Grande Portage Resources Ltd. Announces Resource Estimates at Merry Widow - Commences Preliminary Recovery and Scoping Studies
Thursday October 4, 8:00 am ET
VANCOUVER, Oct. 4 /CNW/ - Grande Portage Resources Ltd. (TSX-V GPG) ("Grande Portage" or the "Company") is pleased to announce that it has received a National Instrument 43-101 compliant Technical Report dated September 24, 2007 (the "Report") on the copper-gold resources for the Merry Widow Property on Vancouver Island, British Columbia.
Highlights:
- The estimates as at September 24, 2007 using a 0.5 g/t Au cut-off,
defined an aggregate of 950,000 tonnes averaging 2.03 g/t Au,
5.64 g/t Ag, 0.34% Cu and 0.013% Co and 16.1% Fe, classed as Measured
plus Indicated, and an additional 120,000 tonnes averaging
1.2 g/t Au, 2.8 g/t Ag, 0.13% Cu and 0.008% Co classed as Inferred.
The various individual resources for each classification are shown in
the Table below.
- The Company will proceed with metallurgical test work, in-fill
drilling and commence a preliminary recovery and scoping study.
"We are very pleased by this preliminary resource calculation, which focused only on the 2006 drilling from the immediate Merry Widow pit area," commented Alistair MacLennan, Chairman of Grande Portage. "We have tested only a very small area of the Company's prospective land package and are very optimistic about further enhancing the estimate at the Merry Widow and other mineralized zones with continued drilling. Essentially, this is a great step as we develop our resources."
Total Resources - Merry Widow
MERRY WIDOW MEASURED, INDICATED and INFERRED RESOURCES
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Tonnes
(greater
Au than)
Resource Cutoff Cutoff Grade (greater than) Au Cutoff
-------------------------------------------------------------------------
Grade Au Ag
Category (g/t) (tonnes) (g/t) (g/t) Cu (%) Co (%) Fe (%)
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MEASURED 0.50 340,000 2.34 6.72 0.44 0.014 15.7
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INDICATED 0.50 610,000 1.86 5.03 0.29 0.013 16.3
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INFERRED 0.50 120,000 1.19 2.77 0.13 0.008 16.2
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MEASURED
+
INDICATED 0.50 950,000 2.03 5.64 0.34 0.013 16.1
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This mineral resource estimate has been completed by independent qualified person Gary H. Giroux, P.Eng., MASc., of Giroux Consulting Ltd. in Vancouver, B.C. This estimate is based upon a 3D geologic model integrating 4,448 metres of diamond drilling of 43 drill holes, 2,290 assays, with 104 down-hole surveys collected between June and December 2006.
The resource was reported utilizing gold cut-off grades ranging from 0.10 g/t to 3.00 g/t gold, as more particularly set out in the Report. A complete copy of the Report will be available under the Company's public filings on SEDAR (www.sedar.com). A gold cut-off grade of 0.50 g/t gold was selected as representing one possible mining scenario. For the purposes of the calculations, lognormal cumulative frequency plots were used to assess grade distribution to see if capping of high values was required and if so at what levels. For all elements capping levels were established based on the individual grade distributions as follows:
Au - a total of 18 gold assays were capped at 32.0g/t gold
Ag - a total of 9 silver assays were capped at 165g/t silver
Cu - a total of 7 assays were capped at 11.7% copper
Co - a total of 5 assays were capped at 0.48% cobalt
Fe - all Fe assays were capped at 50% iron, the analytical detection
limit.
Total Magnetite Resources - Merry Widow
An estimate of magnetite content was also made for the Merry Widow Project. This was more difficult as iron was present in both magnetite and sulphides, principally pyrrhotite, pyrite and chalcopyrite. To try and eliminate iron content due to sulphide mineralization, the calculations utilized the lithologic logs and only report iron from samples coded as massive magnetite.
MERRY WIDOW MEASURED PLUS INDICATED and INFERRED MAGNETITE RESOURCE
-------------------------------------------------------------------------
Tonnes
(greater
Fe than)
Resource Cutoff Cutoff Grade (greater than) Au Cutoff
-------------------------------------------------------------------------
Grade Au Ag
Category (%) (tonnes) (g/t) (g/t) Cu (%) Co (%) Fe (%)
-------------------------------------------------------------------------
MEASURED
+
INDICATED 20.0 125,000 0.75 2.99 0.13 0.012 29.5
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INFERRED 20.0 23,000 0.42 2.09 0.08 0.012 28.4
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At this time, there are no other known factors which may affect the above mineral resource estimates. Mineral resources are not mineral reserves, and as such do not have demonstrated economic viability. The above resource estimates are made in accordance with the Mineral Resource/Reserve Classifications recommended by the CIM Committee on Mineral Resources and Mineral Reserves, as required by National Instrument 43-101.
In 2007, Grande Portage undertook a 12,000 metre, Phase II diamond-drilling program which encompassed definition and infill drilling, in and around the Merry Widow Pit. It was conducted in a manner and at a drill spacing that would enable the completion of a future resource estimate at the measured or indicated category. The prospective area remains open along strike and down dip. Grande Portage will conduct further drilling in the area with the goal to increase and define the resource at Merry Widow.
In addition to the detailed drilling, metallurgical testing will be conducted on the mineralized material to determine suitable techniques for metal recovery and determine recoveries of the main economic minerals. This would allow for the creation of a gold and/or copper equivalent value to use in a preliminary economic assessment valuation. Samples will be selected to characterize a high copper-low gold area, high gold-low copper area and an area with average copper and gold to determine a set of reasonable recoveries.
The Company will also review the economic possibilities of recovering the other appreciable quantities of silver, cobalt and iron. The metallurgical test work, in-fill drilling, and a preliminary recovery and scoping study will be undertaken by independent consulting engineering firms in accordance with NI 43-101 compliance. A decision to proceed to feasibility will be based on these results and ongoing drilling of the Company's numerous other zones.
The Company is confident that planned drilling of nearby known mineralization showings (Martin, South Pit Zone, Bluebird and Snowline) will add to the known resources. This drilling is planned before year end. All these showings including the Merry Widow pit represent at surface mineralization suitable for low-cost, open pit mining which will be the immediate focus.
A program of monitoring water quality and testing for constituent elements is being initiated along creeks draining within the property to establish baselines for future environmental impact studies. This program will be established and monitored by an independent environmental consulting group. This has been supplemented with property wide silt sampling, geological mapping and prospecting of most roads, outcrops and known showings.
All available current and historic data is being converted to digital format for use in various geologic software.
The independent resource estimation was done by independent qualified person Gary H. Giroux, P.Eng., MAS.c., of Giroux Consultants Ltd. and the report was co-authored by Brian Game, P.Geo. George Nicholson, P.Geo., is the qualified person for this project and has reviewed and verified the contents of this news release.
Incentive Share Options
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Subject to regulatory approval, the Company has also granted incentive stock options for 220,000 common shares at $0.42 per share for a period of five years.
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". Such forward-looking statements are based on numerous assumptions, and involve known and unknown risks, uncertainties and other factors, including risks inherent in mineral exploration and development, which may cause the actual results, performance, or achievements of the Company to be materially different from any projected future results, performance, or achievements expressed or implied by such forward-looking statements.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS
RELEASE
For further information
For investor relations inquiries: Ascenta Capital Partners Inc., Trent Dahl, Tel: (604) 684-4743 Ext. 228, trent@ascentacapital.com
For corporate inquiries: Ian Klassen, President - Grande Portage Resources Ltd., Tel: (604) 290-5762, ian@grandeportage.com
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Source: Grande Portage Resources Ltd.
