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Grande Portage Resources Announces Expanded Drill Program; Creation of Financial Advisory Committee
Thursday November 9, 2:20 pm ET
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 9, 2006) - Grande Portage Resources Ltd. (TSX VENTURE:GPG - News; "Grande Portage" or "the Company") is pleased to announce that it has awarded two concurrent drilling contracts to Westcore Drilling Ltd. of Hope, B.C. The first contract, for 5000 metres, will be to expand the known mineralization in the area of the Merry Widow open pit and the focus of the previously announced first 23 diamond drillholes which all encountered significant widths and copper-gold-silver values in massive sulphide skarn mineralization.
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This next phase will focus on expanding mineralization to depth and along strike, specifically targeting the Marten, Road, Adit and Raven showings. These all occur along strike of the Merry Widow massive sulphides and will test a strike length over 500 metres. This 500 metres is part of the 3.5 km long Merry Widow trend of skarn mineralization over which several mineral occurrences are located. A recent re-interpretation of the mineralization by the Company's geological team suggest that massive sulphide mineralization occurs along the contact of the gabbro and limestone and spatially related with the magnetite as a partial segregation. While the history of mine production at the Merry Widow pit focused primarily on extraction of magnetite, the persistence of related massive sulphide mineralization throughout suggests a more straightforward exploration approach of following the magnetite for massive sulphides.
The second drill contract, for 15,000 metres, will utilize a larger diamond drill rig capable of deeper drilling up to 1000 metres. The target is to expand the Old Sport Horizon mineralization which has been the concentration of previous mining by Cominco. Airborne geophysics and geological mapping have traced the Old Sport Horizon for 8 kilometers. Previous mining extraction used a 2% copper cutoff for ore, discounting recovered values of gold, silver, cobalt and iron.
The Company believes there is exceptional potential to develop tonnage along this trend and will grid drill. Drill hole selection and permitting is ongoing. During the drilling along the Merry Widow and Old Sport trends, Mr. Ignacije (Rocky) Borovic, P.Eng., senior geological consultant to the Company, will establish protocol for metallurgical testwork which will be part of the ongoing program. Mr. Borovic has had a long and esteemed career in mineral exploration and is credited with the co-discovery and development of several mines and deposits during his decade long service with Placer Dome Ltd.
The Company also wishes to announce the formation of a Financial Advisory Committee. This committee is designed to complement the board and perform the important function of advising the company on strategic initiatives. This newly established Committee will report to the Board and will meet (largely via teleconference) throughout the year and provide advice and recommendations as warranted. The Company is pleased to confirm that, initially, the Committee will be comprised of Dr. Michael Berry and Mr. Harrison (The Chief) Nesbit, II.
Dr. Michael Berry has been a portfolio manager for both Heartland Advisors and Kemper Scudder where he successfully managed small and mid cap value portfolios. Dr. Berry has specialized in the study of behavioral strategies for investing and has been published in a number of academic and practitioner journals. His definitive work on earnings surprise, with David Dreman, was published in 1995 in the Financial Analysts Journal.
Previously, Dr. Berry was a professor of investments at the Colgate Darden Graduate School of Business Administration at the University of Virginia and has also held the Wheat First Endowed Chair at James Madison University.
Dr. Berry is a respected and dynamic speaker. He regularly presents around the world on topics such as value investing, the role of Austrian Economics in investment management, behavioral investing strategies and is a specialist in developing case studies to teach investors how to invest. While a professor, he published a case book, Managing Investments: A Case Approach.
He has recently focused on the role of precious metals in the asset allocation of the individual investor.
Dr. Berry publishes Morning Notes by Michael Berry, Ph.D. daily. This publication is distributed to clients worldwide to identify current market opportunities and behavioral anomalies.
Harrison (The Chief) Nesbit, II, is a business graduate of the University of Virginia. Mr. Nesbit brings 40 years of business distinction to the Committee. Mr. Nesbit was founder and former director of Jefferson National Bank and National Bank of Lynchburg. For many years he served as a member of the Board of Directors of Figgie International, and has been a key advisor to many resource companies including Western Silver Corporation.
In addition, the Company announces that is has granted incentive stock options to consultants to purchase up to 420,000 common shares at an exercise price of $0.74 per share for a period of 5 years from date of grant.
ON BEHALF OF THE BOARD OF DIRECTORS
Alistair MacLennan, President/CEO
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.
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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
Contact:
Mr. Robin Forshaw
Grande Portage Resources Ltd.
(604) 803-1775
Website: www.grandeportage.com
--------------------------------------------------------------------------------
Source: Grande Portage Resources Ltd.
Grande Portage Resources Announces $8,000,000 Brokered Financing
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 7, 2006) - Grande Portage Resources Ltd. (TSX VENTURE:GPG) ("Grande Portage" or "the Company") is pleased to announce a brokered private placement, led by Pacific International Securities Inc. and including Dundee Securities Corporation as agents (the "Agents"), for up to 8,000,000 non flow though units ("Units") of the Company at $0.70 per Unit and up to 3,000,000 flow-through units ("FT Units") of the Company at $0.80 per FT Unit, for total gross proceeds of up to (Cdn) $8,000,000 (the "Offering"). Each Unit shall consist of one (1) common share ("Common Share") of the Company and one half of one common share purchase warrant ("Warrant"). Every whole Warrant is exercisable into one additional Common Share at an exercise price of $1.10 per share on or before 18 months after the date of closing. Each FT Unit shall consist of one (1) flow-through common share ("FT Share") of the Company and one half of one Warrant.
The Company intends to use the net proceeds from the Offering to advance the Merry Widow massive sulphide properties through to feasibility stage. Specifically, the Company plans to grid drill the Merry Widow along strike and length for the 3.5-kilometer extension. It will also drill extensively along the 8.0-kilometer strike length of the Old Sport Horizon. In addition, funds will be allocated for the property-wide completion of helicopter airborne Mag & EM geophysics, geological mapping, prospecting, environmental assessment, metallurgy, silt sampling, property management, logistics and general working capital.
The gross flow-through proceeds raised will be used for Canadian exploration expenditures (as defined in the Income Tax Act (Canada)) and will be renounced for the 2006 taxation year.
The Offering is expected to close on or about December 11, 2006.
As consideration for acting as agents, the Agents will receive a commission of 7% of the gross proceeds raised, payable in cash or in units of the Company (the "Agent's Units"), at the election of the Agents. The Agent's Units will have the same terms as the Units. In addition, the Agents will receive compensation warrants (the "Agent's Warrants") equal to 8% of the number of Units and FT Units sold pursuant to the Offering. Each Agents' Warrant will be exercisable to purchase one (1) Common Share at an exercise price of $0.85 for a period of 18 months following the closing of the Offering.
The proposed issuance of the securities is subject to the completion of formal documentation and receipt of regulatory approval, including the acceptance of the TSX Venture Exchange.
ON BEHALF OF THE BOARD OF DIRECTORS
Alistair MacLennan, President/CEO
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.
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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
Gad
winter will not effect them that much, they get more rain than snow but there will be ice to deal with, would not want to spend a winter at the top of Vancouver Island but it is only about 250 +/- miles north or Seattle, if that helps
sorry if not quite up to date...but how is winter going to effect mining/drilling in the area???
III
yeah sorry that's why it was in quotes because it's a relative term. I'm a young investor and my limited funds (so 50% is not a whole lot) are all in high risk areas (which you can tell by where i post)...and lets not forget it's on the pinkies. That being said, being listed on the canadian exchange enhances it's credibility and reporting, correct? secondly, the assayer results that have just been reported are independent??? NTM very attractive share structure. my only interest is in high reward issues and this seems to be at the safer end of those. anyways, good pick i think...hoping to join the longs shortly. thanks for all the help.
III
III... jeeze after this statement
am looking for something a little "safer" to move about 50% of my portfolio into
Not sure if I would call an exploration play a safe investment, I certainly would not take out a second mortgage on one,,,,, yes the current level seems like a solid base and yes the drill results are encouraging but a safe play,,, I would not go that far.
Doubloon - been following the drill bit and it looks like great news for everyone here. i'm a newbie to mining though and have been hesitant to take a position here but the more i know the more i like this company. I already am loaded up in the high risk/high reward area and am looking for something a little "safer" to move about 50% of my portfolio into as i continue to exit a 3-4 bagger that i've rode over the last couple years. With the assayers confirmation this pps seems "guranteed" at this level...would you agree??? TUVMIA
III
all holes hit with the 5-20 hole hitting 16.05 g/t and under 58 meters in depth,
solid gold hits all near surface
new surface showings in addition to the findings from our airborne EM survey we will continue to expand the significant potential of our property."
Grande Portage Resources Increased Potential Along Strike
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 23, 2006) - Grande Portage Resources Ltd. (TSX VENTURE:GPG) ("Grande Portage" or "the Company") is pleased to announce additional assay results from the diamond drilling program at the Merry Widow Massive Sulphide Project on Vancouver Island, British Columbia.
Specific highlights of the drill results include:
MW06-21: 41.58 metres of 1.99 g/t gold, 30.15 g/t silver, 1.82% copper
- Including 10.80 metres of 3.59 g/t gold, 103.75 g/t silver,
6.13% copper
MW06-22: 40.51 metres of 2.46 g/t gold, 8.75 g/t silver, 0.51% copper
- Including 16.16 metres of 2.67 g/t gold, 17.21 g/t silver,
1.04% copper
MW06-23: 41.01 metres of 2.13 g/t gold, 41.01 g/t silver, 0.67% copper
- Including 13.40 metres of 1.90 g/t gold, 13.40 g/t silver,
1.51% copper
A summary of the drill hole locations and orientations with significant results of gold, silver and copper are displayed below in chart format.
All the drill holes successfully intersected massive sulphide skarn mineralization containing visible pyrrhotite, pyrite and chalcopyrite hosted in either massive magnetite or epidote-garnet-actinolite skarn assemblages.
Alistair MacLennan, CEO remarked, "I am particularly pleased that the results we have posted from the summer campaign are consistently high in gold, silver and copper. With the discovery, along strike, of new surface showings in addition to the findings from our airborne EM survey we will continue to expand the significant potential of our property."
With these last drill hole intersections, the Company has results for the first 23 holes in the vicinity of the past producing Merry Widow open pit. The Company is awaiting a few infill assays from drillholes MW 06-01 to MW06-04. As the programme had continued, it was observed that not all relevant assays occurred strictly within the presence of massive sulphides. Sections within the previously reported for drillholes MW-06-01 to MW06-04 were recognized as possibly carrying important assay values for gold-silver-copper-cobalt and iron and have been sent for analysis. Following receipt of these, a complete table of assay results and intersections will follow.
In total, 2,014 metres were drilled in the open pit area along a strike length of almost 100 metres. The deepest drilled hole went 118 metres at -50 degrees (DDMW-06-15). The massive sulphide mineralization is still open to depth and along strike. Consulting geologists for the Company recently incorporated drillhole sections, previous workings, geology and airborne EM targets using MapInfo. The potential just in the Merry Widow open pit area is in the order of 1.5 kilometres of strike length. Many of the airborne EM targets identified do not appear to have received and historic drilling. A recent property visit by the geologists confirmed massive sulphide mineralization on surface for several of these targets including some with massive cobalt bloom. Geological mapping and sampling of each target will ensure to evaluate the priority for drilling these targets in an upcoming Phase II diamond drilling program.
The drill core was analyzed by ALS Chemex Labs in North Vancouver, BC. The values displayed are weighted averages of the intersected zones and are not true widths, gold and silver values are reported in grams per tonne and copper is measured by percentage.
Note: where reported gold and silver values were less than 0.05 grams per tonne a value of 0.001 grams per tonne was used to calculate the weighted average of the interval reported, conversely if values of copper were below threshold as established by the company then the values were divided by 10,000 and expressed in per cent (%), individual intercepts are assay values over the sample interval as reported.
