Grande Portage Resources Increases Ounces and Grade in an Updated Mineral Resource Estimate for the Herbert Gold Deposit in SE Alaska.--- 1,438,500 Indicated (9.47gpt) and 515,700 Inferred (8.85gpt) Gold Ounces
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Grande Portage Resources Increases Ounces and Grade in an Updated
Mineral Resource Estimate for the Herbert Gold Deposit in SE Alaska.---
1,438,500 Indicated (9.47gpt) and 515,700 Inferred (8.85gpt) Gold Ounces
Vancouver, British Columbia—June 12, 2024 – Grande Portage Resources Ltd. (TSXV: GPG)
(OTCQB: GPTRF) (FSE: GPB) ("Grande Portage" or the "Company") is pleased to report an updated
NI 43-101 Independent Mineral Resource Estimate for its 100% controlled Herbert Gold Deposit located in
S.E. Alaska.
The Mineral Resource Estimate has a base case mineral resource cut to 181 grams per tonne gold (gpt Au) .
The Mineral Resource is reported at a 2.5 gpt cutoff grade and consists of:
• An Indicated Resource of 1,438,500 ounces of gold at an average grade of 9.47 gpt Au in
4,726,000 tonnes.
• An Inferred Resource of 515,700 ounces of gold at an average grade of 8.85 gpt Au in
1,813,000 tonnes.
• An Indicated Resource of 891,600 ounces of silver at an average grade of 5.86 gpt Ag in
4,726,000 tonnes.
• An Inferred Resource of 390,600 ounces of silver at an average grade of 7.33 gpt Ag in
1,813,000 tonnes.
Highlights:
• 34 diamond drill holes from 8 separate pads totalling 15,611 m (~51,000 ft) are added to the
database which now total 240 holes.
• The Z and M pad drilling tested the western portion of the deposit and tightened the spacing
on high-grade mineralization in the Goat Hanging Wall, Goat and Sleeping Giant veins,
increasing the confidence level.
• The AB, P, Q, and BB pad drilling tested the eastern and deeper portions of the deposit and
identifying new high-grade mineralization in the Sleeping Giant (15.42 gpt gold/2.1 m) and
extending the Goat Hanging Wall, Goat, Sleeping Giant, Ridge, Main Hanging Wall and
Main veins to the east and to depth.
• Deepest mineralization intersected to date on the property at -400m AMSL in 21Q-4 (20.9 gpt
gold/0.9m) in the Main Vein (outcrops at 185m AMSL).
• Mineralization is open on all veins and uncorrelated intercepts located in sparsely drilled
areas north and south of the Deep Trench Vein, and north of the Goat Hanging Wall Vein.
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Commenting on these results, Ian Klassen, President and CEO of Grande Portage stated : “We are very
pleased to present an updated independent Mineral Resource Estimate for the Herbert Gold deposit, the
result of continued dedication and hard work from the entire team. The overall number of ounces and grade
has increased since we announced our previous resource estimate in 2021. This estimate includes drilling
from the past 3 drill seasons ( 2021-2023) and was designed to both maximize expansion while also adding
greater model definition through in -fill drilling in the Goat Hanging Wall, Goat Main Vein, Ridge Vein
Hanging Wall, Main Vein North Strand and Deep Trench Vein”.
Mr. Klassen continued: “This resource estimate will provide the basis for a Conceptual Plan which is well
underway and will be completed later this summer. Essentially, this document is intended to deliver a
detailed outline of how the Herbert Gold deposit can be developed using a Direct Shipping Ore approach
thereby greatly limiting any footprint on site. This objective offers low environmental impact with no mill, no
chemicals, no on-site tailings, making the project notably simpler to permit, build and operate. Among other
details it will address; initial mine access design plans, complete resource modeling, refinement of proposed
stope shapes, assess possible mine production schedules with completed surface infrastructure & economic
modeling.
Silver occurrences are associated with the gold values in the Herbert Deposit especially in areas with strong
galena mineralization, with specific concentrations noted in the Main Vein where it enters the metasediments
to the west.
The updated NI 43-101 mineral resource estimate, prepared by DRW Geological Consultants Ltd., use s a
total of 240 drill holes and 7 channel cuts to calculate the Mineral Resource. At total of 5,810 samples were
assayed for gold and 3,755 samples were analyzed for additional pathfinder elements. All unassayed sections
of core are assumed to be 0 gpt gold. All 1.5 m x 8 m x 8m blocks require a minimum of 2 and a maximum
of 8 composites within 100 m to be estimated. All blocks must be at least 50% within the solid model that
describes the vein to be considered. Blocks that are within 60 m of a drill hole are considered Indicated and
all other blocks are categorized as Inferred.
Sensitivity tables are shown below at various cutoff grades.
Indicated Resource cut to 181 gpt.
Cut-off Tonnes Gold Oz Silver Oz Gold gpt Silver gpt
1.5 gpt 6,204,000 1,536,100 971,600 7.70 4.87
2 gpt 5,654,000 1,505,500 946,900 8.28 5.21
2.5 gpt 4,726,000 1,438,500 891,000 9.47 5.86
3 gpt 3,931,000 1,368,400 834,600 10.83 6.60
Inferred Resource cut to 181 gpt.
