Business
Grande Portage Resources Ltd. announces expansion encompassing Pass Property
VANCOUVER, March 28 /CNW/ - Grande Portage Resources Ltd. (TSX-V GPG) ("Grande Portage" or "the C...
About this update from Grande Portage Resources Ltd.
[{"type":"text","content":"\n\n\n\nVANCOUVER, March 28 /CNW/ - Grande Portage Resources Ltd. (TSX-V GPG)\n("Grande Portage" or "the Company") is pleased to announce that it has entered\ninto an option agreement to acquire an undivided 100% interest in another nine\nadditional mineral claims known as the New Mine Property, covering 2,050\nhectares, contiguous to the Pass Property, and also located in the Omenica\nMining Division, B.C. The option agreement provides for an option payment of\n$7,500 and the issuance of up to 200,000 common shares in aggregate to two\narm's length vendors in two installments, and the expenditure of not less than\n$500,000 on the property by August 30, 2011. The vendors will retain a 1.5%\nnet smelter returns royalty, of which the Company can purchase one-half for\n$1,000,000, or the entire royalty for $2.0 million at any time.\n\n\nThese showings will be evaluated in conjunction with the work planned for\nthe Pass Property showings, which were examined briefly in 2007 and reported\nvery high-grade gold, silver copper lead and zinc values from select grab\nsamples from old trenches.\n\n\nThe Company is currently planning an exploration program to follow-up on\nthese results. This work will include closely spaced grid-based soil sampling\nand ground geophysics (Mag and EM) to expand the area of known mineralization\nand to test the geophysical signature over the trenches. In addition the\ntrenches will be remapped and all available data compiled prior to drill\ntesting of the property. Drilling will comprise approximately 2000 metres in\n10-15 holes to test the strike and downdip continuity of the vein. It is\nanticipated that the grid work on the lower elevations, to test for extensions\nto the vein systems, will commence in mid-April to May, after spring breakup.\nWhen the alpine reaches of the property are largely clear of snow the trenches\nwill be remapped and systematically sampled and the grid-based ground\ngeophysics will be initiated. Once the data has been compiled drill targets\nwill be selected and the drill program will commence; this is expected to be\nin May/June.\n\n\nThe New Mine Property envelops the Pass property and has five known\nmineral occurrences recorded in Energy, Mines and Petroleum Resources MINFILE\ndatabase. The occurrences are as follows:\n\n\n1) Zap (Big Four): This showing is...