Groete Gold Project Permit Update

Rhea-AI Summary

Gold Port (CSE: GPO) (OTCQB: GPOTF) has announced the renewal of its Groete Gold Copper Project mining permits in Guyana until July 2027. The project, located 64 km west-southwest of Georgetown, comprises three Mining Permits totaling 1,384 hectares. The company has the option to develop the project and convert the permits into a Mining License during this five-year period.

The Groete project boasts a large inferred resource of 1.57 million tonnes AUCUEQ (Gold Copper Ounce Equivalent), based on a 2019 NI 43-101 report. With the current gold price exceeding $2,470 per ounce, significantly higher than the $1,275 used in the resource calculation, the project's potential value has increased. Gold Port is now planning a drill program to enhance and potentially expand the current resource, utilizing its own drill equipment in Guyana.

Positive

• Renewal of mining permits for the Groete Gold Copper Project until July 2027
• Large inferred resource of 1.57 million tonnes AUCUEQ
• Potential for resource expansion with open directions for further drilling
• Increased project value due to higher current gold prices ($2,470/oz vs $1,275/oz used in resource calculation)
• Company owns drill equipment in Guyana for planned expansion program

Negative

• Current resource is in the inferred category, which has a lower confidence level

VANCOUVER, BC, Sept. 17, 2024 /PRNewswire/ -- Gold Port Corporation (CSE: GPO) (OTCQB: GPOTF) (the "Company") is   is pleased to announce that the 100% owned claim group comprising the Groete Gold Copper Project has been renewed for the ensuing year 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.

The Company has recently completed a project review given the continued strong upward trend in the gold price. The Groete project has a large gold copper inferred resource of 1.57 million tonnes AUCUEQ (Gold Copper Ounce Equivalent), (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 Inc., dated April 16, 2019, available on SEDAR and the Company website at www.goldportcorporation.com.) and is open in all directions for further potential tonnage  expansion drilling. The noted resource was calculated based upon $ U.S. 1,275 per ounce gold, a far lower value than the present gold price of over $ U.S. 2,470 per ounce. The project is well located to infrastructure and in a mining friendly country with Guyana boasting the fastest growing economy in the world according to the World Bank.

The Company is interviewing additions to management to facilitate a drill program to enhance and potentially expand the current known resource. The Company has its own drill equipment in Guyana to complete the program.

About Gold Port Resources Corporation

Gold Port Resources Corporation ( GPO ) is focused on the further exploration and development of the 100% owned Groete Gold Project, located in Guyana, South America. The current focus of the Company is to enhance the N.I. 43-101 gold deposit defined at the Groete Project to a higher grade lower tonnage resource. The Project was last explored in 2012, which included a drill program that allowed the calculation of an Inferred Mineral Resource of 1.57 million gold equivalent ounces (gold plus copper) within 74 million tonnes, at a grade of 0.66 grams per tonne gold equivalent.  A cut-off grade of 0.25 gold equivalent grams per tonne, a gold price of US$1,275 per ounce and copper price of US$3.00 per pound was used in the calculation of the Inferred Mineral Resource.  Details of the Mineral 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 Inc., 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 this press release and approves the scientific and technical content.

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 current status of Gold Port 's (GPOTF) mining permits for the Groete Gold Copper Project?

Gold Port 's mining permits for the Groete Gold Copper Project have been renewed until July 2027, covering three Mining Permits totaling 1,384 hectares.

What is the inferred resource of the Groete Gold Copper Project owned by Gold Port (GPOTF)?

The Groete Gold Copper Project has an inferred resource of 1.57 million tonnes AUCUEQ (Gold Copper Ounce Equivalent), based on a 2019 NI 43-101 technical report.

How has the increase in gold price affected the potential value of Gold Port 's (GPOTF) Groete project?

The potential value of the Groete project has increased significantly, as the current gold price exceeds $2,470 per ounce, compared to the $1,275 per ounce used in the original resource calculation.

What are Gold Port 's (GPOTF) plans for the Groete Gold Copper Project in 2024?

Gold Port is planning a drill program to enhance and potentially expand the current resource, using its own drill equipment in Guyana.