Grande Portage Resources Ltd. [GPG-TSXV; GPTRF-OTCQB; GPB-FSE] shares rallied Thursday August 20 after the company said it is encouraged by the latest results from its Herbert Gold discovery located approximately 25 km north of Juneau, Alaska.
The company holds a 100% interest in the Herbert property, which is known to host at least six main composite vein-fault structures that contain ribbon structure quartz-sulfide veins. The project lies within the 160-kilometre-long Juneau Gold Belt, which has produced nearly seven million ounces of gold.
Back in May, 2019, the company announced a new mineral resource estimate for the project, using a base case mineral resource cut-off grade of 2.50 g/t gold. It consists of an Indicated Resource of 606,500 ounces of gold averaging 10.03 g/t gold (1.9 million tonnes), and an Inferred Resource of 251,700 ounces of gold averaging 14.15 g/t gold (553,429 tonnes).
The project covers 91 unpatented lode claims and covers six parallel vein structures that are exposed on surface.
On Thursday, Grande Portage shares rose 13.4% or $0.07 to 59 cents on volume of 359,150 to trade in a 52-week range of 69 cents and 10 cents.
The shares rallied after the company said drill crews have encountered extremely encouraging veining in the area between the Goat and the Main veins, well beyond the eastern limits of the previous drilling efforts.
It said the two intercepts with visible gold in quartz veins were 120 metres east of any previous drilling in the footwall of the Goat Vein and within an area 150 metres south of the vein. These two veins were unexpected and both contained visible gold in the core, the company said.
“The company’s geologists feel that these new intercepts almost certainly correlate with vein outcropping on the slope to the south of the Goat vein,” Grande Portage said in a press release.
The company says it has now drilled eight holes, two of which are ongoing and has up to 15 more holes planned. At least seven intervals contained visible gold with all of the holes encountering multiple veins.