Portage Minerals Inc.
CNSX : RKX

Portage Minerals Inc.

November 30, 2010 18:17 ET

Portage & Freewest JV Releases Further Drill Results Including 2.76 g/t Gold Over 25.0 Metres from Golden Ridge, New Brunswick

ST. ANDREWS, NEW BRUNSWICK--(Marketwire - Nov. 30, 2010) -

Highlights:

  • Portage earns 60% interest and forms Joint Venture with Freewest Resources (Cliffs Natural Resources Inc.)
  • Final assay results from an additional 19 holes have been received; assay results from the balance of the holes expected to be released within the next 3 weeks
  • 16 of 23 holes (70%) with final assay results received have returned significant mineralization grading above 1.0 g/t gold over widths in excess of 7.0 m and include:
2.76 g/t gold over 25.0 m including
4.12 g/t over 15.0 m
1.16 g/t gold over 19.0 m
1.20 g/t gold over 24.0 m 1.31 g/t gold over 13.0 m
1.21 g/t gold over 25.0 m 1.36 g/t gold over 13.0 m
1.10 g/t gold over 20.0 m including
1.51 g/t gold over 10.0 m
3.39 g/t gold over 10.0 m
  1.46 g/t gold over 8.0 m

 

  • Gold system remains open for expansion; southern- and northern-most holes return 1.10 g/t gold over 20.0m including 1.51 g/t over 10.0m and 1.36 g/t gold over 13.0m including 1.54 g/t over 10.0m, respectively

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") regarding 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.

Portage Earns 60% Interest and Joint Venture Formed: Portage has earned a 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, a wholly owned subsidiary of Cliffs Natural Resources Inc., with ongoing exploration and development costs shared on a 60%:40% basis, respectively.

Recent Drilling Results: The 45-hole diamond drill program that commenced September 1, 2010, totaled approximately 8,400 metres and was designed to evaluate the project's large tonnage, open pit potential. Results indicate at least three separate mineralized zones contained within an altered volcanic complex which has been outlined by drilling over a length of 800 metres and width of up to 350 metres. The gold system remains open for further expansion as demonstrated by the southern- and northern-most holes of the program returning 1.10 g/t gold over 20.0m including 1.51 g/t over 10.0m and 1.36 g/t gold over 13.0m including 1.54 g/t over 10.0m, in holes 51 and 53 respectively. The ~8km by 3km property covers a highly prospective gold target which remains virtually unexplored outside the current drill area.

Assay results have been received for an additional nineteen holes (total of twenty-four holes to date). Highlights (core widths) from the recent results include:

  • Hole GR-10-23: 1.46 g/t gold over 8.0 m
  • Hole GR-10-28: 1.20 g/t gold over 24.0 m including 1.45 g/t gold over 18.0 m
  • Hole GR-10-41: 1.16 g/t gold over 19.0 m and 1.36 g/t gold over 10.0 m
  • Hole GR-10-47: 1.31 g/t gold over 13.0 m and 1.40 g/t gold over 8.0 m
  • Hole GR-10-50A: 0.96 g/t gold over 21.0 m including 1.22 g/t gold over 8.0 m and 1.26 g/t gold over 7.0 m
  • Hole GR-10-51: 1.10 g/t gold over 20.0 m including 1.51 g/t gold over 10.0 m
  • Hole GR-10-53: 1.36 g/t gold over 13.0 m
  • Hole GR-10-55: 2.76 g/t gold over 25.0 m including 4.12 g/t gold over 15.0 m

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 (see Portage's news release dated November 9, 2010) are attached with a drill hole plan map at the end of this news release. All assays 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 greater than 500 ppb gold have been also analyzed using the fire assay method.

As part of Portage's Quality Assurance and Quality Control (QA/QC) program the 35.0 g/t gold over 1.0 m assay result in hole GR-10-37 as reported in Portage's news release dated November 9, 2010, has been check assayed using repeat analysis from original pulp and reject samples as well as assaying a new ¼ core sample submitted from the 1.0m interval. All results returned gold below detection limits. Using the check assay, the overall mineralized zone in hole GR-10-37 returned an average of 0.82 g/t gold over 74m rather than 1.29 g/t over 74m.

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.

About Portage Minerals Inc.

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 began trading on the Canadian National Stock Exchange ("CNSX") as a mining issuer under the trading symbol "RKX" on November 11, 2010.

To receive Company updates via email contact nadine@chfir.com and mention "Portage news" on the subject line.

To view "Golden Ridge 2010 Drill Plan" and "Golden Ridge Significant Intersections", please visit the following link:

http://media3.marketwire.com/docs/ptgdata.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
    Fax: (506) 529-8595
    khight@rockportmining.com
    or
    CHF Investor Relations
    Robin Cook
    Senior Account Manager
    (416) 868-1079 x228
    Fax: (416) 868-6198
    robin@chfir.com