VANCOUVER, Feb. 3, 2012 /CNW/ - Grande Portage Resources Ltd. (TSX-V GPG) ("Grande Portage" or "the Company") is pleased to announce that it has commenced field work at its Merry Widow group of properties, located on northern Vancouver Island.
Recently, Grande Portage received the results from a proprietary geophysical survey conducted by Emerging Science & Technologies Group, Inc. (ES&T). The technology employed is unique and proprietary to ES&T and in essence serves to locate anomalously high concentrations of a targeted substance by keying on the molecular electrical properties unique to a specific target element. For the survey the targeted minerals of interest were gold, silver, copper, iron and cobalt, all of which are present in significant concentrations at the past producing Merry Widow Mine. To determine points of reference for the survey the equipment was setup near the Merry Widow open pit and values recorded from areas of known mineralization based on drill hole data from the 2006 to 2008 drill campaigns. With this reference data obtained from known mineralization ES&T was then able to determine cut-off values for various concentrations of gold, silver, copper, iron and cobalt and use this to determine areas of anomalous metal concentrations, which ES&T referred to as "Points of Interest" (POI's).
The survey outlined 33 POI's throughout a broad area including a number of targets near the old open pit. In mid-January, 2012, GPG began to follow-up on these POI's by means of prospecting and sampling at the location of a given POI to see if mineralization was present near surface. To date, a total of 10 POI's were examined. A preliminary assessment of the areas visited is that they have potential for mineralization as at all sites sulphide-bearing volcanic rocks or highly altered limestone was observed. These units were variably magnetic and sulphide concentrations ranged from trace amounts to 5% locally. A total of 14 rock samples were collected and are currently being analysed by ALS Chemex at their facility in North Vancouver. Once the results are received the Company will make further plans to follow-up any areas of anomalous mineralization.
GPG intends on following up all the anomalies on surface, this work will resume in the early spring as weather improves. Follow-up work will entail additional prospecting, and if warranted a local cut-line grid will be established for subsequent geological mapping, soil geochemistry, geophysical surveys and possible drilling. The surveys will be staged in a systematic manner with advancement to more detailed work dependent upon results of the preceding surveys. The Company is in the process of submitting a 5-year Notice of Work, to allow for detailed exploration of these targets.
The Company also announces, subject to regulatory approval, that it intends to grant incentive stock options to various directors and consultants to purchase up to 1,300,000 common shares at an exercise price of $0.19 per share for a period of five years from date of grant.
This news release has been prepared and approved by Wesley Raven, a geologist with more than 25 years experience and a Qualified Person as defined under NI #43-101.
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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