Mr. Adrian Hobkirk reports
GROETE GOLD COPPER PROJECT PERMIT RENEWED
Gold Port Corp. notes that the claim group comprising the Groete gold-copper project has been renewed for five ensuing years by the Guyana Geology and Mines Commission. The three mining permits total 1,384 hectares and are now in effect until July, 2027. During this five-year period, the company has the option to develop the project and convert the mining permits into a mining licence. The project is strategically located 64 kilometres west-southwest of Georgetown, the capital of Guyana, and 11 kilometres west of the Essiquibo River, a major transportation route in the country. A 10,000-metre development drill program is being initiated to further confirm and potentially expand the known National Instrument (NI) 43-101 compliant gold copper resource.
William Feyerabend, a consulting geologist and qualified person under National Instrument 43-101, participated in the writing of, and has reviewed and approves of, the technical disclosure contained in this press release.
About Gold Port Corp.
Gold Port is the 100-per-cent owner of three mining permits comprising the Groete gold-copper project, located in Essequibo, Guyana. The project deposit contains a National Instrument 43-101 pit-constrained inferred mineral resource estimate of 1.57 million gold equivalent (AuEq) ounces at 0.66 gram per tonne (g/t) AuEq, including 0.49 g/t gold and 0.12 per cent copper contained in 74.0 million tonnes (Mt). An open-pit cut-off grade of 0.25 g/t AuEq, a gold price of $1,275 (U.S.) per ounce and a copper price of $3.00 (U.S.)/pound were used for this mineral resource estimate.
Details of the resource are contained in a National Instrument 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 Ltd., dated April 16, 2019, available on SEDAR and the company's website.
Gold Port intends to further evaluate the Groete gold-copper project with the intention of potentially expanding and enhancing the current resource. A 10,000-metre drill program is planned to further this objective. A company-owned drill rig is in country and expected to be on site in the coming weeks.
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