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VANCOUVER, Sept. 15 /CNW/ - Gold Port Resources Ltd. (The "Company")(TSX-V:GPO) is pleased to announce it has advised the Groete Creek Gold Project property owner that it intends to complete the purchase of the property by making the final payment of $ U.S. 250,000 due this month. Upon completion of transfer of title, the Company will own the project 100%, subject to a Net Smelter Royalty of 1.5% retained by the owner, which can be purchased for U.S. $ 3 million.
The Groete Creek Gold Project is located 43 miles southwest of Georgetown, the capital of Guyana. The project area is comprised of three Mining Permits granted by the Guyana Geology and Mines Commission and total approximately 3,800 acres. Access to the project is by boat from the city of Parika via the Essiquibo River. From the river landing, a system of roads provides access to all parts of the project area.
The Groete Creek Gold Project is an advanced stage exploration project. It is the second largest gold zone known in Guyana. Gold has been associated with this area since 1895, but no systematic exploration was undertaken until 1967. The area was identified to be underlain by an approximately 2 kilometer wide eastwest striking belt of greenstone consisting of volcaniclastic and sedimentary rocks pressed between two large granitic intrusions. Mineralization was identified to be associated with a large shear zone.
At that time, the Geological Survey of Guyana and the United Nations Mineral Survey conducted an extensive exploration program which included mapping, sampling and 18,000 feet of drilling. This work confirmed the location of a large gold-copper zone hosted in interbedded metasedimentary and metavolcanic rocks.
In 1995, Coeur d'Alene Mines began to explore and further identify the zone of mineralization at the project. The program included a re-evaluation and interpretation of all available data, mapping and sampling of the project area, and drilling. Coeur d'Alene using a simple polygonal method in cross-section, identified a gold-copper zone comprised of approximately 94 million tonnes grading 0.6 grams per tonne gold, for a conceptual quantity of approximately 1.8 million ounces of gold. (Caution: The issuer has not done the work necessary to verify the classification of the resource or reserve, the issuer is not treating them as a NI43-101 defined resource or reserve verified by a qualified person, and the historical estimate should not be relied upon). The area remained open to the east and west and down dip.
The Company recently opened a base camp and completed a geological reconnaissance of the project area. Several original drill collars were located, and historical results were computer modeled. Recently, the Company has required the removal of unauthorized mining operations which included three excavators and a recovery plant producing gold.
Gold Port plans to construct a permanent base camp to establish a security presence at the project site. It will then complete a sampling program over areas of interest utilizing a Geoprobe system. Upon completion of this, a deep drill program using the Company owned Acker core rig is planned. The intent of the program is to re-establish the gold zone, and if possible, enhance the gold zone to NI 43-101 standards.
The contents of this press release were reviewed by Allen V. Ambrose, a Registered Geologist in the State of Washington, and a Qualified Person as defined in National Policy 43-101.
On Behalf of the Board of Directors of Gold Port Resources Ltd.
Adrian F.C. Hobkirk
President and Chief Executive Officer
The TSX Venture Exchange has not reviewed and therefore does not accept responsibility for the adequacy or accuracy of the content of this press release. This news release contains certain "forward-looking statements" within the meaning of Section 21E of the United States Securities and Exchange Act of 1934, as amended. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements. Forward-looking statements are based upon opinions and estimates of management at the date of this press release, and are subject to a variety of risks and uncertainties and other factors which could cause actual results to differ materially from those projected in the forward-looking statements. The reader is cautioned not to place undue reliance on forward-looking statements. This news release is not an offer to buy or sell any securities. We seek safe harbour.