Note site 7 is located 20 meters east of site 6
DDHMW06-19 site 7
Dip Angle -50 degrees
Azimuth 303 degrees
Total Depth 87.70 meters
--------------------------------------------------------
INTERVAL Gold Silver
FROM TO meters g/tonne g/tonne Copper %
--------------------------------------------------------
63.50 66.78 3.28 7.10 5.67 0.25
--------------------------------------------------------
DDHMW06-20 site 7
Dip Angle -65 degrees
Azimuth 303 degrees
Total Depth 93.57 meters
--------------------------------------------------------
INTERVAL Gold Silver
FROM TO meters g/tonne g/tonne Copper %
--------------------------------------------------------
57.12 58.81 1.69 16.05 8.8 0.27
--------------------------------------------------------
DDHMW06-21 SITE 6
Dip Angle -65 degrees
Azimuth 285 degrees
Total Depth 78.33 meters
--------------------------------------------------------
INTERVAL Gold Silver
FROM TO meters g/tonne g/tonne Copper %
--------------------------------------------------------
21.51 63.09 41.58 1.99 30.15 1.82
--------------------------------------------------------
Includes
--------------------------------------------------------
27.91 38.71 10.80 3.59 103.75 6.13
--------------------------------------------------------
DDHMW06-22 SITE 6
Dip Angle -50 degrees
Azimuth 285 degrees
Total Depth 78.33 meters
--------------------------------------------------------
INTERVAL Gold Silver
FROM TO meters g/tonne g/tonne Copper %
--------------------------------------------------------
23.47 63.98 40.51 2.46 8.75 0.51
--------------------------------------------------------
Includes
--------------------------------------------------------
23.47 39.63 16.16 2.67 17.21 1.04
--------------------------------------------------------
DDHMW06-23 SITE 6
Dip Angle -50 degrees
Azimuth 285 degrees
Total Depth 78.33 meters
--------------------------------------------------------
INTERVAL Gold Silver
FROM TO meters g/tonne g/tonne Copper %
--------------------------------------------------------
25.65 66.66 41.01 2.13 41.01 0.67
--------------------------------------------------------
Includes
--------------------------------------------------------
25.65 39.05 13.40 1.90 13.40 1.51
--------------------------------------------------------
Warren Robb, P. Geo., and George Nicholson, P. Geo., are the qualified persons for this project, and have reviewed and verified the contents of this news release.
ON BEHALF OF THE BOARD OF DIRECTORS
Alistair MacLennan, President/CEO
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.
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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
Geologist and management were at the site all last week, should see further drill results soon (any day?) this is turning into a massive copper find on Vancouver Island... would like to see low $2.'s by next spring.
Grande Portage Resources Announces Significant Assay Results for Holes MW06-17, MW06-18 at the Merry Widow Project
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 4, 2006) - Grande Portage Resources Ltd. (TSX VENTURE:GPG) ("Grande Portage" or "the Company") is pleased to announce additional assay results from the diamond drilling program at the Merry Widow Massive Sulphide Project on Vancouver Island, British Columbia.
Specific highlights of the drill results include:
MW06-17: 50.32 metres of 6.51 g/t gold, 21.93 g/t silver, 1.38% copper
- Including 1.00 metres of 21.90 g/t gold, 77 g/t silver, 4.83% copper
1.10 metres of 33.70 g/t gold, 45 g/t silver, 2.57% copper
0.86 metre of 47.90 g/t gold, 93 g/t silver, 4.50 % copper
MW06-18: 49.67 metres of 3.26 g/t gold, 15.02 g/t silver, 1.02% copper
- Including 14.85 metres of 6.46 g/t gold, 38.57 g/t silver, 2.53% copper
1.00 metre of 7.07 g/t gold, 191.0 g/t silver, 12.20% copper
1.26 metres of 35.90 g/t gold, 37 g/t silver, 1.61% copper
A summary of the drill hole site and orientations with significant results of gold, silver and copper are displayed below in chart format. All information regarding drill site locations is available on the Company's website (www.grandeportage.com).
Both holes successfully intersected massive sulphide skarn mineralization containing visible pyrrhotite, pyrite and chalcopyrite hosted in either massive magnetite or epidote-garnet-actinolite skarn assemblages.
The drill core was analyzed by ALS Chemex Labs in North Vancouver, BC. The values displayed are weighted averages of the intersected zones and are not true widths, gold and silver values are reported in grams per tonne and copper is measured by percentage.
Note: where reported gold and silver values were less than 0.05 grams per tonne a value of 0.001 grams per tonne was used to calculate the weighted average of the interval reported, conversely if values of copper were below threshold as established by the company then the values were divided by 10,000 and expressed in per cent (%), individual intercepts are assay values over the sample interval as reported.
Note site 6 is the SAME SITE AS DDHMW06-15, 16
DDHMW06-17 site 6
Dip Angle -50 degrees
Azimuth 323 degrees
Total Depth 78.33 meters
----------------------------------------------------
FROM TO INTERVAL Gold Silver Copper %
meters g/tonne g/tonne
----------------------------------------------------
20.02 70.44 50.32 6.51 21.93 1.38
----------------------------------------------------
Includes
----------------------------------------------------
23.00 24.00 1.00 21.90 77.00 4.83
----------------------------------------------------
52.52 53.62 1.10 33.70 45.00 2.57
----------------------------------------------------
53.62 54.48 0.86 47.90 93 4.50
----------------------------------------------------
67.33 68.33 1.00 26.60 12.00 0.38
----------------------------------------------------
DDHMW06-18 site 6
Dip Angle -40 degrees
Azimuth 323 degrees
Total Depth 87.47 meters
----------------------------------------------------
FROM TO INTERVAL Gold Silver Copper %
meters g/tonne g/tonne
----------------------------------------------------
19.33 69.00 49.67 3.26 15.02 1.02
----------------------------------------------------
Includes
----------------------------------------------------
22.00 23.47 1.47 7.83 47 3.76
----------------------------------------------------
29.08 30.36 1.28 14.75 11.00 0.50
----------------------------------------------------
51.46 66.31 14.85 6.46 38.57 2.53
----------------------------------------------------
In Hole 18 the Company received assay values heretofore unseen on the Merry Widow Project. For example, from intersect interval 53.00 to 54.00 the assays returned 1.00 metre of 7.07 g/t gold, 191.0 g/t silver and 12.20% copper.
Warren Robb, P. Geo., and George Nicholson, P. Geo., are the qualified persons for this project, and have reviewed and verified the contents of this news release.
ON BEHALF OF THE BOARD OF DIRECTORS
Alistair MacLennan, President/CEO
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.
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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
NEWS
September 29, 2006
Grande Portage Resources Announces Further Assay Results Bearing High Grade Values
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 29, 2006) - Grande Portage Resources Ltd. (TSX VENTURE:GPG) ("Grande Portage" or "the Company") is pleased to announce additional assay results from the diamond drilling program at the Merry Widow Massive Sulphide Project on Vancouver Island, British Columbia.
Specific highlights of the drill results include:
MW06-15: 47.32 metres of 5.16 g/t gold, 23.48 g/t silver, 1.47% copper
- Including 1.19 metres of 47.4 g/t gold, 83 g/t silver,
4.83% copper
0.43 metres of 13.55 g/t gold, 291 g/t silver,
18.35% copper
1.11 metres of 55.50 g/t gold, 51 g/t silver,
2.53 % copper
MW06-16: 49.31 metres of 4.56 g/t gold, 18.73 g/t silver, 1.14% copper
- Including 1.0 metre of 11.4 g/t gold, 76 g/t silver,
4.69% copper
0.63 metres of 25.80 g/t gold, 33.0 g/t silver,
1.41% copper
0.81 metres of 13.85 g/t gold, 13 g/t silver,
0.61% copper
A summary of the drill hole locations and orientations with significant results of gold, silver and copper are displayed below in chart format.
Alistair MacLennan, chief executive officer remarked "We are extremely pleased with the assay results received thus far from our summer drill campaign at the Merry Widow. These results are significant and serve to confirm that we are taking the correct steps as we strive to enhance shareholder value."
All the drill holes successfully intersected massive sulphide skarn mineralization containing visible pyrrhotite, pyrite and chalcopyrite hosted in either massive magnetite or epidote-garnet-actinolite skarn assemblages.
Drill holes MW06-11,12,13 were drilled from a drill setup site located approximately 9 meters east from drill set up #1 (drill holes MW06-01,02,03,04). Drill hole MW06-14 was drilled approximately 22 meters from set up 3 (drill holes MW06-09, 10). Drill holes MW06-11, 12, 13 were infill holes to test the mineralization between drill site #1 and drill setup #3 while MW06-14 was a step out hole. All these holes were located on the access ramp to the Merry Widow open pit.
Drill holes MW06-15, 16 were drilled from the same drill site located on the 750m bench, approximately 30 meters north and 30 meters higher in elevation from drill holes MW06-07, 08 and were located to verify results obtained from diamond drilling in 1989 and 1990 by previous operators, to add to the geological database knowledge, and to provide drill core for metallurgical test work.
The drill core was analyzed by ALS Chemex Labs in North Vancouver, BC. The values displayed are weighted averages of the intersected zones and are not true widths, gold and silver values are reported in grams per tonne and copper is measured by percentage.
Note: where reported gold and silver values were less than 0.05 grams per tonne a value of 0.001 grams per tonne was used to calculate the weighted average of the interval reported, conversely if values of copper were below threshold as established by the company then the values were divided by 10,000 and expressed in per cent (%), individual intercepts are assay values over the sample interval as reported.
DDHMW06-11 site 4
Dip Angle -60 degrees
Azimuth 325 degrees
Total Depth 87.47 meters
----------------------------------------------------
FROM TO INTERVAL Gold Silver Copper %
meters g/tonne g/tonne
----------------------------------------------------
28.45 37.76 9.31 7.02 9.83 0.39
----------------------------------------------------
Includes
----------------------------------------------------
28.45 29.95 1.50 29.10 37.00 1.73
----------------------------------------------------
----------------------------------------------------
54.86 71.74 16.88 1.21 3.46 0.22
----------------------------------------------------
Includes
----------------------------------------------------
67.66 68.68 1.02 6.65 17.00 1.01
----------------------------------------------------
----------------------------------------------------
DDHMW06-12 site 4
Dip Angle -50 degrees
Azimuth 325 degrees
Total Depth 84.62 meters
----------------------------------------------------
FROM TO INTERVAL Gold Silver Copper %
meters g/tonne g/tonne
----------------------------------------------------
35.50 63.80 28.30 2.25 4.71 0.26
----------------------------------------------------
includes
----------------------------------------------------
37.13 38.13 1.00 8.96 3.10 0.09
----------------------------------------------------
50.52 51.52 1.00 6.81 6.50 0.32
----------------------------------------------------
----------------------------------------------------
DDHMW06-13 site 4
Dip Angle -60 degrees
Azimuth 325 degrees
Total Depth 87.47 meters
----------------------------------------------------
FROM TO INTERVAL Gold Silver Copper %
meters g/tonne g/tonne
----------------------------------------------------
34.54 40.75 6.21 1.12 5.90 0.38
----------------------------------------------------
----------------------------------------------------
58.12 63.43 5.31 7.93 12.54 0.67
----------------------------------------------------
Includes
----------------------------------------------------
60.00 61.00 1.00 10.90 11.00 0.56
----------------------------------------------------
----------------------------------------------------
DDHMW06-14 site 5
Dip Angle -40 degrees
Azimuth 323 degrees
Total Depth 96.62 meters
----------------------------------------------------
FROM TO INTERVAL Gold Silver Copper %
meters g/tonne g/tonne
----------------------------------------------------
35.84 40.19 4.35 7.40 5.82 0.17
----------------------------------------------------
Includes
----------------------------------------------------
38.00 39.10 1.10 18.70 14.00 0.67
----------------------------------------------------
----------------------------------------------------
88.06 90.20 2.14 52.86 35.27 2.33
----------------------------------------------------
Includes
----------------------------------------------------
89.00 90.20 1.20 54.00 63.00 2.54
----------------------------------------------------
----------------------------------------------------
----------------------------------------------------
DDHMW06-15 site 6
Dip Angle -50 degrees
Azimuth 303 degrees
Total Depth 118.67 meters
----------------------------------------------------
FROM TO INTERVAL Gold Silver Copper %
meters g/tonne g/tonne
----------------------------------------------------
19.43 66.75 47.32 5.16 23.48 1.47
----------------------------------------------------
includes
----------------------------------------------------
33.90 34.33 0.43 13.55 291 18.35
----------------------------------------------------
45.40 46.40 1.00 11.05 16.00 0.72
----------------------------------------------------
60.15 61.34 1.19 47.4 83 4.83
----------------------------------------------------
61.34 62.45 1.11 55.50 51.00 2.53
----------------------------------------------------
----------------------------------------------------
DHMW06-16 site 6
Dip Angle -65 degrees
Azimuth 325 degrees
Total Depth 79.65 meters
----------------------------------------------------
FROM TO INTERVAL Gold Silver Copper %
meters g/tonne g/tonne
----------------------------------------------------
23.69 73.00 49.31 4.56 18.73 1.14
----------------------------------------------------
includes
----------------------------------------------------
34.00 35.00 1.00 11.40 76.00 4.69
----------------------------------------------------
53.58 54.19 0.81 13.85 13.00 0.61
----------------------------------------------------
57.61 58.24 0.63 25.80 33.00 1.41
----------------------------------------------------
65.50 66.17 1.17 1.17 19.00 0.86
----------------------------------------------------
The Company is also pleased to announce that a series of new maps and claim outline have been prepared and later today will be available for viewing on the Company's website (www.grandeportage.com). These maps detail:
1. the new claim holdings at the Merry Widow Project;
2. the regional geochemical surveys for the elements gold, silver, copper, cobalt and iron;
3. the regional airborne geophysics;
4. the airborne EM geophysical targets generated by the recently completed survey; and
5. the diamond drill locations from the 2006 Phase 1 diamond drilling programs and the known historic mineral showings.
