Gold Port Resources: Sampling Confirms and Expands Gold Mineralized Zone at
Groete Creek, Drill Program Planned
Symbol: GPO TSX-V
VANCOUVER, May 19 /CNW/ - Gold Port Resources Ltd. (the "Company")(TSX-V:GPO) is pleased to announce results from a recent ground reconnaissance program at the Groete Creek and Georgetown West Projects located in Guyana, South America. The two projects are contiguous and comprise approximately 3,200 hectares. The area is located some 43 miles southwest of Georgetown, the capital city of Guyana. Groete Creek is comprised of three Mining Permits, and Georgetown West is comprised of six Mining Permits. Gold Port recently removed a significant number of illegal gold miners from the Groete Creek area. The Georgetown West area is the location of ongoing mining activity by local Guyanese with the permission of the owner. Results of the recent ground reconnaissance program have significantly expanded the gold horizon across the two projects.
A total of 47 samples were taken at Groete Creek, and 24 samples were taken at Georgetown West. All samples were grab samples unless noted, with all the anomalous results above 0.10 grams per tonne gold ( gpt Au ) reported in the table at the bottom of this press release.
At Groete Creek, 29 of the samples returned values greater than 0.10 gpt Au, and as high as 2.78 gpt Au. At one pit location, gold was confirmed to be present in the saprolite, exposed bedrock and quartz. Sample GC-32 returned 1.29 gpt Au from piled saprolite awaiting processing, and GC-38 returned 1.09 gpt Au from the wall of the pit. Of further interest is sample GC-23 which returned 2.78 gpt Au, and sample GC-36 which returned 1.79 gpt Au. Both samples were from saprolite recently excavated and piled. Sample GC-37 from the bottom of a working pit returned 2.02 gpt Au and sample GC-39 from piled weathered rock near a pit returned 1.08 gpt Au. Sample GC-41 of a granite outcrop ( bedrock ) returned 0.80 gpt Au. Sample GC-75 from a quartz pile returned 1.71 gpt Au.
At the Georgetown West Project, 16 samples returned values greater than 0.10 gpt Au, with a high of 7.97 gpt Au, along with significant copper at one location. Of note are results from the horizontal sampling of a pit face, taking weathered bedrock in .5 meter chips. Sample RH-001 returned 5.75 gpt Au with 179 parts per million copper ( ppm Cu ), Sample RH-002 returned 0.27 gpt Au with 182 ppm Cu, and sample RH-003 returned 7.97 gpt Au with 280 ppm Cu. Of further interest is a weathered bedrock sample, RH-012 which returned 0.906 gpt Au.
The results have confirmed gold mineralization over a five kilometer strike from the western most claim of the Groete Creek Project to the eastern claims of the Georgetown West Project, with gold found in quartz, saprolite and bedrock. A sample program of operating and abandoned sluice boxes, and tails returned insignificant gold values, indicating recovery by local miners is extracting most of the gold. Full sample details are provided below.
Groete Creek was originally explored by the United Nations Mineral Survey and subsequently, Coeur d' Alene Mines (TSX:CDM ). The exploration which included drilling allowed Coeur d' Alene Mines to calculate by using a simple polygonal method, a non-NI 43-101 compliant resource of approximately 94 million tonnes grading 0.6 grams per tonne gold and 0.11% copper. ( Caution: The issuer has not done the work necessary to verify the classification of the resource or reserve, the issuer is not treating them as a NI 43-101 defined resource or reserve verified by a qualified person, and the historical estimate should not be relied upon ). This gold mineralized zone is contained within the western portion of the Groete Creek project permits, over approximately 1,000 meters of strike.
Samples were collected under the direct supervision of George C. Sharpe, a Qualified Person as per NI 43-101. For security, each sample was bagged and tagged by Mr. Sharpe and shipped directly to Loring Laboratories of Georgetown. Loring completed a fire assay for gold with a metallic finish. Mr. Sharpe as QP has reviewed the content of this press release.
Based upon the historical data, sampling by the Company and recent significant mining activity, management believe the Groete Creek / Georgetown West projects offer the opportunity to confirm and expand a significant gold deposit. The next phase of exploration will involve a ground geophysical program which will be followed by a drill program. The Company owns heavy equipment and a track mounted drill rig ideally suited for this purpose. A full camp is established on site and personnel are in place. The Company proposes to complete a 25 hole, 6,000 meter drill program in the immediate future, pending financing. The program will seek to establish the historical gold zone to NI 43-101 standards, and if possible, expand the area.
