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GPG Grande Portage Resources Ltd

0.185
0.00 (0.00%)
31 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Grande Portage Resources Ltd TSXV:GPG TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.185 0.185 0.19 0.19 0.185 0.19 30,568 16:58:13

Grande Portage Resources Announces the Acquisition of Three Property Interests-Baseline Environmental Studies to Commence at Mer

12/09/2007 6:24pm

Marketwired Canada


Grande Portage Resources Ltd. (TSX VENTURE:GPG) ("Grande Portage" or "the
Company") is pleased to announce that it has entered into a property acquisition
agreement to acquire an undivided 100% interest in six mineral claims known as
the Tahsis Property, covering 726 hectares, and located near Tahsis, B.C. in the
Alberni Mining Division on Vancouver Island. The agreement provides for the
payment of $10,000 and the issuance of 100,000 common shares shares to two arm's
length vendors. The claims have been transferred into the name of the Company,
and the cash paid and shares issued to the vendors.


The Tahsis property encompasses geology similar to that of the main Merry Widow
property to the north and has a number of magnetite occurrences. Prospecting and
sampling will enable the Company to determine if other massive sulphide
occurrences exist.


Grande Portage has also entered into an option agreement to acquire an undivided
100% interest in another six mineral claims known as the Scrutor Property,
covering 2,050 hectares, and also located in the Alberni Mining Division on
Vancouver Island, but not contiguous to the Tahsis Property. The option
agreement provides for option payments of a total of $100,000 (of which the
first $7,500 has been paid), and the issuance of up to 250,000 common shares to
an arm's length vendor in installments over the next three years, and the
expenditure of not less than $700,000 on the property in annual installments by
August 31, 2010. The vendor will also retain a 2% net smelter returns royalty,
of which the Company can purchase one-half for $750,000 at any time.


The Scrutor claims cover a felsic volcanic package of rocks consisting of
mineralized andesite, rhyolite and dacite within the Lower Jurassic Bonanza
Group. The geology is similar to the former Westmin Mine in Strathcona Park to
the south which has been producing massive sulphides for over 30 years. The
claims also cover a bimodal magnetic high feature, the relevance of which and
the relation to mineralization needs to be determined. Previous work on the
property by Minequest in the 1980's was limited to prospecting and some
geological mapping of the volcanics however very good assays were reported. From
the Minequest Assessment Report 17134, the Discovery Zone returned grades up to
8.7g/t Au over 1 metre within felsic breccia. Massive sulphide vein swarms
returned 1% to 2% Cu and up to 4.5 g/t Au. The cadmium zone is an intensely
altered dacite with sphalerite and a float sample returned 13% Zn. Minefile
occurrence No 92L100 "Scrutor Gold" occurs within the claims and gold in quartz
veins was worked in 1946.


Jo Shearer, M.Sc., P.Geo., is managing the exploration programs on this property.

Finally, Grande Portage has also entered into an option agreement to acquire an
undivided 100% interest in another two mineral claims known as the Pass
Property, covering 563 hectares, and located southwest of Smithers, B.C., in the
Omineca Mining Division. The option agreement provides for an option payment of
a total of $7,500 (which has been paid), and the issuance of up to 200,000
common shares to an arm's length vendor in installments as exploration work
progresses, and the expenditure of not less than $500,000 on the property in
installments over the next four years. The vendor will also retain a 3% net
smelter returns royalty, of which the Company can purchase one-half for
$1,000,000 at any time.


The Pass Property was last worked in 2004 when high grade gold values within a
massive sulphide vein system prompted a recommendation of drilling.
Mineralization is described as massive pyrite, galena, and sphalerite within
quartz vein swarms up to 4 metres wide and some are in excess of 1km strike
length.




Previous reported sampling includes:

----------------------------------------------------------------------------
TABLE 1         ANALYTICAL RESULTS   
----------------------------------------------------------------------------
Sample No.  Area    Width    Au (g/t)    Ag    Zn(%) or      Cu    Pb(%) or 
                  (metres)   or (ppb)  (ppm)       (ppm)   (ppm)       (ppm)
----------------------------------------------------------------------------

----------------------------------------------------------------------------
152651         D      0.7       8.92   38.6          37   415.4      1523.8
----------------------------------------------------------------------------
152652         D      0.8         45    1.6          60    67.1        33.6
----------------------------------------------------------------------------
152653         D      0.4      26.05   99.4         225     180         4.5
----------------------------------------------------------------------------
152654         D        1       3.45   30.7        1364  2531.1        1.14
----------------------------------------------------------------------------

----------------------------------------------------------------------------
152655        Cu        1      450.1   10.5         504  3450.2       398.5
----------------------------------------------------------------------------
152656        Cu        1      376.6    4.3         918  1805.6       288.5
----------------------------------------------------------------------------

----------------------------------------------------------------------------
152657         C      0.8       26.6   66.4        6.76 10559.5        8.23
----------------------------------------------------------------------------
152658         C     Grab      23.96  136.5        9.12     340       14.18
----------------------------------------------------------------------------
152659         C     Grab      20.44   69.8        5.71   546.2        8.38
----------------------------------------------------------------------------

----------------------------------------------------------------------------
152660         A        1      42.76  111.9        1.66  1824.9        9.67
----------------------------------------------------------------------------
152661         A        1      23.21  118.7        1.69  2025.2         8.7
----------------------------------------------------------------------------
152662         A        1        150    2.7         704  1035.5        2020
----------------------------------------------------------------------------
152663         A        1       4.81   33.7         167  1015.2        1.01
----------------------------------------------------------------------------

----------------------------------------------------------------------------
152664         B        1         60    0.9        2334   251.9       563.9
----------------------------------------------------------------------------
152665         B        1       8.82   39.2        3354  1672.7        2.64
----------------------------------------------------------------------------
152666         B      0.6      11.73   70.6        2.54   527.4        4.48
----------------------------------------------------------------------------


   
The Company plans to have one of its consulting geologists visit the property
this year to sample and make plans for drilling in the spring of 2008.


At the Company's Merry Widow project permitting is underway for drilling of the
Road, Martin East, Bluebird and Skyline showings. Infill drilling, metallurgical
test work, and baseline environmental studies will commence on the main pit area
within this quarter as the Company looks to undertake a prefeasibility study.


George Nicholson, 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 www.grandeportage.com.


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".
The Company intends that such forward-looking statements be subject to the safe
harbours created thereby. Since these statements involve risks and uncertainties
and are subject to change at any time, the Company's actual results may differ
materially from the expected results.


This news release does not constitute an offer to sell or solicitation of an
offer to sell any securities in the United States. The securities have not been
and will not be registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act") or any state securities laws and may not be
offered or sold within the United States or to U.S. Persons unless registered
under the U.S. Securities Act and applicable state securities laws or an
exemption from such registration is available.


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