Oct 20 2012
Portage Minerals Inc. ("Portage") today announced that it will be embarking on a 2,000 to 2,500 metre fall diamond drilling program at its wholly-owned Golden Pike Gold Property in addition to other exploration work on the Annidale Gold Belt as part of its Fall 2012 Exploration Program. The programs are expected to be completed by December 20th, 2012.
The Golden Pike drill program will focus on expanding the high grade gold zones on the South Trend deposit where previous drilling returned gold intersections such as 43.07 g/t gold over 13.00 m, 32.26 g/t gold over 10.06 m and 8.08 g/t gold over 7.72 m. In addition, a number of exploration targets along trend will be tested.
Ken Hight, Chairman and Chief Executive Officer of Portage, was quoted as saying "We are redeploying the cash we received from the disposition of our interest in the Clarence Stream Gold Project into our exploration program at our wholly-owned primary exploration sites, Golden Pike/Annidale Properties, without further diluting our shareholders."
Highlights from the last drill campaign at Golden Pike (new release dated February 13, 2012) include:
- The drill program focused on delineating and expanding the high grade gold zones on the South Trend deposit.
- The deposit remains open for expansion along strike and at depth
- Assay results have been received from the full drill program, with significant drill intercepts including:
- December 21, 2011 released:
- 6.93 g/t gold over 10.62 m including 10.55 g/t gold over 5.12 m and 34.50 g/t Au over 0.60 m, also 505 g/t silver over 0.90 m
- 9.09 g/t gold over 3.35 m
- 19.47 g/t gold over 2.20 m
- 9.42 g/t gold over 3.80 m
- 4.03 g/t gold over 2.43 m
- 3.58 g/t gold over 4.00 m including 12.8 g/t gold over 1.0m
- February 13, 2012 released:
- 33.30 g/t gold over 1.41 m
- 3.26 g/t gold over 1.50 m
- 7.51 g/t gold over 0.50 m
(widths are core length and are not true widths)
The gold mineralized quartz vein systems of the South Trend Deposit are hosted by mafic volcanic rocks proximal to a volcanic-sediment contact. The mineralized vein zones consist mainly of quartz and carbonate with or without sulphides. Gold-rich sections of the vein system correlate with higher sulphide content and/or sections containing visible gold. Pyrite is the most common sulphide but chalcopyrite, minor sphalerite and galena have been observed. Arsenopyrite is generally absent from the assemblage.
Roger Dahn, P. Geo. (New Brunswick), Vice President-Exploration of Portage, is designated as the Qualified Person under National Instrument 43-101 and has reviewed and approved the contents of this news release.
Source: http://www.portagemineralsinc.com/