Portage Minerals Inc.
CNSX : RKX

Portage Minerals Inc.

March 02, 2011 09:27 ET

Portage & Freewest JV to Resume Drilling for Gold at Golden Ridge, New Brunswick

ST. ANDREWS, NEW BRUNSWICK--(Marketwire - March 2, 2011) - Portage Minerals Inc. (CNSX:RKX) ("Portage"), announces on behalf of the joint venture with Freewest Resources Canada Inc. ("Freewest"), that diamond drilling operations will resume 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.

HIGHLIGHTS:

  • The current winter drill program will total approximately 2,000 meters and is planned to commence during the first week of March

  • The program is a continuation of the successful 8,400 m program completed last fall which identified a large, near surface gold system that remains open in all directions

  • Previous gold intersections include:

    • 0.82 g/t gold over 74m including 3.39 over 10.0m
    • 2.76 g/t gold over 25.0m including 4.12 g/t over 15.0m
    • 1.27 g/t gold over 28.7m
    • 1.21 g/t gold over 25.0m
    • 1.08 g/t gold over 47.2m
    • 1.49 g/t gold over 30.45m
    • 1.47 g/t gold over 48.9m
    • 1.73 g/t gold over 18.0 m including 2.06 g/t gold over 14.0 m

  • The ~8km x 3km property covers a highly prospective gold target which remains virtually unexplored outside the current area of drilling (~800m x 350m).

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.

Full disclosure of Portage's previous drill program is available within the Portage press releases dated November 9, 2010, November 30, 2010 and December 16, 2010.

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 lauren@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 press 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 press release.

Contact Information

  • Portage Minerals Inc.
    Ken Hight
    President and CEO
    (506) 529-8206
    (506) 529-8595 (FAX)
    or
    CHF Investor Relations
    Robin Cook
    Senior Account Manager
    (416) 868-1079
    (416) 868-6198 (FAX)
    robin@chfir.com