-
Gold Port- Four Twin Drill Holes Completed At Groete Creek
December 2, 2011Print PDF
Vancouver, British Columbia – Gold Port Resources Ltd. (TSX-V: GPO) (The “Company”) is pleased to report the completion of four twin drill holes at the Groete Creek Gold Project in Guyana. The intent of the program is to confirm prior drill results completed by Coeur d’Alene Mines and to facilitate the completion of a NI 43-101 compliant resource estimate. In 1995, Coeur d’Alene Mines began to explore the originally identified mineralized Groete Creek area. The program included a re-evaluation and interpretation of all available data, mapping and sampling of the project area, as well as further drilling. At the conclusion of the field 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.
Hole TW11-013 was located as a twin to historical drill hole C96-13, and is located at the western edge of the known mineralized zone. Hole TW11-012 was located as a twin to historical drill hole C96-12 and was located approximately 200 meters east of TW11-013. Hole TW11-03 was located approximately 600 meters north east of TW11-013 and was drilled as a twin to historical hole C94-03. Hole TW11-015 was drilled approximately 1,000 meters east of TW11-013 and is a twin to historical drill hole C96-15. Drilling was supervised by Mr. Brian Sucre, a director of the Company. Samples were cut and logged on site, as specified by P and E Mining Consultants Inc. ( Brampton , Ontario Canada ) under the Quality Assurance and Quality Control requirements of NI 43-101. After bagging, and under security, the samples were taken to ACME Laboratories of
Georgetown , Guyana, for preparation work. Assay work is being completed by ACME Laboratories of Vancouver, B.C. Canada. Drilling is ongoing at the project, and a second drill rig is expected to be in service in December.
Gold Port has replicated as closely as possible the original drill locations for the potential re-calculation of the historical gold zone to NI 43-101 standards. Further details are located at the Company website – www.resourceexploration.com. Exploration work is ongoing at the project. Survey lines are being cut across the adjacent Georgetown West project area in advanced preparation for a Geoprobe soil sampling program.
Groete Creek West Contract Update
The Company announced on September 13, 2011 that it had entered into a purchase agreement to acquire 100% of the Groete Creek West Gold Project in Guyana, South America. The terms of the purchase option are $180,000 USD and 500,000 common shares over four years.Mr. Paul Pelke, a Qualified Person under NI 43-101 and a consultant 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 adrianh@resourceexploration.com
For further information, contact Adrian Hobkirk toll free at 855-894-4524, 714-316-3272 or email: adrianh@resourceexploration.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
