Mr.
Adrian Hobkirk reports
GROETE GOLD PROJECT ACCESS SURVEY COMPLETED ROAD CONSTRUCTION OUT FOR BID
Gold Port Corp. management has completed a site survey and an access survey for the Groete gold-copper project and is now preparing to tender the work to local providers. Upon completion of site access, a new MP Power drill rig will be moved to site to begin a planned exploration and confirmation diamond core drill program. The intent of the program will be to confirm and expand the current known National Instrument 43-101 resource. Several new areas of gold occurrence have been recently identified for drill testing, and the project is open in all directions.
The Essequibo River is a major transportation feature of this area of Guyana. The project is located approximately 10 kilometres from the Essequibo River, on the western bank. After a site review, it has been determined that the optimal access to the project can be achieved from Manaka Landing to the project site. Manaka Landing is located on the western bank of the Essequibo River and offers deepwater dock facilities and may be accessed directly from Parika. Parika is located on the eastern bank of the Essequibo River and is a major transportation and supply hub for the area. A road extends from Manaka Landing and passes to within 13 kilometres of the project. The construction project will involve these 13 kilometres and will include the construction of bridges over White Creek and Black Creek, which are small streams that run through the area. Upon completion of the access route, the project will have quick and reliable access for supply and the transportation of drill core to Georgetown, the capital of Guyana. The company is interviewing additions to management to facilitate a drill program to enhance and potentially expand the current known resource. The company has its own drill equipment in Guyana to complete the program.
The company has recently completed a project review given the continued strong upward trend in the gold price. The Groete project has a large gold-copper inferred resource of 1.57 million ounces gold-copper equivalent. The inferred resource is calculated within 74 million tonnes, at a grade of 0.66 gram per tonne gold-copper equivalent (0.49 gram per tonne gold and 0.12 per cent copper) with a cut-off of 0.25 gram per tonne gold equivalent (NI 43-101 report titled,
"Technical Report and Updated Mineral Resource Estimate on the Groete Gold Copper Deposit, Groete Property, Guyana, South America"
by P&E Mining Consultants Inc., dated April 16, 2019, available on SEDAR+ and the company's website). The project is open in all directions with the potential for tonnage expansion drilling.
The inferred resource noted above was calculated based upon $1,275 (U.S.) per ounce gold, a far lower value than the present gold price of over $3,200 (U.S.) per ounce. The project is well located to infrastructure and is in a mining-friendly country, with Guyana boasting the fastest-growing economy in the world, according to the World Bank.
William Feyerabend, CPG, a consulting geologist and qualified person under NI 43-101 and a director of the company, participated in the writing of this press release and approves the scientific and technical content.
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