Grande Portage Resources Announces Interim Drilling Program Update and Drills 17.4 gpt Gold over 2.95 Meters on Goat Vein at the Herbert Gold Property in S.E Alaska

Rhea-AI Summary

Grande Portage Resources provides interim update on summer drill program at Herbert Gold project in Alaska.

Positive

• Drilled approximately 10,000 feet in 8 holes, with drilling ongoing until November.
• Intercepted a four-meter hydrothermally altered structure with 1.2-meter intercept of 7.83 gpt Au.
• Drill hole 23M-1 returned 2.95 meters of 17.4 gpt Au, including 0.92 meters of 55.7 gpt Au.
• Moving drill rig to test eastern portions of Goat Vein and Sleeping Giant Vein.

Negative

• None.

Vancouver, British Columbia--(Newsfile Corp. - September 14, 2023) - Grande Portage Resources Ltd. (TSXV: GPG) (OTCQB: GPTRF) (FSE: GPB) ("Grande Portage" or "the Company") is pleased to provide the following interim update to its summer drill program at the Herbert Gold project located in southeast Alaska.

To date, the Company has drilled approximately 10,000 feet in 8 holes from 3 platforms. Drilling is well into hole 9 now and the balance of the program will continue until November. The Company has only received results on a small percentage of its sample submissions to date while the balance is still at the lab.

Table 1.

	Hole Name	UTM  East	UTM North	Elev. (m)	Target  AZ	Target Dip	Depth (ft)	Depth (m)
1	22/23AB-5	518422	6488508	102	165	-49	1019	310.59
2	23M-1	518130	6488262	82	142	-51.5	1152	351.13
3	23M-2	518130	6488262	82	162	-65	1153	351.43
4	23M-3	518130	6488262	82	199	-66	1153	351.43
5	23M-4	518130	6488262	82	130	-52	1173	357.53
6	23P-1	518414	6488282	141	178	-63	1094	333.45
7	23P-2	518414	6488282	141	178	-75	1234	376.12
8	23P-3	518414	6488282	141	145	-69	1623	494.69
9	23P-4 (ongoing)	518414	6488282	141	136	-53	328	100

 

The first hole was a continuation from 2022 whereby the Company re-entered DDH 22AB-5 drilling to the south and intersected a four-meter hydrothermally altered structure 150 meters beyond the Goat Vein which project geologists interpret to be the Sleeping Giant Vein and which contained a 1.2-meter intercept (3.93 ft) of 7.83 gpt Au. This intercept is anticipated to extend the established resource by extending that zone to depth by approximately 60 meters. DDH 23AB-5 also intersected a footwall vein of the Main Vein showing 0.52 meters (1.8 ft) of 19.7 gpt Au.

After completing drilling activity on Pad AB, the Company moved the rig to Pad M where it drilled 4 holes to test the western Goat Vein and the Goat Hanging Wall targets. All drill holes intersected mineralization in the targeted Goat Vein. Drill hole 23M-1 returned 2.95 meters (9.7 ft) of 17.4 gpt Au which includes 0.92 meters (3.01 ft) of 55.7 gpt Au.

This hole was located 45 meters west of the Company's historical DDH 18M-6 (61.83 gpt Au/1.2meters), 80 meters above DDH 18M-7 (3.25 gpt Au/2.0 meters), 40 meters below DDH 17L-2 (NSV), and 50 meters east of DDH 17L-4 (5.90 gpt Au/6.3 meters). Assays are currently pending on the other holes. Drill hole 23M-1 was designed to fill in a gap in the Goat Vein mineral resource and should assist in upgrading the confidence in the mineral resource in this area.

The Company then moved the drill rig to Pad P where 4 holes total will be drilled. DDH 23P-3 extended southward past the Goat Vein and intersected the Sleeping Giant Vein. The Company has completed 3 holes from this pad and is pleased to confirm quartz mineralization has been encountered in the holes. Intercept sample analyses from these holes are also pending.

Once the Company completes drilling at Pad P, the drill rig will be moved to Pad BB which is the easternmost drill pad on the property where it will drill at least four holes testing the eastern portions of the Goat Vein and the Sleeping Giant Vein. These holes will test the eastward projection of a higher-grade section of the Goat Vein into open territory.

Mr. Ian Klassen, President and CEO, reports that, "Our plan in 2023 was to fill in gaps in the established resource to allow for a higher level of confidence in any new resource estimate and to have valuable incremental step outs in areas that had demonstrated mineralization in the past that might be open for expansion."

This news release has been prepared and approved by Carl Hale, CPG, a geologist with more than 40 years of experience and a Qualified Person as defined under NI #43-101.

About Grande Portage:

Grande Portage Resources Ltd. is a publicly traded mineral exploration company focused on the Herbert Gold discovery situated approximately 25 km north of Juneau, Alaska. The Company holds a 100% interest in the Herbert property. The Herbert Gold property system is open to length and depth and is host to at least six main composite vein-fault structures that contain ribbon structure quartz-sulfide veins. The project lies prominently within the 160km long Juneau Gold Belt, which has produced over seven million ounces of gold. The Company's updated NI#43-101 Mineral Resource estimate reported at a base case mineral resources cut-off grade of 3.0 grams per tonne gold (g/t Au) and consists of: an indicated resource of 1,196,800 ounces of gold at an average grade of 10.23 g/t Au (3,637,000 tonnes); and an inferred resource of 325,900 ounces of gold at an average grade of 8.91 g/t Au (1,138,000 tonnes), as well as an Indicated resource of 686,700 ounces of silver at an average grade of 5.87 g/t Ag (3,637,000 tonnes); and an inferred resource of 169,300 ounces of silver at an average grade of 4.63 g/t silver (1,138,000 tonnes).

ON BEHALF OF THE BOARD

"Ian Klassen"
Ian M. Klassen
President & Chief Executive Officer
Tel: (604) 899-0106
Email: Ian@grandeportage.com
www.grandeportage.com

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/180550