Gold Port Resources (GPO on the TSX Venture)
Gold Port has three projects in Guyana: Akaiwong, Project Groete Creek and Five Stars.
The company is cashed up (C$4,000,000) in the bank and ready to drill these advanced stage gold properties. On the Five Stars project, the government of Guyana will be putting up money to help drill this prospect as a way of promoting mining in Guyana. Each year the government picks a project that they put money into. Five Stars is that project for 2006. With the drilling about to begin, investor interest should hit soon as the company story gets out. Here is the run down on the properties.
Akaiwong Property
This property is located in Western Guyana along the Cuyuni River. It is strategically located close to the recent world-class gold discovery by Guyana Goldfields at the Aurora Mine. Akaiwong has been drilled previously by Homestake International Minerals, who identified a target of 20 million tonnes of 2.0 gram per tonne gold during the 90's. Several holes bottomed in gold grades in excess of 10 grams per tonne. Guyana Goldfields has recently acquired all the land surrounding the Akaiwong property. Gold Port plans to get the drilling underway soon.
Groete Creek Property
This recent acquisition by Gold Port is also an advanced stage gold property and is located 43 miles southwest of Georgetown, the capital of Guyana. This area is the location of six placer mining operations, which are currently producing significant amounts of gold. The property consists of 3,801 acres granted by the Guyana Geology and Mines Commission. The project was explored by the Geological Survey of Guyana and the United Nations Mineral Survey Project between 1967-1968. Work tested the area of known mineralization, and drilling resulted in a non (43-101) compliant geological resource of 17 million tonnes grading 1.5 grams per tonne gold. In the mid 90's, CAMDICO and Caribbean Basic Industries, (a wholly owned subsidiary of Coeur d'Alene Mines Corporation) entered into a joint venture to explore and develop the project. Further drilling expanded and upgraded the known gold zone, which remains open in three directions and to depth. Three holes bottomed in over 3-gram material. Gold Port plans to further define and enhance the known high-grade core, and define the limits of mineralization at the property with the upcoming drill program.
Five Stars Property
This project is located in the northwest portion of Guyana, near the Venezuelan border, approximately 200 air miles from Georgetown. Significant exploration work has been performed at the property by several other entities, which produced the largest nugget of gold in Guyana's history at 236 ounces! That is a very large nugget! Mining activity continues in this area with approximately 85 miners and six suction dredges which use gravity recovery for gold production.
Recently, the Government of Guyana granted Strata Gold Corp, and Newmont Mining the million acre Barama Recee Reconnaissance permit, which completely surrounds the Five Stars Project. Gold Port will commence soil sampling, geological mapping, rock sampling, and trenching on the property to determine the most promising targets for drilling.
With three such advanced stage gold projects and the financial support by the government of Guyana on Five Stars, Gold Port has put together a great package for early stage investors.
Gold Port Resources Ltd.
Recent Price: C$0.55 on the TSX Venture Exchange: GPO
and $0.42 on the American Ticker Symbol: GPOFF.PK
Shares Outstanding: 15,057,663
Warrants: 5,496,373
Phone: 1- 604-684-1782
www.resourceexploration.com
info@resourceexploration.com
