Portage Minerals Inc.

Portage Minerals Inc.

November 09, 2010 18:52 ET

Portage & Freewest JV Intersects 1.29 g/t Gold Over 74.0 m in Initial Drilling at Golden Ridge, New Brunswick

ST. ANDREWS, NEW BRUNSWICK--(Marketwire - Nov. 9, 2010) -

Highlights:

  • 45 hole (8,400 m) diamond drill program completed; assay results from the balance of the holes expected to be released within the next 4 weeks
  • Portage to earn 60% interest by meeting $1.6 million expenditure by November 15, 2010 is on track
  • Gold bearing alteration system expanded by 3 times to ~ 800 m length (up to 350 m width); new parallel gold trend discovered on the west
  • Initial drill results yielded significant gold mineralization including 1.29 g/t gold over 74.0 m and 1.21 g/t gold over 25.0 m in holes 37 and 22 respectively
  • Drilling is evaluating the project's large tonnage, open pit potential

Portage Minerals Inc. ("Portage"), which has completed its amalgamation with Rockport Mining Corporation, today reported on behalf of the joint venture with Freewest Resources Canada Inc. ("Freewest") regarding the initial results from the 2010 diamond drilling completed on 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.

BACKGROUND: Rockport (now amalgamated into Portage Minerals Inc.) entered into a joint venture agreement dated November 15, 2007, with Freewest pursuant to which Rockport can earn a 60% interest in the Golden Ridge Property by spending $1,600,000 on exploration and development work by November 2010. Upon Rockport earning its 60% interest, a joint venture will be formed with further exploration and development costs shared by Rockport and Freewest on a 60%:40% basis, respectively. During the period from 1997 to 2004, Freewest discovered significant gold mineralization on the Golden Ridge Property. Highlight intercepts (core width) from the 20 holes completed in 1999 and 2004 include:

  • GR-99-005: 23.0 metres grading 1.13 g/t Au (75.4 ft @ 0.033 oz/ton)
  • GR-99-010: 5.3 m grading 4.85 g/t Au (17.4 ft @ 0.141 oz/ton)
  • GR-04-011: 19.9 m grading 2.26 g/t Au (65.3 ft @ 0.066 oz/ton)
  • GR-04-013: 28.0 m grading 1.07 g/t Au (91.8 ft @ 0.031 oz/ton)
  • GR-04-014: 33.2 m grading 1.43 g/t Au (108.9 ft @ 0.042 oz/ton)
  • GR-04-015: 29.4 m grading 1.71 g/t Au (96.4 ft @ 0.050 oz/ton)
  • GR-04-017: 14.3 m grading 1.35 g/t Au (47.1 ft @ 0.039 oz/ton)

The previous exploration drilling identified extensive alteration over a strike length of approximately 250 metres and width of approximately 150 metres, with the gold system remaining open in all directions.

RECENT DRILLING: The 45-hole diamond drill program that commenced September 1, 2010, totaled approximately 8,400 metres to evaluate the project's large tonnage, open pit potential. Drilling has expanded the previously defined host gold bearing alteration system by three times, to an approximately length of 800 metres and width of up to 350 metres. The gold system remains open for further expansion.

Assay results have been received for five holes to date. Highlights from these results are:

  • 1.29 g/t gold over 74.0 m including 3.39 g/t gold over 10.0 m and 35.00 g/t gold over 1.0 m obtained in drill hole GR-10-37;
  • Hole GR-10-22 which was drilled 50 meters south of GR-04-15 (1.71 g/t gold over 29.4 m) returned 1.21 g/t gold over 25.0 m including 1.95 g/t gold over 6.0 m.

Furthermore, significant mineralization was encountered in holes GR-10-37 and GR-10-24 located approximately 225 metres west of hole GR-10-22 because these represent a new parallel mineralized trend along the western margin of the alteration system that has been defined to date.

The significant intercepts obtained to date from drilling on the Golden Ridge Property are as below.

GOLDEN RIDGE DRILL INTERSECTIONS2
Hole No. Coordinates   Dip Azimuth   From
(metres)
  To
(metres)
  Interval
(metres)
1
  Au
(g/t)
2
GR-10-20 L200N,
412.5W
  -45˚ Grid
East
(115˚
) 55.00   104.00   49.00   0.64
            including
55.00
  69.00   14.00   1.35
            and
81.00
  88.00   7.00   1.07
            and
99.00
  101.00   2.00   1.185
GR-10-22 L050N,
387.5W
  -45˚ Grid
East
(115˚
) including
22.00
  24.00   2.00   1.825
            112.00   148.00   36.00   0.97
            or
112.00
  137.00   25.00   1.21
            including
115.00
  121.00   6.00   1.95
            and
133.00
  137.00   4.00   1.71
GR-10-24 L050N,
600W
  -45˚ Grid
East
(115˚
) 156.00   181.00   25.00   0.74
*Hole 24 mineralization represents a new, parallel zone         including
156.00
  158.00   2.00   1.45
      and
162.00
  169.00   7.00   1.21
            174.00   181.00   7.00   1.00
            195.00   198.00   3.00   1.40
GR-10-25 L300N,
337.5W
  -45˚ Grid
East
(115˚
) 12.00   19.00   7.00   2.07
            61.00   62.00   1.00   1.72
            70.00   72.00   2.00   0.94
GR-10-37 L150N,
650W
  -45˚ Grid
East
(115˚
) 70.00   144.00   74.00   1.29
*the new, parallel zone 100m north of hole 24         126.00   127.00   1.00   35.00
      131.00   141.00   10.00   3.39
        Note: Hole 37 intersection includes a 35.0 g/t gold value over 1.0m, which is being check assayed
       

1Intervals are core length. True width will be defined with additional drilling
2Assays performed by Activation Laboratories Ltd, Ontario using the fire assay method (A3-50) on 50 grams of prepared sample and/or INAA (1H (Au+48)). All INAA assay results are > 500 ppb gold have been also analyzed using the fire assay method.

As part of the Company's Quality Assurance and Quality Control (QA/QC) program the 35.0 g/t gold over 1.0 m in hole GR-10-37 is being check assayed.

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.

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 is a mineral exploration corporation exploring for gold in Eastern Canada. Further information about Portage can be accessed on the SEDAR website at www.sedar.com. The common shares of Portage will commence trading on the Canadian National Stock Exchange ("CNSX") as a mining issuer under the trading symbol "RKX" on November 11, 2010.

To view a picture of the "Golden Ridge 2010 Drill Plan", please visit the following link:

http://media3.marketwire.com/docs/ptgdp.pdf

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

Contact Information

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