ST. ANDREWS, NEW BRUNSWICK -- (Marketwire) -- 02/05/13 -- Portage Minerals Inc. ("Portage") (CNSX: RKX) is pleased to provide an update on exploration of the Golden Ridge and Golden Pike gold properties. Currently, the NI 43-101 compliant mineral resource estimates for both properties are being updated and are anticipated to be completed during the first quarter of 2013.
Golden Ridge Property
Portage owns a 60% interest in the property with Cliffs Chromite Resources Inc. owning 40%. The property is located 80 kilometres west of the City of Fredericton in York County, New Brunswick. The joint venture completed an initial mineral resource estimate dated April 26, 2011, which contains an Inferred Mineral Resource of 11,640,000 tonnes at a grade of 0.96 g/t gold yielding 359,300 ounces of gold. This resource estimate is currently being updated to incorporate 24 drill holes completed in 2011. Highlights of the 2011 drill results include:
- Hole GR-11-62: 0.79 g/t gold over 80.19m including 1.00 g/t over 36.75m and 1.14 g/t gold over 11.40m;- Hole GR-11-69: 0.71 g/t gold over 27.60m including 1.13 g/t over 10.60m; and 0.89 g/t gold over 92.45m including 2.37 g/t gold over 22.70m;- Hole GR-11-73: 1.44 g/t gold over 8.05m; and 0.70 g/t gold over 167.40m including 1.37 g/t gold over 30.05m, 1.67 g/t gold over 13.10m and 1.51 g/t gold over 9.0m;- Hole GR-11-81: 0.76 g/t gold over 154.10m including 1.28 g/t gold over 15.00m, 1.12 g/tgold over 46.50m and 1.20 g/t gold over 24.97m.(widths are core length and are not true widths)
Full disclosure of Portage's 2011 drill programs and the Golden Ridge resource estimate are available within the Portage news releases dated March 2, 2011; April 26, 2011; June 8, 2011; October 24, 2011 and January 31, 2012. An NI 43-101 compliant technical report on the Golden Ridge Property describing in detail, among other things, the resource estimate, QA/QC, database validation and geologic model, was filed on SEDAR on June 9, 2011.
Golden Pike Property
The Golden Pike Property comprising 1,600 hectares is located 60 kilometres southeast of the City of Fredericton in Kings County, New Brunswick. The Golden Pike Property is owned 100% by Portage and is subject to a 2.0% net smelter return ("NSR"). Portage can purchase half of the NSR (1%) for $500,000 per 0.5% NSR increment.
The mineral resource estimate as of August 19, 2011, contains an Inferred Mineral Resource of 214,800 tonnes at a grade of 9.60 g/t gold (capped) yielding 66,300 ounces of gold (for comparison purposes, the uncapped grade is 13.48 g/t gold yielding 93,100 ounces gold). This resource estimate is currently being updated to incorporate 17 holes and 4 extensions completed in 2011 and 7 holes plus 1 extension in 2012. Highlights of the 2011 and 2012 drill results include:
- Hole DP-11-48: 6.93 g/t gold over 10.62m including 10.55 g/t gold over 5.12m;- Hole DP-11-49: 9.09 g/t gold over 3.35m;- Hole DP-11-54: 19.47 g/t gold over 2.20m;- Hole DP-11-50: 9.42 g/t gold over 3.80m;- Hole DP-11-61: 33.30 g/t gold over 1.41m; and- Hole DP-12-63: 2.82 g/t gold over 1.10m.(widths are core length and are not true widths)