Two Major Advancements At The New Amalga Gold Project

VANCOUVER – Grande Portage Resources Ltd. reported two major advancements at its New Amalga Gold Project in Southeast Alaska. The project hosts a high-grade mineral resource of 1.4 million ounces of gold (indicated) and 0.5 million ounces (inferred) and remains open to expansion in multiple directions. The current development concept envisions a small-footprint underground mining operation with third-party offsite processing, eliminating the need for an onsite mill or tailings storage facility.
Grande Portage has received indicative ore offtake terms from a leading global concentrate trading firm, showing gold payability of 72% to 87%, depending on the grade of the shipment. Based on the Company’s conceptual production plan incorporating sensor-based ore sorting, typical payabilities are expected to range from 80% to 85%.
The offtake study confirms that New Amalga ore is readily marketable to Asian base metal smelters, custom concentrates facilities, roasting operations, and leach plants. Applicable treatment and refining charges (TC/RCs) are quoted at the copper benchmark treatment charge plus $95 per tonne, and a $10 per contained gold ounce refining charge.
Following this positive market feedback, Grande Portage has initiated an NI 43-101 Preliminary Economic Assessment (PEA). The Company has contracted all required Qualified Persons (QPs) and technical specialists, many of whom have direct project experience in Alaska, including at Pogo, Kensington, and Greens Creek, as well as within the Alaska DNR Office of Project Management and Permitting.
Ian Klassen, President and CEO, said, “The excellent gold payabilities in this indicative term sheet attest to the marketability of the New Amalga ore as a highly desirable feedstock for third-party processing facilities. This validates our strategy for developing the deposit as a DSO direct-ship operation, which will greatly reduce capital costs by avoiding the need to construct a processing plant at the site, while de-risking the regulatory approval process by eliminating the requirement for a tailings storage facility. We look forward to defining further technical and economic details as part of our upcoming PEA.”