Portage Minerals Inc.
CNSX : RKX

Portage Minerals Inc.

November 12, 2010 18:02 ET

Portage Minerals Inc. Announces 36.26 g/t Gold Over 10.06 Metres at Golden Pike Property in the Annidale Gold Belt, NB

ST. ANDREWS, NEW BRUNSWICK--(Marketwire - Nov. 12, 2010) -

Highlights:

  • Drill intercepts of 43.07 g/t Au over 13.00 m (Fosters 1994), 36.26 g/t Au over 10.06 m and 6.37 g/t Au over 20.40 m from the South Mineralized Trend.

  • Initial drill hole on the new North Trend identifies wide alteration zone with 0.57 g/t Au over 20.45 m, including 1.24 g/t Au over 2.36 m.

  • Property hosts a significant gold target with excellent potential to confirm and increase the resource base; warrants considerable additional exploration.

Portage Minerals Inc. (CNSX:RKX), a junior mining issuer, reported an exploration update on its Golden Pike gold project located in southern New Brunswick. The Golden Pike property (the "Property") consists of 100 claims which are surrounded by 1,697 claims held 100% by Rockport Mining Corporation within the Annidale Gold Belt. Rockport Mining Corporation was amalgamated into Portage Minerals Inc. on November 2, 2010. The Property is located approximately 30 kilometres west of Sussex, New Brunswick. The Property is owned 100% and is subject to a 2.0% net smelter return ("NSR"). The Company can purchase half of the NSR (1%) for $500,000 per 0.5% NSR increments.

Roger Dahn, Vice President - Exploration, stated, "The property hosts a significant gold target with excellent potential to confirm and increase the resource base. We have significantly expanded the length and depth of mineralization on the South Trend. As well, our initial drill hole on the North Trend identified extensive gold bearing alteration. Untested high priority target along the extensions of these mineralized trends have yet to be drill tested and hold promise for near term resource additions." Mr. Dahn also points out that the Company controls an approximate 10 km x 40 km land position (100% owned) surrounding the Golden Pike project and Bald Hill Sb-Au discovery (Portage Minerals Inc. press release dated November 10, 2010) within the prospective Annidale Gold Belt.

BACKGROUND

South Mineralized Trend:

From 1994 to 1996, Fosters Resources Ltd. (Fosters) drilled 56 holes, plus extensions, for a total of 4,586 metres on the southern portion of the property ("South Trend"). Since acquiring the property in 2007, Rockport has completed 161.5 km of line cutting, 3785 soil samples, 161.5 km of magnetic and 57 km of induced polarization (IP) surveys. Drilling consisting of 45 diamond drill holes totalling approximately 12,000 metres was focused on evaluating the overall size potential of the South Trend mineralization. The mineralized structure has been delineated over a strike length of approximately 1,000 metres and to a maximum vertical depth of approximately 350 metres. The mineralized structure remains open in most directions. The best drill hole intercepts were 36.26 g/t gold over 10.06 metres in hole DP-07-04, 6.37g/t gold over 20.4 metres in hole DP-07-05 and 8.08 g/t gold over 7.72 metres in DP-08-15. Highlight intercepts (core width) from the 1994-1996 Fosters and 2007-2008 Rockport drill programs on the South Trend include:

Fosters (1994-1996)

  • FR-94-04: 40.31g/t Au over 3.85 m
  • FR-94-09: 43.07 g/t Au over 13.00 m
  • FR-95-09: 26.47 g/t Au over 4.10 m
  • FR-95-12: 16.04 g/t Au over 5.00 m

Rockport (2007-2008)

  • DP-07-04: 36.26 g/t Au over 10.06 m
  • DP-07-05: 6.37 g/t Au over 20.40 m
    including:
    • 3.37 g/t Au over 11.25 m
    • 41.67 g/t Au over 2.20 m 
  • DP-08-015: 8.08 g/t Au over 7.72 m
  • DP-08-17: 6.46 g/t Au over 3.00 m
  • DP-08-26: 7.79 g/t Au over 2.07 m

Full tables of significant drill hole assay results are attached with a drill hole plan map at the end of this news release.

The gold mineralized quartz vein system on the South Trend is hosted by mafic volcanic rocks proximal to a volcanic-sediment contact. The mineralizing system trends northeast-southwest, dips steeply to the west and has been locally folded by later deformation. Wider mineralized intervals may be a result of folding, en echelon veining or splaying of veins. The veining consists mainly of quartz and carbonate with or without sulphides. Gold-rich sections of the vein system correlate with higher sulphide content. Pyrite is the most common sulphide but chalcopyrite, minor sphalerite and galena have been observed. Arsenopyrite is generally absent from the assemblage.

North Mineralized Trend

Limited exploration work completed to date on the North Trend has demonstrated the presence of a large deformation/alteration zone trending northeast for more than 5 km across the property. Only one drill hole, DP-08-36, was completed by Rockport on this prospective trend. Hole DP-08-36 encountered extensive strong alteration which contained a 20.45 metre wide interval of 0.57 g/t gold which included 1.24 g/t gold over 2.36 metres. The mineralization is focused along the contact between altered mafic volcanics/sediments and highly deformed quartz feldspar porphyry. Multiple large angular boulders found 30 metres east of DP-08-36 returned anomalous gold and antimony assays of 4.7 g/t gold and >500ppm antimony (Sb) from prospecting.

Roger Dahn, P.Geo. (New Brunswick) is a registered Professional Geologist, is designated as the Qualified Person under National Instrument 43-101 and has reviewed and approved the contents of this news release.

Portage Minerals Inc. is a mineral exploration corporation exploring for gold and antimony in Eastern Canada.

To view the map associated with this press release, please visit the following link:

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

To view the table associated with this press release, please visit the following link:

http://media3.marketwire.com/docs/portage-table.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)