As more information is made available these maps will be updated and new ones will be generated.
New Director
The Company is pleased to announce that Mr. Harold Forzley, CA has joined the Board of Directors replacing Mr. Jim Williams effective immediately. Mr. Forzley earned a BA Commerce while attending at Simon Fraser University and a Chartered Accountant designation while employed at Thorne Riddell (now KPMG). After an eight year tenure with Thorne Riddell, Mr. Forzley spent the next 20 years building a variety of companies primarily in the mining sector. Most notably, Continental Gold Corp., which was sold to a major mining concern and El Condor Resources, also sold to an intermediate mining company with both companies generating substantial returns to their respective shareholders. Mr. Forzley has spent the past ten years in his own consultancy, providing financial/business advice to a variety of businesses and currently serves as President and CEO of Pacific Cascade Minerals Inc.
Lastly, the Company announces that, subject to regulatory approval, it has granted incentive stock options to various employees and consultants to purchase up to 1,000,000 common shares at an exercise price of $0.71 per share for a period of 5 years from date of grant.
Warren Robb, P. Geo., and George Nicholson, P. Geo., are the qualified persons for this project, and have reviewed and verified the contents of this news release.
ON BEHALF OF THE BOARD OF DIRECTORS
Alistair MacLennan, President/CEO
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.
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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
III follow the drill bit on this one, they have 19 drill hole results in at the assay office, when the independent geologist releases the findings is anyones guess, 1 day, 1 week, 2 weeks???? the results will dictate the share price and the survey will confirm the size of the findings by announcing the distance between the drill holes... check out the magnetic survey at the grandeportage.com web site...
It just needs the independent appraisal to become confirmed proven reserves
good luck.... but maximum gains on this one may require a 6 month hold period..as with most mine exploration stocks they take time.
any predictions on how long these good entry prices are going to hang around??? Been able to do a little DD on this one and love what i'm seeing. Have a four-bagger i'm trying to get every last bit out of before i move on but starting to put together a watch list so i can have the positions i want to move my profits into lined up and ready to go, and this one is quickly working it's way up to the top of my list...just not exactly sure when i'm going to get the dry powder. TUVMIA
III
don't it just put a smile on your face to know that GPG is on the verge of being a top level company in the copper arean,...just in time to major global development.
premarket 0.62(30) - 0.71(275)
this is a wonderful thing..
Grande Portage Resources Ltd.: More Than 30 Newly Discovered Near Surface High Priority Exploration Targets Identified
Future Drilling Plans Being Finalized
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 22, 2006) - Grande Portage Resources Ltd. (TSX VENTURE:GPG) ("Grande Portage" or "the Company") is pleased to announce that following an initial review of silt geochemistry and airborne mag and EM geophysics, new exploration targets have been identified for future follow-up. Many of the new targets had been previously undetected and the initial success lends further credence to the prospective nature of the Merry Widow project near Port McNeill/Port Hardy on Vancouver Island, BC.
To date, almost 200 silt samples collected from drainages along accessible roads covering less than 20% of the Company's total acreage has yielded new areas of elevated copper-gold-cobalt assays. Of particular interest however are 2 distinct, strongly anomalous nickel-copper zones independent of any other known target areas. Each zone extends over 100 meters in width along the roads with the assay values received being generally 10 to 20 times above background values along with elevated trace elements of cobalt, chromium and manganese. The host rock in the specific area is a medium to coarse grained gabbro, a distinct segregation of the main Merry Widow intrusive stock. The Company is particularly excited about this area because while gabbroic stocks are known to host a significant number of nickel copper massive sulphide deposits worldwide, this style of mineralization has heretofore been unrecognized and undetected within this region and provides a potentially new exploration target worthy of further follow-up. As well, this style of target is known to possibly host platinum group elements which future assays will assess.
Of the recently completed airborne geophysics survey, a first pass evaluation has yielded over 30 high priority near surface EM targets. The majority of these are concentrated near the past producing open pit area, the focus of the initial 23 diamond drillholes, and by the past producing Benson Lake/Old Sport underground mines. The EM targets have confirmed the selection of drillhole sites but also extended the known strike length by uncovering new targets along trend for several hundreds of meters and also reconfirming known historical showings. New areas were detected outside the historic workings particularly identifying a cluster of targets approximately 3 kilometers north-northwest of the open pit.
As well, the mag survey more accurately defined the Merry Widow intrusive stock, the probable heat source for the resultant massive sulphide skarn mineralization which is the Company's current exploration focus. It further indicated an extension to the geologically favorable Old Sport horizon extending from the former producing Benson River and Old Sport Mines for several kilometers to the south. This represents a major extension to the known strike length of the host rock.
This fall, geological field crews will gather more silt samples and add the values to the growing database and will also investigate the areas of anomalous values to determine the source mineralization. The Company is pleased to confirm that the diamond drill has been kept available for activity. A second round of strike extension and confirmation drilling beyond the Merry Widow/Kingfisher open pits will commence following receipt of drilling permits. The second phase will be in the order of 30 core holes and approximately 5000 meters. Another larger diamond drilling rig is being secured in order to assess the deeper mineralized strike extensions to the Old Sport horizon. As valuable information is still being obtained in this area, a second drill rig, should it be secured, would commence activity sometime following the resumption of drilling in the Merry Widow pit.
As the Company receives complete assay results for the remaining holes MW06-11 to MW06-27 they shall be released as previously announced. Lastly, now that a legal land surveyor has completed the drillhole collar location survey thus allowing for the precise location of past drillholes and establishing a benchmark for future work, the Company will publish these coordinates and map locations upon receipt of the report.
Warren Robb, P. Geo., and George Nicholson, P. Geo., are the qualified persons for this project, and have reviewed and verified the contents of this news release.
ON BEHALF OF THE BOARD OF DIRECTORS
Alistair MacLennan, President/CEO
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.
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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
CONTACT INFORMATION
Grande Portage Resources Ltd.
Mr. Robin Forshaw
(604) 685-5851
www.grandeportage.com
Summary of best drills
Hole 7---99.55 meters of 2.81 gold, 4.96 silver
Hole 8---85.95 meters of 3.83 gold, 4.94 silver
Hole 9---34.24 meters of 5.06 gold, 9.61 silver
99.55 meter width, thats ummmmmmm 324 feet
DDHMW06-05 site 2
Dip Angle -50 degrees
Azimuth 260 degrees
Total Depth 72.54 meters
------------------------------------------------------------------------
FROM TO INTERVAL Gold Silver Copper Cobalt Iron
meters g/tonne g/tonne % % %
------------------------------------------------------------------------
1.45 72.66 71.21 1.80 5.93 0.35 0.012 30.96
------------------------------------------------------------------------
includes
------------------------------------------------------------------------
10.24 15.30 5.06 7.84 15.95 0.85 0.019 28.70
------------------------------------------------------------------------
Which
Includes
------------------------------------------------------------------------
10.84 10.87 0.63 19.25 18.00 0.70 0.022 37.50
------------------------------------------------------------------------
------------------------------------------------------------------------
34.43 38.94 4.51 10.48 8.16 0.35 0.035 37.23
------------------------------------------------------------------------
Which
Includes
------------------------------------------------------------------------
34.43 35.53 1.10 16.90 10.00 0.31 0.058 45.50
------------------------------------------------------------------------
36.43 37.43 1.00 11.95 12.00 0.51 0.065 38.50
------------------------------------------------------------------------
------------------------------------------------------------------------
48.50 52.43 3.93 7.04 57.51 3.56 0.012 48.34
------------------------------------------------------------------------
Which
Includes
------------------------------------------------------------------------
49.93 51.18 1.25 17.90 155.00 9.8 0.026 48.80
------------------------------------------------------------------------
DDHMW06-06 site 2
Dip Angle -60 degrees
Azimuth 285 degrees
Total Depth 107.90 meters
------------------------------------------------------------------------
FROM TO INTERVAL Gold Silver Copper Cobalt Iron
meters g/tonne g/tonne % % %
------------------------------------------------------------------------
1.15 34.45 33.30 1.87 4.89 0.32 0.04 22.13
------------------------------------------------------------------------
Includes
------------------------------------------------------------------------
4.95 9.95 5.00 8.76 24.40 1.45 0.02 28.54
------------------------------------------------------------------------
Which
Includes
------------------------------------------------------------------------
5.95 6.95 1.00 20.10 48.00 2.78 0.03 42.50
------------------------------------------------------------------------
------------------------------------------------------------------------
33.45 34.45 1.00 9.00 8.30 0.43 0.37 43.10
------------------------------------------------------------------------
DDHMW06-07 site 2
Dip Angle -60 degrees
Azimuth 314 degrees
Total Depth 102.70 meters
------------------------------------------------------------------------
FROM TO INTERVAL Gold Silver Copper Cobalt Iron
meters g/tonne g/tonne % % %
------------------------------------------------------------------------
0.50 100.05 99.55 2.81 4.96 0.28 0.008 19.44
------------------------------------------------------------------------
Includes
------------------------------------------------------------------------
0.50 41.45 40.95 6.53 11.30 0.62 0.016 22.71
------------------------------------------------------------------------
Which
Includes
------------------------------------------------------------------------
12.36 13.50 1.14 18.65 22.00 1.10 0.017 14.10
------------------------------------------------------------------------
13.50 14.50 1.00 15.70 24.00 1.28 0.015 28.30
------------------------------------------------------------------------
14.50 15.50 1.00 53.90 37.00 1.49 0.067 31.70
------------------------------------------------------------------------
18.50 19.80 1.30 18.10 14.00 0.55 0.119 16.60
------------------------------------------------------------------------
19.80 20.28 0.48 23.40 16.00 0.54 0.046 greater
than 50
------------------------------------------------------------------------
24.04 25.21 1.17 19.95 29.00 1.58 0.034 34.10
------------------------------------------------------------------------
DDHMW06-08 site 2
Dip Angle -40 degrees
Azimuth 314 degrees
Total depth 90.50 meters
------------------------------------------------------------------------
FROM TO NTERVAL Gold Silver Copper Cobalt Iron
meters g/tonne g/tonne % % %
------------------------------------------------------------------------
1.53 87.48 85.95 3.83 4.94 0.26 0.16 14.24
------------------------------------------------------------------------
Includes
------------------------------------------------------------------------
6.32 69.34 63.02 5.22 6.66 0.33 0.018 17.85
------------------------------------------------------------------------
Which
Includes
------------------------------------------------------------------------
10.42 11.67 1.25 12.20 12.00 0.39 0.014 35.90
------------------------------------------------------------------------
11.67 12.92 1.25 12.50 14.00 0.69 0.240 35.00
------------------------------------------------------------------------
24.17 25.52 1.15 79.40 25.00 0.46 0.097 18.70
------------------------------------------------------------------------
37.47 38.59 1.12 16.30 29.00 1.73 0.011 21.90
------------------------------------------------------------------------
44.53 45.69 1.16 54.30 27.00 0.87 0.156 25.40
------------------------------------------------------------------------
46.85 47.85 1.00 18.85 18.00 1.04 0.019 27.20
------------------------------------------------------------------------
68.53 69.34 0.81 less than 67.00 4.11 0.070 18.95
0.05
------------------------------------------------------------------------
Grande Portage Resources Ltd.: High Grade Gold Values Incorporated Into Substantially Longer Widths With Inclusion of Silver and Base Metals-Further Results Received
VANCOUVER, BRITISH COLUMBIA, Sep 12, 2006 (CCNMatthews via COMTEX News Network) --
Grande Portage Resources Ltd. (TSX VENTURE:GPG) ("Grande Portage" or "the Company") is pleased to announce that with the inclusion of final assay results for the silver and base metals recently received from Chemex Labs, it has substantially extended the length of drill core intersections at the Merry Widow project on Vancouver Island, BC.
