Drill Update and Mining Permits Renewed

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Aug 26, 2021, 08:18 ET

VANCOUVER, BC, Aug. 26, 2021 /PRNewswire/ -- Gold Port Corporation (the "Company") (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 April 16, 2019, available on SEDAR and the Company website at www.goldportcorporation.com.

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.

On behalf of the Board of Directors

Adrian F. C. Hobkirk
President, CEO and Director

T: 954-684-8040
E: [email protected]
W: www.goldportcorporation.com

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.

On behalf of the Board of Directors

Adrian F. C. Hobkirk
President, CEO and Director

T: 954-684-8040
E: [email protected]
W: www.goldportcorporation.com

SOURCE Gold Port Corporation