Portex Minerals Inc.

September 26, 2011 16:51 ET

Portex Minerals Inc. Obtains Excellent Lead-Zinc-Gold-Silver Intersections, Up to 76m, in Polymetallic Massive Sulphides at Lagoa Salgada, Portugal

TORONTO, ONTARIO--(Marketwire - Sept. 26, 2011) - Portex Minerals Inc. ("Portex" or the "Company") (formerly Strategic Resource Acquisition Corporation) (CNSX:PAX) is pleased to provide an update for the drilling program at its Lagoa Salgada base metal project in southwestern Portugal. The Lagoa Salgada property is located at the northwest extension of the Iberian Pyrite Belt, which hosts numerous past and current producing mines in both Spain and Portugal.

The Company has received the assay results for the first phase of drilling, which consisted of four holes and one hole (PX04) that was aborted before completion, over approximately 1,138 meters. All holes intersected iron-rich gossan, which is part of the weathered profile of the mineralized zone. Three of the holes intersected significant widths of massive sulphides which both confirmed and extended prior drilling results obtained by past operators (see the Company's July 28, 2011 press release).

Drillhole From To Length
Zone Au g/t Ag g/t Cu % Pb % Zn %
PX01 141.05 154.00 12.95 Gossan 0.28 18.12 0.08 2.68 0.53
PLUS 158.05 168.15 10.10 Chert/Gossan 1.36 4.55 0.02 1.54 0.09
incl. 158.05 164.70 6.65 Chert/Gossan 0.70 5.02 0.02 2.01 0.10
incl. 163.60 168.15 4.55 Chert/Gossan 2.55 4.22 0.01 0.84 0.08
PX03 138.4 150.95 12.55 Gossan 1.15 50.40 0.04 4.14 0.32
incl. 144 146.8 2.80 Gossan 4.54 183.79 0.08 10.50 0.35
PLUS 152.95 229.07 76.12 MSX 1.02 75.50 0.57 4.18 4.57
incl. 152.95 175.55 22.60 MSX 1.54 113.59 1.13 7.19 4.48
incl. 211.05 229.07 18.02 MSX 1.26 93.02 0.33 3.87 5.53
PX04 138.35 148.30 9.95 Gossan 2.29 42.34 0.18 10.53 0.92
incl. 145.40 148.30 2.90 Gossan 3.76 32.52 0.21 19.92 0.73
PX04A 138.4 146.8 8.40 Gossan 0.12 6.00 0.04 1.76 0.45
PLUS 152.00 173.75 21.75 Gossan/Chert 1.03 42.41 0.53 1.19 0.11
incl. 170.40 173.75 3.35 Gossan/Chert 2.41 81.93 0.86 5.14 0.14
plus 173.75 211.20 37.45 MSX 1.44 56.81 0.26 4.89 5.52
incl 173.75 185.70 11.95 MSX 3.20 84.88 0.22 9.09 7.33
incl 185.70 203.90 18.20 MSX 0.64 47.31 0.26 3.42 5.44
PLUS 211.20 228.40 17.20 Stockwork 0.03 21.58 1.03 0.13 0.67
PX08 138.30 150.80 12.50 Gossan 0.34 8.08 0.05 0.72 0.53
incl. 148.65 150.80 2.15 Gossan 1.66 37.40 0.09 1.50 0.39
PLUS 150.80 175.00 24.20 MSX 1.24 78.72 0.68 7.58 2.47
incl. 150.80 153.80 3.00 MSX 1.30 73.00 3.74 4.25 0.05
incl 153.80 175.00 21.20 MSX 1.23 79.53 0.25 8.05 2.81
PLUS 175.00 214.40 39.40 MSX/Stockwork 0.28 34.51 0.47 0.52 1.09
*True widths are not available at this time.

Hole PX01, drilled 35m north of the known extent of the deposit, intersected gossan followed by mixed chert and gossan. This hole is believed to have intersected a hanging wall chert and then proceeded into stockwork zones underlying the extension of the sulphide body. This interpretation is supported by downhole geophysics which has located an off-hole conductor to the west.

