UPDATE: Grande Portage Resources Now Up 15%, Well Off Near 4 Yr Highs Hit Earlier; Quaterra Resources Up 9%
Grande Portage Resources Ltd. (GPG.V) is now up 4 cents at 30.5 cents with around 5.7 million shares traded. It jumped 50% and hit 40 cents - its highest level since the second half of 2007 - in the early minutes of today's session after announcing the first assay results of 2011 from its property at the Herbert Glacier gold project located near Juneau, Alaska. Quaterra Resources (QTA-V) was up 11 cents at $1.35.
In June 2010, Grande Portage entered into an agreement with Quaterra Resources Inc. to explore the Herbert Glacier gold property. GPG has now fully earned its 65% interest in the property. Grande Portage and Quaterra will form a joint venture for the further exploration and development of the project, with each party bearing their proportionate share of costs.
Initial 2011 assays have returned numerous multi-ounce gold samples. A weighted average which includes most of the vein structure encountered in 11E-2 from 137.1 metres to 152.37 metres graded 1.084 opt over a true width of 8.76 metres. Highlights within that zone include a 6.570 opt interval from 147.07 metres to 148.14 metres. Multi-ounce assays were also reported from 150.57 metres to 150.83 metres (2.389 opt) and 148.14 metres to 149.70 metres (4.132 opt).
Another weighted average assay in hole 11E-2 within the main zone of 147.07 metres-149.70 metres graded 5.124 opt over a true width of 1.50 metres. Assays in excess of 1 opt were also reported in drill hole 11E-1, particularly 1.504 opt from 110.92 metres to 111.25 metres and 1.402 opt from 111.25 metres to 112.16 metres. High grade intervals from 11E-1 are contained within a zone from 107-115.82 metres showing a weighted average of 0.419 opt over a true width of 6.95 metres. These holes are located near the western end of the Deep Trench vein.
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