(Gold Port Corporation, 7.Apr.2021) — Gold Port Corporation is providing a corporate update on its operations in Guyana.
Groete Gold Copper Project Drill Program
Camp expansion at the company owned Groete Gold Copper Project, located in Guyana, has been completed and the work site is now prepared for a phase one drill program. All planned drill holes have been located and confirmed to be accessible. No planned drill holes are within existing mining pits. Management are reviewing several drilling proposals, and interviewing potential key staff members.
The project was last explored in 2012, which included a drill program that allowed the calculation of an Inferred Mineral Resource of 1.57 million gold copper equivalent ounces within 74 million tonnes, at a grade of 0.66 grams per tonne gold copper equivalent. A cutoff grade of 0.25 gold copper ounce per tonne equivalent, a gold price of $1,275 and copper price of $3 per pound was used in the calculation of the Inferred Mineral Resource.
The objective of the follow up drill program will be to potentially enhance the known resource from inferred to measured and indicated, and to also expand the deposit size. The first phase of the program is anticipated to include 2,500 meters totalling 12 holes.
Mr. William Feyerabend, a Consulting Geologist and Qualified Person under National Instrument 43-101, participated in the writing of, and has reviewed and approves of the technical disclosure contained in this press release.
Financial Update and Business Development
Management is pleased to report to the shareholders the current financial position of the company. Corporate investments over the past year have returned significant gains resulting in the company having a working capital balance of approximately Cdn$6,300,000. The proceeds will be utilized for the further development of the company’s asset in Guyana.
To compliment and diversify the business of the company, management are reviewing opportunities within the alternative energy space, and intend to make an acquisition in the near future.
The Canadian Securities Exchange has not reviewed, nor approved the contents of this news release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in the United States. The securities described herein have not been registered under the United States Securities Act of 1933, as amended (the “US Securities Act“), or any state securities law and may not be offered or sold in the “United States”, as such term is defined in Regulation S promulgated under the US Securities Act, unless registered under the US Securities Act and applicable state securities laws or an exemption from such registration requirements is available.