Drill Rig and Management Appointment

Rhea-AI Summary

Gold Port Corporation announced the completion of a Discovery I Core Rig by Multi-Power Products Ltd, set to be delivered to Guyana for a 10,000-meter core drill program aimed at expanding and upgrading the inferred resource. The company appointed two key managers: Samantha Latchman as Country Manager and Gerardo Martinez as Drilling Operations Manager, both bringing extensive experience in the mining industry. Gold Port has defined an inferred mineral resource of 1.57 million gold copper equivalent ounces.

Positive

• Completion of the Discovery I Core Rig enhances operational capabilities.
• Appointment of experienced management strengthens project oversight.
• Planned 10,000-meter drill program targets resource expansion.

Negative

• None.

VANCOUVER, British Columbia, Jan. 20, 2022 /PRNewswire/ -- Gold Port Corporation, (CSE: GPO) (OTCQB: GPOTF) (the "Company") is pleased to announce that fabrication of a Discovery I Core Rig, by Multi-Power Products Ltd of Kelowna, B.C., has now been completed. The state-of-the-art track mounted rig system along with support equipment and supplies is now being scheduled for delivery to Port of Georgetown, Guyana, and subsequently to the project. To compliment the program, two key management appointment have been made:

I. Country Manager: Ms. Samantha Latchman has been appointed Country Manager, Georgetown, Guyana. Ms. Latchman has extensive experience in the mining industry in Guyana and has served Troy Resources for the past four years as Manager of Human Resources, managing over 300 employees. Ms. Latchman holds a master's degree in Human Resources Management from Bedfordshire University and a Diploma in Business from Cambridge University.

II. Drill Operations Manager: Mr. Gerardo Martinez has been appointed Manager of Drilling Operations. Mr. Martinez has extensive drilling experience having served Exploservice Guyana as Drilling Manager at the Karouni Mine site, owned by Troy Resources since 2015. He holds a Mining Engineering Degree from the National University of San Juan, Argentina.

Upon equipment arrival on site, a 10,000-meter core drill program is planned to begin. The intent of the program is to potentially expand the known inferred resource and to upgrade the resource definition to measured and indicated. Camp improvement and logistical arrangements are currently being completed to allow drilling to begin as soon as possible after locating the rig on site. The project is very well located close to infrastructure and deep-water access. The Company is very well funded to complete the planned exploration program.

About Gold Port Corporation

Gold Port Corporation is the 100% owner of three Mining Permits comprising the Groete Gold Copper Project, located in Essequibo, Guyana. Exploration to date has defined an Inferred Mineral Resource of 1.57 million gold copper equivalent ounces within 74 million tonnes a grade of 0.66 grams per tonne gold copper equivalent using a cutoff grade of .025 gold copper ounce per tonne equivalent and a gold price of $US 1,275 per ounce and a copper price of $US 3.00 per pound.  Details of the resource are contained in a National Instrument 43-101 report titled Technical Report and Updated Mineral Resource Estimate on the Groete Gold Copper Deposit, Groete Property, Guyana, South America by P & E Mining Consultants Ltd., dated April 16, 2019, available on SEDAR and the Company website at www.goldportcorporation.com.

On behalf of the Board of Directors

Adrian F. C. Hobkirk
President, CEO and Director
T: 954-684-8040
E: info@goldportcorporation.com
W: www.goldportcorporation.com

Mr. William Feyerabend, a Consulting Geologist and Qualified Person under National Instrument 43-101, participated in the writing of, and has reviewed and approves of the technical disclosure contained in this press release.

No stock exchange or securities regulatory authority has reviewed or accepted responsibility for the adequacy or accuracy of this release.

This news release contains certain "forward-looking statements" within the meaning of Section 21E of the United States Securities and Exchange Act of 1934, as amended. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements. Forward-looking statements are based upon opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors which could cause actual results to differ materially from those projected in the forward-looking statements. The reader is cautioned not to place undue reliance on forward- looking statements. We seek safe harbor.

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SOURCE Gold Port Corporation

FAQ

What is the significance of the Discovery I Core Rig for GPOTF?

The Discovery I Core Rig is crucial for Gold Port Corporation as it enables the initiation of a 10,000-meter drilling program aimed at expanding the inferred mineral resource.

Who are the new management appointees at Gold Port Corporation?

Gold Port Corporation appointed Samantha Latchman as Country Manager and Gerardo Martinez as Manager of Drilling Operations.

What is the inferred mineral resource reported by Gold Port Corporation?

Gold Port Corporation has reported an inferred mineral resource of 1.57 million gold copper equivalent ounces.

When was the press release for GPOTF issued?

The press release announcing developments at Gold Port Corporation was issued on January 20, 2022.