VANCOUVER, March 28 /CNW/ - Grande Portage Resources Ltd. (TSX-V GPG)
("Grande Portage" or "the Company") is pleased to announce that it has entered
into an option agreement to acquire an undivided 100% interest in another nine
additional mineral claims known as the New Mine Property, covering 2,050
hectares, contiguous to the Pass Property, and also located in the Omenica
Mining Division, B.C. The option agreement provides for an option payment of
$7,500 and the issuance of up to 200,000 common shares in aggregate to two
arm's length vendors in two installments, and the expenditure of not less than
$500,000 on the property by August 30, 2011. The vendors will retain a 1.5%
net smelter returns royalty, of which the Company can purchase one-half for
$1,000,000, or the entire royalty for $2.0 million at any time.
These showings will be evaluated in conjunction with the work planned for
the Pass Property showings, which were examined briefly in 2007 and reported
very high-grade gold, silver copper lead and zinc values from select grab
samples from old trenches.
The Company is currently planning an exploration program to follow-up on
these results. This work will include closely spaced grid-based soil sampling
and ground geophysics (Mag and EM) to expand the area of known mineralization
and to test the geophysical signature over the trenches. In addition the
trenches will be remapped and all available data compiled prior to drill
testing of the property. Drilling will comprise approximately 2000 metres in
10-15 holes to test the strike and downdip continuity of the vein. It is
anticipated that the grid work on the lower elevations, to test for extensions
to the vein systems, will commence in mid-April to May, after spring breakup.
When the alpine reaches of the property are largely clear of snow the trenches
will be remapped and systematically sampled and the grid-based ground
geophysics will be initiated. Once the data has been compiled drill targets
will be selected and the drill program will commence; this is expected to be
The New Mine Property envelops the Pass property and has five known
mineral occurrences recorded in Energy, Mines and Petroleum Resources MINFILE
database. The occurrences are as follows:
1) Zap (Big Four): This showing is located 2.4 kilometres east of the
Pass property showings. Mineralization is associated with quartz veining
in granodioritic stock of the Eocene Nanika Intrusions. Several quartz
veins are reported varying in width from 0.9 to 2.4 metres, striking
northwesterly and hosting pyrite, chalcopyrite, galena and sphalerite.
Minor development was undertaken in the 1920's and a 0.5 metre sample
collected from the bottom of a shaft assayed trace gold, 68.6 g/t silver,
trace copper, 34% lead and 3% zinc. Approximately 1.8 tonnes of material
was mined from a well mineralized quartz vein over a width of about 6
metres. A selected sample of the best mineralization assayed 0.69 g/t
gold, 246.9 g/t silver, 36.3% lead and 2.5% copper .
2) Zap South: located approximately 1.3 kilometres north of the Pass
showing along the northern pass property claim boundary. Local pods and
shears contain chalcopyrite and specularite, no results are reported.
3) Zap North: this showing is located 2.3 kilometres west-northwest of
the pass property showings. Gold and silver values occur in a 60 cm wide
quartz vein that contains 5% pyrite and marcasite; chlorite and epidote
alteration is associated with the vein.
4) Zap West: this showing is located 2.2 kilometres northwest of the pass
property. It is similar to the Zap North showing, with a narrow,
northwest trending quartz vein hosting pyrite, specularite and galena.
5) Whitewater: this showing is located 3.1 kilometres to the south and
comprises a quartz vein within granitic rocks of the Topley intrusion.
The vein varies in width, up to 0.9 metres wide, and has been traced on
surface for approximately 100 metres. Five samples collected from the
vein in 1943 assayed trace to 17.14 g/t gold, nil to 78.86 g/t silver,
0.1 to 5.6% lead and 0.9 to 20.2% zinc.
In addition, the Company is currently awaiting the onset of the spring
snow melt, which in turn, will allow access to the Merry Widow property so
that 2008 exploration work can commence.
Wes Raven, P. Geo., is the qualified person for this project and has
reviewed and verified the contents of this news release.
About Grande Portage Resources Ltd.
Grande Portage Resources Ltd. is a mineral exploration and development
company focused on massive sulphide exploration in British Columbia. Grande
Portage is operated by experienced managers and professionals who have been
effective in discovery, mine development, and mining operations throughout
North and South America, Africa, Europe, and Central Asia. The Company is well
financed with no long term debt. More information is available online at
ON BEHALF OF THE BOARD OF DIRECTORS
Alistair MacLennan, Chairman
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
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS
For further information:
For further information: Mr. Ian Klassen, Phone: (604) 290-5762, Email:
email@example.com, Website: www.grandeportage.com