Portage Minerals Inc.
CNSX : RKX

Portage Minerals Inc.

January 31, 2012 13:30 ET

Portage & Cliffs JV Drilling Returns 0.70 g/t Gold Over 167.4 Metres With 1.37 g/t Gold over 30.05 Metres at Golden Ridge Deposit, New Brunswick

ST. ANDREWS, NEW BRUNSWICK--(Marketwire - Jan. 31, 2012) - Portage Minerals Inc. ("Portage") (CNSX:RKX), today announced on behalf of the joint venture with Cliffs Chromite Ontario Inc. (f/k/a Freewest Resources Canada Inc.) ("Cliffs"), a wholly owned subsidiary of Cliffs Natural Resources Inc. (NYSE:CLF)(PARIS:CLF), initial assay results from diamond drilling operations at the Golden Ridge property (the "Golden Ridge Property"). The Golden Ridge Property, comprising 3,386 hectares, is located 80 kilometres west of the City of Fredericton in York County, New Brunswick.

The drill program of 16 holes for approximately 3,500 metres, consisted largely of step-out drilling focused on the southern portion of the deposit, to continue to expand the property's gold resource. In addition, a series of north-south holes were completed to evaluate a secondary (east-west) control to the widespread mineralization.

Highlights:

  • Assay results have been received from the initial eight drill holes, with significant drill intercepts (core width) including:
    • Hole GR-11-69: 0.71 g/t gold over 27.60m including 1.13 g/t over 10.60m; and 0.89 g/t gold over 92.45m including 2.37 g/t gold over 22.70m
    • Hole GR-11-70: 2.32 g/t gold over 16.00m
    • Hole GR-11-71: 0.70 g/t gold over 14.00m
    • Hole GR-11-73: 1.44 g/t gold over 8.05m; and 0.70 g/t gold over 167.40m including 1.37 g/t gold over 30.05m, 1.67 g/t gold over 13.10m and 1.51 g/t gold over 9.0m
    • Hole GR-11-75: 1.17 g/t gold over 9.00m
  • The successful delineation of near surface mineralization continues to indicate the project's large tonnage, near surface potential.
  • Mineralized alteration system is approximately 1km by 0.4km in size and remains open for further expansion.
  • The ~8 km by 3 km property covers a highly prospective gold target which remains virtually unexplored outside the drilled resource area.

As part of the drill program, a series of seven north-south oriented holes were completed to evaluate the potential of a secondary, E-W structural control to higher grade mineralization at the deposit such as in previous hole GR-10-55 which encountered 4.12 g/t gold over 10.0m. The potential impacts of this new structural model could be an increase in resource grade and size. Assay results have been received for three of these seven holes (GR-11-69, 73 and 75), with positive results such as 0.89 g/t gold over 92.45m including 2.37 g/t gold over 22.70m and 0.70 g/t gold over 167.40m including 1.37 g/t gold over 30.05m in holes 69 and 73 respectively.

A table of significant assay results from the current program, drill hole plan map, and two figures illustrating the potential structural control of mineralization, are the attached at the end of this news release.

Assays were performed by Activation Laboratories Ltd, Ontario, using the fire assay method (1A3-50 (Fire Assay Gravimetric (QOP AA-Au)) on 50 grams of prepared sample. Overall, the mineralization occurs in a sericite-carbonate +/- albite altered dacitic volcanic complex with zones of quartz veins, quartz stockwork and quartz breccias. Pyrite, arsenopyrite and minor to trace stibnite are associated with the mineralization.

Portage (through its amalgamation with Rockport Mining Corp.) owns a 60% interest in the Golden Ridge Property, with Cliffs owning 40%. Ongoing Joint Venture exploration and development costs are being shared on a 60:40% basis, with a non-contributing party being subject to pro rata dilution.

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 press 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 aman@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.

To view the figures associated with this press release, please visit the following link: http://media3.marketwire.com/docs/RKXFigure.pdf.

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)
    www.portagemineralsinc.com

    CHF Investor Relations
    Robin Cook
    Senior Account Manager
    (416) 868-1079 x228
    (416) 868-6198 (FAX)
    robin@chfir.com