April 7, 2021 / Vancouver, BC / Gold Port Corporation CSE: GPO (the “Company”) is providing a corporate update.
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 I Drill Program. All planned drill holes have been located and confirmed to be accessible. No planned drill holes are within existing mining pits. Management is 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 $ U.S. 1,275 and copper price of $ 3.00 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 totaling 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 is reviewing opportunities within the alternative energy space, and intends to make an acquisition in the near future.
On behalf of the board of directors of Gold Port Corporation
President, CEO and Director
No stock exchange or securities regulatory authority has reviewed or accepted responsibility for the adequacy or accuracy of this release.
This news release contains certain “forward-looking statements” within the meaning of Section 21E of the United States Securities and Exchange Act of 1934, as amended. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements. Forward-looking statements are based upon opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors which could cause actual results to differ materially from those projected in the forward-looking statements. The reader is cautioned not to place undue reliance on forward- looking statements. There can be no guarantee that the transaction being contemplated, the sale of the HMN Lithium Project, will complete as announced or at all. We seek safe harbor.