Not for distribution to United States newswire services or for dissemination in the United States.

Grande Portage Resources Ltd. (TSXV:GPG)(OTCQB:GPTRF)(FSE:GPB) (‘Grande Portage’ or the ‘Company’) is pleased to announce that it has completed a first closing of its non-brokered private placement previously announced on October 30, 2024 for the sale of 3,470,000 units (each, a ‘Unit’) at a price of C$0.30 per Unit for aggregate gross proceeds of C$1,041,000 (the ‘Offering’). The Offering is being carried out pursuant to Part 5A of National Instrument 45-106 – Prospectus Exemptions – Listed Issuer Financing Exemption (the ‘LIFE Exemption’) to purchasers resident in Canada, and in jurisdictions outside of Canada in compliance with the applicable securities laws of those jurisdictions. The Company has an offering document (the ‘Offering Document’) related to the Offering that can be accessed under Grande Portage’s profile at www.sedarplus.ca and on the Company’s website at https:grandeportage.com. Except for one US accredited investor, all other investors participating in the first closing subscribed for Units under the LIFE Exemption, and the Units issued pursuant to the LIFE Exemption are not subject to any statutory hold period in Canada. However, the Units issued to the US accredited investor are subject to Rule 144 resale restrictions under applicable US securities laws and will bear a legend to that effect

Each Unit consists of one common share in the capital of the Company (each, a ‘Common Share‘) and one Common Share purchase warrant (each, a ‘Warrant‘). Each Warrant will entitle the holder thereof to acquire one additional Common Share at an exercise price of C$0.45 per Common Share until November 13, 2026.

One director of the Company (the ‘Insider‘) participated in the first closing of the Offering. Participation by the Insider in the Offering is considered a ‘related party transaction’ pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (‘MI 61-101‘). The Company is exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with the Insider’s participation in the first closing of the Offering in reliance on sections 5.5(a) and 5.7(1)(a) of MI 61-101. The Company did not file a material change report in respect of the transaction 21 days in advance of closing of this private placement because the Insider’s participation had not been confirmed at that time. The shorter period was necessary in order to permit this private placement to close in a timeframe consistent with usual market practice for transactions of this nature.

Red Cloud Securities Inc., Canaccord Genuity Corp., and Ventum Financial Corp. (the ‘Finders‘) acted as the finders for the Company in respect of the Offering on a best efforts basis. As compensation for their services in connection with the first closing, the Finders received total cash compensation of C$70,770, and the Finders were also issued non-transferable share purchase warrants (the ‘Finders Warrants‘) which entitle the Finders to acquire up to 235,900 Common Shares at an exercise price of $0.30 per share any time until November 13, 2026.

Grande Portage intends to use the net proceeds of the Offering for furthering the exploration and development of its new Amalga project in Alaska, as well as general working capital purposes.

The Offering may close in multiple tranches with the final closing to occur no later than December 16, 2024. The Offering is subject to certain conditions including, but not limited to, receipt of all necessary approvals including the acceptance of the TSX Venture Exchange.

The securities issued pursuant to the Offering have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons in the absence of U.S. registration or an applicable exemption from the U.S. registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.

About Grande Portage:

Grande Portage is a publicly traded mineral exploration company focused on the New Amalga Gold project (formerly the Herbert Gold project) situated approximately 25 km north of Juneau, Alaska. The Company holds a 100% interest in the New Amalga property. The New Amalga Gold project is open to length and depth and is host to at least six main composite vein-fault structures that contain ribbon structure quartz-sulfide veins. The project lies prominently within the 160km long Juneau Gold Belt, which has produced over seven million ounces of gold.

The Company’s updated NI 43-101 Mineral Resource estimate reported at a base case mineral resources cut-off grade of 2.5 grams per tonne gold (g/t Au) and consists of: an Indicated Resource of 1,438,500 ounces of gold at an average grade of 9.47 g/t Au (4,726,000 tonnes); and an Inferred Resource of 515,700 ounces of gold at an average grade of 8.85 g/t Au (1,813,000 tonnes), as well as an Indicated Resource of 891,600 ounces of silver at an average grade of 5.86 g/t Ag (4,726,000 tonnes); and an Inferred Resource of 390,600 ounces of silver at an average grade of 7.33 g/t silver (1,813,000 tonnes).

