135% Increase for Indicated Gold Category and 206% Increase for Inferred Gold Category
Vancouver, British Columbia–(Newsfile Corp. – May 7, 2019) – Grande Portage Resources Ltd. (TSXV: GPG) (OTCQB: GPTRF) (FSE: GPB) (“Grande Portage” or the “Company”) is pleased to report a new NI 43-101 Independent Mineral Resource Estimate for its 100% controlled Herbert Gold Project located in S.E. Alaska.
The Mineral Resource estimate is quoted at a base case mineral resources cut-off grade of 2.50 grams per tonne gold (g/t Au) and consists of:
- An indicated resource of 606,500 ounces of gold at an average grade of 10.03 g/t Au (1,880,500 tonnes); and
- An inferred resource of 251,700 ounces of gold at an average grade of 14.15 g/t Au (553,429 tonnes).
Commenting on these results, Ian Klassen, President and CEO of Grande Portage stated, “We are extremely pleased to release the revised independent resource estimate for the Herbert Gold Property, the result of a very diligent effort on the part of the Company’s exploration team. We are confident that we will continue to significantly expand the resource as we further identify and drill test the prolific nature of this mesothermal vein deposit. We are very impressed with not only the increase in the indicated and inferred categories but the overall grade of the resource continues to improve too.”
The updated NI43-101-compliant resource estimate, authored by DRW Geological Consultants Ltd., used a total of 154 drill holes and 6 channel cuts to calculate the Mineral Resource. At total of 3,463 samples were assayed for gold and 2096 samples were analyzed for additional pathfinder elements. There were 1,171 unassayed sections of core that are assumed to be 0 gpt gold.
Table 1. Sensitivity Analysis-Indicated Mineral Resource by Cut-off
Table 2. Sensitivity Analysis-Inferred Mineral Resource by Cut-off
Table 3. Indicated Mineral Resourced at 2.5 gpt cut-off, by vein
|Vein||Tonnes||Au gpt||ounces Au|
|Deep Trench HW||91,000||2.64||7,720|
Table 4. Inferred Mineral Resource at 2.5 gpt cut-off, by vein
|Vein||Tonnes||Au gpt||ounces Au|
|Deep Trench HW||40,800||2.67||3,490|
- Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. The estimate of Mineral Resources requires assumptions that are believed to be reasonable and may be materially affected by environmental permitting, legal, title, taxation, sociopolitical, marketing or other relevant issues.
- All quantities are rounded to an appropriate significant figure and sums may not add up due to rounding.
The drill core was boxed on site by the drill contractor and was slung by helicopter in supersacks to the secure Coastal Helicopter hanger area where it was received. The core was laid out on logging tables in the Company’s warehouse by crew or when the tables were full, stored on pallets in the front open area inside. The geotech crew converted all marker blocks in boxes into metric numbers, straightened and arranged the core to approximate original bedrock and cleaned the core in preparation for photographing. Geotechnical information was gathered at this point. Core recovery, RQD measurements and rock competency determinations were noted. Geologists then marked the core and boxes for intervals that were sampled and placed the numbered sample tag at the start of the interval. Tags were stapled at the start of the interval to be sampled so the number is clearly visible in the photographs. Tags were reserved and removed from the sequence in the boxes at this point and blanks and standards were inserted. Sample tickets have two tear-off tags; one was placed in the corebox and one was placed inside the sample bag.
Certified standards were interjected at the rate of 5% or one for every 20 samples and blanks were used at the same rate in general except that they were inserted after high grade intercepts were expected or noted. Photos of each box were taken by the geotechnician with the label board clearly and accurately marked for hole number, box number and footage. Photos were given to the project geologist on SD card for renaming files and storing in master computer. The core was logged by a Company geologist after photographing. The geologist would confirm that the hole or part of the hole was through being logged, the geotech crew saws/splits the sample intervals. The splitter determines how best to cut the core so both halves are equally mineralized and also maintain the structural integrity of the remaining half so future inspection is most meaningful. Sample intervals were sawn and bagged with plastic bags used inside of cloth bags for highly broken, powdered, gougey, crumbly, or clay-rich samples or just canvas bags for competent intervals. Sample tags for that interval were placed inside the bag with the sample and the sample number written on the outside of the bag in permanent marker.
