Grande Portage secures 100% interest in Pass Gold Property
VANCOUVER, Oct. 4, 2013 /CNW/ - Grande Portage Resources Ltd. (TSXV: GPG) ("Grande Portage" or "the Company") announces that it has earned an undivided 100% interest in the Pass Gold Property. In consideration of the issuance of an additional 50,000 shares, the Company has obtained written confirmation from the vendor of the Pass Property, located near Smithers, B.C., that the Company has now fully exercised its option to acquire an undivided 100% interest in the property, subject only to the vendor's 3% net smelter returns royalty, one-half of which royalty the Company has the right to acquire for $1 million.
The Pass property is host to gold-silver-poly metallic quartz veins from which grab samples collected in 2006 assayed up to 72.95 g/t gold, 365 g/t silver, 11.13% copper, 29.0% lead and 20.14% zinc. In the fall of 2008, Grande Portage completed 24 drill holes totaling 1600 metres from 4 setups testing a strike length of 700 metres. All holes tested the vein system near surface; additional drilling is required to test the down dip extent of the mineralization and to expand the strike length of the vein system. Highlights of the drilling included a 2.46 metre intersect grading 12.84 g/t gold, 29.21 g/t silver, 4.88% lead and 3.36 % zinc.
The Company has incurred a total of $461,861 in exploration costs on the property over the past six years, and has issued a total of 250,000 common shares to the vendor in order to acquire its interest in the property.
ON BEHALF OF THE BOARD OF DIRECTORS
Ian Klassen, President
Statements about the Company's future expectations and all other statements in this press release other than historical facts are "forward looking statements". Such forward-looking statements are based on numerous assumptions, and involve known and unknown risks, uncertainties and other factors, including risks inherent in mineral exploration and development, which may cause the actual results, performance, or achievements of the Company to be materially different from any projected future results, performance, or achievements expressed or implied by such forward-looking statements.
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