Groete Creek Sample Results ------------------------------------------------------------------------- Sample Gpt/AU Notes ------------------------------------------------------------------------- GC1 0.37 4 meter vertical chip sample from pit side ------------------------------------------------------------------------- GC2 0.75 4 meter vertical chip sample form pit side ------------------------------------------------------------------------- GC3 0.51 4 meter vertical chip sample form pit side ------------------------------------------------------------------------- GC12 0.36 Quartz debris ------------------------------------------------------------------------- GC16 0.114 Saprolite from pit sample ------------------------------------------------------------------------- GC17 0.148 Saprolite from pit ------------------------------------------------------------------------- GC23 2.78 Saprolite pile ------------------------------------------------------------------------- GC26 1.94 Quartz sample ------------------------------------------------------------------------- GC27 0.10 Saprolite from pit top ------------------------------------------------------------------------- GC28 0.18 Saprolite at pit bottom ------------------------------------------------------------------------- GC29 0.18 Piled saprolite ------------------------------------------------------------------------- GC30 0.79 Soil sample at stripped area ------------------------------------------------------------------------- GC31 0.44 Soil sample at stripped area ------------------------------------------------------------------------- GC32 1.29 Saprolite pile ------------------------------------------------------------------------- GC33 0.64 Saprolite pile ------------------------------------------------------------------------- GC34 0.64 Saprolite pile ------------------------------------------------------------------------- GC35 0.80 Saprolite pile ------------------------------------------------------------------------- GC36 1.79 Saprolite pile ------------------------------------------------------------------------- GC37 2.02 Saprolite from working pit ------------------------------------------------------------------------- GC38 1.09 Saprolite from wall of working pit ------------------------------------------------------------------------- GC39 1.08 Piled weathered rock ------------------------------------------------------------------------- GC40 0.10 Quartz vein ------------------------------------------------------------------------- GC41 0.80 Granite outcrop ------------------------------------------------------------------------- GC42 0.20 Quartz discard near pit ------------------------------------------------------------------------- GC52 0.43 Saprolite from pit wall ------------------------------------------------------------------------- GC57 0.39 Quartz discard at pit ------------------------------------------------------------------------- GC60 0.60 Saprolite form wall of working pit ------------------------------------------------------------------------- GC75 1.71 Quartz pile ------------------------------------------------------------------------- GC77 0.20 Quartz pile ------------------------------------------------------------------------- Georgetown West Sample Results ------------------------------------------------------------------------- Sample Gpt/AU PPM/CU Notes ------------------------------------------------------------------------- RH-001 5.75 179 .5 meter chip of weathered bedrock ------------------------------------------------------------------------- RH-002 0.27 182 .5 meter chip of weathered bedrock ------------------------------------------------------------------------- RH-003 7.97 280 .5 meter chip of weathered bedrock ------------------------------------------------------------------------- RH-004 0.1 159 .5 meter chip of weathered bedrock ------------------------------------------------------------------------- RH-007 0.20 Weathered sediment ------------------------------------------------------------------------- RH-009 0.28 Gravel near shaft location ------------------------------------------------------------------------- RH-010 0.47 Bottom of pit ------------------------------------------------------------------------- RH-012 0.90 Bedrock above pit ------------------------------------------------------------------------- RH-013 0.347 Tail form operating sluice ------------------------------------------------------------------------- RH-016 0.50 Quartz vein in trench ------------------------------------------------------------------------- RH-017 0.2 Abandoned pit ------------------------------------------------------------------------- RH-018 0.13 Saprolite in abandoned trench ------------------------------------------------------------------------- RH-019 0.488 Saprolite from abandoned trench ------------------------------------------------------------------------- RH-020 0.10 Sediment outcrop ------------------------------------------------------------------------- RH-023 0.20 Saprolite ------------------------------------------------------------------------- RH-024 0.13 Saprolite -------------------------------------------------------------------------
The contents of this Press Release have been reviewed by George Sharpe, a Qualified Person as defined in NI 43-101.
On Behalf of the Board of Directors of Gold Port Resources Ltd. Adrian F.C. Hobkirk, President and Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts 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. The transaction described in this News Release is subject to a variety of conditions and risks which include but are not limited to : regulatory approval, shareholder approval, market conditions, legal due diligence for claim validity, financing, political risk, security risks at the property locations and other risks. As such, the reader is cautioned that there can be no guarantee that this transaction will complete as described in this News Release. We seek safe harbour.
For further information: For further information: Adrian Hobkirk at (714) 316-3272 or Allan Feldman at AJF Consultants Ltd. at (604) 948-9663 or email: [email protected]
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