VANCOUVER, Jan. 7 /CNW/ -
January, 2008
To Shareholders of Grande Portage Resources Ltd.,
This past year had its challenges for the junior mineral exploration sector. It was a difficult year for us as shareholders. However, over the course of the past year, Grande Portage Resources Ltd. remained focused and diligent as we further explored our highly promising property portfolio on Vancouver Island, B.C.
The Company was very active drill testing key "near surface" mineralization showings at and near the Merry Widow open pit. We worked towards establishing a solid platform for growth by drill testing many showings, broadening our base with highly promising exploration properties and commissioning an initial NI 43-101 compliant resource estimate for the Merry Widow open pit area, supported by a strong, experienced senior operational team.
Highlights for shareholders include;
- Large commodity portfolio focused on gold and base metals
- Well financed treasury totaling $5.6 million
- Geophysical data indicates an intrusive body almost 10 km in diameter
(Merry Widow) with potential for the formation of additional bodies
of skarn mineralization anywhere the intrusive contacts the Quatsino
limestone, on both the east and west sides of Merry Widow Mountain.
- Geophysical data indicates a geological trend almost 9km long (Old
Sport Horizon)
- Initial Resource Estimate delivered for Merry Widow open pit area
- Underground exploration activity to commence in 2008
- Multiple drill programs planned for early 2008
- Strong technical and financial management team in Canada
- Large land package with favourable geology leading to the possibility
of further discoveries.
The year ahead will be an active one. We will focus on:
1. Enhancing the initial resource calculation by in-fill drilling at the
Merry Widow pit and from metallurgical testing of selected samples to
determine metal recoveries from various styles of mineralization. The
company plans to test the area from Merry Widow open pit to the South
Pit Zone, the South Pit Zone, southward extensions from the Martin
Zone to the Bluebird 2 Zone and the Bluebird 2 Zone itself Surface
grab samples collected from the South Pit Zone returned up to
9.73g/t gold, 11.4 g/t silver, 0.225% copper and 0.172% cobalt.
Surface samples collected from the Bluebird 2 Zone assayed up to
7.88 g/t gold, 6.6g/t silver, 0.597% copper and 0.115% cobalt.
2. Explore the highly prospective Old Sport Horizon which was the host
rock for two former producing underground mines-Coast Copper and
Benson Lake. The mines produced appreciable amounts of copper, gold,
silver, cobalt and iron over almost a decade before closing in late
1972 due largely to the low commodity prices at the time. Airborne
magnetic data has greatly helped to define the geological trend and
related mineral showings and further associated copper-gold-cobalt-
iron targets. In addition the Company intends on completing the
airborne VTEM survey by Geotech over the Old Sport Horizon that was
scheduled for 2007 but was not completed due to time constraints by
Geotech. This survey has a deeper penetrating electromagnetic (EM)
system than previously used that should aid in defining EM conductors
including sulphide bodies within the large magnetic trend that
represents the Old Sport Horizon. This survey will help provide
information on areas well south of the underground workings. The
Company's geological team has had the benefit of reviewing the
underground data provided by former operators. As such, there is
tremendous focus and enthusiasm surrounding this next phase of
exploration aimed at accessing the Old Sport from an underground
perspective.
3. Prospect and map several areas throughout the property where there
are coincident magnetic and electromagnetic anomalies defined by the
Aeroquest airborne geophysical surveys flown in both 2006 and 2007.
Follow-up prospecting is also warranted on several creeks that
reported anomalous precious and/or base metal anomalies from previous
soil and silt sampling surveys conducted on the claims.
4. Drill test the Lac Truite Nickel-Copper Prospect where a 3-D IP
survey outlined two semi-circular conductive bodies with
corresponding zones of resistivity in the northern and southern
portions of the grid that coalesce into a 500 metre to 800 metre wide
(east-west) by 2000 metres long (north-south) chargeable body that is
evident at surface and to 400 metres below surface, the depth limit
of the survey. The conductor is still open to depth to the north and
south-southeast. Contingent upon drilling success, IP surveys will be
expanded to fully delineate the conductors.
5. Further explore with ground geophysics and geophysical surveys and
drill test the Pass Property near Smithers, BC. Previous surface
sampling and trenching returned precious metal values of up to
42.76 g/t gold and 118.7 g/t silver from 1.0 metres chip samples
while previous grab samples returned base metal values up to 9.12%
zinc, 14.18% lead and approximately 1% copper.
6. Drill test the Scrutor Claims which cover 2,050 hectares and are
located 30km east-southeast of the Merry Widow pit. This is another
precious and base metals rich massive sulphide prospect. Activities
in 2007 successfully expanded the known showings and an evaluation of
the sample results in conjunction with the airborne geophysical
magnetic and electromagnetic surveys have formed the basis for
priority diamond drilling.
The Company continues to receive and review new mineral projects which may yield additional value to shareholders. The focus would still primarily be a project yielding both precious and base metals values with substantial size potential. I look forward to this year with great confidence.
We intend to develop your company and deliver value to our shareholders. Our end objective is to discover an economic mineral deposit. We have been very fortunate to acquire a sizeable property portfolio upon which 3 former mines have been discovered and exploited. We are well financed as we enter 2008 with $5.6 million. Our team has more than 150 years of combined exploration and business experience. I am confident that 2008 will be a productive and meaningful year for shareholders.
On behalf of the Board of Directors,
Alistair MacLennan
Alistair MacLennan, Chairman of the Board
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or the accuracy of this release.
Statements about the Company's future expectations and all other statements in this press release other than historical facts are "forward-looking statements". Such forward-looking statements are based on numerous assumptions, and involve known and unknown risks, uncertainties and other factors, including risks inherent in mineral exploration and development, which may cause the actual results, performance, or achievements of the Company to be materially different from any projected future results, performance, or achievements expressed or implied by such forward-looking statements.