Hole PX03, drilled between previous holes LS22 and LS14, encountered 12.65m of gossan material at the top of the sulphide body, followed by a 76.12m thick intersection of massive sulphides. The gossan is low in zinc and copper but has elevated gold and lead values, including a 2.8m thick zone of enrichment grading 4.54g/t Au, 183.8 g/t Ag and 10.5% Pb. The underlying massive sulphide zone carries consistently strong lead and zinc values over its entire 76.12m length with increased gold and silver grades in the upper and lower parts of the section. A thick stockwork/alteration zone was encountered below the massive sulphides with irregular values in zinc, lead and copper.

Hole PX04, also an infill hole between prior holes LS22 and LS14, had difficulties penetrating the overburden and was discontinued while in the overlying gossan, before intersecting the massive sulphides. Hole PX04A was offset to the east and encountered a thick zone (35m) of intercalated cherts, jaspers and gossan before continuing into 37.5m of the massive sulphide horizon, obtaining excellent lead, zinc, gold and silver grades over the entire length as shown in the table, including 11.95m grading 3.20 g/t Au, 84.9 g/t Ag, 9.1% Pb and 7.3% Zn. PX04A also intersected stockwork mineralization below the massive sulphides which contained elevated copper values averaging just over 1% Cu over 17.2 m.

PX08, the final hole of this Phase 1 drill program, was drilled 75 m south of Hole PX04A, 25m east of previous historic holes LS11 and LS09. PX08 intersected 12.5m of gossan followed by 63.6m of massive sulphides, containing some internal intervals of stockwork and semi-massive zones. The top 24.2m of the massive sulphide zone was well-mineralized, averaging 1.2 g/t Au, 78.7 g/t Ag, 0.75 Cu, 7.7% Pb and 2.6% Zn. The lower 39.4m of massive sulphide and stockwork was low-grade, containing mostly pyrite.

Peter Chodos, President and Chief Executive Officer, commented: "The results of the Phase 1 drilling have demonstrated continuity within the deposit and confirm the results of the historic drilling. In addition, hole PX01 identifies room for an extension of the deposit to the north, while holes PX04A and PX08 have extended the known higher-grade mineralization to the south and east which should allow for an increase in resources, once a new 43-101 resource estimate is conducted. We are pleased with the success of the first phase of our drilling program."

Portex also conducted a down-hole TEM (Transient EM) survey to search for significant off-hole conductors in the vicinity of the completed holes. Several off-hole conductors were located suggesting follow-up is required down-dip to the east in the vicinity of holes PX08 and PX04A and to the west of hole PX01 at the north end of the deposit. Portex is contemplating the inclusion of holes to test these targets as part of its phase 2 drilling program.

At this time, Portex expects to commence the second phase of its drilling program within the next short while. However, the Company remains cautious on the outlook for the capital markets and access to these markets will have an impact on the timing and the extent of the second phase of drilling. At this time, Portex expects to complete a NI 43-101 compliant technical report on the Lagoa Salgada concession, once the second phase of drilling has been completed.

Portex has incorporated a quality assurance and control program for the Lagoa Salgada drilling samples which inserts laboratory standards and blanks into the assayed sample shipments to ensure reliability and accuracy of core analytical data. Assaying is being conducted by ALS Laboratories at its Seville Spain facility. All drill core is maintained in a secure facility on the concession under the supervision of Portex personnel.

Portex is a Toronto-based mineral development company, focused on acquisition and development of base and precious metal properties in the Iberian Peninsula (Portugal and Spain). Terence Chandler, P.Geo., Executive Vice President of Portex Minerals Inc. is the Qualified Person responsible for this disclosure in conformance with the standards of National Instrument 43-101.

This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the future financial or operating performance of the Company and its projects. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances, management's estimates or opinions should change, except as required by securities legislation. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

Shares outstanding: 28,138,080

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