The Conversation (0)
Grande Portage Resources Ltd. (TSXV:GPG)(OTCQB:GPTRF)(FSE:GPB) ("Grande Portage" or the "Company") is pleased to provide an update regarding the advancement of a number of technical and permitting initiatives related to its New Amalga Gold Project in Southeast Alaska.
- Grande Portage has received a five-year Fish Habitat Permit from the Alaska Department of Fish & Game relating to the proposed installation of a stream level monitoring system for the Herbert River within the project area. This will provide critical baseline data necessary for engineering design and future environmental review. Installation of this instrumentation will proceed after receipt of the Special Use Permit which has been applied for with the US Forest Service.
- In line with the company's plans to advance towards a Preliminary Economic Assessment (PEA) for the project, an initial Geotechnical and Hydrogeological Review has been completed by SRK Consulting to inform the PEA as well as guide future stages of fieldwork to further define the expected groundwater conditions and rock behaviour in the deposit area.
- An aerial LiDAR scan has been completed for the project's potential infrastructure areas and access road corridor. The data from this scan, in combination with the company's existing LiDAR data for the terrain above the mineral resource area, will be instrumental towards the planning and engineering design of surface infrastructure, buildings, and roadways.
- The company has contracted two independent ore offtake studies to identify the most optimal destination for sorted ore from New Amalga under a direct-to-smelter scenario, along with expected gold payabilities and transportation costs. This will provide key inputs for developing a Preliminary Economic Assessment for the project.
- The company has retained Ensight LLC as its NEPA consultant to prepare the project for the environmental review process. Charles Johnson, principal of Ensight LLC, has over 30 years of NEPA experience and guided the nearby Greens Creek Mine through the pre-NEPA activities and NEPA process resulting in a successful EIS in 2024. This EIS enabled a major expansion of the mine's tailings facility for up to 17 additional years. Mr. Johnson also collaborated with the USFS to develop and finalize their Record of Decision document for that project.
- On August 27, a Memorandum of Understanding was signed between the State of Alaska and the Federal Permitting Improvement Steering Council which enables the Alaska Department of Natural Resources to coordinate directly with the Permitting Council and nominate projects for streamlined and transparent permitting under the federal FAST-41 program. Grande Portage applauds this milestone and sees this as one of multiple potential pathways for enabling the project's expeditious advancement through the environmental review and permitting process.
The future facilities at the project site are envisioned to include a small-footprint underground mining operation without an ore processing plant or tailings disposal landfill. Due to the resource location near tidewater and less than 4 miles (6.5km) from existing paved highway (Fig. 1), the Company considers off-site processing by a third party to be the most favorable configuration for the project.
Fig. 1: Location of the New Amalga Gold Project
Kyle Mehalek, P.E.., is the QP within the meaning of NI 43-101 and has reviewed and approved the technical disclosure in this release. Mr. Mehalek is independent of Grande Portage within the meaning of NI 43-101.
About Grande Portage:
Grande Portage Resources Ltd. is a publicly traded mineral exploration company focused on advancing the New Amalga Mine project, the outgrowth of the Herbert Gold discovery situated approximately 25 km north of Juneau, Alaska. The Company holds a 100% interest in the New Amalga property. The New Amalga gold system is open to length and depth and is host to at least six main composite vein-fault structures that contain ribbon structure quartz-sulfide veins. The project lies prominently within the 160km long Juneau Gold Belt, which has produced over eight million ounces of gold.
The Company's updated NI#43-101 Mineral Resource Estimate (MRE) reported at a base case mineral resources cut-off grade of 2.5 grams per tonne gold (g/t Au) and consists of: an Indicated Resource of 1,438,500 ounces of gold at an average grade of 9.47 g/t Au (4,726,000 tonnes); and an Inferred Resource of 515,700 ounces of gold at an average grade of 8.85 g/t Au (1,813,000 tonnes), as well as an Indicated Resource of 891,600 ounces of silver at an average grade of 5.86 g/t Ag (4,726,000 tonnes); and an Inferred Resource of 390,600 ounces of silver at an average grade of 7.33 g/t silver (1,813,000 tonnes). The MRE was prepared by Dr. David R. Webb, Ph.D., P.Geol., P.Eng. (DRW Geological Consultants Ltd.) with an effective date of July 17, 2024.
ON BEHALF OF THE BOARD
"Ian Klassen"
Ian M. Klassen
President & Chief Executive Officer
Tel: (604) 899-0106
Email: Ian@grandeportage.com
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties as described in the Company's filings with Canadian securities regulators. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Please note that under National Instrument 43-101, the Company is required to disclose that it has not based any production decision on NI 43-101-compliant reserve estimates, preliminary economic assessments, or feasibility studies, and historically production decisions made without such reports have increased uncertainty and higher technical and economic risks of failure. These risks include, among others, areas that are analyzed in more detail in a feasibility study or preliminary economic assessment, such as the application of economic analysis to mineral resources, more detailed metallurgical and other specialized studies in areas such as mining and recovery methods, market analysis, and environmental, social, and community impacts. Any decision to place the New Amalga Mine into operation at levels intended by management, expand a mine, make other production-related decisions, or otherwise carry out mining and processing operations would be largely based on internal non-public Company data, and on reports based on exploration and mining work by the Company and by geologists and engineers engaged by the Company.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED UNDER THE POLICIES OF THE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE
GPG:CC
