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-----------------------------------------------------------------------
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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-----------------------------------------------------------------------
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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.
