Portage Minerals Inc.
CNSX : RKX

Portage Minerals Inc.

March 15, 2011 14:09 ET

Portage's Trenching Results Return High Grade Antimony and Extends Mineralized Zone at Bald Hill, New Brunswick;

ST ANDREWS, NEW BRUNSWICK--(Marketwire - March 15, 2011) - Portage Minerals Inc. ("Portage") (CNSX:RKX) announced today significant antimony (Sb) mineralization from its trenching program on the south extension target at the Bald Hill Antimony–Gold Property. The Bald Hill property consists of 36 claims, which are part of the 1,697 claims held 100% by Portage within the Annidale Gold Belt located approximately 40 kilometres northwest of Sussex, New Brunswick.

HIGHLIGHTS:

    Trenching of the South Extension target returns 2.90% Sb over 8.18 metres (m) including 5.79% Sb over 1.75 m and 8.47% Sb over 1.53 m from surface channel sampling of a 10 m wide sheared and altered zone
           
        The trenching results are located ~250 m south of the nearest diamond drill hole and have extended the defined mineralization to a 700 m strike length  
           
      o   Soil geochemical results suggest a large mineralized system, +1.5 km in length, with anomalous antimony and gold evident.   
           
    Antimony results of 53% Sb from previous prospecting provide evidence of second high grade trend ~3 km east of Bald Hill at Portage's East Property.    
           
    Planned 2011 drill campaign, if successful will significantly enlarge the current outlined mineralization at both Bald Hill and Bald Hill East trends    
           
    Antimony prices at record levels, above US$15,000 per tonne (US$6.80/lb) as the Chinese market becomes increasingly tight    
           
    Potential Quantity and Grade(1) of previous drill area is in the 725,000 to 1,000,000 tonne range grading 4.11% to 5.32% Sb (see table below)    
           
    President and CEO, Ken Hight, pointed out that "Bald Hill, while it is still an early stage discovery, when considering the potential quantity and grade estimates at a price of $15,000 per tonne this exciting exploration opportunity becomes clear."    

Exploration work to date 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. Meanwhile the soil geochemical results suggest a large mineralized system, over 1.5 kilometres in length, with anomalous antimony and gold.

Initial trenching completed on the South Extension target returned significant antimony mineralization from a 10 metre wide sheared and altered zone containing two separate antimony (stibnite) - quartz veins up to 1.75 m in width. Disseminated and fracture controlled stibnite mineralization occurs between the veins within sheared/altered felsic intrusive rocks. Surface channel sampling of the stibnite veins returned assays of 5.79% Sb over 1.75 m and 8.47% Sb over 1.53 m; the weighted average assay across the altered zone returned 2.90% Sb over 8.18 m. All assays from the Portage Minerals trenching program have been completed by Activation Laboratories Ltd, Ontario using the INAA and ICP methods (1H INAA) (INAAGEO) / Total Digestion ICP (Total).

The trench area is located approximately 250 m south of the northern drill area (see Figure 1 below) and has confirmed the antimony mineralized zone over a 700 m strike length, of the systems overall indicated length of +1.5km length as suggested by the soil geochemical results. Highlight intercepts (core width) from the previously announced diamond drilling include:

  o   BH08-03: 4.51 m grading 11.70% Sb including 20.9% Sb over 2.29 m
  o   BH08-10: 3.30 m grading 6.74% Sb  
  o   BH08-11: 6.00 m grading 5.53% Sb including 14.49% Sb over 2.03 m.

To view "Figure 1. Bald Hill – Longitudinal Section," please visit the following link: http://media3.marketwire.com/docs/portage_minerals_map_mar15.pdf

Portage previously stated in a news release dated November 10, 2010 the completion of a National Instrument (NI) 43-101 Technical Report indicating the potential of the northern drill area expressed as the following:

POTENTIAL QUANTITY AND GRADE RANGES(1) – BALD HILL PROJECT (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 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 above.

Previously announced prospecting results (Portage news release dated November 10, 2010) subsequent to the initial Bald Hill discovery has located another high grade antimony target located approximately 3 km east of Bald Hill Portage's 100% owned East Property. 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 eleven (11) anomalous samples collected seven (7) returned assay results greater than 15% Sb. The source of these high grade boulders is hypothesized to be local and thus represents an exciting exploration target for further exploration.

Roger Dahn, Vice President - Exploration, explained, "Our Bald Hill project is a very significant new discovery, within a geological setting proven to host major antimony deposits such as the past producing Lake George mine in New Brunswick, and the Beaver Brook mine in Newfoundland. The main antimony trend at Bald Hill has now been defined over 700m of its indicated +1.5 km length and remains open in all directions. This coupled with the high grade results from the East Property indicates the large scale potential of this area. The planned 2011 diamond drill program is designed to significantly enlarge the current outlined mineralization at both the Bald Hill and Bald Hill East trends."

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. MetalBulletin.com on March 9th, 2011, announced antimony prices at all-time highs greater than US$15,000 per tonne or US$6.80/lb.

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 x228
    (416) 868-6198 (FAX)
    robin@chfir.com