g/t gold.
Grande Portage said Deep Trench can be traced at surface over a strike length of 1,000 meters and is open at depth.
DDH 12O-1, the first hole drilled at Main in 2012, cut 13.85 g/t gold over 3.12 meters.
DDH 12O-1 is a 50-meter eastward step-out on Main, indicating the vein remains open in this direction.
The Goat Creek vein, which runs parallel to the north of the Main vein, is another target of 2012 drilling.
Though assay results from the Goat Creek drilling are pending at the time of this report, visible gold observed in one of the initial holes indicates the high-grade tenor of the gold mineralization of this vein system.
Cash and short-term deposits: C$2.17 million (at Apr. 30, 2012)
Working capital: C$3.5 million (at Apr. 30, 2012)
Market capitalization: C$11.7 million (at Sept. 20, 2012)
202 - 750 West Pender St.
Vancouver, B.C. Canada, V6C 2T7
Tel: 604-685-1144 Fax: 604-685-9887
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