Gold Port Resources: First Twin Hole Results Confirm Historic Gold Zone at Groete Creek

VANCOUVER, British Columbia, March 1, 2012 /PRNewswire/ --Gold Port Resources Ltd. (TSX-V: GPO)

Highlights:

Twin Hole TW96-13 Returned 50.3 Meters Of 0.56 Grams Per Tonne Gold, With The Historical Hole Value At  0.615 Grams Per Tonne Gold Over 50.3 Meters

Hole GC-2-2012 Expands Mineralization South

Hole GC1-2012 Confirms Fault Boundary To The West

Seven Historical Drill Sites Located

Second Acker Core Drill Rig On Site

Gold Port Resources Ltd. (TSX-V: GPO) ("The Company") is pleased to report the preliminary results of the first twin hole, and two additional holes, completed at the Groete Creek Gold Copper Project, Guyana. This historic gold copper project is located in Cuyuni Mining District 4, approximately 60 kilometers southwest of Georgetown, the Capital of Guyana, and close to  the city of Bartica, a town of 15,000 people. Access is by dirt road from Manaka, directly to the project area.

Hole TW96-13 was a twin hole of historical GC96-13, as drilled by Caribbean Basic Industries Ltd. (subsidiary of Coeur d' Alene Mines) in 1996, and has provided an approximation of the historical results for this hole.  Hole GC-1-2012 was drilled west across a fault and has confirmed the termination of mineralization across this fault. Hole GC-2-2012 was drilled approximately 125 meters south of the southern most historic drill collar and has confirmed the presence of gold mineralization, potentially expanding the gold zone south. A second Acker drill rig has been moved onto the project site for additional drilling.

Between 1994 and 1996, an area of the project was drilled by CADMICO and Caribbean Basic Industries (a subsidiary of Coeur d'Alene Mines). A total of seven historical holes from this program have been located by either original drill collar or drill pad site. Hole TW96-13 was the first original drill collar located, and provided solid physical evidence of the historical hole location. Hole TW96-13 was sited to within 3 meters of the original collar location of GC96-13, drilled at 169 degrees south, and drilled at a 45 degree angle, replicating the historical hole direction as closely as possible.  The historic drill grid, which measure approximately 1,200 meters east to west and 250 meters north south, locates hole TW96-13 at the western most portion of the historical gold zone, on the outer fringe of the known mineralized zone.

Drill core was split and bagged on site, and then transported to ACME Laboratories of Guyana (a Certified Laboratory) for processing. Company security personnel were in possession of the drill core until delivery to the laboratory.  Every twentieth core sample, the half core sample split was further divided into two samples and duplicate samples were submitted as a check on the assaying accuracy.  ACME inserted its own blanks as standards during assaying.  The sample interval was 1.5 meters in the recently completed drill hole and also in the historical drill hole.  Work was conducted under the supervision of Mr. Paul Pelke, a Qualified Person under NI 43-101. Sample preparation was completed at ACME Laboratories (Certified) of Guyana, with final assay work completed by ACME Laboratories (Certified) of Santiago, Chile. Assay was by 30 gram fire assay.

Both the historical results and twin results identify multiple gold zones beginning at surface. In reviewing the historical drill hole 96-13 for a 2009 43-101 report on the Groete Creek project for Gold Port Resources, three significant gold intervals in 96-13 were identified:  a near surface zone in the saprolite, an interval from 50.3 meters through 100.6 meters and an interval from 109.8 meters through 117.4 meters.  For purposes of comparison, intervals corresponding as close as possible to those historical intervals were selected in the recently completed twin drill hole. 

The top three meters of the historic drill hole averaged 0.25 grams per tonne gold, while the top 4.5 meters of the 2012 twin drill hole averaged 0.495 grams per tonne gold.  These values clearly show the nugget effect present in the near surface saprolite.  For the 50.3 meter intervals ranging from 50.3 meters through 100.6 meters, there were two differences between the recent and the historical drill holes.  In the historical drill hole, there were seven sample intervals which were above 1 gram per tonne gold, while four samples above 1 gram per tonne gold were found in the recent drill hole.  In addition, one of the seven intervals in the historic drill hole showed 7.7 grams per tonne gold while the most closely corresponding interval in the recent drill hole showed 0.654 grams per tonne gold.  For purposes of comparing the recent to the historical drill hole, the 7.7 gram per tonne value was cut to 1.0 grams per tonne gold in the historical drill hole. 