Several zones in each hole enriched in silver, copper, and cobalt occur between previously reported higher grade gold intersections all within the central skarn and massive sulphide mineralization. Also, for the first time the Company is reporting the iron content as the Merry Widow open pit was previously mined for magnetite. While all the sulphides contain a certain amount of iron and may not be recoverable, a majority of the drill hole intersections contain appreciable amounts of magnetite which may be recoverable and has important industrial applications. Combined, the longer intersections and possible magnetite recovery can change the dynamics and scope of the ongoing exploration programs and geological modeling.
Holes MW06-05 to MW06-08 were drilled from the same setup site located along the access ramp to the Merry Widow open pit. Drill holes MW06-05 and MW06-06 were located to verify results obtained from diamond drilling in 1989 and 1990 by previous operators; drill holes MW06-07 and MW06-08 were new holes drilled parallel to drill holes MW06-02, 03, 04 (which were reported in the company's news release of August 29, 2006) to add to the geological database knowledge, and to provide drill core for metallurgical test work.
These four drill holes successfully intersected skarn mineralization and massive sulphides containing visible pyrrhotite, pyrite and chalcopyrite hosted in either massive magnetite or epidote-garnet-actinolite skarn assemblages.
Significant values were obtained from all four holes. For the following intercepts the Company has included the calculated weighted average for gold which were extended to coincide more accurately with the silver, copper, cobalt and iron assay values; DDHMW06-05 which intersected 71.21 meters with a weighted average of 1.80 grams per tonne gold, 5.93 grams per tonne silver, 0.35 percent copper, 0.012 percent cobalt and 30.96 percent iron (includes 19.25 grams per tonne gold, 18.00 grams per tonne silver, 0.70 percent copper, 0.019 percent cobalt over 0.63 meters, 16.90 grams per tonne gold, 10.00 grams per tonne silver, 0.31 percent copper, 0.058 percent cobalt over 1.10 meters, 11.95 grams per tonne gold, 12.00 grams per tonne silver, 0.51 percent copper and 0.012 percent cobalt over 1.00 meters, 17.90 grams per tonne gold, 155.00 grams per tonne silver, 9.8 percent copper and 0.026 percent cobalt over 1.25 meters), DDHMW06-06 which intersected 33.30 meters with a weighted average of 1.87 grams per tonne gold, 4.89 grams per tonne silver, 0.33 percent copper, 0.005 percent cobalt and 22.13 percent iron (includes 8.76 grams per tonne gold, 24.4 grams per tonne silver, 1.45 percent copper and 0.02 percent cobalt over 5.00 meters, 9.00 grams per tonne gold, 8.3 grams per tonne silver, 0.43 percent copper and 0.011 percent cobalt over 1.00 meters) DDHMW06-07 which intersected 99.55 meters with a weighted average of 2.81 grams per tonne gold, 4.96 grams per tonne silver, 0.28 percent copper, 0.008 percent cobalt and 19.44 percent iron (includes 6.53 grams per tonne gold, 11.30 grams per tonne silver, 0.62 percent copper and 0.016 percent cobalt and 22.72 percent iron over 40.95 meters), DDHMW06-08 which intersected 85.95 meters with a weighted average of 3.83 grams per tonne gold, 4.94 grams per tonne silver, 0.26 percent copper, 0.016 percent cobalt and 14.24 percent iron (includes 5.22 grams per tonne gold, 6.66 grams per tonne silver, 0.33 percent copper, 0.018 percent cobalt and 17.85 percent iron over 63.02 meters).
Additional Drill Hole Results
The Company is pleased to report gold, silver, copper, cobalt and iron assay results from drill holes MW06-09 and MW06-10. These holes were drilled from the same drill setup site located approximately 20 meters east from drill set up #1 (drill holes MW06-01, 02, 03, 04) on the access ramp to the Merry Widow open pit.
All of these drill holes successfully intersected massive sulphide skarn mineralization containing visible pyrrhotite, pyrite and chalcopyrite hosted in either massive magnetite or epidote-garnet-actinolite skarn assemblages. Significant gold results were obtained from DDHMW06-09 which intersected 34.24 meters with a weighted average of 5.06 grams per tonne gold, 9.61 grams per tonne silver, 0.51 percent copper, 0.0063 percent cobalt and 23.83 percent iron (includes 29.50 grams per tonne gold, 41 grams per tonne silver, 1.77 per cent copper, 0.0159 percent cobalt and 43.70 percent iron over 0.72 meters, 36.00 grams per tonne gold, 26 grams per tonne silver, 1.08 percent copper, 0.56 percent cobalt and 38.0 percent iron over 1.00 meters and 10.80 grams per tonne gold, 50 grams per tonne silver, 2.90 percent copper, 0.0147 per cent cobalt and 32.80 percent iron over 1.29 meters, 19.40 grams per tonne gold, 17 grams per tonne silver, 0.76 percent copper, 0.015 percent cobalt and 40.00 percent iron over 1.30 meters) and from DDHMW06-10 which intersected 37.75 meters with a weighted average of 3.03 grams per tonne gold, 4.28 grams per tonne silver, 0.20 percent copper, 0.0036 percent cobalt and 11.89 percent iron (includes 13.56 meters with a weighted average of 7.92 grams per tonne gold, 6.0 grams per tonne silver, 0.27 percent copper, includes 17.85 grams per tonne gold, 34.0 grams per tonne silver, 1.38 percent copper, 0.067 percent cobalt and greater than 50% iron over 0.54 meters, 41.20 grams per tonne gold, 36.00 grams per tonne silver, 1.47 percent copper, 0.067 percent cobalt and 50 percent iron over 0.73 meters and 20.20 grams per tonne gold, 7 grams per tonne silver, 0.34 percent copper, 0.0200 percent cobalt and greater than 50 percent iron over 0.98 meters and 19.90 grams per tonne gold, 6.40 grams per tonne silver, 0.25 percent copper, 0.0242 percent cobalt and 43.80 percent iron over 0.74 meters).
A summary of the drill hole locations and orientations with significant results of gold are displayed below. The drill core was analyzed by ALS Chemex, the values displayed are weighted averages of the intersected zones and are not true widths, gold is reported in grams per tonne. Note where reported gold and silver values were less than 0.05 grams per tonne a value of 0.01 grams per tonne was used to calculate the weighted average of the interval reported, conversely if values of copper and cobalt were below threshold as established by the company then the values were divided by 10,000 and expressed in per cent (%), individual intercepts are assay values over the sample interval as reported.
The Company has established threshold values geochemically for silver greater than 10 ppm, copper greater than 1000 ppm and cobalt greater than 500 ppm in which any value received above this will be analyzed by fire assay. This has created a slowdown in receipt of assay results because there were multiple intersections reporting above threshold in silver, copper and cobalt.
Complete Assay values for the next drill holes are anticipated soon and will be reported when they have been tabulated and reviewed by management.
The Company consultants have recommended that a legal surveyor be engaged to provide precise UTM coordinates for the drill collar locations. The survey is expected to be completed shortly and will allow the company to report exact drill site locations. Earlier attempts in the field with handheld GPS units gave inaccuracies at times greater than 5 meters from day earlier readings. Upon receipt of the survey information, all drill hole locations will be provided on plan maps showing relations to former open pits, adits, roads and water courses.
Warren Robb, P. Geo., and George Nicholson, P. Geo., are the qualified persons for this project, and have reviewed and verified the contents of this news release.
ON BEHALF OF THE BOARD OF DIRECTORS
Alistair MacLennan, President/CEO
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.
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.
SOURCE: Grande Portage Resources Ltd.
Grande Portage Resources Ltd. Mr. Robin Forshaw (604) 685-5851 www.grandeportage.com
nlightn, this pocket is huge, usually you get anomalies no more that 1/2 mile across,and this is 20+/- miles across and covers the entire original property.
Let's take a hypothetical guess here..
If they prove out that there is 10 million ounces of gold equivilent (copper findings would be transposed to gold on a dollar value equivilent to gold) and there is 36 million shares in the company and gold in the ground sells for $250/ per ounce.... then you have an equation for what the property is worth. and these guys are explorers not miners so the will most likely sell it off once they have proved its' worth
so the equation is
Reserves multiplied by selling price of ore divided by share structure equals price per share
I used 10 million proven, that number may be low
Just be sitting down when you work the numbers
thanks for the over-view on the aerial photos,...
so,...,what does that mean for shareholder of Grande Portage?
that is,...what does a "pocket that is 25 km wide" mean for the pps of Grande Portage ?
and if you have knowledge of this,...how big is this pocket compared to other property sites?
nlightn, that is an areo-magnetic survey looking down on the property showing an anomaly of ground magnetics, it registers the magnetic frequency of the earth to a depth of 300 feet. The more magnetic ore the higher the color, blue lowest pink highest ore content
The mag survey is done from a helicopter to locate pockets of magnetic ore... the amazing thing here is that this pocket is 25 km wide... drill results are/will prove out the extent of this magnetic anomaly.
Like the engineer from Phelps-Dodge said when he saw this areo-mag.."holy chit"
Doubloon,...for those of us that don't have a working knowledge of what this aerial view is,...can you explain what this photo is showing us ?
TIA,...
and the reason they are working on proving this property.
Remember folks, 4 holes out of 23 have been announced to the public, they have doubled the land area, are applying for another 50 hole drill program on the newly acquired land...
and then there is this,,
the reason why they are working on proving this property
www.streetinvesting.com: Grande Portage Resources Ltd. vs. the Global Market
Sep 05, 2006 (M2 PRESSWIRE via COMTEX News Network) --
Streetinvesting.com is the author of this release. This release is a result of our current concentration on Grande Portage Resources Ltd. (TSX-V:GPG) and their latest corporate developments and market performance. Our goal is to help investors seek a diversified portfolio by introducing techniques to help grasp a better understanding and concept of the market and the daily activities that a public company experiences. The first stage of this process is to continually track Grande Portage Resources Ltd. and use the information that we may find to our advantage. To learn more and become part of the acclaimed online financial newsletter community, visit www.streetinvesting.com for a complimentary subscription.
