Portage Resources Inc. Reports Positive Due Diligence on the Holly Gold Properties in Pershing County, Nevada
LIMA, Peru, July 14, 2011 /PRNewswire/ -- Portage Resources Inc. ("Portage" or the "Company") (POTG-OTCQB) reports positive due diligence on the Holly Gold Properties in Pershing County, Nevada.
The due diligence has relied heavily on the N43-101 report, it is crucial to rely on quantitative and qualitative information, and said report is well known to be the standard. There are many other factors to consider including the overall geographic area of the property and parties involved.
According to the N43-101 report, page 37, the following was stated:
The Holly Property and adjacent area have many of the above characteristics thought to be favorable for the formation of large (>31, 17kg; >1.0 million ounces) gold deposits. Rock units exposed on the property accumulated in a continental–scale basin setting, and were folded and metamorphosed during the Jurassic-Cretaceous Nevadan orogeny. The claim block is located near a major range-bounding fault system and is crosscut at depth by the Relief thrust fault and possible subsidiary low-angle faults. Hydrothermal alteration is similar to that at Rosebud, Florida Canyon and Relief Canyon, and rock chemistry is similar to that associated with both epithermal and Carlin-type deposits.
The community has a rich history of mining, great companies in the area, and numerous managers/geologist available to perform further updates and reviews.
Portage Resources Inc. President and CEO stated, "The initial due diligence has proven to be everything we expected and beyond. The N43-101 report is very positive; the area is fertile with historic mining results and a great host to numerous mining companies. The time frame within the LOI is fairly short but with all information open and ready, we should not have any problem making a decision within the allotted timeframe."
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
ABOUT HOLLY GOLD PROPERTIES
The Holly Gold Properties are located 93 miles east from Reno, Nevada in Pershing County. The properties are comprised of 35 contagious, unpatented, lode mining claims on federal lands. The properties comprise an area of about 283 hectares. The previous production of the Hollywood Mine has produced 460 tons of antimony metal and 2250 tons of ore. The area is host to many other mining claims including the Coeur Rochester Mine, the world's seventh largest silver producer.
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.
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