VANCOUVER, March 28 /CNW/ - Grande Portage Resources Ltd. (TSX-V GPG) ("Grande Portage" or "the Company") is pleased to announce that it has entered into an option agreement to acquire an undivided 100% interest in another nine additional mineral claims known as the New Mine Property, covering 2,050 hectares, contiguous to the Pass Property, and also located in the Omenica Mining Division, B.C. The option agreement provides for an option payment of $7,500 and the issuance of up to 200,000 common shares in aggregate to two arm's length vendors in two installments, and the expenditure of not less than $500,000 on the property by August 30, 2011. The vendors will retain a 1.5% net smelter returns royalty, of which the Company can purchase one-half for $1,000,000, or the entire royalty for $2.0 million at any time.
These showings will be evaluated in conjunction with the work planned for the Pass Property showings, which were examined briefly in 2007 and reported very high-grade gold, silver copper lead and zinc values from select grab samples from old trenches.
The Company is currently planning an exploration program to follow-up on these results. This work will include closely spaced grid-based soil sampling and ground geophysics (Mag and EM) to expand the area of known mineralization and to test the geophysical signature over the trenches. In addition the trenches will be remapped and all available data compiled prior to drill testing of the property. Drilling will comprise approximately 2000 metres in 10-15 holes to test the strike and downdip continuity of the vein. It is anticipated that the grid work on the lower elevations, to test for extensions to the vein systems, will commence in mid-April to May, after spring breakup. When the alpine reaches of the property are largely clear of snow the trenches will be remapped and systematically sampled and the grid-based ground geophysics will be initiated. Once the data has been compiled drill targets will be selected and the drill program will commence; this is expected to be in May/June.
The New Mine Property envelops the Pass property and has five known mineral occurrences recorded in Energy, Mines and Petroleum Resources MINFILE database. The occurrences are as follows:
1) Zap (Big Four): This showing is located 2.4 kilometres east of the Pass property showings. Mineralization is associated with quartz veining in granodioritic stock of the Eocene Nanika Intrusions. Several quartz veins are reported varying in width from 0.9 to 2.4 metres, striking northwesterly and hosting pyrite, chalcopyrite, galena and sphalerite. Minor development was undertaken in the 1920's and a 0.5 metre sample collected from the bottom of a shaft assayed trace gold, 68.6 g/t silver, trace copper, 34% lead and 3% zinc. Approximately 1.8 tonnes of material was mined from a well mineralized quartz vein over a width of about 6 metres. A selected sample of the best mineralization assayed 0.69 g/t gold, 246.9 g/t silver, 36.3% lead and 2.5% copper . 2) Zap South: located approximately 1.3 kilometres north of the Pass showing along the northern pass property claim boundary. Local pods and shears contain chalcopyrite and specularite, no results are reported. 3) Zap North: this showing is located 2.3 kilometres west-northwest of the pass property showings. Gold and silver values occur in a 60 cm wide quartz vein that contains 5% pyrite and marcasite; chlorite and epidote alteration is associated with the vein. 4) Zap West: this showing is located 2.2 kilometres northwest of the pass property. It is similar to the Zap North showing, with a narrow, northwest trending quartz vein hosting pyrite, specularite and galena. 5) Whitewater: this showing is located 3.1 kilometres to the south and comprises a quartz vein within granitic rocks of the Topley intrusion. The vein varies in width, up to 0.9 metres wide, and has been traced on surface for approximately 100 metres. Five samples collected from the vein in 1943 assayed trace to 17.14 g/t gold, nil to 78.86 g/t silver, 0.1 to 5.6% lead and 0.9 to 20.2% zinc.
In addition, the Company is currently awaiting the onset of the spring snow melt, which in turn, will allow access to the Merry Widow property so that 2008 exploration work can commence.
Wes Raven, P. Geo., is the qualified person for this project and has reviewed and verified the contents of this news release.
About Grande Portage Resources Ltd.
-----------------------------------
Grande Portage Resources Ltd. is a mineral exploration and development company focused on massive sulphide exploration in British Columbia. Grande Portage is operated by experienced managers and professionals who have been effective in discovery, mine development, and mining operations throughout North and South America, Africa, Europe, and Central Asia. The Company is well financed with no long term debt. More information is available online at www.grandeportage.com
ON BEHALF OF THE BOARD OF DIRECTORS
-----------------------------------
Alistair MacLennan, Chairman
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.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS
RELEASE