GROETE GOLD COPPER PROJECT PERMIT RENEWED

Rhea-AI Summary

Gold Port Corporation has successfully renewed its Mining Permits for the Groete Gold Copper Project in Guyana for five years, now valid until July 2027. The company controls three permits totaling 1,384 hectares, with plans to potentially convert them into a Mining License. A 10,000 meter drill program is set to begin, aimed at confirming and expanding the existing National Instrument 43-101 compliant resource of 1.57 million gold equivalent ounces. This project is strategically located 64 kilometers from Georgetown, enhancing its logistical advantages.

Positive

• Renewal of Mining Permits for five years until July 2027, allowing for project development.
• Planned 10,000 meter drill program to confirm and potentially expand mineral resources.
• Strategic location of the Groete Project enhances logistical aspects.

Negative

• None.

VANCOUVER, BC, June 23, 2022 /PRNewswire/ -- Gold Port Corporation, (CSE: GPO) (OTCQB: GPOTF) (the "Company") is pleased to announce that the claim group comprising the Groete Gold Copper Project has been renewed for five ensuing years by the Guyana Geology and Mines Commission. The three Mining Permits total 1,384 hectares and are now in effect until July, 2027. During this five year period, the Company has the option to develop the Project and convert the Mining Permits into a Mining License. The Project is strategically located 64 kilometers west-southwest of Georgetown, the capital of Guyana, and 11 kilometers west of the Essiquibo River, a major transportation route in the country. A 10,000 meter development drill program is being initiated to further confirm and potentially expand the known N.I. 43-101 compliant gold copper resource. 

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. The Project Deposit contains a National Instrument 43-101 pit constrained Inferred Mineral Resource Estimate of 1.57 million gold equivalent ( " AuEq" ) oz ("ounces" ) at 0.66 grams per tonne ( "g/t") AuEq including 0.49 g/t gold ("Au") and 0.12% copper ("Cu") contained in 74.0 million tonnes ("mt"). An open pit cutoff grade of 0.25 g/t AuEq, a gold price of $ U.S. 1,275 per oz, and a copper price of $ U.S. 3.00 /lb were used for this Mineral Resource Estimate.

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.

Gold Port intends to further evaluate the Groete Gold Copper Project with the intention of potentially expanding and enhancing the current resource. A 10,000 meter drill program is planned to further this objective. A Company owned drill rig is in country and expected to be on site in the coming weeks.

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 Mining Permit renewal for GPOTF?

The renewal allows Gold Port Corporation to continue developing the Groete Gold Copper Project for another five years, crucial for future mining activities.

When will the drill program for the Groete Project begin?

The 10,000 meter drill program is set to initiate soon, aiming to confirm and potentially expand the existing resource.

What is the size of the Groete Gold Copper Project permits held by GPOTF?

The company holds three Mining Permits totaling 1,384 hectares for the Groete Gold Copper Project.

What is the current mineral resource estimate for the Groete Project?

The project contains an Inferred Mineral Resource Estimate of 1.57 million gold equivalent ounces at 0.66 g/t AuEq.