Sprott invests in Grande Portage drilling
Mining Explorers 2020 - Published January 19, 2021
Last updated 1/17/2021 at 1:38pm
Following a C$3 million investment by Eric Sprott in July, Grande Portage Resources Ltd. launched a 21-hole drill program at its Herbert Gold project about 16 miles north of Juneau in Southeast Alaska.
Going into the 2020 exploration program, Herbert hosted 1.88 million metric tons of indicated resource averaging 10.03 grams per metric ton (605,000 ounces) of gold; plus 553,429 metric tons of inferred resource averaging 14.15 g/t (251,700 oz) gold.
This resource is contained within three nearly parallel quartz veins – Goat, Main, and Deep Trench.
The 2020 program focused on expanding these gold-rich veins and testing over paralleling vein structures – North, Sleeping Giant, Ridge, Floyd, and Elusive.
While assays were slow to come back from the labs due to COVID-19 protocols and an uptick in mid- to late-2020 mineral exploration, Grande Portage began receiving results from its drilling at Herbert Gold.
These initial results include one collared 170 meters east of any other drilling into the Goat vein that cut 2.71 meters averaging 52.34 grams per metric ton gold.
In addition to this high-grade expansion of the Goat vein, the initial assays included intercepts in four of the other veins at Herbert – Ridge, Sleeping Giant, Main and Deep Trench veins.
Highlights include 8.05 meters averaging 5.72 g/t gold in the hanging wall of Goat; 1.46 meters of 23.8 g/t gold in the Ridge structure; 1.07 meters averaging 7.54 g/t gold at Sleeping Giant; 2.38 meters averaging 11.47 g/t gold at Main.
Grande Portage says drilling has extended Deep Trench by about 100 meters to the east and filled in the deep western portion of the vein.
One exploratory hole drilled into the Elusive vein, which is south of Deep Trench, confirmed the existence of this new structure at depth with a 2.5-meter vein intercept with visible gold.
"This drill program reaffirms the emerging and ever-enlarging mesothermal vein system discovered at the Herbert gold project," said Grande Portage Resources President Ian Klassen. "These results continue to expand the resource database and knowledge of this system. All veins drilled have encountered mineralized material. Mesothermal veins are commonly less than two meters wide and at the Herbert deposit often occur in parallel sets."
Sprott's investment in Grande Portage involved the acquisition of 10 million units, which included 10 million shares and 5 million warrants, of the gold exploration company at C30 cents per unit. As a result, Sprott owns roughly 12.8% of Grande Portage's issued and outstanding shares, which could be increased to 18.1%, assuming the exercise of the warrants at C45 cents each.