LIMA, Peru, July 5, 2011 /PRNewswire/ -- Portage Resources Inc. ("Portage" or the "Company") (POTG-OTCQB) has engaged Geofisicos Consultores, a well known Peruvian company with more than 35 years of experience to commence an extensive Geophysical survey on the recently acquired Wukakuy Properties.
Geological reports have been used to produce a fair estimate of the reserve potential for the Wukakuy properties which currently reflect 58,228,128 Oz Ag/ MTS. With current values of silver being approximately $35 Usd/Oz, the estimate potential reserve has a value of over $2 Billion.
Based on a review of the prior geological work on the Property, the company has decided to move forward in move forward on the project. Further, the Company has added Geofisicos Consultores, as an additional expert firm to its team. The company president, Mr. Carlos Gamarra has an impeccable resume and is well respected in the Peruvian mining community. A Geoscientist has indicated the existing data and results are of sufficient quality and promise and that the Phase I Drill Program should focus not only on seeking to formally identify potential reserve quantities, but to also focus on establishing additional reserves.
The IP (First Target Bonanza) will define that the Manto replacement Bonanza zone measuring 100 x 250 meters can extend more than 400 meters in strike length and is open on either end. The Bonanza Manto lies 700 meters north of the of the main access tunnels of the famous 50 year Cecilia Mine. Cecilia was recently acquired by mining giant Glencore Corp. The Wukakuy property surrounds the Cecilia Mine on the North and East side of the mine including the workings and camp. The Cecilia Mine produced 450 Tonnes per day for several decades until 1984. Ag-Pb-Zn-Cu was produced from Mantos in host carbonates. The Bonanza Manto is hosted in the same carbonate unit as the polymetallic mineralization mined in the Cecilia mine.
The second target is a smaller Manto which is exposed 1,300 meters NE of the Bonanza Manto. The full width of this Manto is not exposed. Ground geophysical surveys are being designed to assist in the targeting and upcoming core drilling program over the project area. The objective of the survey is to assist in drill targeting by further delineating the rich zones and other Mantos replacements of the Wukakuy property. These targets have been already identified by field exploration and a 43-101 report. The ground geophysical survey will identify many linear structures and several high priority regions of interest that will be highlighted for immediate follow up.
The survey is being carried out on behalf of the company by Geofisicos Consultores, a well known Peruvian company with more than 35 years of experience. Geofisica Consultores utilizes high tech equipment and 3D modeling software. They have worked for companies like American Barrick, Buenaventura, Inmet, Mitsui Mining, Minsur, and Minera IRL. Carlos Gamarra Preside is a well recognized Geophysicist with more than 40 years of experience in Induced Polarization and magnetometry surveys.
The Geophysical assessment will aid the company in identifying the optimum drill targets to confirm and expand the potential reserves.
Portage Resources President and CEO Paul Luna states: "The Wukakuy project is an unbelievable opportunity for Portage. The addition of Geofisica Consultores only strengthens our team and our commitment to this great project. We are looking forward to an extensive drill program in the near future."
About Portage Resources Inc.
Portage Resources Inc. is focused on the exploration and production of precious and base metals in Peru. Portage Resources Inc. plans to recognize, and acquire near-term production mining properties, the Portage Resources Inc. seasoned and experienced Peruvian management team will research, review and prove any reserves for the purpose of production.
Symbol: OTCQB – POTG
FORWARD-LOOKING STATEMENTS: "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements relating to the company's business activities and other statements in this press release are forward-looking statements within the meaning of the Securities Litigation Reform Act of 1995. Such statements are based on current expectations about the Company's business. Words such as expects, anticipates, intends, plans, believes, estimates and similar words and expressions are intended to identify such forward-looking statements. These statements involve risks that are difficult to evaluate. Actual results can vary from descriptions herein due to many factors including changes in metal prices and business conditions; changes in laws and regulations; problems encountered in exploration and obtaining permits; changes in the competitive environment; technological advances; shortages of skilled workers, drill rigs and equipment; the need for additional capital and other risks listed in the Company's Securities and Exchange Commission filings under "risk factors" and elsewhere. Forward-looking statements speak only as of the date they were made. The Company does not undertake any obligation to update forward-looking statements.
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SOURCE Portage Resources Inc.