ON BEHALF OF THE BOARD

‘Ian Klassen‘
Ian M. Klassen
President & Chief Executive Officer
Tel: (604) 899-0106
Email: Ian@grandeportage.com

Cautionary Statement Regarding Forward-Looking Information

This news release includes certain ‘forward-looking statements’ under applicable Canadian securities legislation. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as ‘believes’, ‘anticipates’, ‘expects’, ‘estimates’, ‘may’, ‘could’, ‘would’, ‘will’, or ‘plan’. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties as described in the Company’s filings with Canadian securities regulators. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED UNDER THE POLICIES OF THE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE

SOURCE: Grande Portage Resources Limited

View the original press release on accesswire.com

As announced to ASX on 6th September 2024, the Company obtained an advance against its expected R&D Return. The refund received extinguishes the facility taken out with Radium Capital for $442,000. After repayment of fees and charges for the facility the Company has received a surplus of $207,381. The surplus will be used towards working capital for the Company.

Lode Gold Resources Inc. (TSXV: LOD) (OTCQB: SBMIF) (‘Lode Gold ‘ or the ‘Company’) is pleased to announce the results of our ongoing interpretation of data collected during the summer 2024 QMAGT survey.

Importantly, two additional RIRGS targets ‘Stingray’ and ‘Camp‘ have been defined on the Golden Culvert property as a direct result of incorporating the new geophysical data with existing geochemical datasets. These new targets complement the RIRGS targets already identified (a total of four highly prospective RIRGS targets, namely ‘Border’, ‘Steelhead’, ‘Stingray’ and ‘Camp’) by Gold Orogen, subsidiary of Lode Gold, on its nearby WIN property.

Field verification of both the ‘Stingray’ and ‘Camp‘ targets is scheduled for next season whereby geologists will endeavour to confirm the presence of the targeted hornfels and/or intrusive suites while collecting geochemical data from soils and rocks in the area. The Golden Culvert property is remarkable in that it contains a 15 km long soil and stream multi-element Au, As, +/-Bi+/-Sb, +/-Pb, +/- Zn geochemical anomaly of which only a small 800 m section (called ‘Main’) has seen drill testing. Prior exploration at Golden Culvert has already successfully demonstrated an extensive gold bearing, anastomosing quartz vein system hosted in meta-sediments considered to be an orogenic style of gold mineralization. The newly identified RIRGS targets significantly enhance the overall endowment potential at Golden Culvert, building upon the already considerable potential identified from the established orogenic styles of mineralization concentrated at the ‘Main’ site, which have historically been the primary focus of exploration within this vast, high potential area.

Highlights include:

• Recent QMAG^T system geophysical results integrated with geology and historic geochemical information has identified two new RIRGS prospects on the Golden Culvert property, named ‘Stingray’ and ‘Camp‘.

• The Golden Culvert property contains a remarkable 15 km long series of gold in soil anomaly trending NW parallel to the regional structural fabric. One 800 m zone has been drilled tested, the ‘Main‘ target, (*best result of 2.53 g/t Au over 33.1 m) the remainder is under-explored.

• ”Stingray“ prospect is centred around a mapped Tombstone-tungsten quartz monzonite intrusion on the southern boundary. The QMAG^T survey data suggests the intrusion is larger than mapped and most likely continues under a carapace of hornfels. Minimal historical work has been conducted in the past. There are stream sediments elevated in gold, arsenic and sulphur and a small soil grid evidenced anomalous arsenic.

• ‘Camp’ prospect is a well-developed zone of soil and rock samples with anomalous gold and arsenic (up to x g/t Au). The QMAG^T survey has revealed this geochemical anomaly arcs to the SE of a distinct magnetic low. The magnetic anomaly is interpreted to be a previously unmapped reduced intrusive.

Fieldwork is scheduled to initially map the extent of hornfels and intrusive, with soil and rock sampling to confirm and enhance the prospectivity of our projects.

The news release dated October 15, 2024, focused on the RIRGS potential of the WIN property and gave details on the Reduced Intrusive Related Gold System model and the regional setting. For more information regarding RIRGS, please view the press release. In summary, based on the RIRGS model, the main exploration target is sheeted gold bearing quartz veins hosted in the cupola (roof) of a reduced intrusion or in the surrounding hornfels (country rock altered by the heat of the intrusion). RIRGS exhibits metal zonation with Arsenic (+/- Au) in the periphery and Au, Bi, Te in the centre.

When interpreting the QMAG^T data, for possible RIRGS, the prime criteria was the presence of a distinct magnetic low zone (the intrusive), often highlighted by an annular of magnetic highs, (the hornfels), backed up by geochemical evidence. Figure 1 shows the reduced-to-the-pole total field magnetic survey covering the entire Golden Culvert property, with the newly identified ‘Stingray’ and ‘Camp’ targets highlighted.

