Grande Portage, Quaterra hit high-grade gold near Juneau

Vancouver – Grande Portage Resources (GPG-V) and Quaterra Resources (QTA-V) have hit visible gold in four recent drill holes at their 65%­-35% owned Herbert Glacier project in Alaska.

The three holes so far released were drilled from the same platform at a due south azimuth near the west end of the Deep Trench vein.

Hole 11E-2, drilled at minus 62 degrees, hit a true width of 8.8 metres grading 37.03 grams gold per tonne from 137 metres downhole, inclunding 1.1 metres grading 225.26 grams gold and 1.6 metres averaging 141.60 grams gold.

Hole 11E-1, drilled at minus 45 degrees, cut a true width of 7 metres averaging 14.4 grams gold from 107 metres depth, including 0.9 metre of 48 grams gold and 0.3 metre grading 51.43 grams gold. Hole 11E-3, drilled at minus 72 degrees, hit 1.6 metres grading 7.68 grams gold. Results are still pending for hole 11E-4 that the company reports also showed visible gold.

The results were enough to boost Grande Portage’s share price by 6¢ or 20.8% to 32¢ on 6 million shares traded and Quaterra’s share price by 11¢ or 8.9% to $1.35 on thin volume.

The companies have now established mineralization in the Deep Trench vein runs over 400 metres vertically, has a known strike length of almost 1,000 metres and is still open to depth. The property also hosts several parallel veins including the Main Vein system and the Floyd Vein.

The Herbert Glacier project sits roughly 32 km north of Juneau. The project hosts a mesothermal quartz vein system and lies within the 160-km-long Juneau gold belt that has produced close to 7 million oz. gold.

Grande Portage also has results pending from drilling conducted on the Main vein and is currently drilling on the Goat Creek target that sits north and parallel to the Main vein. The company has drilled roughly 2,000 metres over 11 holes so far on the project and has plans to double that while testing up to four major veins.

Quaterra Resources has several other projects scattered around the western United States and Mexico, while Grande Portage also controls the Merry Widow copper project on Vancouver Island and the polymetallic Pass property in north-central B.C.

Grande Portage earned 51% of the project by spending US$750,000 and can earn the other 14% by spending a further $500,000 by June, 2012.