Dec. 6, 2010 (Baystreet.ca) --
SUMMARY
• Due Diligence / Sampling Program completed by Vice President of Exploration and Qualified Person William Feyerabend
• Metallic screen fire assay analysis by Loring Labs in Georgetown, Guyana of 27 samples
• Camp Area panel samples return 50.78 and 38.33 grams gold per tonne over approximately 0.7 meter.
• Dump samples return 442.42 and 1,024.33 grams gold per tonne indicting the presence of bonanza grade gold.
• Little Tamberlin Area sampling returns a measured width of 0.3 m. grading 3.62 grams gold per tonne in one trench and a measured width of 0.6 m. grading 4.50 grams gold per tonne in a second trench.
• Multiples veins trending NW and N-S were sampled.
• The company has advised the owner it intends to complete the acquisition, and is preparing a National Instrument 43-101 Technical Report on the property.
Vancouver, British Columbia - Gold Port Resources Ltd. (TSX-V: GPO) (“The Company”) is pleased to announce exploration results from a due diligence / sampling program at the Tamberlin Gold Project, Guyana. The property covers approximately 6,200 acres ( 2,510 hectares ) and is located in Western Guyana, near the border with Venezuela. It is situated within greenstone belts of the Barama - Mazaruni Supergroup of the Guiana Shield. This geologic province hosts the Las Cristinas and Brisas Gold Deposits in the Kilometer 88 district of Venezuela with reported district measured and indicated resources of over 35 million ounces of gold.
A total of 27 samples were collected from two areas of mining activity, the Little Tamberlin Creek and the Camp Area. Both areas have multiple veins. Significant gold values have been encountered in many of the samples taken during this due diligence program. All samples were collected by or under the supervision of William Feyerabend, a Qualified Person under NI 43-101 and the Vice President of Exploration for the Company. Mr. Kenneth A. Sadowski, Corporate Secretary and Director of the Company was also on site during the five day exploration program. All samples were bagged and tagged and flown by air to the Company headquarters in Georgetown, where they were taken to Loring Laboratories for analysis. Analysis was by metallic screen fire assay with a 1,000 gm. sample screened to +/-140 mesh and each fraction analyzed by fire assay with gravimetric finish. The samples remained secure at all times. Sample results are tabled below.
Duplicate samples were taken from both the 22 m. and 12 m. levels of the Gato Shaft in the Camp Area to test vertical continuity. Samples numbered 886456 and 886457 were 0.7 meter panel samples obtained from the 22 meter level. Sample 886456 returned 50.78 grams per tonne gold, and sample 886457 returned 38.33 grams per tonne gold, indicating mining activity is focused on high grade locations. Two 0.3 meter panel samples were taken from the 12 meter level of the Gato Shaft. Sample 886458 returned 14.52 grams per tonne gold and sample 886459 returned 7.93 grams per tonne gold. These samples show vertical continuity of mineralization at the Gato Shaft.
Elsewhere in the Camp Area, there are other shallow historic shafts. Sample number 886464 was obtained from one dump and returned 6.64 grams per tonne gold. There is a line of collapsed shafts on what is locally known as the Shaft Structure. Dumps located along this structure were sampled for mineralization. Sample 886474, obtained from the No. 17 shaft dump, was a silicified, quartz veined and brecciated meta-andesite with traces of pyrite and arsenopyrite and assayed 442.42 grams per tonne gold. Sample 886475 from the No. 23 shaft dump was a meta-andesite with traces of pyrite and arsenopyrite and assayed 1,024.33 grams per tonne gold. The two very high grade samples from two separate dumps on the Shaft Structure confirm the presence of high grade gold mineralization. All of these results are interpreted to show multiple targets in the Camp Area with the potential for high gold assays.
In the Little Tamberlin Creek Area, quartz veining has been exposed by two trenches about 30 feet apart. All four channel samples from those trenches assayed over 1.00 grams per tonne Au. The high was sample 886467 which assayed 4.50 grams per tonne Au over a sample length of 0.6 meters.
Sample #
Easting
Northing
Area
Source
Sample Type
Description
Au g/t
886454
700825
736005
Camp
Outcrop
Grab
Quartz vein
0.15
886455
700355
735630
Camp
QAQC Blank
Grab
Diabase QAQC
0.001
886456
701890
735625
Camp
Gato Shaft, 22 m. level
0.7 m. Panel
Quartz vein
50.78
886457
701891
735626
Camp
Gato Shaft, 22 m. level
0.7 m. Panel
Quartz vein
38.33
886458
701892
735625
Camp
Gato Shaft, 12 m. level
0.3 m. Panel
Quartz vein
14.52
886459
701890
735626
Camp
Gato Shaft, 12 m. level
0.3 m. Panel
Quartz vein
7.93
886460
701890
735625
Camp
Trench
Select
Quartz vein, 5 cm.
