This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Gold Port Resources: First Twin Hole Results Confirm Historic Gold Zone At Groete Creek

VANCOUVER, British Columbia, March 1, 2012 /PRNewswire/ -- Gold Port Resources Ltd. (TSX-V: GPO)

Highlights:

Twin Hole TW96-13 Returned 50.3 Meters Of 0.56 Grams Per Tonne Gold, With The Historical Hole Value At  0.615 Grams Per Tonne Gold Over 50.3 Meters

Hole GC-2-2012 Expands Mineralization South

Hole GC1-2012 Confirms Fault Boundary To The West

Seven Historical Drill Sites Located

Second Acker Core Drill Rig On Site

Gold Port Resources Ltd. (TSX-V: GPO) ("The Company") is pleased to report the preliminary results of the first twin hole, and two additional holes, completed at the Groete Creek Gold Copper Project, Guyana. This historic gold copper project is located in Cuyuni Mining District 4, approximately 60 kilometers southwest of Georgetown, the Capital of Guyana, and close to  the city of Bartica, a town of 15,000 people. Access is by dirt road from Manaka, directly to the project area.

Hole TW96-13 was a twin hole of historical GC96-13, as drilled by Caribbean Basic Industries Ltd. (subsidiary of Coeur d' Alene Mines) in 1996, and has provided an approximation of the historical results for this hole.  Hole GC-1-2012 was drilled west across a fault and has confirmed the termination of mineralization across this fault. Hole GC-2-2012 was drilled approximately 125 meters south of the southern most historic drill collar and has confirmed the presence of gold mineralization, potentially expanding the gold zone south. A second Acker drill rig has been moved onto the project site for additional drilling.

Between 1994 and 1996, an area of the project was drilled by CADMICO and Caribbean Basic Industries (a subsidiary of Coeur d' Alene Mines). A total of seven historical holes from this program have been located by either original drill collar or drill pad site. Hole TW96-13 was the first original drill collar located, and provided solid physical evidence of the historical hole location. Hole TW96-13 was sited to within 3 meters of the original collar location of GC96-13, drilled at 169 degrees south, and drilled at a 45 degree angle, replicating the historical hole direction as closely as possible.  The historic drill grid, which measure approximately 1,200 meters east to west and 250 meters north south, locates hole TW96-13 at the western most portion of the historical gold zone, on the outer fringe of the known mineralized zone.

Drill core was split and bagged on site, and then transported to ACME Laboratories of Guyana (a Certified Laboratory) for processing. Company security personnel were in possession of the drill core until delivery to the laboratory.  Every twentieth core sample, the half core sample split was further divided into two samples and duplicate samples were submitted as a check on the assaying accuracy.  ACME inserted its own blanks as standards during assaying.  The sample interval was 1.5 meters in the recently completed drill hole and also in the historical drill hole.  Work was conducted under the supervision of Mr. Paul Pelke, a Qualified Person under NI 43-101. Sample preparation was completed at ACME Laboratories (Certified) of Guyana, with final assay work completed by ACME Laboratories (Certified) of Santiago, Chile. Assay was by 30 gram fire assay.

Both the historical results and twin results identify multiple gold zones beginning at surface. In reviewing the historical drill hole 96-13 for a 2009 43-101 report on the Groete Creek project for Gold Port Resources, three significant gold intervals in 96-13 were identified:  a near surface zone in the saprolite, an interval from 50.3 meters through 100.6 meters and an interval from 109.8 meters through 117.4 meters.  For purposes of comparison, intervals corresponding as close as possible to those historical intervals were selected in the recently completed twin drill hole. 

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,076.27 +64.33 0.36%
S&P 500 2,114.14 +4.54 0.22%
NASDAQ 5,097.7780 +21.2540 0.42%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs