GRAND PORTAGE RESOURCES LIMITED (TSXV: JPG) (Otkbk: GPTRF) (FSE: GPB) (“Grande Portage” or the “Company”) is pleased to announce the start of the Company’s 2026 drilling program at the new Amalga Gold property near Juneau, Alaska.
The planned program for 2026 includes up to 4,300 meters of diamond drilling from up to 14 holes in addition to the installation of downhole measuring devices. Drill holes will provide additional definition to upgrade resource classification in key areas of the deposit and will define the geotechnical and hydrogeological aspects of the rock mass to collect data necessary for the environmental review and permitting process as well as inform mine development plans.
Geotechnical and hydrogeological characterization work will include:
- Detailed geotechnical logging To determine rock conditions in key underground infrastructure areas
- Installing pressure measuring devices In selected holes to measure groundwater levels and pressures
- early test, Which involves pumping pressurized water into the drill hole to determine the hydraulic conductivity or permeability of the rock structures that intersect the hole.
- Taking samples of groundwater And chemical analysis to evaluate the quality of basic groundwater
The 2026 Program is conducted under a Plan of Operations approved by the U.S. Forest Service on January 16, 2026 and utilizes several industry-leading contractors including:
- Shah Rukh Khan Consulting CompanySupervising hydrogeological tests and geotechnical assessments, in addition to the subsequent development of the hydrogeological model to determine the expected level of groundwater flows into the mine workings.
- Timberline Drilling CompanyProvides core drilling services with extensive experience in Southeast Alaska including other mining operations in the Juneau area.
- Beton Exploration LLCHeadquartered in Palmer, Alaska, it provides exploration support services including drilling rig construction and core logging.
- Coastal Helicopters Companyheadquartered in Juneau, Alaska, provides helicopter transportation and logistics services.
“We are pleased to announce the mobilization of an outstanding team of contract partners for the 2026 drilling campaign, including prominent Alaska-based companies,” commented Ian Classen, President and CEO. “This year’s launch represents a major milestone for the new Amalga project, signaling the drilling program’s transition from pure exploration to strategic development planning.”
This year’s program is strategically designed to secure important geotechnical and hydrogeological datasets as well as expand resource metadata for the new high-quality Amalga deposit. This information will be essential to develop the design of mining facilities as well as inform the environmental review and permitting process, allowing the project to progress through the required regulatory milestones prior to development.
Project summary:
The new Amalga Gold project is located just 25 km from Alaska’s capital city of Juneau and 6 km from the paved highway. The resource remains open to expansion in multiple directions and hosts an indicated resource of 1,438,500 ounces of gold averaging a grade of 9.47 g/t Au (4,726,000 tons) and an inferred resource of 515,700 ounces of gold averaging a grade of 8.85 g/t Au (1,813,000 tons).
The current development concept, as outlined in the Preliminary Economic Assessment (PEA) study effective February 11, 2026, envisions a small underground mining operation that would transport material off-site for processing by a third party, eliminating the need for an on-site gold recovery plant or tailings storage facility.
This setup is designed to provide several benefits:
- Eliminates the need to build a gold recovery plant, reducing mine impacts and energy requirements and reducing capital expenditures for project construction.
- It eliminates the need to develop an on-site waste disposal facility, as no waste will be generated.
- Eliminates the need for permanent waste rock storage facilities. Waste rock generated by mine development will be returned to the underground workings as stop backfill.
- Do not use chemical reagents to process gold on site.
- Significantly reduces land use and overall environmental footprint.
- It greatly facilitates closure and reclamation after mining.
- Streamlines the environmental review and licensing process.
Project highlights:
- 100% interest in the new Amalga Gold Project, located close to infrastructure just 25 km north of Juneau, Alaska, and 6 km of paved, all-season highway (Figure 2).
- Excellent economics demonstrated by the initial economic evaluation NI43-101 (with an effective date of February 11, 2026):
- In the base case of $3,200/oz gold price: net present value after tax5 At $721 million, after-tax IRR of 56%
- In the bullish case of gold price US$5,000 per ounce: net present value after tax5 At $1,557 million, after-tax IRR of 91%
- The property hosts at least 8 large and long gold-bearing veins
- 240 drill holes from 55 platforms totaling approximately 65,000 square meters confirm the presence of a large golden quartz system.
- Previous drilling produced multi-ounce assays on several veins. Selected samples include:
Deep trench vein: 15.3M grading 37.1 g/t Au, 8.3M grading 58.6 g/t Au, 11.6M grading 28.3 g/t Au
Goat vein: 2.1M grading 74.2 g/t Au, 6.3M grading 15.7 g/t Au
Main vein: 3.1M grading 79.2 g/t Au, 2.1M grading 37.2 g/t Au, 3.1M grading 13.9 g/t Au
Vein ridge: 1.5 meters grading 43.0 g/t Au, 1.5 meters grading 29.2 g/t Au
Sleeping giant vein: 2.1M grading 15.4 g/t Au, 3.2M grading 20.7 g/t Au
See Figure 1 below for approximate locations of identified intercepts.