Grande Portage Resources Ltd., a mineral exploration and development company focused on massive sulphide exploration in British Columbia, Canada, was up over 21% Friday, with approximately 1,408,000 shares having traded hands come the toll of the day's closing bell.
Both Wall Street and Bay Street kicked off September on a positive note Friday. Although Wall Street experienced more significant gains, investors north of the boarder were also pleased to see both major indexes up-tick come market closure.
A surge in the energy and mining sectors paved the way for the Toronto's S&P/TSX composite's success. Upon the day's end Toronto's S&P/TSX composite was up 71 points, or 0.6%, at 12,145.07, while the TSX Venture Exchange had moved 36 points higher to 2,761.29. Energy stocks surged 1% even though crude-oil futures traded down $1.07 to US$69.19 a barrel. Gold shares, meanwhile, added 0.4% as the price of gold was off $1.60 at US$632.60 an ounce. Mining and metals issues also gained momentum, rising nearly 1%.
Amidst the day's overall success, investors of Grande Portage Resources Ltd...
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Srong Near-Term Upside Potential as Grande Portage Delivers the Goods
By Michael J. DesLauriers
05 Sep 2006 at 12:26 PM EDT
TORONTO (ResourceInvestor.com) – In late March of this year, we penned a popular piece profiling Grande Portage Resources [TSXv:GPG]. At that time we pointed out that GPG could perform very nicely as results started to roll in from its VTEM survey, and 23-hole drill program. The goal was to capture major intersects seen in historical results from the company’s Merry Widow project in BC, including numbers from the pit like 43 metres of 5.66 g/t gold and 1.36% copper.
Typical to the mining business, things took longer than anticipated to unfold, as the process of gaining permits, drills, and assay results was fraught with delay, through no fault of the company.
That means that our original target of a major upside in May-June has now been pushed to September-October, though the stock has doubled since we originally featured it.
This month and next could see a major run in Grande Portage shares if they continue to deliver the sorts of results that we have already seen. We know a few things:
All 23 holes hit major massive sulphides along large sections of core
The company tripled its land position (now 25 km strike length on magnetite-rich massive sulphide skarn system) based on highly favourable preliminary airborne data
Geologists working at the site under the direction of George Nicholson, with whom RI spoke late last week, are calling this visually the best core they have seen in 25 years
These are some encouraging reasons to believe that there could be some major excitement ahead.
Pipeline of Positive News
Last Thursday evening, Grande Portage announced gold assay results from holes 5-8 of their 23-hole campaign. This included 40.95 metres averaging 6.57 g/t gold in Hole 7, and 62.21 metres averaging 5.29 g/t gold in Hole 8. The result was 1.4 million shares traded, and a 21% jump in share price last Friday, supposedly the quietest day of the year, at the end of the summer, before the long weekend.
With the assay lab now in possession of the core from the entire 23-hole program, results are going to begin to flow, with numbers expected to come in at a rate of 3-4 holes per week for the next month or so.
If GPG can continue to deliver similar news, and it certainly appears that they can, the company’s shares could take on a life of their own, and run much higher as autumn money comes into the story. Don’t forget, 1.4 million shares traded on the latest results - a few more days like that and the sellers will be largely cleared out, putting Grande Portage in a position to run hard over the C$1 level, and quite probably closer to C$1.50-C$2 if reported grades and intervals are as rich as those announced last week.
Comparables
The ideal situation which could develop would be for Grande Portage to continue to deliver exciting numbers, with the ongoing flow of positive announcements creating a situation akin to Rainy River [TSXv:RR], or something of that ilk, where the share price has been constantly propelled by positive drill data and continued to go higher. In the case of Rainy River, from 60 cents to a high of C$3.85 over the course of several months.
This should not be a problem for Grande Portage on its Merry Widow property, because, as we noted in late-March, “With the regional aeromag map extending almost 12 kilometres in diameter, and lighting up like a Christmas tree, all indications are that Grande Portage will be able to report a multi-kilometer strike length of massive sulphides with numerous extremely large and newly identified targets.” Indeed, the company has already applied for permits to drill an additional 50 holes which should mean very little break in results flow between the 23 hole campaign now completed, and the next 50, creating constant and hopefully positive news, for months to come.
Conclusion
We see the possibility of a scenario unfolding, sparked by persistent high-grade gold and base metal grades over long intervals, of a very hot story based around a solid exploration company building something very real.
Thanks to the uncommonly high grades at Merry Widow, Grande Portage can become a market darling in short order, and the story could start to feed on itself through the momentum of weekly positive news flow. If GPG can match the results released on Thursday throughout the rest of this drill program - and all indications are that they can - look for a share price north of C$1.50 in the next 30 days.
WOWZA!!! 1,374,800 shares today. HUGE volume. andthe pps is up+.15
volume and price are indicators that we got something ready to happen.
Grande Portage Resources Ltd.: Merry Widow Continues to Yield High Grade Gold Values Over Long Intersections
Thursday August 31, 4:35 pm ET
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 31, 2006) - Grande Portage Resources Ltd. (TSX VENTURE:GPG - News; "Grande Portage" or "the Company") is pleased to report initial gold assay results from drill holes MW06-05 to MW06-08. These holes were drilled from the same drill setup site located along the access ramp to the Merry Widow open pit. Drill holes MW06-05 and MW06-06 were located to verify results obtained from diamond drilling in 1989 and 1990 by previous operators, drill holes MW06-07 and MW06-08 were new holes drilled parallel to drill holes MW06-02, 03, 04 (which were reported in the company's news release of August 29, 2006) to add to the geological database knowledge, and to provide drill core for metallurgical test work.
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The drill holes successfully intersected massive sulphide skarn mineralization containing visible pyrrhotite, pyrite and chalcopyrite hosted in either massive magnetite or epidote-garnet-actinolite skarn assemblages. Significant gold results were obtained from DDHMW06-08 which intersected 62.21 meters with a weighted average of 5.29 grams per tonne gold (including 79.40 grams per tonne gold over 1.15 meters, 54.30 grams per tonne gold over 1.16 meters and 18.85 grams per tonne gold over 1.00 meters) and from DDHMW06-07 which intersected 40.95 meters with a weighted average of 6.57 grams per tonne gold (including 53.90 grams per tonne gold over 1.00 meter, 23.40 grams per tonne gold over 0.48 meters and 19.95 grams per tonne gold over 1.17 meters).
A summary of the drill hole locations and orientations with significant results of gold are displayed below. The Company has not received assay results for copper, cobalt and silver. These assays are awaited and will be released once they have been received tabulated and reviewed by management. The drill core was analyzed by ALS Chemex, the values displayed are weighted averages of the intersected zones and are not true widths, gold is reported in grams per tonne. Note that where reported gold values were less than 0.05 gram per tonne, and a value of 0.01 gram per tonne was used to calculate the weighted average of the interval reported, and individual intercepts are assay values over the sample interval.
DDHMW06-05 site 2
Dip Angle -50 degrees
Azimuth 260 degrees
Total Depth 72.54 meters------------------------------------------
INTERVAL Gold
FROM TO meters g/tonne
------------------------------------------
10.24 15.30 5.06 7.84
------------------------------------------
Includes
------------------------------------------
10.84 10.87 0.03 19.25
------------------------------------------------------------------------------------
33.43 38.94 5.51 10.48
------------------------------------------
Includes
------------------------------------------
34.43 35.53 1.00 16.90
------------------------------------------------------------------------------------
48.50 52.43 3.93 7.04
------------------------------------------
Includes
------------------------------------------
49.93 51.18 1.25 17.90
------------------------------------------------------------------------------------DDHMW06-06 site 2
Dip Angle -60 degrees
Azimuth 285 degrees
Total Depth 107.90 meters------------------------------------------
INTERVAL Gold
FROM TO meters g/tonne
------------------------------------------
4.95 9.95 5.00 8.76
------------------------------------------------------------------------------------
Includes
------------------------------------------
5.95 6.95 1.00 20.10
------------------------------------------------------------------------------------
33.45 34.45 1.00 9.00
------------------------------------------------------------------------------------DDHMW06-07 site 2
Dip Angle -60 degrees
Azimuth 314 degrees
Total Depth 102.70 meters------------------------------------------
INTERVAL Gold
FROM TO meters g/tonne
------------------------------------------
0.50 41.45 40.95 6.57
------------------------------------------
Includes
------------------------------------------
12.36 13.50 1.14 18.65
------------------------------------------
13.50 14.50 1.00 15.70
------------------------------------------
14.50 15.50 1.00 53.90
------------------------------------------
18.50 19.80 1.30 18.10
------------------------------------------
19.80 20.28 0.48 23.40
------------------------------------------
24.04 25.21 1.17 19.95
------------------------------------------------------------------------------------DDHMW06-08 site 2
Dip Angle -40 degrees
Azimuth 314 degrees
Total depth 90.50 meters------------------------------------------
INTERVAL Gold
FROM TO meters g/tonne
------------------------------------------
6.32 68.53 62.21 5.29
------------------------------------------------------------------------------------
Includes
------------------------------------------
10.42 11.67 1.25 12.20
------------------------------------------
11.67 12.92 1.25 12.50
------------------------------------------
24.17 25.52 1.35 79.40
------------------------------------------
37.47 38.59 1.12 16.30
------------------------------------------
44.53 45.69 1.16 54.30
------------------------------------------
46.85 47.85 1.00 18.85
------------------------------------------------------------------------------------
Following is in the Canadian Mining Journal this morning.
Cheers
BRITISH COLUMBIA - GRANDE PORTAGE RESOURCES of Vancouver reports that drilling at its Merry Widow pit has returned a high value of 95.2 g/t Au over 1.01 metres. The Merry Widow property, located on the northern tip of Vancouver Island, has a 100-year history of activity, including production from 1957 to 1973.
The company said its diamond drill holes intersected skarn mineralization containing visible pyrrhotite, pyrite and chalcopyrite. Other significant assays included 5.29 metres of 15.49 g/t Au and 18.20 metres of 4.98 g/t Au. Copper, cobalt and silver values were also found.
Grande Portage has posted complete assays and the Merry Widow technical report on its website, www.GrandePortage.com. Results of the recent airborne magnetometer and EM surveys as well as a list of new drill targets will be available soon.
NEWS
Grande Portage Resources Ltd.: High Grade Gold Values Contained Within Long Massive Sulphide Intersections-Including 95.2 Grams Per Tonne Over 1.01 Metres
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 29, 2006) - Grande Portage Resources Ltd. (TSX VENTURE:GPG) ("Grande Portage" or "the Company") is pleased to report initial assay results from drill holes MW06-01 to MW06-04. These holes were drilled from the same drill setup site occurring along the access ramp to the Merry Widow open pit. The drill holes were located to verify results obtained from diamond drilling in 1989 and 1990 by previous operators to add to the database knowledge, and to provide drill core for metallurgical test work.
The drill holes successfully intersected skarn mineralization containing visible pyrrhotite, pyrite and chalcopyrite hosted in either massive magnetite or epidote-garnet-actinolite skarn assemblages. Significant results were obtained from DDHMW06-03 which intersected 5.29 meters from 12.21 meters to 17.50 meters of 15.49 gm/tonne Au, 12.47 ppm Ag, 6295.29 ppm Cu (Including 48.3 gm/tonne, 32.3 ppm Ag, 1.47% Cu over 1.00 meter, and 18.45 gm/tonne Au, 13.6 ppm Ag, 0.62% Cu over 1.26 meters), and from DDHMW06-02 which intersected 18.20 meters from 13.46 meters to 31.66 meters grading 4.98 gm/tonne Au, 6.73 ppm Ag, 3157.24 ppm Cu (including 18.05 gm/tonne Au, 7.5 ppm Ag, 2100 ppm Cu over 0.90 meters, 14.85 g/tonne Au, 7.0 ppm Ag, 1600 ppm Cu over 0.94 meters and 22.1 g/tonne Au, 15 g/t Ag, 0.64% Cu over 0.79 meters) and from DDHMW06-04 which intersected 1.01 meters from 5.24 to 6.25 meters grading 95.2 gm/tonne Au, 21.0 gm/tonne Ag, 1.01% Cu, 2.07% Co, and 1.82 meters from 26.15 meters to 27.97 meters grading 18.63 gm/tonne Au, 10.28 ppm Ag, 4030.38 pm (Including 31.5 gm/tonne Au, 17.1 ppm Ag, 6630 ppm Cu over 1.03 meters).
