Portage Resources Inc. Is Pleased to Report Positive Due Diligence Results on the Wukakuy Properties With Estimated Potential Reserves in Excess of 58 Million Oz Ag
LIMA, Peru, June 24, 2011 /PRNewswire/ — Portage Resources Inc. (“Portage” or the “Company”) (POTG-OTCQB) is pleased to report positive due diligence results on the Wukakuy Properties. These results forward Portage’s intent to acquire the Wukakuy properties.
The results were based on a N43-101 report prepared by a P. Geologist under the definition of “qualified person’ set out in National Instrument N43-101, further geological reporting and favorable community relations.
Summary of N43-101 report:
The exploration targets on the Wukakuy Property are a series of stratabound zones of Ag-Pb-Zn mineralization hosted in Carboniferous to Permian-aged carbonate and clastic sediments. This property lies immediately north of the Mina Cecilia, a past Ag-Pb-Zn producer from the same host rocks.
The Wukakuy Property is comprised of two mining concessions named “Wukakuy ” and “Wukakuy Uno” totaling 600 hectares located in the Putina District, Department of Puno, southeastern Peru. The property is 110 kilometers north-northeast of the city of Juliaca.
The primary exploration target is the Bonanza Cuerpo, a zone measuring 100 x 250 meters defined by abundant gossan outcrop with indications of an additional 150m of strike length. The surface expression of the gossan suggests that it is a concordant body within the surrounding host carbonates. Samples from the gossan yield highly anomalous values of Pb-Zn (0.15 -0.99% Pb; 0.12 -2.4% Zn) with locally anomalous values of Ag (maximum of 7.8 oz/t Ag). These values from gossan are highly prospective indicators for a massive sulfide body at depth. Mineralized sandstone breccia outcrop further along strike suggests that this zone may extend more than 400m in strike length. This zone is open on either end.
The second target is a smaller manto exposed 1,300 meters northeast of, and parallel to, the Bonanza Cuerpo. Full width of this manto is not exposed in trench cuts. A channel chip sample was taken across 1 meter of exposed manto that returned 5 oz/t Ag, 1.3% Pb, 1.9% Zn. A sample from a gossan outcrop 200m north of this trench cut exposure ran 0.3 oz/t Ag, 4.8% Zn and no Pb.
The property warrants a thorough exploration program given its favorable geology, surface geochemical anomalies, and location near significant stratabound Ag-Pb-Zn mineralization in the district.
Further geological reporting and subsequent estimates have been given by respected a Peruvian geologist and his reviews of the N43-101 and other geological reports have been used to produce a fair estimate of the reserve potential for the Wukakuy properties.
Wuakakuy – Bonanza 50,040,000.00 Oz Ag / MTS
Wuakakuy – Caprichosa Manto 8,188,128.00 Oz Ag / MTS
Based on today’s silver prices of approx. $35/Oz, the above estimates have a potential value in excess of $2,000,000,000 ($2 Billion).
The community leadership is vital to any project; Portage has consulted with the community leaders during this due diligence phase and will appoint a community relations leader for this project upon acquisition.
About Portage Resources Inc.
Portage Resources Inc. is focused on the exploration and production of precious and base metals in Peru. Portage Resources Inc plans to recognize, and acquire near-term production mining properties. The Portage Resources Inc seasoned and experienced Peruvian management team will research, review and prove any reserves for the purpose of production.
Symbol: OTCQB – POTG
CAUTIONARY NOTE: Our mineral properties have reports that may use terms which are recognized and permitted under Canadian regulations. We advise U.S. investors that while such terms are recognized and permitted under Canadian regulations, the U.S. Securities and Exchange Commission does not recognize them. The United States Securities and Exchange Commission requires a final or full Feasibility Study to be completed in order to support either Proven or Probable Reserves and does not recognize other classifications of mineralized deposits.
FORWARD-LOOKING STATEMENTS: “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: Statements relating to the company’s business activities and other statements in this press release are forward-looking statements within the meaning of the Securities Litigation Reform Act of 1995. Such statements are based on current expectations about the Company’s business. Words such as expects, anticipates, intends, plans, believes, estimates and similar words and expressions are intended to identify such forward-looking statements. These statements involve risks that are difficult to evaluate. Actual results can vary from descriptions herein due to many factors including changes in metal prices and business conditions; changes in laws and regulations; problems encountered in exploration and obtaining permits; changes in the competitive environment; technological advances; shortages of skilled workers, drill rigs and equipment; the need for additional capital and other risks listed in the Company’s Securities and Exchange Commission filings under “risk factors” and elsewhere. Forward-looking statements speak only as of the date they were made. The Company does not undertake any obligation to update forward-looking statements.
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SOURCE Portage Resources Inc.