Portage Minerals Inc.

Portage Minerals Inc.

November 10, 2010 18:57 ET

Portage Minerals Inc. Announces Antimony-Gold (Sb-Au) Discovery at Bald Hill, New Brunswick

ST. ANDREWS, NEW BRUNSWICK--(Marketwire - Nov. 10, 2010) -  

HIGHLIGHTS:

  • Antimony prices at record levels above US$10,700 per tonne with lack of availability from China.

BALD HILL (100% Owned)

  • Initial 2008 drill has confirmed mineralization over a significant area (450m length x 300m depth); the mineralized zone remains open for expansion in all directions.

  • Highlight drill intercepts of 11.7% Sb over 4.51 meters including 20.9% Sb over 2.29m. Gold values include 1.22 g/t over 4.0m; Potential Quantity and Grade(1) in the 725,000 to 1,000,000 Tonne range grading 4.11% to 5.32% Sb (See table below)

  • Surface exploration surveys outlines 1.5 km long extension which has been prioritized for future drilling

EAST PROPERTY (100% Owned)

  • Antimony results of 53% Sb from initial prospecting provide evidence of second high grade trend ~ 3km east of Bald Hill

Portage Minerals Inc. ("Portage" or the "Company"), is pleased to provide this exploration update on its Bald Hill antimony – gold (Sb-Au) discovery, which is 100% owned by Portage's wholly-owned subsidiary Rockport Mining Corporation ("Rockport"), and the completion of a National Instrument 43-101 technical report of the Bald Hill property ("Bald Hill Property"). The Bald Hill Property consists of 36 claims, which are included in the 1,697 claims held 100% by Rockport within the Annidale Gold Belt. The Bald Hill Property is located approximately 40 kilometers northwest of Sussex, New Brunswick.

Bald Hill Discovery

The Company's exploration work has identified two separate mineralized trends of antimony (Sb) plus or minus gold (Au) mineralization on the Bald Hill Property. Assay results have ranged up to 48% Sb and 3.01 g/t Au in surface rock grab samples. Soil geochemical results suggest a large mineralized system, 1.5 kilometers in length, with anomalous antimony (Sb), gold (Au) and molybdenum (Mo) being evident.

As of July 1, 2008 the Company had completed 16 diamond drill holes totalling approximately 3,450 metres. This initial drill program has delineated a northwest trending antimony (Sb) mineralized zone, located on the central portion of the property, over a strike length of 450 metres and to a maximum vertical depth of approximately 300 metres. The mineralized zones remain open in all directions. The best drill hole intercept was 11.7% Sb over a 4.51 metre in hole BH08-03. Highlight intercepts (core width) from the 16 holes completed include:

  • BH08-03: 4.51 meters grading 11.70 % Sb including 20.9% Sb over 2.29 meters

  • BH08-10: 3.30 meters grading 6.74 % Sb

  • BH08-11: 6.00 meters grading 5.53 % Sb including 14.49% Sb over 2.03meters

A technical report entitled "National Instrument 43-101 Technical Report, Bald Hill Antimony Project, Southern New Brunswick, Canada" dated May 2010 and prepared by Heather MacDonald M.Sc., P. Geo. of Conestoga-Rovers & Associates, as the qualified person was prepared in accordance with the Canadian Securities Administrator's National Instrument 43-101. The potential tonnage and grade of a potential mineral deposit within the area drilled to date at the Bald Hill Property, which is the target of further exploration, is expressed as ranges in the table below. The potential quantity and grade is conceptual in nature as there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

POTENTIAL QUANTITY AND GRADE RANGES(1) – BALD HILL PROPERTY (MAY 2010)

Zone Metric Tonnes Grade (%Sb)
Main Zone 700,000 to 900,000 4.33% to 5.40%
Parallel Zone 25,000 to 100,000 2.13% to 3.19%
Total 725,000 to 1,000,000 4.11% to 5.32%
Notes:  
(1) The potential quantity and grade is conceptual in nature as there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resource

The vein-style antimony mineralization at Bald Hill is structurally related to a northwest trending fault zone/lineament which has surface showings and soils anomalous in antimony over a length in excess of 1.5 kilometers. The Ball Hill antimony deposit is located in the western part of the Annidale Gold Belt of Southern New Brunswick, within a similar belt of rocks as the Beaver Brook antimony mine in Newfoundland. Beaverbrook is one of the largest antimony deposits in the world, the only currently producing antimony mine in Canada or the United States, and the largest outside of China. Southern New Brunswick also hosted the Lake George Antimony Mine which was the largest antimony producer in North America for over 30 years.

East Property

Initial prospecting subsequent to the Bald Hill discovery has located another high grade antimony target located approximately 3 kilometers east of Bald Hill. Prospecting samples collected along a northwest trending airborne lineament has returned antimony values, from angular boulders, assaying up to 53.00 % antimony and 1.86 g/t gold. Of the 11 anomalous samples collected seven (7) returned assay results greater than 15% Sb. The source of these high grade boulders is felt to be local and thus represents an exciting exploration target for further exploration.

Roger Dahn, Chief Operating Officer & Senior Vice President-Exploration of Portage, commented, "our Bald Hill area is a very significant new discovery, within a geological setting proven to host world class antimony deposits such as Lake George and Beaver Brook. The main antimony trend has only been drilled over 450 meters of its indicated 1.5 kilometer length to date and remains open in all directions. This coupled with the high grade results from the East Property indicate the large scale potential of this area".

Roger Dahn, Chief Operating Officer & Senior Vice President-Exploration of Portage and 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.

About Antimony

Antimony is used to increase hardness and strength of metal alloys. Antimony and its compounds are also widely used in the production of batteries, bullets, cable sheathing, flame-proofing compounds, glass, ceramics, paints, pottery and in the semiconductor industry. According to MinorMetals.com: China is the world's leading producer of antimony producing ~ 90% of total global output in 2009; and the latest available bid price for a metric tonne of antimony (99.6% pure ingot) is US$ 10,700 or US$ 4.86 per pound.

Portage is a mineral exploration company 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 "Bald Hill – Longitudinal Section", please visit the following link: http://media3.marketwire.com/docs/RKXimage.jpg.

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

Contact Information

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