- The Company’s updated NI43-101 Mineral Resource Estimate (MRE) with an effective date of July 17, 2024 reported an indicated resource of 1,438,500 ounces of gold averaging 9.47 g/t Au (4,726,000 tons); An inferred resource of 515,700 ounces of gold with an average grade of 8.85 g/t Au (1,813,000 tons), as well as an indicated resource of 891,600 ounces of silver with an average grade of 5.86 g/t Ag (4,726,000 tons); and an inferred source of 390,600 ounces of silver with an average grade of 7.33 g/t silver (1,813,000 tons).
- The deposit is open from the north, south and at depth.
- Goat Vein surface extrusion channel samples tested for 129.02 g/t gold (3.76 optional) and 290 g/t gold (8.46 optional) with 224 g/t silver (6.53 optional)
- A LiDAR survey of the property discovered several targets – the first of these tested being a confirmed gold discovery
- Obtained excellent metal recoveries of up to 98.2%
- Completed more than 6 years of basic environmental water sampling
- The current development strategy envisions a small-scale underground mining operation with external third-party processing, eliminating the need for an on-site mill or tailings storage facility. This configuration reduces capital costs, significantly reduces the environmental footprint of the project, and facilitates permitting.
- A letter of intent has been signed with Goldbelt Inc. (an Alaska Native corporation organized under the Alaska Native Claims Settlement Act) to develop an ore export terminal at Cascade Point, Goldbelt’s privately owned parcel of land located just 22 km from the project site.
Figure 1: Approximate locations of selected intercepts
Figure 2: Location of the new Amalga Gold project
Kyle Mahalek, P.E., is a QP within the meaning of NI 43-101 and has reviewed and approved the technical disclosure in this release. Mr. Mahalek is independent of Grande Portage within the meaning of NI 43-101.
About Grand Portage:
Grande Portage Resources Ltd. It is a public mineral exploration company focused on developing the new Amalga mine project, the result of the Herbert gold discovery located approximately 25 km north of Juneau, Alaska. The company owns a 100% stake in the new Amalga property. The new Amalga gold system is open to length and depth and hosts at least six major complex vein fault structures containing ribbon veins of quartz sulphide. The project is prominently located within the 160-kilometre Juneau gold belt, which has produced more than eight million ounces of gold.
The Company’s updated Mineral Resource Estimate NI#43-101 is reported at a base Mineral Resource cut-off grade of 2.5 grams per tonne of gold (g/t Au) and consists of: an indicated resource of 1,438,500 ounces of gold with an average grade of 9.47 g/t Au (4,726,000 tonnes); An inferred resource of 515,700 ounces of gold with an average grade of 8.85 g/t Au (1,813,000 tons), as well as an indicated resource of 891,600 ounces of silver with an average grade of 5.86 g/t Ag (4,726,000 tons); and an inferred source of 390,600 ounces of silver with an average grade of 7.33 g/t silver (1,813,000 tons). MRE was prepared by Dr. David R. Webb, Ph.D., P.Geol., P.Eng. (DRW Geological Consultants Ltd.) as of 17 July 2024.
On behalf of the Board of Directors
“Ian Claassen”
Ian M. Classen
President and CEO
Phone: (604) 899-0106
Email: (email protected)
Cautionary statement regarding forward-looking information
This press release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include estimates and statements describing the Company’s future plans, goals or objectives, including words to the effect that the Company or management expects the stated condition or result to occur. Forward-looking statements can be identified by terminology such as “believes,” “expects,” “anticipates,” “estimates,” “may,” “could,” “would,” “will,” or “plans.” Because forward-looking statements are based on assumptions and address future events and circumstances, by their nature they involve inherent risks and uncertainties as described in the Company’s filings with Canadian securities regulators. Such statements cannot be guaranteed 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.
Please note that under National Instrument 43-101, a company is required to disclose that it has not based any production decision on NI 43-101 compliant reserve estimates, preliminary economic assessments, or feasibility studies, and historical production decisions made without such reporting have created increased uncertainty and increased risks of technical and economic failure. These risks include, among others, areas that are analyzed in greater detail in the feasibility study or initial economic assessment, such as the application of economic analysis to mineral resources, more detailed mineral studies and other specialized studies in areas such as mining and recovery methods, market analysis, and environmental, social and societal impacts. Any decision to operate the new Amalga mine at management’s intended levels, expand the mine, make other production-related decisions, or otherwise carry out mining and processing operations, will depend largely on the Company’s internal, non-public data, on reports based on the exploration and mining work undertaken by the Company and the geologists and engineers employed by the Company.
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.