The sample saw was kept clean with care taken after cutting samples from a known high grade mineralized zone. Samples were then placed inside the secure warehouse in the area reserved for shipment preparation. Blanks and standards were added to the samples for shipment using the tags which were reserved out of the sequence while first marking the intervals to be sampled earlier. After the hole was finished being sampled, the sample transmittal forms were filled out and the individual samples were aggregated in larger rice bags, labeled for shipment and hauled to Alaska Air Freight by authorized Grande Portage personnel and shipped to:
ALS Prep Lab
1060 Bush Street
Fairbanks, AK 99709
Ph.# 907 452-2188
ALS is a commercial laboratory with ISO17025 certification, independent of GPG. It operates a preparation facility in Fairbanks, Alaska with analytical facilities in North Vancouver, B.C. The Qualified Person’s opinion is that the Company’s sample preparation, security and analytical procedures were and are appropriate for this project.
Nine wire-frame models were created based on geology and the assay distribution observed in individual drill logs as viewed in 3D. Composites (1.5m) were clipped to the wire-frames which were populated with 1.5m x 8m x 8m blocks rotated into the plan of the veins which had grades estimated using inverse distance squared techniques using 100 m search radius for a minimum of 2 and maximum of 8 composites. Blocks within 60 m of composites are considered Indicate Mineral Resources and blocks between 60 and 100 m are considered Inferred. In order to reduce the influence of individual high-grade composites, blocks for the Goat Vein required a minimum of 3 and maximum of 8 composites. The resource assumes underground mining techniques, a gold price of $1,300 and are reported at a 2.5 gpt cut-off. Composites were capped at 125 gpt. Statistical analysis of the composites indicate that a top cut of 125 gpt gold is appropriate.
The recent drilling program returned some very high-grade intercepts including:
|Drill/Channel||From (m)||To (m)||Length (m)||Grade (Au gpt)|
All samples have been assayed for gold using ICP and FA techniques, with recent samples being analyzed by ALS Canada Ltd., an independent ISO/IEC 17025:2005 and 9001:2015 certified laboratory using CRU-31, SPL-22Y, PUL-31 preparation and As-OG62, Au-ICP21, Au-GRA21, ME-ICP61 and ME-OG62 analytical procedures.
The Mineral Resource is strongly influenced by a number of exceptionally high-grade intercepts in the new drilling that was focused on extending the Goat Vein. The eastern-most intercepts had the effect of adding substantially to the resource in this Goat Vein as they were unconstrained by samples further to the east. This is mitigated by the fact that multiple high-grade values and only one “average” grade value have been encountered on the eastern-end of the Goat Vein. Consequently, this vein contributes substantially to the estimate, representing 46% of the Indicate Mineral Resource and 87% of the Inferred Mineral Resource. Previous resources were reported as uncut values, however, a 125 gpt cut on all composites, and a requirement for a minimum of 3 composites on the Goat Vein (minimum 2 composites on all other veins) was instituted in this report to reduce the influence of these very high-grade values.
A full technical report will be filed with the relevant regulatory authorities within 45 days of this release.
Dr. D.R. Webb, Ph.D., P.Geol., P.Eng is the QP within the meaning of NI 43-101 and has reviewed and approved the technical disclosure in this release. Dr. Webb is independent of Grande Portage within the meaning of NI 43-101.
About Grande Portage:
Grande Portage Resources Ltd. is a Tier 2 publicly traded mineral exploration company principally 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 nearly seven million ounces of gold.
ON BEHALF OF THE BOARD
Ian M. Klassen
President & Chief Executive Officer
Tel: (604) 899-0106
Email: [email protected]
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED UNDER THE POLICIES OF THE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/44578