Cut-off Tonnes Gold Oz Silver Oz Gold gpt Silver gpt
1.5 gpt 3,357,000 610,200 465,900 5.65 4.32
2 gpt 2,383,000 556,400 428,300 7.26 5.59
2.5 gpt 1,813,000 515,700 390,600 8.85 6.70
3 gpt 1,562,000 493,300 368,400 9.82 7.33
Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or
any part of the Mineral Resources will be converted into Mineral Reserves. The estimate of Mineral Resources requires
assumptions that are believed to be reasonable and may be materially affected by environmental permitting, legal, title, taxa tion,
sociopolitical, marketing, or other relevant issues.
All quantities are rounded to an appropriate significant figure and sums may not add up due to rounding.
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Indicated Mineral Resource by Vein, Cut to 181 gpt.
2.5 gpt Cutoff Gold Silver Gold Silver
Vein Tonnes Ounces Ounces Grade gpt Grade gpt
Main Vein 1,439,000 296,840 238,100 6.42 5.15
Sleeping Giant 452,000 161,000 101,300 11.07 6.97
Main Hanging Wall Vein 486,000 148,500 94,200 9.51 6.03
Ridge Vein 286,000 91,900 36,300 9.99 3.95
Goat HW Vein 141,000 23,300 3,100 5.15 0.68
Goat Vein 1,140,000 541,400 346,700 14.78 9.46
A Vein 7,000 700 200 3.20 0.83
F Vein 44,000 7,000 1,700 4.93 1.19
Deep Trench Vein 731,000 167,900 69,500 7.14 2.96
Subtotal 4,726,000 1,438,500 891,000 9.47 5.86
Inferred Mineral Resource by Vein, Cut to 181 gpt.
2.5 gpt Cutoff Gold Silver Gold Silver
Vein Tonnes Ounces Ounces Grade gpt Grade gpt
Main Vein 650,000 210,500 181,700 10.08 8.70
Sleeping Giant 420,000 178,300 106,200 13.19 7.86
Main Hanging Wall Vein 291,000 48,300 64,100 5.16 6.85
Ridge Vein 91,000 28,700 5,700 9.77 1.93
Goat HW Vein 4,000 500 80 3.68 0.59
Goat Vein 256,000 35,100 27,600 4.26 3.35
A Vein 800 82 20 3.20 0.86
F Vein 44,000 7,400 1,700 5.20 1.17
Deep Trench Vein 55,000 7,000 3,500 3.93 1.97
Subtotal 1,813,000 516,000 390,600 8.85 6.70
QA/QC Statement
Drill core was boxed on site by the drill contractor and was slung by helicopter in supersacks to a nearby
pickup area where it was received by Company crew. The core was laid out on logging tables in the
Company's warehouse by crew or when the tables were full, stored on pallets in the front open area inside.
The geotech crew converted all marker blocks in boxes into metric numbers, straightened and arranged the
core to approximate original bedrock and cleaned the core in preparation for photographing. Geotechnical
information was gathered at this point. Core recovery, RQD measurements and rock competency
determinations were noted. Geologists then marked the core and boxes for intervals that were sampled and
placed the numbered sample tag at the start of the interval. Tags were stapled at the start of the interval to be
sampled so the number is clearly visible in the photographs. Tags were reserved and removed from the
sequence in the boxes at this point and blanks and standards were inserted. Sample tickets have two tear -off
tags; one was placed in the core box, and one was placed inside the sample bag.
Certified standards were inserted at the rate of 5%, or one for every 20 samples and blanks were used at the
same rate in general except that they were inserted after high grade intercepts were expected or noted. Photos
of each box were taken by the geotechnician with the label board clearly and accurately marked for hole
number, box number, and footage. Photos were given to the project geologist on SD card for renaming files
and storing in master computer. The core was logged by a Company geologist after photographing. The
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geologist would confirm that the hole or part of the hole was through being logged, the geotech crew
saws/splits the sample intervals. The splitter determines how best to cut the core so both halves are equally
mineralized and also maintain the structural integrity of the remaining half so future inspection is most
meaningful. Sample intervals were sawn and bagged with plastic bags used inside of cloth bags for highly
broken, powdered, gougey, crumbly, or clay-rich samples or just canvas bags for competent intervals. Sample
tags for that interval were placed inside the bag with the sample and the sample number written on the
outside of the bag in permanent marker.
The sample saw was kept clean with care taken after cutting samples from a known high grade mineralized
zone. Samples were then placed inside the secure warehouse in the area reserved for shipment preparation.
Blanks and standards were added to the samples for shipment using the tags which were reserved out of the
sequence while first marking the intervals to be sampled earlier.
