Grande Portage Resources Ltd.: Resource Calculation Nearing Completion-Project Update
Tuesday August 7, 9:30 am ET
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 7, 2007) - Grande Portage Resources Ltd. (TSX VENTURE:GPG - News; "Grande Portage" or "the Company") is pleased to present an update on the ongoing exploration activities at its main Merry Widow and Cherry projects, west of Port McNeil on Vancouver Island.
Diamond drilling has been continuing around the main Merry Widow open pit area in an effort to expand resources so that economic modeling can be initiated. Much of the main Merry Widow open pit near surface mineralization, amenable to low cost open pit extraction, has been completed and initial estimates regarding tonnage, grade and cut off values regarding gold-copper-cobalt-silver and magnetite have been received by the Company. The Company's consulting geologists and engineers are reviewing the data and wish to present the information in a NI 43-101 compliant format. This is expected within the next 2 weeks. Following this, engineers will commence the process of economic viability and recovery processes. Additional permitting may be necessary. With the results coming in and the targets selected the Company is now reviewing its options as it assesses the transition from an exploration company.
Meanwhile, other near surface open pittable targets have been selected for additional drilling and definition near the Merry Widow pit and include the Raven (Copper Knob), Skyline, Bluebird 1 & 2, Marten and Marten extension. To date, only the Marten has been drilled and completed while drilling is now underway at the Raven showing. Drilling difficulties in a fault zone on the Marten extension necessitates the Company to permit for new drillsite locations. The Marten zone intersections near surface average 1.5 metres with gold values ranging from nil to 4.4 g/t, copper from 0.1% to 1.34% and magnetite iron from 4.42% to greater than 50% with many greater than 30%. Cobalt values were sporadic throughout from nil to 0.389%. All other targets have a larger surface expression and larger drill intersects are anticipated.
The massive silt sampling programme covering the entire Merry Widow and Cherry claims was completed mid-July and the Company now awaits all assay data so that statistical analyses can be undertaken and follow up targets selected. Hundreds of samples were collected and during the program several new, previously unknown areas of massive sulphide mineralization were discovered. These include areas of copper, zinc and iron sulphide mineralization.
The I.P. grid on the copper-nickel target was postponed for 2 weeks due to forest fire hazard and will recommence within a week. The I.P. geophysics crew is scheduled for mid August with completion near the end of August. The airborne geophysical programme on the Cherry claims originally scheduled for early July will now be flown in late August due to weather pattern delays in other parts of British Columbia and technical delays with the contractor's equipment.
Lastly, the Company is at advanced stage negotiations with 4 separate groups regarding additional claim blocks adjacent to the project area. The areas include 3 more anomalous copper, nickel targets with favorable gabbroic rocks, massive sulphide copper-gold-silver-zinc targets, and additional magnetite resources. Only the copper-nickel targets are early stage. The Company anticipates completing these acquisitions by mid month.
George Nicholson, P. Geo., is the qualified person for this project and has reviewed and verified the contents of this news release.
About Grande Portage Resources Ltd.
Grande Portage Resources Ltd. is a mineral exploration and development company focused on massive sulphide exploration in British Columbia. Grande Portage is operated by experienced managers and professionals who have been effective in discovery, mine development, and mining operations throughout North and South America, Africa, Europe, and Central Asia. The Company is well financed with no long term debt. More information is available online at www.grandeportage.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Alistair MacLennan, Chairman
Statements about the Company's future expectations and all other statements in this press release other than historical facts are "forward looking statements". The Company intends that such forward-looking statements be subject to the safe harbours created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from the expected results.
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:
Trent Dahl
Ascenta Capital Partners Inc.
Investor Relations
(604) 684-4743 Ext. 228
Email: trent@ascentacapital.com
Bryson Goodwin
Ascenta Capital Partners Inc.
Investor Relations
(604) 684-4743 Ext. 239
Email: bryson@ascentacapital.com
Ian Klassen
Grande Portage Resources Ltd.
President
(604) 290-5762
Email: ian@grandeportage.com
Website: www.grandeportage.com
Source: Grande Portage Resources Ltd.
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