Portage Minerals Inc.

Portage Minerals Inc.

October 19, 2012 12:05 ET

Portage Announces Fall Exploration Program

ST. ANDREWS, NEW BRUNSWICK--(Marketwire - Oct. 19, 2012) - Portage Minerals Inc. ("Portage") (CNSX:RKX) today announced that it will be embarking on a 2,000 to 2,500 metre fall diamond drilling program at its wholly-owned Golden Pike Gold Property in addition to other exploration work on the Annidale Gold Belt as part of its Fall 2012 Exploration Program. The programs are expected to be completed by December 20th, 2012.

The Golden Pike drill program will focus on expanding the high grade gold zones on the South Trend deposit where previous drilling returned gold intersections such as 43.07 g/t gold over 13.00 m, 32.26 g/t gold over 10.06 m and 8.08 g/t gold over 7.72 m. In addition, a number of exploration targets along trend will be tested.

Ken Hight, Chairman and Chief Executive Officer of Portage, was quoted as saying "We are redeploying the cash we received from the disposition of our interest in the Clarence Stream Gold Project into our exploration program at our wholly-owned primary exploration sites, Golden Pike/Annidale Properties, without further diluting our shareholders."

Highlights from the last drill campaign at Golden Pike (new release dated February 13, 2012) include:

  • The drill program focused on delineating and expanding the high grade gold zones on the South Trend deposit.
  • The deposit remains open for expansion along strike and at depth
  • Assay results have been received from the full drill program, with significant drill intercepts including:
    December 21, 2011 released:
    • 6.93 g/t gold over 10.62 m including 10.55 g/t gold over 5.12 m and 34.50 g/t Au over 0.60 m, also 505 g/t silver over 0.90 m
    • 9.09 g/t gold over 3.35 m
    • 19.47 g/t gold over 2.20 m
    • 9.42 g/t gold over 3.80 m
    • 4.03 g/t gold over 2.43 m
    • 3.58 g/t gold over 4.00 m including 12.8 g/t gold over 1.0m

    February 13, 2012 released:

    • 33.30 g/t gold over 1.41 m
    • 3.26 g/t gold over 1.50 m
    • 7.51 g/t gold over 0.50 m
    (widths are core length and are not true widths)

The gold mineralized quartz vein systems of the South Trend Deposit are hosted by mafic volcanic rocks proximal to a volcanic-sediment contact. The mineralized vein zones consist mainly of quartz and carbonate with or without sulphides. Gold-rich sections of the vein system correlate with higher sulphide content and/or sections containing visible gold. Pyrite is the most common sulphide but chalcopyrite, minor sphalerite and galena have been observed. Arsenopyrite is generally absent from the assemblage.

Roger Dahn, P. Geo. (New Brunswick), Vice President-Exploration of Portage, is designated as the Qualified Person under National Instrument 43-101 and has reviewed and approved the contents of this news release.

Portage Minerals Inc. is a mineral exploration corporation exploring for gold in Eastern Canada. Further information about Portage can be accessed on the Company's website at www.portagemineralsinc.com and on the SEDAR website at www.sedar.com. The common shares of Portage trade on the Canadian National Stock Exchange ("CNSX") as a mining issuer under the trading symbol "RKX".

To receive Company news releases via e-mail, please advise robin@chfir.com and specify "Portage News" in the subject line.

Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those currently anticipated due to a number of factors and risks. The forward-looking statements contained in this news release are made as of the date hereof and Portage undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

The CNSX has not approved and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Portage Minerals Inc.
    Ken Hight
    President and CEO
    (506) 529-8206
    (506) 529-8595 (FAX)

    CHF Investor Relations
    Robin Cook
    Senior Account Manager
    (416) 868-1079 x228
    (416) 868-6198 (FAX)