Figure 1 (left): Total magnetic field colour grid, showing the location of the RIRGS targets
Figure 2 (right): Golden Culvert Regional geology

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4064/229848_5d47b756f4222b9d_001full.jpg

This target is centred on a known, yet unnamed, quartz monzonite intrusion of the Tombstone-Tungsten Cretaceous intrusive suite, as it appears on the published regional geology maps (see Figure 2). Figure 3 shows the RTP total magnetic field image over this intrusion and it clearly suggests it is larger than mapped (dotted line in Figure 3), possibly diving under a roof of hornfel sediments, represented by magnetic high zones. The stream draining this area exhibits elevated Gold, Arsenic Bismuth and Sulphur; additionally, a small soil grid has a coherent arsenic anomaly. The source of the gold anomaly in the stream has not been identified and the potential area of the large zone of hornfels interpreted from the magnetics requires mapping, soil and rock sampling.

Figure 3.The ‘Stingray’ target. Left image: Total magnetic field in colour, the dotted white line shows the interpreted edge of the monzonite intrusion base and hornfels carapace on the magnetics. Right image: Gives the geochemistry, elevated gold and sulphur in the streams and elevated arsenic in the soils (black dots are soil sample sites).

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4064/229848_5d47b756f4222b9d_002full.jpg

The ‘Camp’ Target

The ‘Camp’ target is a distinct magnetic low interpreted from a previously unknown reduced intrusive (See Figure 4). It occurs in a river valley in an area of low topography, and it may not be an outcrop. On the SE side of this magnetic low is an arc of anomalous soil and rock geochemistry that made up the previously recognized ‘Camp’ prospect.

The ‘Camp’ prospect has returned rock grab samples of up to 48.1 g/t Au from a quartz vein with some sulphides hosted within phyllites. The rock grab samples are nested in a coincident gold, arsenic, and lead soil anomaly.

The elevated geochemistry is a distal expression of a possible RIRGS represented by the magnetic anomaly. Field crews will be directed to the area to search for hornfels and/or intrusives to confirm any RIRGS affinity.

Figure 4:  The ‘Camp’ RIRGS target (left) shows a white dotted line around the 120 nt mag low interpreted as a possible reduced intrusion. The total magnetic field is presented in colour on the left. The right image shows the geochemical results over the same area. Bubbles are sized to gold results. The orange represents the soil sample numbers, and the yellow represents the rock samples – the larger the circle, the higher the grade. The highest gold result from rock samples is 48.1 g/t. Grey digital elevation background, the interpreted intrusion is in a flat valley and may not outcrop or be suitable for soil samples.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4064/229848_5d47b756f4222b9d_003full.jpg

Future Plans

The 2025 field season plans are detailed after comprehensive analysis, consisting of geochemical information, geological mapping and extensive QMAG^T data. The ‘Stingray’ and ‘Camp’ targets presented here are amenable to rapid reconnaissance to confirm the presence of intrusives and hornfels. Confirmation of this will present new RIRGS prospects that were previously unexplored on the Golden Culvert property.

Filing on SEDAR+:

Lode Gold has filed on SEDAR+ an amended NI 43-101 technical report (the ‘Report’) on its Golden Culvert and WIN properties in the Yukon Tombstone Gold Belt. The report was initially filed on July 15, 2024. A typographic error was noticed in the original, stating that the best drill interval on the Golden Culvert property was 12.53 g/t Au over 33.1 m from 111.5 m in hole GC18-03, whereas the actual result was 2.53 g/t Au over 33.1 m from 111.5 m in hole GC18-03. The amended report corrects this error.

Both the original and amended reports were authored by Marty Huber, P. Geo. and Mark Fekete, P. Geo.

ABOUT LODE GOLD

Lode Gold (TSXV: LOD) is an exploration and development company with projects in highly prospective and safe mining jurisdictions in Canada and the United States.

Its Golden Culvert and WIN Projects in Yukon, covering 99.5 km² across a 27-km strike length, are situated in a district-scale, high-grade-gold-mineralized trend within the southern portion of the Tombstone Gold Belt. Gold deposits and occurrences within the Belt include Fort Knox, Pogo, Brewery Creek and Dublin Gulch, and Snowline Gold. A NI 43-101 technical report entitled ‘Technical Report on the WIN-Golden Culvert Property for Lode Gold’ with an effective date of May 15, 2024, summarizing the work to date on these properties is available on the Company’s profile on SEDAR+ (www.sedarplus.ca) and on the Company’s website (www.lode-gold.com).

