Portage Minerals Inc.
CNSX : RKX

Portage Minerals Inc.

December 16, 2010 12:46 ET

Portage & Freewest JV Release Final Drill Results from Golden Ridge, New Brunswick; Gold System Remains Open for Expansion

ST. ANDREWS, NEW BRUNSWICK--(Marketwire - Dec. 16, 2010) - Portage Minerals Inc. ("Portage") (CNSX:RKX), which has completed its amalgamation with Rockport Mining Corporation, today reported on behalf of the joint venture with Freewest Resources Canada Inc. ("Freewest"), additional 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.

Highlights:

  • Final assay results from the remaining 21 holes of the 8,400 m drill program continue to return significant mineralization including:
  • 1.27 g/t gold over 28.7m including 1.72 g/t gold over 19.0m
  • 1.73 g/t gold over 18.0m including 2.06 g/t over 14.0m
  • 0.83 g/t gold over 48.0m including 1.12 g/t gold over 20.0m and 1.06 g/t over 7.0m
  • 1.26 g/t gold over 12.0m
  • 1.56 g/t gold over 7.0m
  • Defined a large, near surface gold system, open in all directions
  • Joint Venture is evaluating the project's large tonnage, near surface potential
  • Gold system remains open for expansion; southern- and northern-most holes return 1.10 g/t gold over 20.0m and 1.36 g/t gold over 13.0m respectively
  • The ~8km x 3km property covers a highly prospective gold target which remains virtually unexplored outside the current area of drilling (~800m x 350m).

Ken Hight, CEO and Chairman, summarized, "The fall 2010 program has defined a large, near surface gold system which is open in all directions. We are now evaluating results to plan the next drill program and, compiling data to complete a 43-101 report on this property. We will be engaging an independent technical expert in the near future and, depending on their availability, a resource estimate can be expected within three to four months. The project area is readily accessible year-round and supporting infrastructure is nearby, so we do not expect any seasonal slowdowns to impede our activity. Basically, we're exactly where we wanted to be at this point." 

Portage (through the amalgamation with Rockport Mining Corp.) has earned its 60% interest in the Golden Ridge Property by spending $1,600,000 on exploration and development work by November 15, 2010. A joint venture has been formed between Portage and Freewest (Cliffs Natural Resources Inc.) with ongoing exploration and development costs being shared on a 60%:40% basis, respectively.

The results indicate three separate, major mineralized zones contained within an alteration zone up to 350 metres in width, which has now been outlined by drilling over a length of 800 metres and remains open. Roger Dahn, Vice President-Exploration, stated, "Our first drill program on this large 8km x 3km property has been extremely successful returning an ~70% "hit rate" and demonstrates the large scale potential of this gold system."

The program accomplished:

  • Portage earned its 60% interest in the Golden Ridge Property and a joint venture was formed (60%:40%);
  • The discovery of a new, near surface, gold trend along the western margin of the ~350m wide x 800m long alteration system;
  • Three-fold expansion of the previously known mineralization remains open for further resource expansion; and
  • Near surface intersections (as below) indicates the potential for future development of the project through low cost surface mining methods:
    • 0.82 g/t gold over 74m including 3.39 over 10.0m (GR-10-37)
    • 0.83 g/t gold over 48.0m including 1.12 g/t gold over 20.0m (GR-10-58)
    • 2.76 g/t gold over 25.0m including 4.12 g/t over 15.0m (GR-10-55)
    • 1.27 g/t gold over 28.7m (GR-10-31)
    • 1.21 g/t gold over 25.0m (GR-10-22)
    • 1.08 g/t gold over 47.2m (GR-04-014)
    • 1.49 g/t gold over 30.45m (GR-04-015)
    • 1.47 g/t gold over 48.9m (GR-04-011)
    • 1.73 g/t gold over 18.0 m including 2.06 g/t gold over 14.0 m (GR-10-57).

      All assays from the Portage drill program have been completed 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 > 500 ppb gold have been also analyzed using the fire assay method.

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.

A full table of significant drill hole assay results including those previously released (Portage Minerals Inc. news release dated November 9, 2010, and November 30, 2010) and those from the Freewest 1999 and 2004 drill programs are attached with a drill hole plan map at the end of this news release.

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 view "Golden Ridge 2010 Drill Plan," please visit the following link: http://media3.marketwire.com/docs/rkx1.pdf

To view "Golden Ridge Significant Drill Intersections," please visit the following link: http://media3.marketwire.com/docs/rkx2.pdf 

To view "Golden Ridge Drill Intersections (2010 New Western Gold Trend)," please visit the following link: http://media3.marketwire.com/docs/rkx3.pdf

To view "Golden Ridge Drill Intersections (2010 Eastern and Central Gold Trends)," please visit the following link: http://media3.marketwire.com/docs/rkx4.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)