Grande Portage Resources Announces Corporate Updates
280 - 1090 West Georgia Street
Vancouver, British Columbia. V6E 3V7
GRANDE PORTAGE RESOURCES ANNOUNCES CORPORATE UPDATES
VANCOUVER, BC, May 10, 202 3 – Grande Portage Resources Ltd. (TSX-V “GPG”); (OTCQB:
“GPTRF”); (Frankfurt: “GPB”); (" Grande Portage" or " the Company") is pleased to announce that its drill
contractor, NASCO Industrial Services and Supply, (“NISS”) has confirmed that its drill rig and necessary
equipment and supplies has arrived at the Company’s staging area in Juneau, Alaska.
NISS, whose clients include Hecla Mining, First Majestic Silver, and Rio Tinto, has been engaged to drill up
to 25,000 feet of diamond drill core on the Company's Herbert gold project. The drill program will target
many geologically promising high value targets at the Main, Goat, Dee p Trench, Ridge, and Sleeping Giant
veins from multiple locations. The upcoming drill program is fully permitted and fully funded.
In addition, the Company confirms that Cox Environmental Services , a Juneau based environmental water
quality consultant, has been engaged to continue the Company’s dedicated program of gathering baseline
water sampling adding to its expanding database. Previous tests results from 2020, 2021 , and 2022 confirm
that there are no tendencies to produce acid rock drainage due to the high inherent carbonate content and the
low sulfide content of the host rock and altered wallrock.
Ian Klassen, President remarked, “We are ready to recommence field activities with our experienced and
dedicated team of professionals. The Company is well financed and has a comprehensive drill plan for 2023”.
The Company also a nnounces that it has closed a non-brokered private placement with the issuance of
5,550,000 units at a price of $0.20 per unit for gross proceeds of $1,110,000, with all securities issued having a
four-month hold period which expires on September 10, 2023.
Each unit in this offering consists of one common share in the capital of the company and one share
purchase warrant. Each whole warrant entitles the unit holder to purchase one additional GPG common
share at a price of $0.30 per share at any time within 24 months of the closing.
No finder's fees were paid in conjunction with this non-brokered placement.
The net proceeds of the offering will be used to advance exploration activities at the Company's Herbert
Gold project and for general working capital.
This news release has been prepared and approved by Carl Hale, CPG, a geologist with more than 40 years of
experience and a Qualified Person as defined under NI #43-101.
About Grande Portage:
Grande Portage Resources Ltd. is a publicly traded mineral exploration company focused on the Herbert
Gold discovery situated approximately 25 km north of Juneau, Alaska. The Company holds a 100% interest
in the Herbert property. The Herbert Gold property system is open to length and depth and is host to at least
six main composite vein -fault structures that contain ribbon structure quartz -sulfide veins. The project lies
prominently within the 160km long Juneau Gold Belt, which has produced over seven mill ion ounces of
280 - 1090 West Georgia Street
Vancouver, British Columbia. V6E 3V7
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gold. The Company’s updated NI#43 -101 Mineral Resource estimate reported at a base case mineral
resources cut -off grade of 3.0 grams per tonne gold (g/t gold) and consists of: an indicated resource of
1,196,800 ounces of gold at an average g rade of 10.23 g/t gold (3,637,000 tonnes); and an inferred resource
of 325,900 ounces of gold at an average grade of 8.91 g/t gold (1,138,000 tonnes), as well as an Indicated
resource of 686,700 ounces of silver at an average grade of 5.87 g/t silver (3,63 7,000 tonnes); and an inferred
resource of 169,300 ounces of silver at an average grade of 4.63 g/t silver (1,138,000 tonnes).
ON BEHALF OF THE BOARD
“Ian Klassen”
Ian M. Klassen
President & Chief Executive Officer
Tel: (604) 899-0106
Email: [email protected]
www.grandeportage.com
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain "forward -looking statements" under applicable Canadian securities
legislation. Forward-looking statements include estimates and statements that describe the Company’s future
plans, objectives or goals, including words to the effect that the Company or management expects a stated
condition or result to occur. Forward -looking statements may be identified by such terms as “believes”,
“anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward -looking
statements are based on assumptions and address future events and conditions, by their very nature they
involve inherent risks and uncertainties as described in the Company's filings with Canadian securities
regulators. There can be no assurance that such statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in such statements. Accordingly, readers should
not place undue reliance on forward -looking statements. The Company disclaims any intention or obligation
to update or revise any forward-looking information, whether as a result of new information, future events or
otherwise, other than as required by law.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT
TERM IS DEFINED UNDER THE POLICIES OF THE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS NEWS RELEASE