A summary of the drill hole locations and orientations with significant assay and geochemical results of gold, silver, copper and Cobalt are displayed below. The values to date are preliminary as further copper, cobalt and silver Assays are awaited. The drill core was analyzed by ALS Chemex, the various values displayed are weighted averages of the intersected zones and are not true widths, gold (Au) is reported in grams per tonne (g/tonne) while silver (Ag) and copper (Cu) are reported in ppm (parts per million, note 1ppm is equivalent to 1 gram per tonne, while 10,000 ppm is equivalent to 1%). The results for silver or copper if recorded as grams per tonne or in percent indicate that this value was determined by fire assay and not geochemical ICP assay. Note where reported gold values were less than 5 ppb a value of 0.01 ppb was used to calculate the weighed average of the interval in the reported intersection.
DDHMW06-01 site 1Dip Angle -50 degreesAzimuth 323 degreesTotal Depth 81.07 meters
-----------------------------------------------------------------------FROM TO INTERVAL Gold Silver Copper Cobalt meters g/tonne ppm or ppm or % ppm or % g/tonne-----------------------------------------------------------------------4.78 7.00 2.22 6.37 6.96 1341-----------------------------------------------------------------------Includes----------------------------------------------------------------------- 0.55 19.9 24.1 1.98%-----------------------------------------------------------------------
-----------------------------------------------------------------------50.97 56.74 5.77 5.10 12.81 8617-----------------------------------------------------------------------Includes----------------------------------------------------------------------- 1.03 13.45 5.0 3160-----------------------------------------------------------------------
-----------------------------------------------------------------------
DDHMW06-02 site 1Dip Angle -50 degreesAzimuth 314 degreesTotal Depth 89.00 meters
-----------------------------------------------------------------------FROM TO INTERVAL Gold Silver Copper Cobalt meters g/tonne ppm or ppm or % ppm or % g/tonne-----------------------------------------------------------------------4.67 6.42 1.75 4.28 5.02 3572 1408-----------------------------------------------------------------------13.46 31.66 18.20 4.98 6.73 3157-----------------------------------------------------------------------Includes----------------------------------------------------------------------- 0.90 18.05 7.5 2100----------------------------------------------------------------------- 0.94 14.85 7.0 1600----------------------------------------------------------------------- 0.79 22.1 15g/tonne 0.64%-----------------------------------------------------------------------
-----------------------------------------------------------------------37.43 46.72 8.18 5.02 8.43 4477-----------------------------------------------------------------------Includes----------------------------------------------------------------------- 0.74 14.05 23g/tonne 1.24%-----------------------------------------------------------------------
-----------------------------------------------------------------------55.53 60.35 4.82 6.13 4.87 2175-----------------------------------------------------------------------
-----------------------------------------------------------------------
DDHMW06-03 site 1Dip Angle -38 degreesAzimuth 314 degreesTotal Depth 90.50 meters
-----------------------------------------------------------------------FROM TO INTERVAL Gold Silver Copper Cobalt meters g/tonne ppm or ppm or % ppm or % g/tonne-----------------------------------------------------------------------12.21 17.50 5.29 15.49 12.47 6295-----------------------------------------------------------------------Includes----------------------------------------------------------------------- 1.00 48.3 32.3g/tonne 1.47%----------------------------------------------------------------------- 1.26 18.45 13.6g/tonne 0.62%-----------------------------------------------------------------------
-----------------------------------------------------------------------31.85 38.41 6.56 2.38 7.07g/tonne 4005-----------------------------------------------------------------------
-----------------------------------------------------------------------
DDHMW06-04 site 1Dip Angle -60 degreesAzimuth 314 degreesTotal depth 90.50 meters
-----------------------------------------------------------------------FROM TO INTERVAL Gold Silver Copper Cobalt meters g/tonne ppm or ppm or % ppm or % g/tonne-----------------------------------------------------------------------5.24 6.25 1.01 95.2 21.0g/tonne 1.01% 2.07%-----------------------------------------------------------------------
-----------------------------------------------------------------------26.15 27.97 1.82 18.63 10.28g/tonne 4030-----------------------------------------------------------------------Includes----------------------------------------------------------------------- 1.03 31.5 17.1g/tonne 0.66%-----------------------------------------------------------------------
-----------------------------------------------------------------------61.98 64.04 2.06 11.53 13.92g/tonne 7074(i)-----------------------------------------------------------------------
(i) This calculation was based using 10,000 ppm for Copper value reported as greater than 10,000 ppm
The Company established threshold values geochemically for Gold greater than 250 ppb, silver greater than 10 ppm, Copper greater than 1000 ppm and cobalt greater than 500 ppm in which any value received above this will be analyzed by fire assay. This has created a slowdown in receipt of assay results because there were multiple intersections reporting above threshold in silver, copper and cobalt. It has been noted that silver assays do not fluctuate significantly when reported geochemically versus fire assay however there is an overall appreciable increase reported in values by fire assay especially for copper and to a lesser extent cobalt. The Company will continue to monitor this and will report all assay values above threshold for silver, copper and cobalt when available.
The gold assay values for the next four drill holes are anticipated later in the week and will be reported when available. It is hopeful further assays of silver, copper and cobalt will also be available.
Additionally, the Company also reports that the companies consulting geologists will be meeting with representatives Aeroquest Limited (airborne contractor) later in the week to review the final results of the airborne mag and EM surveys completed. Several high priority targets have been selected and recommendations for follow-up will be reviewed. These results will be posted on the company website along with new target areas.
The exploration program is being conducted under the direction of Warren Robb, P.Geo. and George Nicholson, P.Geo., both are qualified geologists as defined under National Instrument 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS
Alistair MacLennan, President/CEO
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.
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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
a smile is on my face with this eautifu piece of information,...
"Former Placer Dome Senior Geologist Appointed as Senior Advisor "
ready to rumble time.
Grande Portage Resources Ltd.: Land Position Increased-Overall Favourable Strike Length Now Exceeds 25 kms
Friday August 4, 8:00 am ET
Former Placer Dome Senior Geologist Appointed as Senior Advisor
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 4, 2006) - Grande Portage Resources Ltd. (TSX VENTURE:GPG - News; "Grande Portage" or "the Company") is pleased to announce that as a result of its ongoing geological investigations at the Merry Widow massive sulphide project, the Company has staked an additional 5,210 hectares adding claims to the north and west, and optioning another 3,068 hectares adjoining further to the west. Adding to its previous land package owned or optioned, the total area now covers just over 19,000 hectares.
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Importantly, these latest acquisitions increase the overall strike length of the favourable Quatsino Limestone contained to greater than 25 kilometres and joins the claims with the magnetite rich massive sulphide skarn system on the Merry Widow with a similar magnetite rich skarn system to the west. All the massive sulphide mineralization located to date has been associated with the magnetite within the limestone. At the base of the Quatsino Section is the Old Sport Horizon, host to the former producing Coast Copper and Benson Lake Mines.
This mineralization occurs proximal to the intrusive stock, a similar mode of formation as the massive sulphide mineralization found at the Merry Widow and Kingfisher former open pit mines. With these latest additions, the Company's consulting geologists have recommended completion of the entire property with a helicopter airborne Mag and EM survey followed by detailed ground UTEM geophysical surveys. This will assist in defining new target areas for further diamond drilling.
With the expanding scope of the project, Grande Portage has retained Mr. Ignacije ("Rocky") Borovic, P.Eng., as a senior geological consultant to the project. Mr. Borovic has had a long and esteemed career in mineral exploration and is credited with the co-discovery and development of several mines and deposits during his decade long service with Placer Dome Ltd. His role will be to oversee all aspects of exploration and further development of the project drawing upon his years of experience and accomplishment.
The diamond drilling programme has proceeded well with 23 holes completed in and around the former producing Merry Widow pit and 2 holes completed on the Road Zone and I.P. geophysics targets. A 3rd hole has commenced on the I.P. targets from a second setup. Presently, split core for the first 15 holes are at ALS Chemex Labs in North Vancouver for analysis. Results from the first 4 complete holes are anticipated very soon followed by the next 4 holes shortly thereafter.
The core is cut in half with a diamond saw, with one half being placed in the core tray for future reference and study, and the other half being logged and labeled as a sample for direct transport to the laboratory by the geologist-in-charge. All samples are collected in accordance with industry standards. The sections of core with visible massive sulphides are fire assayed for gold, then the entire core is analyzed for 27 element I.C.P. plus gold. Any further gold sections discovered during I.C.P. greater than 250 ppb are then assayed, as well as copper greater than 1000 ppm, cobalt greater than 250 ppm, and silver greater than 10 ppm are also assayed. All sections reported will include the assays for all 4 elements.
The final airborne report is expected before the end of August at which time plans will be finalized for ground geophysics follow up and drilling.
The exploration program is being conducted under the direction of Warren Robb, P.Geo. and George Nicholson, P.Geo., both are qualified geologists as defined under National Instrument 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS
Alistair MacLennan, President/CEO
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.
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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
Contact:
Mr. Robin Forshaw
Grande Portage Resources Ltd.
(604) 685-5851
www.grandeportage.com
--------------------------------------------------------------------------------
Source: Grande Portage Resources Ltd.
Ten Tips for Picking Resource Stocks
Wednesday, June 28, 2006
By J. David Mason, Managing Director, Augen Capital Corp.
(originally published in the StockHouse Natural Resource Supplement on March 2, 2006)
While a geologist can tell the difference between fool's gold and the real thing, you don't need an earth sciences degree to make money buying mining stocks. Here are 10 suggestions to help you hit the mother lode.
1. Look to management - It doesn't matter whether it's a small resource company involved solely in exploration or one that is getting ready for, or in, production; management is the key. You have to know their track record.
Investors can learn much about a management's performance history through the Internet by accessing sites such as SEDAR and StockHouse for a stock's daily volume, which is an indication of the quality of those making the decisions. Many of these Internet sources will indicate what other companies management is involved with and you can see for yourself how successful these companies have been before you invest.
2. Measure its volume - You should develop an exit strategy before purchasing any stock. If you can't get out as easily as getting in, don't bother buying it. A good rule of thumb is to stick with a stock that trades at least $25,000 worth of volume in a day. Never buy more shares than you can sell in 30 days, particularly with a resource stock.
3. Location - A promising property is worth little if it's in such a remote location that the resource can't be extracted economically. Mine locations can be remote provided there is infrastructure surrounding it.
4. The resource itself - This should be divided into two categories: an exploration target or defining reserves to bring into production. While an expert opinion is required, potential investors can access SEDAR documents to determine whether a 43-101 report is available and whether it's recommended by someone who is well known within the industry. This applies to exploration, reserve definition, and properties ready for a production decision.
5. Infrastructure - This can be defined as what's available to bring the resource into production, such as nearby roads, railways, power, and, in some cases, natural gas or other energy sources necessary to fuel the plant.
6. Structure of the stock - If there are too many shares outstanding relative to the trading volume it may be difficult for the stock price to increase in value. Tightly-held shares (the majority of the stock owned by management or other insiders) may be detrimental to institutional buying, yet could be beneficial for the retail investor as any drill results will be reflected in the stock price more directly.
