1. Gold Port Corporation finalizes site survey for Groete Gold Copper Project. 2. Exploration drill program aims to confirm and expand current resources. 3. Gold prices surge over $3,200, enhancing project viability significantly. 4. Access improvements will facilitate efficient supply and transport logistics. 5. Guyana is recognized as a rapidly growing economy supporting mining activities.
The significant increase in gold prices combined with resource expansion potential could directly elevate GPOTF's market value, similar to historical examples where resource confirmations have led to stock surges.
The announcement confirms strategic advancements in exploration and heightened interest in gold, likely contributing to GPOTF's price appreciation and investor confidence.
Resource exploration and expansion often lead to long-term value growth, as seen with similar mining projects where initial exploration success resulted in sustained investor interest and price increases over the years.
Gold Port Corporation (CSE: GPO) (OTCQB: GPOTF) (the "Company") is pleased to announce that management has completed a site survey and access survey for the Groete Gold Copper Project (the Project) and is now preparing to tender the work to local providers. Upon completion of site access, a new MP Power drill rig will be moved to site to begin a planned exploration and confirmation diamond core drill program. The intent of the program will be to confirm and expand the current known NI 43-101 resource. Several new areas of gold occurrence have been recently identified for drill testing, and the project is open in all directions.
The Essequibo River is a major transportation feature of this area of Guyana. The Project is located approximately 10 kilometers from the Essequibo River, on the west bank. After site review, it has been determined that the optimal access to the Project can be achieved from Manaka Landing to the project site. Manaka Landing is located on the west bank of the Essequibo River and offers deep water dock facilities and may be accessed directly from Parika. Parika is located on the east bank of the Essequibo River and is a major transportation and supply hub for the area. A road extends from Manaka Landing and passes to within thirteen kilometers of the Project. The construction project will involve these thirteen kilometers and will include the construction of bridges over White Creek and Black Creek, which are small streams that run through the area. Upon completion of the access route, the Project will have quick and reliable access for supply and the transportation of drill core to Georgetown, the capital of Guyana. The Company is interviewing additions to management to facilitate a drill program to enhance and potentially expand the current known resource. The Company has its own drill equipment in Guyana to complete the program.
The Company has recently completed a project review given the continued strong upward trend in the gold price. The Groete project has a large gold copper inferred resource of 1.57 million AuCuEq (Gold Copper Ounce Equivalent). The inferred resource is calculated within 74 million tonnes, at a grade of 0.66 grams per tonne (gpt) AuCuEq (0.49 gpt Au and 0.12% Cu) with a cutoff of 0.25 gold equivalent (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 Inc., dated April 16, 2019, available on SEDAR and the Company website at www.goldportcorporation.com). The project is open in all directions with the potential for tonnage expansion drilling.
The inferred resource noted above was calculated based upon US$1,275 per ounce gold, a far lower value than the present gold price of over US$3,200 per ounce. The project is well located to infrastructure and in a mining friendly country with Guyana boasting the fastest growing economy in the world according to the World Bank.
On behalf of the Board of Directors
Adrian F. C. Hobkirk
President, CEO and Director
T: 954-684-8040
E: info@goldportcorporation.com
W: www.goldportcorporation.com
Mr. William Feyerabend, CPG, a Consulting Geologist and Qualified Person under National Instrument 43-101, and a Director of the Company, participated in the writing of this press release and approves the scientific and technical content.
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 on 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. We seek safe harbor.
SOURCE Gold Port Corporation