Grande Portage Resources Ltd. (TSXV: GPG) is making good progress at its Herbert Gold Project in southwestern Alaska’s Juneau Gold Belt, 25 km north of the city of Juneau. The project is in close proximity to the Kensington Mine operated by Coeur Alaska that produced 128,000 ounces of gold in 2019.
On November 24, 2020, Grande Portage announced more assay results from its recently completed 2020 drill program that used two rigs to drill 8,375 meters over 21 holes. To date, the Herbert Project has identified nine mineralized vein structures with the system open to depth and at length. The drill program was designed to test the extent of the known primary veins such as the Goat vein, and to provide additional data to help determine and strategize drill targets for the next drill program.
|20T-2||29.45||37.5||8.05||5.820||Eastern Goat, hanging wall|
|20T-2B||332.68||334.08||1.40||17.293||N. Strand of Main Vein|
|20T-3||133.61||136.96||3.35||2.012||H.W. Satellite to Goat V.|
|20T-5||228.82||229.25||0.43||8.113||Footwall strand of Goat|
|20T-6||109.26||109.70||0.44||7.069||H.W. Satellite to Goat V.|
|20T-7||145.31||145.75||0.44||7.128||H.W. Satellite to Goat V.|
|20T-7||259.79||264.02||4.23||2.516||Footwall strand of Goat|
Initial assay results were released on October 1, 2020, but the Covid-19 pandemic has complicated and slowed the logistics of the assay process considerably, resulting in piecemeal release of assay results. GPG expects that they will receive additional results through December and into January. The climate and well established infrastructure in this part of Alaska enables the Company to continue working through the winter as well.
A 2019 independent Mineral Resource estimate for the Herbert Project showed an indicated resource of 606,500 ounces of gold at an average grade of 10.03 g/t gold and an inferred resource of 251,700 ounces of gold at an average grade of 14.15 g/t gold, using a cut-off grade of 2.5 g/t gold. High-grade gold indications are an important characteristic of this vein system, so that even if some of the gold bearing lenses are not very large, they can potentially be very profitable. More drilling will be conducted to help delineate the size and depth of the project with a goal of creating a Preliminary Economic assessment in the near future.
Grande Portage is well financed, having closed a $3.5 million private placement in July, 2020, $3 million of which was subscribed to by influential mining financier Eric Sprott, and his involvement adds to the credibility of the company and its project. The management team and advisors are seasoned exploration industry veterans that understand Alaska and the challenges that are inherent in the region.
The prolific 160 km long Juneau Gold Belt hosts over 200 gold/quartz vein deposits that have produced almost 7 million ounces of gold, but has strangely been largely unexplored. This gives GPG an enviable position as just one of a handful of companies currently exploring in the area. With 78,246,106 shares outstanding and a relatively modest market capitalization of $32.2 million, Grande Portage Resources offers junior gold investors an interesting moderate-risk opportunity in an established gold producing region.
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