(Gold Port, 26.Aug.2021) — Gold Port Corporation (CSE: GPO) (OTCQB: GPOTF) is providing a corporate update.
The Discovery 1 Core Rig ordered from Multi-Power Products Inc., of Kelowna, British Columbia, is nearing completion. The unit is expected to be ready for shipment by the end of the month. The custom ordered rig is track mounted to facilitate drilling at the Groete Gold Copper Project, Guyana. The entire package, including drill rods and bits, will provide a turnkey drill operation to the company. Management have been assembling an exploration and drilling team sourcing experienced local Guyanese service contractors.
The company advises that the three Mining Permits comprising the Groete Gold Copper Project have been accepted for renewal by the Guyana Geology and Mines Commission for the ensuing year. The site has been prepared for a 10,000-meter drill program with the intention of upgrading and expanding the known gold copper resource.
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 $US 1,275 per ounce and copper price of $3.00 per pound was used in the calculation of the Inferred Mineral Resource. Details of the resource are contained in a National Instrument 43-101 report titled Technical Report and Updated Mineral Resource Estimate on the Groete Gold Copper Deposit, Groete Property, Guyana, South America by P & E Mining Consultants Ltd., dated 16 April 2019, available on SEDAR and the company website at www.goldportcorporation.com.