Samples were aggregated in larger rice bags, labeled for shipment and in 2021 hauled to the local Bureau
Veritas prep lab in Juneau where they processed the samples according to the sample transmittal form
submitted with the samples. The pulps were then shipped to Bureau Veritas assay lab in Richmond, B.C. for
the following techniques: PRP70 -250, FA430 with FA550 on over limits, as well as MA300 with over limits
for W using LF100 and over limits for As by AQ370. Selected samples were run using metallic procedure
FS63201kg or FS632-500g. BVI is independent of the Company and is ISO 9001:2015 certified. In 2022 and
2023 the samples were prepared similarly by sent to ALS Canada Ltd. in North Vancouver facilities using
conventional preparation techniques and analyzed using Au -ICP21 for gold with screened metallic analyses
for samples where visible gold was noted. ME -MS41 techniques were used to determine additional element
concentrations. Blanks and standards were inserted in the field as well as in the laboratory with all checks
reporting acceptable results. ALS in independent of the Company and certified ISO-17025.
The Qualified Person's opinion is that the Company's sample preparation, security and analytical procedures
were and are appropriate for this project.
Nine wire-frame models were created based on geology and the assay distribution observed in individual drill
logs as viewed in 3D. Composites (1. 5m) were capped at 181 gpt gold and clipped to the wire -frames which
were populated with 1.5m x 8m x 8m blocks rotated into the plane of the veins which had grades estimated
using inverse distance squared techniques using 100 m search radius for a minimum of 2 and maximum of 8
composites. Blocks within 60 m of composites are considered Indicated Mineral Resources and blocks
between 60 and 100 m are considered Inferred Mineral Resource. The resource assumes underground mining
techniques, a gold price of $1, 800 and are reported at a 2.5 gpt cut -off. Metallurgical testing in 2019
confirmed gold and silver recoveries in the mid to low 90% range by gravity and flotation while whole ore
cyanidation testing in 2018 on higher -grade samples confirmed 99% gold recoveries and 89% silver
recoveries.
A full technical report will be filed with the relevant regulatory authorities within 45 days of this release.
Qualified Person
The scientific and technical information disclosed in this press release was reviewed and approved by Dr.
D.R. Webb, Ph.D., P.Geol., P. Eng., a Qualified Person as defined under NI 43 -101. Dr. Webb consents to
the publication of this press release dated June 12, 2024 by Grande Portage Resources Ltd. Dr. Webb certifies
that this press release fairly and accurately represents the scientific and technical information that forms the
basis for this press release. Dr. Webb is independent of Grande Portage within the meaning of NI 43-101.
About Grande Portage:
Grande Portage Resources Ltd. is a publicly traded mineral exploration company principally 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 nearly eight million
ounces of gold.
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ON BEHALF OF THE BOARD
"Ian Klassen"
Ian M. Klassen
President & Chief Executive Officer
Tel: (604) 290-5762
Email: [email protected]
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.
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 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.
Cautionary Note to United States Investors
This news release has been prepared in accordance with the requirements of the securities laws in effect in
Canada, which differ from the requirements of U.S. securities laws. Unless otherwise indicated, all resource
and reserve estimates included in this news release have been prepared in accordance with National
Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of
Mining, Metallurgy, and Petroleum 2014 Definition Standards on Mineral Resources and Mineral Reserves.
NI 43-101 is a rule developed by the Canadian Securities Administrators which establishes standards for all
public disclosure an issuer makes of scientific and technical information concerning mineral projects.
Canadian standards, including NI 43-101, differ significantly from the requirements of the SEC, and Mineral
Resource and reserve information contained herein may not be comparable to similar information disclosed
by U.S. companies. In particular, and without limiting the generality of the foregoing, the term "resource”
does not equate to the term "reserves”. Under U.S. standards, mineralization may not be classified as a
"reserve” unless the determination has been made that the mineralization could be economically and legally
produced or extracted at the time the reserve determination is made. The SEC's disclosure standards normally
do not permit the inclusion of information concerning "measured Mineral Resources”, "indicated Mineral
Resources” or "inferred Mineral Resources” or other descriptions of the amount of mineralization in mineral
deposits that do not constitute "reserves” by U.S. standards in documents filed with the SEC. Investors are
cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into
reserves. U.S. investors should also understand that "inferred Mineral Resources” have a great amount of
uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be
assumed that all or any part of an "inferred Mineral Resource” will ever be upgraded to a higher category.
Under Canadian rules, estimated "inferred Mineral Resources” may not form the basis of feasibility or pre-
feasibility studies except in rare cases. Investors are cautioned not to assume that all or any part of an
"inferred Mineral Resource” exists or is economically or legally mineable. Disclosure of "contained ounces” in
a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits
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issuers to report mineralization that does not constitute "reserves” by SEC standards as in-place tonnage and
grade without reference to unit measures. The requirements of NI 43-101 for identification of "reserves” are
also not the same as those of the SEC, and reserves reported by the Company in compliance with NI 43-101
may not qualify as "reserves” under SEC standards. Accordingly, information concerning mineral deposits set
forth herein may not be comparable with information made public by companies that report in accordance
with U.S. standards.