23 Drillholes Completed From 7 Sites; Massive Sulphides Intersected in All Holes
VANCOUVER, BC, July 12, 2006 -- Grande Portage Resources Ltd. (TSX-V GPG) ("Grande Portage" or "the Company") is pleased to announce that it has thus far completed 23 diamond drillholes from 7 drillsites all located proximal to the former open pit magnetite mines on the Merry Widow project, northern Vancouver Island.
All drillholes to date have intersected multiple zones of massive sulphide mineralization. The thickness, number of zones (intersections ranging a few metres to multiple tens of metres), and mineral components vary considerably with each drillhole. Mineralization consists of differing amounts (per drillhole and intersection) of chalcopyrite, pyrrhotite, magnetite, pyrite, and cobaltite. There may be other, as yet unidentified, sulphide minerals which will require polished thin section analysis to determine the type.
These holes have been designed to explore the copper-gold-cobalt-silver skarn related massive sulphide mineralization associated in the wall rocks and in the periphery of the zones of magnetite. The holes from the same set-ups were drilled either at a steeper angle to assess the down dip potential or were fanned out at different bearing angles to determine the mineral variability along strike. By undertaking a drill program in this manner, the company lowers its costs with fewer setups and attains a greater geological understanding within a contained area. Given the rating of mineralization encountered to date, this form of tight space drilling will likely continue in the area of the pits.
While assay results are pending and data is being tabulated, the drill is moving down to test the Road Zone where 11 sites are permitted for. The Road Zone was a new discovery of copper-cobalt-gold mineralization discovered this fall. This zone was subsequently expanded with 3D I.P. ground geophysics. More recently, the airborne Mag and EM geophysics completed by Aeroquest Ltd. confirmed a sizeable EM target associated with the earlier completed work. This will be the focus of the next series of drillholes.
The drill holes completed, along with the azimuth, dip angle, depth and intersections will follow. At present massive sulphide intersections from the first 4 drillholes are at Chemex Labs for assay analysis. Initially, only the massive sulphide zones will be assayed followed by a more thorough review of drillcore to determine if other, more subtle zones of mineralization are present such as low sulphide zones. The company has imposed a set of standards to validate the assay accuracy.
As results become available for the first 23 holes they will be released along with further information pertaining to each drillhole.
In addition, the Company announces that is has granted incentive stock options to various employees and consultants to purchase up to 550,000 common shares at an exercise price of $0.69 per share for a period of 5 years from date of grant.
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
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Alistair MacLennan, President/CEO
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