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Grande Portage Resources Ltd (2)
Symbol GPG
Shares Issued 30,139,865
Close 2018-04-23 C$ 0.20
Market Cap C$ 6,027,973
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Grande Portage releases NI 43-101 Herbert estimate

2018-04-24 08:19 ET - News Release

Mr. Ian Klassen reports

GRANDE PORTAGE ANNOUNCES ITS INDEPENDENT UPDATED MINERAL RESOURCE ESTIMATE - 642% INCREASE FOR INFERRED GOLD CATEGORY AND 47% INCREASE FOR INDICATED CATEGORY

Grande Portage Resources Ltd. has received its independent updated resource estimate for the Herbert gold project located in southeastern Alaska.

The updated National Instrument 43-101-compliant resource estimate, authored by DRW Geological Consultants Ltd., used the digital database derived from a total of 143 diamond drill holes totalling 22,090 metres of core that includes the results from the 2017 expansion drill program. The 2017 program, which represents the first year of drilling at the Herbert property since the 2012 drill season, was designed to expand upon the previously identified resources and to test extensions of mineralization in the main, deep trench veins as well as new targets in the Goat vein.

Today's updated estimate contains an uncut indicated mineral resource of 1,106,800 tonnes grading 7.25 grams per tonne gold for 267,950 ounces of gold, largely in the three principal veins. The resource was calculated using a base case cut-off of 2.5 g/t. An inferred mineral resource of 423,200 tonnes grading 6.04 g/t gold for 82,200 ounces of gold was also established using the 2.5 g/t cut-off. The continuity and consistency of gold mineralization identified by infill drilling suggest that exploration on these and other veins may produce similar results. The veins are all open to the east and west as well as to depth except the main vein which has been terminated to the west. Additional subparallel veins are considered likely to occur both north and south of the current area that has been drilled.

The deep trench vein contains the highest-grade indicated mineral resource discovered to date of 273,300 tonnes averaging 10.66 g/t (at a 2.5 g/t cut-off).

"The results of the resource estimate underscore the vast potential of our Herbert project and highlights the deposit's quality and excellence for expansion. Our total drilling to date has reached less than 15 per cent of the known property potential," said Ian Klassen, president and chief executive officer of Grande Portage. "The continuity is excellent and mineralization is open at depth and along strike. The substantial increase in the inferred mineral resource is largely due to fact that the easternmost four intercepts on the Goat vein all intersected higher than average grades including 28.92 g/t gold over two m in 17L2 and 5.31 g/t gold over seven m in 17L4. Additional high-grade material was encountered in the Goat vein to the east on surface (231 g/t gold across 1.22 m (see NR Sept. 6, 2017)), but was not used in this resource estimate."

          INDICATED MINERAL RESOURCE, UNCUT, ID2, ALL VEINS

Cut-off                 Tonnes              Grade        Ounces gold

3.0                    936,983               8.07            243,014
2.5                  1,106,759               7.25            257,944
2.0                  1,403,765               6.19            279,229

          INFERRED MINERAL RESOURCE, UNCUT, ID2, ALL VEINS 

Cut-off                  Tonnes              Grade        Ounces gold

3.0                     333,586               6.93             74,360
2.5                     423,177               6.04             82,206
2.0                     468,745               5.67             85,473
  

Rotated tabular blocks were constrained to wireframes developed on each vein using geology and assays from one-metre composites. Veins were truncated both to surface and where necessary to the metasedimentary terrain to the west. ID2 estimation, with a 100 m search ellipsoid utilizing a minimum of two and a maximum of nine composites, was utilized with blocks within 60 m of a composite being classified as an indicated mineral resource and between 60 and 100 m being classified as an inferred mineral resource.

Dr. D.R. Webb, PhD, PGeol, PEng, is the qualified person within the meaning of NI 43-101 and has reviewed and approved the technical disclosure in this release. A full technical report will be filed with the relevant regulatory authorities within 45 days of this release.

About Grande Portage Resources Ltd.

Grande Portage Resources is a Tier 2 publicly traded mineral exploration company principally focused on the Herbert gold discovery situated approximately 25 kilometres north of Juneau, Alaska. The company holds a 100-per-cent 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-sulphide veins. The project lies prominently within the 160 km long Juneau gold belt, which has produced nearly seven million ounces of gold.

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