Business
Teihsum River Gold Project drill program commences
VANCOUVER, Dec. 6 /CNW/ - Grande Portage Resources Ltd. (TSX-V GPG) ("Grande Portage" or "the Com...
About this update from Grande Portage Resources Ltd.
[{"type":"text","content":"\n\n\n\nVANCOUVER, Dec. 6 /CNW/ - Grande Portage Resources Ltd. (TSX-V GPG)\n("Grande Portage" or "the Company") is pleased to announce the start of a\ndiamond drilling program on the Company's Teihsum River Project (optioned from\nSilver Fields Resources Inc. ("Silver Fields")), located 16 kilometres\nsoutheast of Port Alice, B.C., on the west side of Merry Widow Mountain.\n\n\nThe Company has signed a contract with Radius Diamond Drilling Ltd. of\nPrince George B.C. to complete a minimum of 500 metres BQII-size core\ndrilling, with an option to expand the program to 1000 metres drilling, before\nthe year's end.\n\n\nThe property is under option from Silver Fields (formerly, Red Lake\nResources Inc. ("Red Lake")), and was previously drilled in 2004 and 2005 by\nRed Lake. Red Lake completed six holes totaling 407.83 metres on three\ntargets. Grande Portage will test both strike and depth extensions of the\nmineralization at the Bridge Zone, which reported 4.18 g/t gold over\n2.86 metres, including 14.55 g/t gold over 0.5 metres, from hole T-04 and 4.10\ng/t gold over 4.58 metres in hole T-06. A 5 to 7 metre wide gold-bearing\ngraphitic shear zone, along a gabbro/limestone contact host's quartz-carbonate\nveins and pyrite-arsenopyrite stringers with realgar, has been identified. The\nzone strikes northeasterly and is vertical to steeply northeast dipping.\n\n\nRegionally limestone and sediments of the Parson's Bay Formation and\nandesitic units of the Bonanza Volcanics underlie the Teihsum River property.\nBoth units have been intruded by mafic and felsic dykes of various ages and\nthe gabbroic Coast Copper Stock, which underlies Merry Widow Mountain and is\nconsidered an important source of iron for the many skarn occurrences in the\narea.\n\n\nThe Company plans to drill until the Christmas break and will await\nassays before continuing in 2008.\n\n\nBy an amending agreement, the Company can acquire a 70% interest and\nSilver Fields will retain a 30% interest in the Teihsum River Property, if\nSilver Fields incurs $300,000 in expenditures on the property (with the\nCompany acting as operator) by December 31, 2007, or such later date as may be\nagreed. In addition, under the amending agreement, the Company's expenditures\non the property have been reduced from $500,000 to $200,000 by Novemb...