7. Commodity trend - If the price of gold, for example, is on an upward trend, shares of a company with a prospective gold property or development will likely be in greater demand in the marketplace, driving the price higher. An obscure commodity that people will need to examine in greater detail will, thus, be a more difficult investment in which to make money.
8. Secular trend - A good time to buy resource stocks is May through the summer when activity is relatively quiet and think about accumulating early in the fall, perhaps taking some profits late October and November. There's another trend that comes each year in early January and runs through the middle of March. Investors should also look to the four-year business cycle - are we at the bottom or the top?
9. Find out who follows the stock - Look at the resource company's Web site to find a list of analysts who have written reports on the company. The quality of the reports and whether the company is being followed by a large number of IDA member firms are all positive developments.
10. Exploration versus production - If it's an exploration company, is the company close to a drill decision? Does the company have money in place to start drilling? Resource stocks often make a move upward once a drill decision is made. Likewise, if the company is close to a production decision, the stock will more often than not make a nice move upward.
http://www.stockhouse.com/shfn/article.asp?edtID=18418
It’s Time to Jump Back in Precious Metals and Mining Shares With Both Feet Again
By Peter Grandich
07 Jun 2006 at 11:59 AM EDT
PERRINEVILLE, NJ (Grandich Publications) -- In a business where you’re only as good as your last call and what have you done for me lately, most reading this will now only want to know what does my “crystal ball” see going forward?
The late Kennedy Gammage used to say, “Those of us who make a living looking into the crystal ball, end up learning how to eat lots of broken glass.” Translation – we’ll all be wrong enough times to realize we, too, put our pants on one leg of the time!
If there’s just one sentence I want you to remember after reading this alert, it’s the following: The secular bull market in precious metals is far from over!
At best, we’re in the fourth or fifth inning. It’s a very different story for most base metals, especially copper. There the game ended, only most fans apparently didn’t hear the umpire yell “Strike Three- You’re Out”!
Key Fundamental Factors
The following are the most critical factors of mine and directly influence my financial markets outlooks:
*
Americans have been robbing Peter to pay Paul, but Peter is tapped out. We’ve been living way beyond our means and the day of reckoning for our economic and financial sins is upon us. The real estate bubble that’s now bursting had allowed us debt junkies to forestall facing paying the piper by literally mortgaging away our future so we can continue living a lifestyle many levels above what realistically we could’ve truly afforded.
*
Our “Uncle Sam” doesn’t have much of a fan club outside of the gold ole’ USA. Most Americans don’t realize how unpopular we’ve become as a nation and as a people in many places of the world (and I’m not just speaking about the places you see on TV where they’re screaming death to America). Most Americans don’t realize that we need to borrow vast sums of money “every day” from foreigners just so we can keep living beyond our means. Those “lenders” are becoming (or have already become) gravely concerned about how we live and our ability to pay it back with interest. Rest assured, they will demand higher interest rates and/or more political influence over us and our affairs.
*
While geopolitical concerns around the world are at least recognized by most Americans, they not only don’t take into account what effect these concerns play into the point I made above about dependence on foreign capital, but are in no way prepared for an even bigger geopolitical uprising right here at home – The Democrats versus the Republicans. I believe what’s about to take place in the battle for Congress this Fall, will make the battle between the Hatfield’s and McCoy’s look like Woodstock. I’ve no doubt we will reach new lows in mud slinging and the effect it will have on foreigners’ beliefs of whether they should continue funding our “debt-devouring” lifestyle will be profound.
*
For all those history buffs who wondered what it must have been like to have witnessed the fall of the Roman Empire, take heart – the fall of the American Empire is upon us. Personally, I can’t wait for someone else to play cop for the world.
With this in mind, let’s look at the metals and mining shares…
There’s an old saying that states, “You should look back before you look forward.” I think it’s most appropriate for gold.
As we entered the new millennium, the very survival of the metals and mining industry was in question. Those who still were attempting to eek out a living in it were literally trying just to keep the lights on. This period of time had a profound effect that we still feel today. The lack of substantial exploration has greatly helped the supply versus demand equation in favor of demand even today. While gold bottomed just above $250, it really never received wide attention (outside of our little goldbug world) until it broke above $500.
In fact, it wasn’t until it rose above $600 before the world seemingly beat a path to its door. I found it amusing at times, watching individuals and firms who never gave gold much of a thought all the way up to $600, knock each other over trying to get media attention that they were “raising their outlook” for gold. In fact, I pointed out that this very “feeding frenzy” was a key reason why when we broke above $700, I believed a serious correction had to take place. The icing on the cake was when media who normally couldn’t care less about gold, were contacting me and reporting on gold’s performance.
Now today, I find gone is most of the wild speculation that was occurring daily just a few weeks ago. In fact, I’m now seeing reports and commentaries questioning whether a bear market has begun (I love it). We may indeed need to trade between $575-$600 to get that feeling widespread, but most of my technical indicators have now returned to the bullish side or are at least no longer very bearish. Reward now equals or surpasses risk, going forward ($50 lower and up to $500 higher is worth risking being aggressively long again).
What are the main factors I see driving gold higher as we get into the second half of 2006 and beyond?
The physical supply versus demand scenario remains bullish. We just haven’t had anywhere near the necessary discoveries of large quantities of gold to satisfy the thirst major mining companies have become accustomed to (more about this in my mining shares commentary). Supply continues to decline while demand remains robust.
Like it or not, GATA and its major supporters like Bill Murphy, James Turk and John Embry (Sprott) have been far more right than wrong in their predictions that the once believed “overhang” of supply (that so many of their critics constantly predicted) would not materialize. To what level there’s been manipulation or not to me isn’t as important as the “fact” that these gentlemen have been far more right than the very critics who called them nuts for even believing such manipulation was/is occurring. They at least proved (and its much more than this) that it’s better to be right for the wrong reasons than wrong for the right reasons.
What’s most crucial about GATA’s work IMHO, is the Central Banks just don’t have the large quantities of gold the Andy Smith’s of the world (I assume this ardent gold bear is still alive somewhere) used to claim will overhang gold forever and thus gold would never see $500. (Now that I think about it, whatever happened to that money manager on ROB-TV who used to claim his grandchildren would never see $500 gold?). I think it’s foolish not to at least value GATA’s work on the same level of all my other work and urge you to make it part of your gold research as well.
While I believe geopolitical “safe haven” status is going to continue to benefit gold for the foreseeable future, I think the next up leg is going to be driven by the fall of the U.S. dollar. Please re-read my April 4th report. If you’re going to value my observations in a serious manner, then I want you to imprint the following on the palm of your hand and look at it every time one of the “Don’t Worry, Be Happy” crowd on Wall Street tells you otherwise –“The only party that doesn’t know the U.S. dollar is dead, is the U.S. dollar!!!"
One of the best historical factors you can follow for gold is the inverse relationship it has with the U.S. dollar. About 80%-85% of the time, they move in opposite directions. So, since I believe the U.S. dollar is dead, dead, dead, dead, dead, dead, dead, dead, dead, dead, dead, dead, dead, I believe history favors my bullish gold stance. Understood?
The U.S. stock market has peaked and is going to resume its bearish trend and eventually test and break below its lows made after the dot-com bust. Providing it doesn’t go straight down but instead rolls over, this should also benefit gold. I’ve always said gold’s bull market can’t end until the average American investor stops telling you about how attractive Intel, Microsoft or IBM are and is instead telling you about a mining stock they love but can’t even spell. Likewise, I don’t feel the bull market will be over until TOUT-TV (CNBC-TV) moves the young lady from the oil pits to the Comex floor to cover gold.
Bottomline
Gold can go as low as $575 before we see a major sustained move up but reward has now surpassed risk going forward. Most of the wild speculation is gone. Even the hate emails that would tell me I’m nuts for turning bearish on gold are gone and being replaced with frantic concerns from folks writing asking if they’ve missed the top. All in all, I feel we’re hours or days at the most from “the” bottom.
See full unabridged and unedited version here.
Copyright © Grandich Publications, LLC 2006
Peter Grandich is Editor of “The Grandich Letter,” published by Grandich Publications, LLC, which provides research, analysis, and investor relation services.
http://www.resourceinvestor.com/pebble.asp?relid=20455
Strong and Rising Commitments to the Canadian Mining Industry
By Michael J. DesLauriers
16 Apr 2006 at 10:06 PM EDT
TORONTO (ResourceInvestor.com) -- The investment of junior and senior mining companies into prospective ground across all of our provinces and territories continues to increase at a significant clip. The Overview of Trends in Canadian Mineral Exploration published by Natural Resources Canada for the full year 2005 continues to provide insight into where the hot area plays are emerging and illustrate the obvious potential of this resource rich country.
Exploration Spending
According to the latest update in numbers, “In 2005, total expenditures reached $1.3 billion, up 10% from $1.2 billion in 2004, while a further increase of 9% to $1.4 billion is expected for 2006.” It should be pointed out that the 2004 numbers were up nearly 75% over 2003 and that total expenditures have nearly tripled since 2000. Juniors are expected to spend $816 million this year - in 2004 their spending overtook that of the seniors. Despite the massive increases in capital spending, the report points out that the juniors have yet to surpass the levels of 1987 and 1988 when expenditures passed the billion dollar mark (in real terms).
What’s Hot
“In 2005, expenditures for precious metals fell while those for base metals, uranium and the other mineral commodities group rose from 2004 levels. The precious metals group remained first with total expenditures of $524 million, but is expected to decline further in 2006. The base metals group, third in total expenditures behind precious metals and diamonds between 2001 and 2004, surged into second place in 2005 and is expected to keep its ranking in 2006.”
Uranium projects, particularly in Saskatchewan have witnessed a marked increase in expenditures, with 2006 numbers forecast to reach an unprecedented $123 million. Any vigilant market observer would have noticed the demand for uranium stories and with such a serious level of cash being thrown at some prospective historical targets it seems likely that a discovery could emerge sometime this year – of course, which company comes up with the goods is more or less a crapshoot.
Where to Be?
The 2006 estimates over 2005 see junior companies increasing their spending most heavily in Saskatchewan and Quebec, while decreasing outlays in British Columbia. Interestingly, plays in both Quebec and Saskatchewan have been the hottest in the market over the last couple of months. In Saskatchewan, the majority of expenditures are related to uranium and diamonds, while precious and base metals make up the lion’s share of activity in Quebec.
Last year, in an article based on data from the same publication we noted that, “precious metals are the main area of focus for exploration spending, in dollar terms more than twice base metals.”
While precious metals are still the number one target for exploration spending on an absolute basis, the base metals are starting to cut into their share and commitments are escalating rapidly, as the gap has been bridged from twice the dollars being committed to the precious metals a year ago, to a difference of only about 50% projected for this year.
Conclusion
Canada is still a hot spot for mining investment, perhaps all the more so as a result of uncertainty in other jurisdictions as seen in last week’s article about Peru and the general climate in South/Central America. Furthermore, Canada remains mining friendly and willing to provide meaningful incentives for Canadian listed juniors to keep ploughing their capital into the ground at home.
By the numbers, it would appear that with the base metals finally being accepted, the appetite for these projects is on the rise. Uranium is also capturing the imagination of investors as prices continue to rise and underlying fundamentals are strong. That said, with so much money being committed across the country in so many commodities, it is hard to say where the next Canadian discovery will be. One thing seems certain, however, there will be one this year.
http://www.resourceinvestor.com/pebble.asp?relid=18866
coiled spring...
GPG $0.68 +0.02/+3.03% 0.66(110) - 0.68(270)
pressure building, which usually happens within 3 days of a news release....
this is speculation on my part only.. du your due..
new web site up ...very impressive
http://www.grandeportage.com/s/Home.asp
koolmc the first three drill hole results should have been released this week so best guess is early next week.
Then it will be followed by a steady stream of releases from the 23 holes they have drilled.
It is hard to predict the future however I do not see it below $1 for much longer and could run as high as $3.00 to $3.50 in short order, that is based on 23 holes all hitting massive sulfides, it is the quality and quantity that is unkown.
