Gold Port Resources: Drilling to Begin at Groete Creek Gold Project
04 Mai 2011 - 5:04PM
Marketwired
Gold Port Resources Ltd. (the "Company") (TSX VENTURE: GPO) is very
pleased to announce the initiation of drilling at the Groete Creek
Gold Project, Guyana. The Company owned Acker MP 8 track mounted
drill rig has been delivered to the project site and is now located
on hole GC11-1. A test hole is currently being completed as part of
the commissioning of the rig. The first hole is expected to begin
in the immediate future. The program will involve the completion of
3,000 meters over ten holes.
The intent of the program is to confirm prior drill results
completed by Coeur d'Alene Mines Corp 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 gold-copper deposit
comprising approximately 94 million tonnes grading 0.6 grams per
tonne gold and 0.11% total copper. (Caution: The issuer has not
done the work necessary to verify the classification or quantity of
the resource or reserve, the issuer is not treating them as a NI
43-101 defined resource or reserve verified by a qualified person,
and the historical estimate should not be relied upon). Gold Port
will replicate as closely as possible the original drill
locations.
Exploration work will be conducted ahead of the drill progress
to facilitate step-out targets. The area of the historical drilling
comprises a strike of approximately 1,000 meters east to west.
Recent surface mining has extended this zone to the eastern
boundary of the property, some 2,000 meters from the original
location. Geological reconnaissance is underway across this area
and onto the adjacent Georgetown West Project area (also part of
the Gold Port land holding).
P & E Mining Consultants Inc., an established
internationally recognized consulting firm, has been retained for
the calculation of NI 43-101 compliant resource estimates based on
exploration results by the Company. P and E has recent experience
working in Guyana. They are currently engaged by Sandspring
Resources Ltd. for geological and engineering work on the Toroparu
Au-Cu Project.
Over the past four months, the Company has completed a
re-routing access to the Groete Creek Gold Project. Prior access
was from Parika, across the Essequibo River, and then directly to
the project site via a network of narrow creeks. A direct access
road has been completed from the Manaka Landing area on the north
side of the Essequibo River. This completely removes the water
travel via a network of narrow creeks and reduces the travel time
from five hours to two hours, and significantly increases the
reliability of the route for supply and maintenance.
Mr. Paul A. Pelke, a registered geologist in the state of
California and a Qualified Person as defined by NI 43-101 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
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.
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.
Contacts: Gold Port Resources Ltd. Adrian Hobkirk 714-316-3272
adrianh@resourceexploration.com www.resourceexploration.com AJF
Consultants Ltd. Allan Feldman 604-948-9663
AJFConsultants@aol.com
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