Business
Grande Portage and Quaterra announce updated independent resource estimate for Herbert Gold project
74.4% of Inferred gold ounces converted to Indicated category; gold grade increased by 42....
About this update from Grande Portage Resources Ltd.
[{"type":"text","content":"\n\n\n\n\n\n74.4% of Inferred gold ounces converted to Indicated category; gold\n grade increased by 42.2%\n\n\nVANCOUVER, Feb. 28, 2013 /CNW/ - Grande Portage Resources Ltd. (TSX-V\n GPG) (\"Grande Portage\" or \"the Company\") and its joint venture partner\n Quaterra Resources Inc. (TSX-V: QTA, NYSE Amex: QMM) are pleased to\n report an updated independent resource estimate for the Herbert Gold\n project located near Juneau, Alaska.\n\n\nThe updated NI43-101-compliant resource estimate by D.G. DuPre &\n Associates used the digital database derived from a total of 127\n diamond drill holes and four trenches that includes the results from\n the 2012 infill drilling campaign. The 2012 program was designed to\n upgrade the previously identified inferred resources to indicated\n resources and to test extensions of mineralization in the Main and Deep\n Trench veins as well as new targets in the Goat and Ridge veins.\n\n\nToday's updated estimate contains an indicated resource of 821,100 tonnes grading 6.91 grams per tonne gold (gpt) for 182,400\n ounces of gold in the Deep Trench and Main veins. The resource was\n calculated using a base case cut-off of 2 gpt. The Deep Trench and five\n veins that have had limited drill testing contain an inferred resource of 51,600 tonnes grading 7.73 gpt gold for 12,800 ounces of gold. The\n continuity and consistency of gold mineralization identified by in-fill\n drilling suggest that exploration on the other veins has the potential\n to produce similar results.\n\n\nThe Deep Trench vein contains the highest grade resource discovered to\n date of 407,100 tonnes averaging 8.12 gpt (at a 2 gpt cut-off), or\n 232,300 tonnes averaging 12.42 gpt (at a 3 gpt cut-off). This\n high-grade mineralization is open to the east and at depth.\n\n\n\"The results of the resource estimate underscore the excellent potential\n of our Herbert Project and highlights the deposit's quality and\n potential for growth. Our total drilling to date has reached less than\n 10% of the known property potential,\" says President and CEO of Grande\n Portage Ian Klassen. \"The continuity is excellent and mineralization is\n open at depth and along strike.\"\n\n\nThe 2012 infill drilling campaign converted 52.3% of the tonnes and\n 74.4% of the ounces from the inferred to indicated resource category\n from a previous resource e...