VANCOUVER, June 23, 2022 - Gold Port Corp., (CSE: GPO) (OTCQB: GPOTF) (the "Company") is pleased to announce that the claim group comprising the Groete Gold Copper Project has been renewed for five ensuing years by the Guyana Geology and Mines Commission. The three Mining Permits total 1,384 hectares and are now in effect until July, 2027. During this five year period, the Company has the option to develop the Project and convert the Mining Permits into a Mining License. The Project is strategically located 64 kilometers west-southwest of Georgetown, the capital of Guyana, and 11 kilometers west of the Essiquibo River, a major transportation route in the country. A 10,000 meter development drill program is being initiated to further confirm and potentially expand the known N.I. 43-101 compliant gold copper resource.
About Gold Port Corporation
Gold Port Corp. is the 100% owner of three Mining Permits comprising the Groete Gold Copper Project, located in Essequibo, Guyana. The Project Deposit contains a National Instrument 43-101 pit constrained Inferred Mineral Resource Estimate of 1.57 million gold equivalent ( " AuEq" ) oz ("ounces" ) at 0.66 grams per tonne ( "g/t") AuEq including 0.49 g/t gold ("Au") and 0.12% copper ("Cu") contained in 74.0 million tonnes ("mt"). An open pit cutoff grade of 0.25 g/t AuEq, a gold price of $ U.S. 1,275 per oz, and a copper price of $ U.S. 3.00 /lb were used for this Mineral Resource Estimate.
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.
Gold Port intends to further evaluate the Groete Gold Copper Project with the intention of potentially expanding and enhancing the current resource. A 10,000 meter drill program is planned to further this objective. A Company owned drill rig is in country and expected to be on site in the coming weeks.
On behalf of the Board of Directors
Adrian F. C. Hobkirk
President, CEO and Director
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.
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. We seek safe harbor.
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SOURCE Gold Port Corp.