Gold Port Completes First Step-Out Hole at Groete Creek
VANCOUVER, British Columbia, Dec. 13, 2011 /PRNewswire/ — Gold Port Resources Ltd. (TSX-V: GPO) (The “Company”) is pleased to report the completion of the first step-out drill hole at the Groete Creek Gold Project in Guyana. The intent of the step-out is to potentially confirm the continuation of gold and copper mineralization in an eastern direction at the project.
The Groete Creek Gold Project was drilled by CAMDICO and Western Premium Resources in 1994, with 9 holes completed. In 1996, the project was further drilled by Caribbean Basic Industries (CBI), a subsidiary of Coeur d’Alene Mines. With the combined drill programs, a grid comprised of 17 holes running east to west and covering approximately 1,200 meters of strike was completed. At the conclusion of the CBI program, Coeur d’Alene using a simple polygonal method in drilling by cross section, identified a historic gold-copper resource comprising approximately 94 million tonnes grading approximately 0.6 grams per tonne gold and 0.11% total copper. (CAUTION: The historical estimate presented above is relevant to the further exploration of the project which, the Company is currently undertaking with a drill program. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves; and the Issuer is not treating the historical estimate as current mineral resources or mineral reserves; therefore they should not be relied upon.)
The term “drill indicated geologic resource” is a historical term used by CBI, not comparable to the CIM defined inferred resource, and should be compared to a potential mineral deposit requiring further exploration drilling to define an initial resource. There is no recent drill information on the Groete Creek project, and further drilling will be required to upgrade and verify the historical estimate as a current mineral resource, and there is no certainty that this can be accomplished. There is no current data available for the project, but drill results are anticipated in the near future.
Gold Port Resources Ltd has recently completed four holes which are twins of holes 96-13, 94-5, 96-15 and 94-7 from the CBI program. Hole 2011-01, is a step-out to the eastern most hole completed by CBI, and is located approximately 250 meters east of historical hole 94-07. On site geological reports indicate the hole is drilled into a volcanic sequence similar to that encountered in the historical drilling. Hole 2011-02 is now underway and is located 150 meters east of historical hole 94-7.
A second Acker drill rig has now been cleared from customs and is scheduled to be moved to the project. A Geoprobe program is also underway, to provide a deep soil evaluation of adjacent ground for additional drill targets. Assay results from ACME laboratories are anticipated in the immediate future.
Mr. Paul Pelke, a Qualified Person under NI 43-101, and a consulting geologist to the Company has reviewed the content of this press release.
On Behalf of the Board of Directors of Gold Port Resources Ltd.
Adrian F.C. Hobkirk,
President and Chief Executive Officer – email@example.com
For further information, contact Adrian Hobkirk at 714-316-3272, toll free at 855-894-4525 or email: firstname.lastname@example.org or Allan Feldman of AJF Consultants 604-948-9663 or email: email@example.com.
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.
SOURCE Gold Port Resources Ltd.