VANCOUVER, Dec. 6 /CNW/ - Grande Portage Resources Ltd. (TSX-V GPG)
("Grande Portage" or "the Company") is pleased to announce the start of a
diamond drilling program on the Company's Teihsum River Project (optioned from
Silver Fields Resources Inc. ("Silver Fields")), located 16 kilometres
southeast of Port Alice, B.C., on the west side of Merry Widow Mountain.
The Company has signed a contract with Radius Diamond Drilling Ltd. of
Prince George B.C. to complete a minimum of 500 metres BQII-size core
drilling, with an option to expand the program to 1000 metres drilling, before
the year's end.
The property is under option from Silver Fields (formerly, Red Lake
Resources Inc. ("Red Lake")), and was previously drilled in 2004 and 2005 by
Red Lake. Red Lake completed six holes totaling 407.83 metres on three
targets. Grande Portage will test both strike and depth extensions of the
mineralization at the Bridge Zone, which reported 4.18 g/t gold over
2.86 metres, including 14.55 g/t gold over 0.5 metres, from hole T-04 and 4.10
g/t gold over 4.58 metres in hole T-06. A 5 to 7 metre wide gold-bearing
graphitic shear zone, along a gabbro/limestone contact host's quartz-carbonate
veins and pyrite-arsenopyrite stringers with realgar, has been identified. The
zone strikes northeasterly and is vertical to steeply northeast dipping.
Regionally limestone and sediments of the Parson's Bay Formation and
andesitic units of the Bonanza Volcanics underlie the Teihsum River property.
Both units have been intruded by mafic and felsic dykes of various ages and
the gabbroic Coast Copper Stock, which underlies Merry Widow Mountain and is
considered an important source of iron for the many skarn occurrences in the
The Company plans to drill until the Christmas break and will await
assays before continuing in 2008.
By an amending agreement, the Company can acquire a 70% interest and
Silver Fields will retain a 30% interest in the Teihsum River Property, if
Silver Fields incurs $300,000 in expenditures on the property (with the
Company acting as operator) by December 31, 2007, or such later date as may be
agreed. In addition, under the amending agreement, the Company's expenditures
on the property have been reduced from $500,000 to $200,000 by November 1,
2008, and the Company must still incur an additional $500,000 by November 1,
2010 to acquire its 70% interest.
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: Please contact: Mr. Ian Klassen, Phone: (604)
290-5762, Email: firstname.lastname@example.org, Website: www.grandeportage.com