VANCOUVER, Oct. 4, 2013 /CNW/ - Grande Portage Resources
Ltd. (TSXV: GPG) ("Grande Portage" or "the Company") announces that
it has earned an undivided 100% interest in the Pass Gold Property.
In consideration of the issuance of an additional 50,000 shares,
the Company has obtained written confirmation from the vendor of
the Pass Property, located near Smithers,
B.C., that the Company has now fully exercised its option to
acquire an undivided 100% interest in the property, subject only to
the vendor's 3% net smelter returns royalty, one-half of which
royalty the Company has the right to acquire for $1 million.
The Pass property is host to gold-silver-poly
metallic quartz veins from which grab samples collected in 2006
assayed up to 72.95 g/t gold, 365 g/t silver, 11.13% copper, 29.0%
lead and 20.14% zinc. In the fall of 2008, Grande Portage completed
24 drill holes totaling 1600 metres from 4 setups testing a strike
length of 700 metres. All holes tested the vein system near
surface; additional drilling is required to test the down dip
extent of the mineralization and to expand the strike length of the
vein system. Highlights of the drilling included a 2.46 metre
intersect grading 12.84 g/t gold, 29.21 g/t silver, 4.88% lead and
3.36 % zinc.
The Company has incurred a total of $461,861 in exploration costs on the property
over the past six years, and has issued a total of 250,000 common
shares to the vendor in order to acquire its interest in the
property.
ON BEHALF OF THE BOARD OF DIRECTORS
________________________________________
Ian Klassen, President
Statements about the Company's future expectations and all other
statements in this press release other than historical facts are
"forward looking statements". Such forward-looking statements are
based on numerous assumptions, and involve known and unknown risks,
uncertainties and other factors, including risks inherent in
mineral exploration and development, which may cause the actual
results, performance, or achievements of the Company to be
materially different from any projected future results,
performance, or achievements expressed or implied by such
forward-looking statements.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS
REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED UNDER THE
POLICIES OF THE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY
OR ACCURACY OF THIS NEWS RELEASE
SOURCE Grande Portage Resources Ltd.