Portage Minerals Inc.
CNSX : RKX

Portage Minerals Inc.

March 01, 2012 15:15 ET

Portage Minerals Remaining Drill Results Include 0.76 g/t Gold over 154.10 metres with 1.12 g/t Gold over 46.50 metres at Golden Ridge Deposit, New Brunswick

ST ANDREWS, NEW BRUNSWICK--(Marketwire - March 1, 2012) - Portage Minerals Inc. ("Portage") (CNSX:RKX), today announced on behalf of the joint venture with Cliffs Chromite Ontario Inc. (f/k/a Freewest Resources Canada Inc.) ("Cliffs"), a wholly owned subsidiary of Cliffs Natural Resources Inc. (NYSE:CLF)(PAR:CLF), the final assay results from diamond drilling operations 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.

The drill program of 16 holes for approximately 3,500 metres consisted largely of step-out drilling focused on the southern portion of the deposit to continue to expand the Golden Ridge Property's gold resource. In addition, a series of north-south holes were completed to evaluate a secondary control to the widespread mineralization.

Highlights:

  • The successful delineation of near surface mineralization continues to indicate the project's large tonnage, near surface potential.
  • Mineralized alteration system is approximately 1km by 0.4km in size and remains open for further expansion.
  • Assay results have been received from the entire drill program, with significant drill intercepts including:
January 31, 2012 released:
  • Hole GR-11-69: 0.71 g/t gold over 27.60m including 1.13 g/t over 10.60m; and 0.89 g/t gold over 92.45m including 2.37 g/t gold over 22.70m
  • Hole GR-11-70: 2.32 g/t gold over 16.00m
  • Hole GR-11-71: 0.70 g/t gold over 14.00m
  • Hole GR-11-73: 1.44 g/t gold over 8.05m; and 0.70 g/t gold over 167.40m including 1.37 g/t gold over 30.05m, 1.67 g/t gold over 13.10m and 1.51 g/t gold over 9.0m
  • Hole GR-11-75: 1.17 g/t gold over 9.00m
Today - March 01, 2012 released:
  • Hole GR-11-78: 0.92 g/t gold over 12.50m, 0.69 g/t gold over 10.50m, 0.98 g/t gold over 14.50m and 1.10 g/t gold over 11.00m
  • Hole GR-11-79: 0.61 g/t gold over 16.50m
  • Hole GR-11-80: 0.86 g/t gold over 20.00m
  • Hole GR-11-81: 0.76 g/t gold over 154.10m including 1.28 g/t gold over 15.00m, 1.12 g/t gold over 46.50m and 1.20 g/t gold over 24.97m
  • Hole GR-11-82: 0.55 g/t gold over 22.10m and 1.21 g/t gold over 6.00m
  • Hole GR-11-83: 0.65 g/t gold over 16.00m
  • Hole GR-11-84: 0.91 g/t gold over 14.00m, 1.49 g/t gold over 7.00m and 1.70 g/t gold over 16.22m
(widths are core length and are not true widths)
  • The ~8 km by 3 km property covers a highly prospective gold target which remains virtually unexplored outside the drilled resource area.

Portage completed 45 drill holes in 2010 and 24 drill holes in 2011 on the project. The mineral resource estimate of April 26, 2011, contains an Inferred Mineral Resource of 11,640,000 tonnes at a grade of 0.96 g/t gold yielding 359,300 ounces of gold. This resource estimate does not include the 24 drill holes completed in 2011 and management expects the 2011 program to significantly expand the mineral resource for the Golden Ridge Property.

A table of significant assay results from the current finished program and a drill hole plan map are attached at the end of this news release.

Assays were performed by Activation Laboratories Ltd, Ontario, using the fire assay method (1A3-50 (Fire Assay Gravimetric (QOP AA-Au)) on 50 grams of prepared sample. 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.

Portage (through its amalgamation with Rockport Mining Corp.) owns a 60% interest in the Golden Ridge Property, with Cliffs owning 40%. Ongoing Joint Venture exploration and development costs are being shared on a 60:40% basis, with a non-contributing party being subject to pro rata dilution.

Full disclosure of Portage's 2011 drill programs and the Golden Ridge resource estimate are available within the Portage news releases dated March 2, 2011; April 26, 2011; June 8, 2011; October 24, 2011 and January 31, 2012. An NI 43-101 compliant technical report on the Golden Ridge Property describing in detail, among other things, the resource estimate, QA/QC, database validation and geologic model, was filed on SEDAR on June 9, 2011.

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.

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 aman@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 news 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.

