Assays show larger Herbert Gold resource

Grande Portage Resources Ltd Feb. 24 reported partial drill results from its summer and fall 2021 drill program at the Herbert Gold project in Southeast Alaska.

Completed in late October, the results from these drill holes are from infill and expansion drilling and are expected to be added to the company's NI 43-101 resource estimate reported at a base case mineral resources cut-off grade of 0.3 grams per metric ton gold and consists of an indicated resource of 1.2 million oz of gold at an average grade of 10.23 g/t (3.64 million metric tons) gold and an inferred resource of 325,900 oz of gold at an average grade of 8.91 g/t (1.14 million metric tons) gold.

"We are very pleased to, finally, be receiving assays from the lab," said Grande Portage Resources President Ian Klassen. "Last year, while observing the drill core, our exploration team was very upbeat about the program but naturally had to wait for the laboratory to process the samples. In addition to the high-grade drill hole results, the significant number of additional intersections between 3 and 10 g/t gold continues to point to the development of a much larger resource."

Highlights from this drilling include:

• 3.53 meters at 51.5 g/t gold in hole 21W-1, including 0.54 meters of 305.09 g/t gold and 157.3 g/t silver on the Main vein. This intersection is 63 meters deeper than the high-grade intersections in 10C-1 and 85 meters deeper and east of 11I-5, and 81 meters west of a low-grade intersection in 17L-3. This area was previously estimated to be low-grade due to its distance from higher-grade holes; this intersection will materially impact this area.

• 1.77 meters at 11.36 g/t gold in hole 21Q-3. This intersection is at the deepest limits of drilling to date on the Main vein and is open to depth and eastward. 21Q-4, for which assay results have not been received, was drilled about 120 meters deeper and looks similar; this intersection is 125 meters east of an isolated high-grade intersection in 20T-7.

• 2.45 meters at 9.34 g/t gold in hole 21X-2. This intersection is above a high-grade intersection in 17L-2 and below a lower-grade intersection in 17L-3, expanding the higher-grade zone by approximately 50 meters.

Holes drilled from pads P and Q mainly targeted the eastern extensions of the Goat and Main veins and their associated splits and satellite structures. Pad W principally tested internal areas of the Main vein, which previous drilling did not cover.

Hole 21W-1 intersected 3.53 meters with a weighted average of 51.53 g/t gold, which included 0.54 meters of 305.09 g/t gold and 157.3 g/t silver.

Pad Q also had several holes designed to test deeper eastern portions of the Sleeping Giant and Main veins for which all the assay returns have not been received, but initial indications from core inspection are extremely promising, the company said.

Data compilation is currently underway following the completion of the 2021 drill program at Herbert Gold, with total meterage for the program finishing at 8,148 meters in 19 completed drill holes.

Assay results will be released on a continuing basis pending review and meeting company quality assurance and control protocols.

"As always, our drill holes were planned to intercept multiple veins and we continue to report multiple intersections in nearly all of our drill holes," added Klassen. "The company is still awaiting assays from other important holes and we look forward to releasing those results as soon as possible. The 2022 drill season will soon be upon us. We are fully financed and confident to be working with the same experienced drilling contractor again this year."