Financing and Exploration Update
Vancouver, British Columbia / September 22, 2020 – Gold Port Corporation CSE: GPO (the “Company”) announces a corporate update.
Further to a news release dated August 19, 2020, the Company has experienced significant demand for the proposed private placement. It has applied and received an overallotment from the Canadian Securities Exchange and now intends to place 28,575,832 units for total gross proceeds of $3,429,100 The placement is anticipated to close in the immediate future.
The Groete Gold Copper Project Guyana Exploration Plan
The Company recently retained P&E Mining Consultants Inc. (P&E) of Brampton, Ontario, Canada, to review their work to date and recommend the next phase of exploration for the Groete Gold Copper Project. The current data base is comprised of 22 drill holes totalling 6,521 metres. After review, P&E have advised that the variography indicates a low nugget effect of 20% and a reliable cross‐deposit variogram (perpendicular to the dip of the Deposit) suggesting the current domain modelling is reasonable. To enhance the accuracy of the current Mineral Resource, and potentially upgrade it in classification, P&E are recommending a 56 hole, 12,000 meter program. Proceeds from the private placement announced above, and current assets are anticipated to be adequate to complete the drill program.
The Company has obtained three drill quotes from experienced drillers in Guyana with available equipment. After camp expansion, a phase one drill program will begin on site. Further details will be provided upon selection of the drill contractor.
The Company holds a 100% interest in the Groete Gold Copper Project located in Guyana, S.A. The National Instrument 43‐101 Mineral Resource Estimate (the “Technical Report”) is in the Inferred Mineral Resource classification at an open pit cut‐off grade of 0.25 g/t AuEq and is summarized in the table below. Mineral Resource estimation parameters including bulk density, metal values, process recoveries and pit optimization costs are detailed in Section 14 of the Technical Report. A gold price of US$1,275/oz was used for the Mineral Resource Estimate.
| SUMMARY OF THE GROETE DEPOSIT UPDATED PIT CONSTRAINED MINERAL RESOURCE ESTIMATE(1‐5) | ||||||
|---|---|---|---|---|---|---|
| Classification | Domain | Tonnes (M) | Au (g/t) | Cu (%) | AuEq (g/t) | AuEq (M oz) |
| Inferred | Saprolite | 5.6 | 0.48 | 0.09 | 0.61 | 0.11 |
| Fresh | 68.4 | 0.49 | 0.12 | 0.66 | 1.46 | |
| Total | 74.0 | 0.49 | 0.12 | 0.66 | 1.57 |
1) Mineral Resources are reported inside a constraining pit shell at a cut‐off of 0.25 g/t AuEq.
2) Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.
3) The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio‐political, marketing, or other relevant issues.
4) The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
5) The Mineral Resources in this report were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
The Technical Report is available at SEDAR and a new Company website is under construction.
The project was last explored in 2012, which included a drill program that allowed the calculation of the above Inferred Mineral Resource. The Company has maintained a full camp and security at the Project site. Approximately 1.2 kilometers of the known 4 kilometer strike have been evaluated by drilling. Further surface sampling to better define the mineral horizon will be undertaken in conjunction with drilling the historical target areas.
This news release has been reviewed and approved by independent Qualified Person, Eugene Puritch, P.Eng., FEC, CET, President of P&E Mining Consultants Inc.
ON BEHALF OF THE BOARD OF DIRECTORS
Adrian Hobkirk, President, CEO and Director
T: 9546848040 E: [email protected]
No stock exchange or securities regulatory authority has reviewed or accepted responsibility for the adequacy or accuracy of this release.
Some of the statements contained in this release are forward‐looking statements, such as estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward‐looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis and other disclosure filings with Canadian securities regulators, which are posted on www.sedar.com.