Assay Table

GOLDEN RIDGE DRILL INTERSECTIONS (1,2)
Hole No. Easting Northing Azimuth Dip From (metres) To (metres) Interval (metres) Au (g/t)
GR-11-69 2400310.9 7433061 025 -45 21.90 49.50 27.60 0.71
including 28.40 39.00 10.60 1.13
73.55 166.00 92.45 0.89
including 115.30 119.80 4.50 1.29
and 142.30 165.00 22.70 2.37
including 149.25 151.25 2.00 5.78
GR-11-70 2400352.4 7433005 295 -60 29.25 45.25 16.00 2.32
including 32.00 39.70 7.70 3.61
115.10 116.70 1.60 2.58
141.00 142.00 1.00 3.76
169.50 172.80 3.30 0.77
232.50 236.50 4.00 1.73
GR-11-71 2400441.2 7432958.2 115 -45 59.00 66.00 7.00 0.39
71.50 74.00 2.50 1.00
118 132 14.00 0.7
GR-11-72 2400147.2 7432779.3 115 -45 61.30 62.60 1.30 3.76
GR-11-73(3) 2400328.1 7433244.4 190 -55 32.95 41.00 8.05 1.44
61.60 62.95 1.35 1.09
See Footnote #3 73.70 241.10 167.40 0.70
including 73.70 77.70 4.00 1.82
and 100.15 130.20 30.05 1.37
and 136.00 145.00 9.00 1.51
and 204.00 207.00 3.00 2.56
and 228.00 241.10 13.10 1.67
GR-11-74 2400126.2 7432897.9 115 -45 48.00 52.70 4.70 0.66
194.70 199.16 4.46 0.89
GR-11-75 2400457 7433195.5 190 -55 14.50 16.10 1.60 0.49
62.00 63.50 1.50 0.63
70.95 73.13 2.18 0.85
163.00 172.00 9.00 1.17
189.00 194.00 5.00 0.56
207.90 213.50 5.60 0.52
232.00 234.50 2.50 0.89
GR-11-76 2400068.5 7432982.6 115 -45 28.00 31.00 3.00 2.23
38.65 40.00 1.35 0.54
74.30 75.00 0.70 0.79
81.15 86.50 5.35 0.67
GR-11-77 2400415.5 7432860.6 115 -45 44.50 46.00 1.50 2.37
GR-11-78 2400371.6 7433286.3 190 -55 19.00 20.00 1.00 1.86
32.30 35.00 2.70 0.39
43.50 56.00 12.50 0.92
68.90 70.50 1.60 0.42
90.50 101.00 10.50 0.69
including 92.00 95.00 3.00 1.39
127.70 130.50 2.80 0.40
139.50 154.00 14.50 0.98
159.50 160.50 1.00 1.20
172.50 175.00 2.50 0.55
186.00 197.00 11.00 1.10
including 187.00 191.00 4.00 1.75
GR-11-79 2400308.6 7432976.1 115 -45 87.00 91.00 4.00 0.60
including 90.00 91.00 1.00 1.19
143.00 146.00 3.00 0.45
154.50 171.00 16.50 0.61
including 159.00 162.60 3.60 1.39
188.00 190.30 2.30 0.58
204.00 208.50 4.50 0.45
251.00 256.00 5.00 0.81
GR-11-80 2400224.9 7433189.8 160 -45 102.00 104.50 2.50 1.10
152.00 172.00 20.00 0.86
including 152.00 159.00 7.00 1.11
and 164.50 172.00 7.50 1.25
GR-11-81 2400328.9 7433248.1 190 -70
See Footnote #4 32.00 186.10 154.10 0.76
including 32.00 47.00 15.00 1.28
and 108.50 155.00 46.50 1.12
and 161.13 186.10 24.97 1.20
GR-11-82 2400445.5 7433299.6 190 -45 12.00 19.50 7.50 0.69
61.50 64.50 3.00 0.49
See Footnote #5 80.90 103.00 22.10 0.55
including 88.00 94.00 6.00 1.25
and 101.00 103.00 2.00 1.17
138.00 144.00 6.00 1.21
GR-11-83 2400209 7433028.4 115 -45 138.50 154.50 16.00 0.65
including 138.50 143.00 4.50 1.56
GR-11-84 2400359.4 7433176.9 115 -45 6.00 20.00 14.00 0.91
46.00 53.00 7.00 1.49
85.78 102.00 16.22 1.70
including 87.00 92.00 5.00 2.87
and 97.00 102.00 5.00 2.52
1Intervals are core length. True width will be defined with additional drilling
2Assays performed by Activation Laboratories Ltd, Ontario using the fire assay method 1A3-50 (Fire Assay Gravimetric (QOP AA-Au) on 50 grams of prepared sample.
3The GR-11-73 intersection of 167.40m grading 0.70 g/t Au, includes 6 intervals totaling 37m which have not been sampled. A zero grade was used in the weighted average grade calculation.
4The GR-11-81 intersection of 154.10m grading 0.76 g/t Au, includes 3 intervals totaling 17m which have not been sampled. A zero grade was used in the weighted average grade calculation.
5The GR-11-82 intersection of 22.10m grading 0.55 g/t Au, includes 2 intervals totaling 7.5m which have not been sampled. A zero grade was used in the weighted average grade calculation.

To view the "Golden Ridge Drill Plan (Holes from latest program shown in red)," please visit the following link: http://media3.marketwire.com/docs/RKXGoldenRidgeDrillplan.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)
    www.portagemineralsinc.com

    CHF Investor Relations
    Robin Cook
    Senior Account Manager
    (416) 868-1079 x228
    (416) 868-6198 (FAX)
    robin@chfir.com