After making the above adjustment, the whole hole average for the recent drill hole was 0.276 grams per tonne gold over 238 meters total depth, while the historical drill hole had an overall average grade of 0.297 grams per tonne gold over 206.9 meters total depth.  For the 50.3 meter interval from 50.3 meters through 100.6 meters, the recent drill hole had an average grade of 0.560 grams per tonne gold while the historical drill hole had an average grade of 0.615 grams per tonne gold.

The 7.2 meter interval from 109.8 meters through 117.4 meters had an average grade of 0.423 grams per tonne gold in the recent drill hole while the historical drill hole had an average grade of 0.510 grams per tonne gold.

Gold mineralization is encountered to the bottom of both the current and historic drill holes, from 117.4 meters to Total 'Depth (TD). TW96-13 averaged 0.226 grams per tonne gold over 120.6 meters, to its bottom at 238 meters.  GC96-13, the historic hole, averaged 0.228 grams per tonne gold over this interval to its bottom at 206.9 meters.  The recent Gold Port drill hole confirms that mineralization extends at least another 30 meters deeper than the historical mineralization.  Copper results are expected shortly.

Two additional drill holes are being reported.  Drill Hole GC1-2012 was located 300 meters southwest of hole TW96-13 and across a fault. As expected, it did not encounter gold mineralization.

Drill Hole GC2-2012 was drilled approximately 125 meters south of the southern most historical drill collar, and to 255 meters depth. The Hole was drilled at minus 45 degrees and at an azimuth of 169 degrees.  The drill hole showed gold mineralization in the top 75 meters, returning 0.363 grams per tonne gold from surface to 24 meters, and averaging 0.231 grams per tonne gold for the entire top 75 meters. This drill hole has gold in both the saprolite and the bedrock, and shows that the mineralization extends at least another 125 meters further south from the area of historical drilling.  Further drilling to expand the mineralized zone is underway.

Hole TW96-13 is the first of an anticipated seven twin historical drill holes located at the Groete Creek Gold Copper Project. The objective is to provide P and E Mining Consultants Inc. (Brampton, Ontario Canada) the necessary confirmation data to re-calculate the historical gold zone to NI 43-101 standards.  Drill holes have been located to potentially expand the historical deposit to the south, north, and east. Further assays are pending.

A second Acker drill rig has now been located on the project. It will replace the current Acker rig during a refitting and upgrade program. The Company will be running two rigs consecutively upon completion of the refitting work. 

Historical work completed at the Groete Creek Gold Project prior to the Gold Port program has totaled approximately 3,000 meters of core drilling. These results identified a gold copper zone approximately 1,200 meters in length and 300 meters in width. At the end of this program, in a report titled the Groete Creek Gold Project date December 1996 by Glen Attwood for Caribbean Basic Industries Ltd., a drill indicated geological resource of 93.65 million tonnes averaging 0.594 grams per tonne gold and 0.11% copper at a 0.10 gram per tonne cut-off was completed.  The estimate was calculated using a simple polygonal in cross section (geologic resource in cross-section), and a hypothetical pit-outline assuming a maximum slope angle of 50 degrees.

CAUTION: The historical estimate presented above is relevant to the further exploration of the project which, the Company is currently undertaking with a drill program. A qualified person has not done sufficient work to classify the historical estimate as current mineral-resources or mineral reserves; and the Issuer is not treating the historical estimate as current mineral resources or mineral reserves; therefore they should not be relied upon. The term " drill indicated geologic resource" is a historical term used by CBI and is not comparable to the CIM defined resource, and should be compared to a potential mineral deposit requiring further exploration drilling to define an initial resource. There is no recent drill information on the Groete Creek Gold Project, and further drilling will be required to upgrade and verify the historical estimate as a current mineral resource, and there is no certainty that this can be accomplished. The content of this press release was reviewed by Mr. Paul Pelke, a Qualified Person under NI-43-101 and a geological consultant to the Company.

On Behalf of the Board of Directors of Gold Port Resources Ltd.

Adrian F.C. Hobkirk,
President and Chief Executive Officer - [email protected]

For further information, contact Adrian Hobkirk at 714-316-3272 or email: [email protected] or Allan Feldman at AJF Consultants Ltd. at 604-948-9663 or email: [email protected]. www.goldportresources.com 

The TSX Venture Exchange has not reviewed the content of this News Release and therefore does not accept responsibility or liability for the adequacy or accuracy of the contents of this News 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.

SOURCE Gold Port Resources Ltd.