Earlier this month, Grande Portage Resources (TSXV: GPG) announced that the company had completed the latest drill program at the firms flagship Herbert Gold Project, located north of Juneau, Alaska. The program saw 21 holes completed within a 8,500 metre program, designed to expand upon known mineralization on the property.
The Herbert Gold project is located within the historic Juneau Gold Belt in southeast Alaska, a belt which has historically produced seven million ounces of gold. The property in total consists of 91 unpatented lode claims that cover 2,000 acres, and is said to largely consist of six vein structures that run parallel to each other at surface.
Furthermore, the property currently has a 43-101 resource, consisting of 606,500 ounces of indicated gold at a grade of 10.03 g/t, along with an inferred resource of 251,700 ounces at 14.15 g/t gold. The resource is based on a cut off grade of 2.50 g/t gold, with the resource having been assembled in mid 2019.
The drill program conducted this year was described by the company as being a continuation of previous drilling that focused on the vein system across the program. Drilling was predominantly focused on the Goat, Main, and Deep Trench Veins, which are described as being the primary targets on the property.
However, the company did note on August 20 that the drill program had hit two new veins on the property that hosted visible gold within the core. The first vein was located 120 metres east of the Goat Vein within its footwall, while the second was located 150 metres south of the vein. The company indicated at the time that the veins were unexpected, with the veins correlating with outcropping south of the Goat vein that are four to sixteen inches wide with an almost vertical dip. Previous grab samples from this outcrop in 2017 revealed 19.5 g/t gold, 408 g/t silver, and 5.37% lead.
Early assays from the drill program have been positive as well, with the company announcing results as high as 52.34 g/t gold over 2.71 metres. Most significantly however, this result came from a location 170 metres east of any previously drilling conducted on the Goat vein to date, providing the company with future drill targets.
Outside of the primary targets, the company also did exploratory drilling on the eastern extension of the North vein, Sleeping Giant, Ridge and Elusive veins as well as the subsidiary structures and veins in between these more defined veins. Notably, all drilling conducted within the program was beyond the limits of the existing resource held at the project.
Assays from the program are said to be expected to be received from the lab throughout the months of November, December, and early 2021. As with everyone as of late, the results have been slightly delayed as a result of the COVID-19 pandemic, which has made the lab move slower than is the norm. Results are expected to be released from the company as they are received.
Grande Portage Resources last traded at $0.425 on the TSX Venture.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.