Northern Dynasty went from .70 to $7.00 almost overnight when they released.. this rock has similar characteristics however Grand Portage has not been hyped like Northern Dynasty was.. so we shall see
well it depends what you consider a dip,... ????
if GPG goes to the $1 - $3 levels,...theres some pretty serious $$$KACHINGO$$$ about to take place,....
and it appears that there is really no technical or fundamental reason for a dip of any signifigance,...
there is a solid support at .35 so the Fib retrace is as follows:
38.2% - .50
50.0% - .55
61.8% - .59
additionally there is a second support, not yet confirmed, at .54. if this hold up through next week and the week after,...then it is on its way to the $1 watermark.
GPG.V Force 5,20,50,...
the bulls are in control :)
http://stockcharts.com/c-sc/sc?s=GPG.V&p=D&yr=0&mn=6&dy=0&i=p83559969426&r=5...
was just lurking, hoping for it, you think it will dip?, uptrend already started though.
Could Grande Portage Be the Next Kodiak?
By David J. DesLauriers
TORONTO (ResourceInvestor.com) -- Massive sulphides along with silver and uranium are extremely hot right now. The market has proven its willingness to pay for all of the above, but there are far fewer major scale quality massive sulphides plays than there are silver and uranium vehicles.
More importantly, huge speculation is coming into these plays even before the drills start to turn. Kodiak Exploration [TSXv:KXL] has arguably been the hottest junior stock of 2006 to-date, with shares in the company exploding from around 30 cents in mid-January, to the C$3 level today.
Indeed, Kodiak’s first up-leg, which took the stock to C$1.35, came solely on the back of enthusiasm about the company’s VTEM airborne geophysical survey, which identified massive sulphide bodies over several kilometres of strike length.
Investors made a 10 bagger there in a little over a month.
Grande Portage
Your correspondent believes that he may have found an analog to the Kodiak play.
Grande Portage Resources [TSXv:GPG] is a little company that is not on very many radar screens right now, but could have Kodiak-like upside over the next month to six weeks.
GPG controls a monstrous hundred square kilometres of land included in which is the Merry Widow massive sulphide project in British Columbia, and is readying to conduct its own airborne geophysical survey with results due out in late April. With the regional aeromag map extending almost 12 kilometres in diameter, and lighting up like a Christmas tree, all indications are that Grande Portage will be able to report a multi-kilometre strike length of massive sulphides with numerous extremely large and newly identified targets.
The company is also getting ready to put 22 holes into three target areas on the property. “The drill targets are all to be based off existing logging roads and will target the newly discovered IP target, the Road zone, and a copper-gold massive sulphide zone in the hanging wall of the Merry Widow pit.” It should be noted that historical results from the pit include 43 metres of 5.66 g/t gold and 1.36% copper.
All of this will come together over the next few weeks, and management isn’t afraid to tell the story, and will be doing so both in Canada and Europe.
Conclusion
With a current market capitalization of C$12 million and shares trading at under C$.40, the VTEM survey alone could drive Grande Portage over C$1 per share in the next several weeks if it is able to demonstrate what the company believes it will, and if it is at all comparable to Kodiak’s result in terms of substantial strike length.
Further, if drill testing can match historical results for high grade gold in the Merry Widow pit, and deliver strong base metal values in any of the major massive sulphides targets in the company’s land package, GPG could in all probability continue to follow the Kodiak pattern (one drill hole from KXL pushed the stock from C$1.30 to $3.54).
Indeed, at this price the risk to reward ratio is very attractive, and investors may want to keep Grande Portage on their radar screens, because there is a decent chance that history repeats itself. Positive news flow could make GPG a multi-bagger over the next several weeks as the company reveals the results of its VTEM survey, raises awareness and commences its drill program.
http://www.resourceinvestor.com/pebble.asp?relid=18158
not bad volume for an unknown company
07/21/06 0.580 0.600 0.560 0.590 97,500
07/20/06 0.630 0.630 0.590 0.590 108,000
07/19/06 0.610 0.680 0.610 0.670 45,000
07/18/06 0.610 0.610 0.610 0.610 43,500
07/17/06 0.700 0.700 0.610 0.610 108,000
07/14/06 0.700 0.700 0.650 0.690 85,600
07/13/06 0.630 0.700 0.620 0.700 149,400
07/12/06 0.680 0.690 0.630 0.630 310,885
07/11/06 0.620 0.740 0.620 0.690 659,400
07/10/06 0.560 0.650 0.560 0.620 138,960
07/07/06 0.550 0.580 0.550 0.560 147,500
07/06/06 0.570 0.570 0.540 0.550 79,300
07/05/06 0.540 0.570 0.490 0.570 83,000
07/04/06 0.530 0.540 0.510 0.510 167,000
06/30/06 0.520 0.560 0.500 0.530 296,800
06/29/06 0.420 0.520 0.420 0.520 152,000
06/28/06 0.400 0.400 0.400 0.400 107,000
06/27/06 0.425 0.425 0.390 0.390 27,000
06/26/06 0.400 0.400 0.390 0.390 95,000
06/23/06 0.380 0.400 0.380 0.400 86,350
i keep buying this one as other trade transactions free up funds,...
i like collecting winners.
being bought on the American (2,500)and Canadian (97,500)exchanges.
when drill result come i think we see $1,...JMHO.
Have a sale in to loosen up some funds. Am looking at an entry point at about .55 Canadian--or .04 below close. Entry depends on being able to first sell a not very liquid stock.
it seems to me and it would be a logical conclusion that for a commpany to initiate 2 shifts comprising 20hours per day,...that they have a more than informed idea of what is in the ground. why else would this effort be surmounted ?,...to find what the airborne test results don't show ?,...nope,...they know what they have here.
and with the pps holding at this level we have a new technical support
my wild guess pps in the near furture,...$1.50 - $1.75.
and i hope i'm wrong,... to the up side. :)
With the new airborne and a 5 km width confirmed,new areas found, 4 drill results about to come out of the lab within 10 days, with 19 more drill results coming out after that, drilling on the property in 2 shifts (20 hours per day) massive sulfides in all 23 holes....
It's hard to even dream up a downside here..personally looking at a two year hold to maximize investment.. target price, well that's a wild guess.
Grande Portage Resources Ltd.: Airborne EM Extends I.P. Target-Several Large Coincident Mag Targets Identified
Wednesday July 19, 1:28 pm ET
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - July 19, 2006) - Grande Portage Resources Ltd. (TSX VENTURE:GPG - News; "Grande Portage" or "the Company") is pleased to announce that a preliminary evaluation of the recently completed 1,474 line km airborne EM and Mag geophysics confirms the results of the earlier 3-D Induced polarization ground geophysics and extends the target length to in excess of 5 km.
ADVERTISEMENT
The ground geophysics survey, which generally has a greater depth penetration and accuracy than airborne surveys, detected a chargeability anomaly that remained open to the southwest at the extent of the surveys at the time. The airborne EM detected the southwest extension and extended for an additional 4.2 km, with a parallel zone to the west continuing for 2.0 km. At least 2 east/west conductors crosscut this trend for an excess of 4 km. Other coincident Mag and EM anomalies occur 5 km southwest of the Merry Widow pits and the focus of the first 24 drillholes; along the western edge of the airborne survey; and to the north. The Company is extremely encouraged that the results to date continue to provide significant insights. The precise size of each anomaly will be discussed in detail once the Company has received the final results of all the data plots and filtering expected sometime in August.
With the Merry Widow open pits as the model for skarn related massive sulphide mineralization occurring proximal to the magnetite, an initial review of the airborne magnetics shows that the previous mining focused within a discrete Mag high. The airborne Mag reveals a cluster of similar Mag highs varying in size and dimension, many of which are larger than the original discovery.
This is significant as no previous exploration knowledge of these targets has been located to date. These are new areas which will require initial investigation to determine if they are magnetite bearing and if skarn related massive sulphide mineralization also occurs within these bodies. Regional geological mapping indicates that the geology is similar.
The Company is presently drilling the first diamond drill holes into the I.P. generated targets. Should the holes successfully intersect massive sulphide mineralization along this trend, further ground geophysics will commence along the entire EM detected anomalies to further refine future drillhole selection. These grids will extend southwest along the main trend, along the parallel western zone, and will be targeted on new areas.
The exploration program is being conducted under the direction of Warren Robb, P.Geo. and George Nicholson, P.Geo, both are qualified geologists as defined under National Instrument 43-101. Both individuals authored this news release.
ON BEHALF OF THE BOARD OF DIRECTORS
Alistair MacLennan, President/CEO
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.
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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
Contact:
Mr. Robin Forshaw
Grande Portage Resources Ltd.
(604) 685-5851
www.grandeportage.com
--------------------------------------------------------------------------------
Source: Grande Portage Resources Ltd.
Here is an earlier report about Grande Portage from a few months ago
Could Grande Portage Be the Next Kodiak?
By David J. DesLauriers
24 Mar 2006 at 12:27 PM EST
TORONTO (ResourceInvestor.com) -- Massive sulphides along with silver and uranium are extremely hot right now. The market has proven its willingness to pay for all of the above, but there are far fewer major scale quality massive sulphides plays than there are silver and uranium vehicles.
More importantly, huge speculation is coming into these plays even before the drills start to turn. Kodiak Exploration [TSXv:KXL] has arguably been the hottest junior stock of 2006 to-date, with shares in the company exploding from around 30 cents in mid-January, to the C$3 level today.
Indeed, Kodiak’s first up-leg, which took the stock to C$1.35, came solely on the back of enthusiasm about the company’s VTEM airborne geophysical survey, which identified massive sulphide bodies over several kilometres of strike length.
Investors made a 10 bagger there in a little over a month.
Grande Portage
Your correspondent believes that he may have found an analog to the Kodiak play.
Grande Portage Resources [TSXv:GPG] is a little company that is not on very many radar screens right now, but could have Kodiak-like upside over the next month to six weeks.
GPG controls a monstrous hundred square kilometres of land included in which is the Merry Widow massive sulphide project in British Columbia, and is readying to conduct its own airborne geophysical survey with results due out in late April. With the regional aeromag map extending almost 12 kilometres in diameter, and lighting up like a Christmas tree, all indications are that Grande Portage will be able to report a multi-kilometre strike length of massive sulphides with numerous extremely large and newly identified targets.
The company is also getting ready to put 22 holes into three target areas on the property. “The drill targets are all to be based off existing logging roads and will target the newly discovered IP target, the Road zone, and a copper-gold massive sulphide zone in the hanging wall of the Merry Widow pit.” It should be noted that historical results from the pit include 43 metres of 5.66 g/t gold and 1.36% copper.
All of this will come together over the next few weeks, and management isn’t afraid to tell the story, and will be doing so both in Canada and Europe.
Conclusion
With a current market capitalization of C$12 million and shares trading at under C$.40, the VTEM survey alone could drive Grande Portage over C$1 per share in the next several weeks if it is able to demonstrate what the company believes it will, and if it is at all comparable to Kodiak’s result in terms of substantial strike length.
Further, if drill testing can match historical results for high grade gold in the Merry Widow pit, and deliver strong base metal values in any of the major massive sulphides targets in the company’s land package, GPG could in all probability continue to follow the Kodiak pattern (one drill hole from KXL pushed the stock from C$1.30 to $3.54).
Indeed, at this price the risk to reward ratio is very attractive, and investors may want to keep Grande Portage on their radar screens, because there is a decent chance that history repeats itself. Positive news flow could make GPG a multi-bagger over the next several weeks as the company reveals the results of its VTEM survey, raises awareness and commences its drill program.
< Back Respond to this story >
10 days (or less) to the first 4 hole drill results coming out of the independent lab... Then there should be a steady stream of news behind it, 23 holes are completed and into the lab. The drill team is working double shifts so the drills are turning 20 hours per day.
This arm's length drill program sets the company up to be N.I.43-101 compliant and will change the status of the reserves from probable to proven
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