1.31
886461
701891
735626
Camp
Trench beside 886460
0.3 m. Channel
Intrusive
0.00
886462
701880
735650
Camp
Pit
0.8 m. Channel
Silica replacement
4.89
886463
701860
735690
Camp
Outcrop
0.25 m. Channel
Silica replacement
0.76
886464
700060
735690
Camp
Dump
Select
Quartz veinlets
6.64
886465
705045
740770
L. Tamb. Cr.
Trench
2 m. channel
Quartz veinlets
1.63
886466
705050
740770
L. Tamb. Cr.
Trench
0.3 m. Channel
Quartz vein
3.62
886467
705045
740775
L. Tamb. Cr.
Trench
0.6 m. Channel
Quartz vein
4.50
886468
705040
740775
L. Tamb. Cr.
Trench
1.5 m. Channel
Quartz vein
1.46
886469
705355
740635
L. Tamb. Cr.
Float
Select
Quartz vein
0.03
886470
705445
740630
L. Tamb. Cr.
Float
Select
Quartz vein
0.25
886471
705255
740655
L. Tamb. Cr.
Outcrop
1.5 m. Channel
Quartz vein
0.15
886472
700805
736010
Camp
Trench
1.2 m. Channel
Quartz vein
4.82
886473
700800
736010
Camp
Trench
0.3 m. Channel
Quartz vein
0.19
886474
701375
736335
Camp
Dump
Select
Quartz vein
442.42
886475
701365
736335
Camp
Dump
Select
Pyrite & arsenopy.
1,024.33
886476
701790
736465
Camp
Dump
Select
Quartz vein
2.64
886477
701580
736365
Camp
Dump
Select
Quartz vein
2.06
886478
701540
736300
Camp
Outcrop
0.3 m. Channel
Shear
0.00
886479
701555
736300
Camp
Outcrop
0.2 m. Channel
Shear
0.00
886480
701685
735860
Camp
Pit
0.2 m. Panel
Quartz vein
0.40
Three quartz float samples from other parts of that area returned geochemically anomalous gold. The area contains widespread evidence of ravine placering. The Tamberlin Gold Project offers the Company an exciting exploration opportunity. Multiple gold bearing veins have been identified on this first pass, and much of the project area remains largely unexplored. A camp facility is in place, and equipment is being mobilized for transport to the project. Further sampling will be conducted in the immediate future to identify and define drill targets.
The Company has advised the owner that it intends to complete the acquisition of the Tamberlin Gold Project. The Company is filing the transaction as a Fundament Acquisition as per Policy 5.3 of the TSX Venture Exchange. Closing will be subject to the completion of an acceptable NI 43-101 Technical Report which is now under preparation, a title opinion, demonstration of value and all regulatory approval. Private Placement FinancingThe Company is pleased to announce a non-brokered private placement financing of up to 2,000,000 units at a price of $0.18 per unit, for total gross proceeds of up to $360,000.00. Each unit is comprised of one common share of the Company and one non-transferable common share purchase warrant. Each non-transferable common share purchase warrant allows the holder to purchase an additional common share of the Company at a price of $ 0.35 per share for a period of two years from the date of the closing of the private placement. A portion of the private placement will be subject to a finder’s fee of 10% cash and 10% warrants in accordance with the policies of the TSX Venture Exchange. The finder’s fee warrants are subject to the same terms. Closing of the private placement is subject to the completion of the acquisition of the Tamberlin Gold Project, and the approval of the TSX Venture Exchange. Proceeds will be used exclusively for evaluation of the Tamberlin Gold Project. The contents of this press release were reviewed by William C. Feyerabend, Jr., AIPG Certified Professional Geologist #11047, 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
For further information, contact Adrian Hobkirk at 714-316-3272 or Allan Feldman at AJF Consultants Ltd. at 604-948-9663 or email: AJFConsultants@aol.com.
Gold Port Resources Ltd 8708 French Street, Suite 206, Vancouver B.C. Canada V6P 4W7
Administration: Phone: 604-218-2716 Fax 604-569-2716
Exploration Office 119 North Commercial Street , Suite 185 Bellingham Washington U.S.A.98225 Phone 360-382-3926 Fax 360-733-3941
The TSX Venture Exchange has not reviewed the content of this News Release and therefore does not accept responsibility or liability for the adequacy or accuracy of the contents of this News 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 the statements are made, 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. The transaction described in this News Release is subject to a variety of conditions and risks which include but are not limited to : regulatory approval, shareholder approval, market conditions, legal due diligence for claim validity, financing, political risk, security risks at the property locations and other risks. As such, the reader is cautioned that there can be no guarantee that this transaction will complete as described in this News Release. We seek safe harbour.