In New Brunswick, Lode Gold has created one of the largest land packages with a 42km strike within 420km². Its McIntyre Brook Project, New Brunswick, covering 111 km² and a 17-km strike length in the emerging Appalachian/Iapetus Gold Belt, is surrounded by Puma Exploration’s Williams Brook Project (5.55 g/t Au over 50m)¹ and is hosted by orogenic rocks of similar age and structure as New Found Gold’s Queensway Project. The Fancamp’s Riley Brook is a 309 km² package covering a 25 km strike of Wapske formation with its numerous felsic units. Previous exploration efforts have focused on just VMS-style mineralization hosted in the felsic intrusions, and mostly focused on the base metals – the Company is the first to focus on and assay for gold. A NI 43-101 technical report entitled ‘Technical Report on the WIN-Golden Culvert Property for Lode Gold’, summarizing the work to date on these properties is available on the Company’s profile on SEDAR+ (www.sedarplus.ca) and on the Company’s website (www.lode-gold.com).

The Company is also advancing its Fremont Gold development project in the historic Mother Lode Gold Belt of California where 50,000,000 oz of gold has been produced. Fremont, located 500km north of Equinox Gold’s Castle Mountain and Mesquite mines, has a Preliminary Economic Assessment(‘ PEA’) with an after-tax NPV (5%) of USD $217M, a 21% IRR, 11-year LOM, averaging 118,000 Oz per annum at USD $1,750 gold. A sensitivity to the March 31, 2023, PEA at USD $2,000/oz gold gives an after-tax NPV (5%) of USD $370M and a 31% IRR over an 11-year LOM. The project hosts an NI 43-101 resource of 1.16 MOz at 1.90 g/t Au within 19.0 MT Indicated and 2.02 MOz at 2.22 g/t Au within 28.3 MT Inferred. The MRE evaluates only 1.4 km of the 4 km strike length of the Fremont property which features five gold-mineralized zones. Significantly, three step-out holes at depth hit the mineralized structure, typical of orogenic deposits that often occur at depth. Fremont is located on 3,351 acres of 100% owned private land in Mariposa, the original Gold Rush County, and is 1.5 hours from Fresno, California. The property has year-round road access and is close to airports and rail.

Please refer to the Fremont Gold project NI 43-101 PEA technical report dated March 31, 2023, which is available on the Company’s profile on SEDAR+ (www.sedarplus.ca) and on the Company’s website (www.lode-gold.com). The PEA technical report has been reviewed and approved by independent ‘Qualified Persons’ Eugene Puritch, P.Eng., FEC, CET, and Andrew Bradfield, P.Eng. both of P&E, and Travis Manning, P.E. of KCA.

QUALIFIED PERSON STATEMENT

The scientific and technical information contained in this press release has been reviewed and approved by Jonathan Victor Hill, Director, BSc (Hons) (Economic Geology – UCT), FAusIMM, and who is a ‘qualified person’ as defined by NI-43-101.

ON BEHALF OF THE COMPANY

Wendy T. Chan, CEO & Director

Cautionary Note Related to this News Release and Figures

This news release contains information about adjacent properties on which the Company has no right to explore or mine. Readers are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on the Company’s properties.

Cautionary Statement Regarding Forward-Looking Information

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release includes ‘forward-looking statements’ and ‘forward-looking information’ within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation, statements with respect to the use of proceeds, advancement and completion of resource calculation, feasibility studies, and exploration plans and targets. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as ‘anticipate’, ‘believe’, ‘plan’, ‘estimate’, ‘expect’, ‘potential’, ‘target’, ‘budget’ and ‘intend’ and statements that an event or result ‘may’, ‘will’, ‘should’, ‘could’ or ‘might’ occur or be achieved and other similar expressions and includes the negatives thereof.

Forward-looking statements are based on a number of assumptions and estimates that, while considered reasonable by management based on the business and markets in which the Company operates, are inherently subject to significant operational, economic, and competitive uncertainties, risks and contingencies. These include assumptions regarding, among other things: the status of community relations and the security situation on site; general business and economic conditions; the availability of additional exploration and mineral project financing; the supply and demand for, inventories of, and the level and volatility of the prices of metals; relationships with strategic partners; the timing and receipt of governmental permits and approvals; the timing and receipt of community and landowner approvals; changes in regulations; political factors; the accuracy of the Company’s interpretation of drill results; the geology, grade and continuity of the Company’s mineral deposits; the availability of equipment, skilled labour and services needed for the exploration and development of mineral properties; currency fluctuations; and impact of the COVID-19 pandemic.

There can be no assurance that forward-looking statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include a deterioration of security on site or actions by the local community that inhibits access and/or the ability to productively work on site, actual exploration results, interpretation of metallurgical characteristics of the mineralization, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required approvals, unknown impact related to potential business disruptions stemming from the COVID-19 outbreak, or another infectious illness, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators, including those described under the heading ‘Risks and Uncertainties’ in the Company’s most recently filed MD&A. The Company does not undertake to update or revise any forward-looking statements, except in accordance with applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/229848