Gold Port Twins Historic Drill Hole at Groete Creek Gold Project in

Beacon Rock Research, LLC
March 2, 2012
1
B EACON
R OCK
R ESEARCH
M A R C H 2, 2012
S PECIAL R EPORT
G OLD P ORT R ESOURCES L TD .
(TSX—V: GPO, C$0.10 P E R S H A R E )
www.beaconrockresearch.com
Disclosures 1, 2
5956 N.W. 213th, Portland, Oregon 97229
Mike Niehuser, 503-307-3188
[email protected]
Gold Port Twins Historic Drill Hole at Groete Creek Gold Project in Guyana
Gold Port Resources Ltd. (TSX – V: GPO) reported preliminary drill results from its exploration program at its
Groete Creek Gold Project in Guyana. The results included only three drill holes, one of which was the first of
an anticipated seven holes targeted, to twin drill holes completed by CADMICO and Caribbean Basic Industries Ltd. (a subsidiary of Coeur d’Alene Mines (NYSE: CDE)) as part of a twenty hole drill program completed between 1994 and 1996 to a depth of only 225 meters. Should Gold Port successfully replicate the results from the earlier drill program, investors may have an early appreciation for the exploration potential of
Groete Creek, and Gold Port may have a pathway leading to establishing a resource estimate.
Investors should know that historic resource
estimates should not be relied on except that
they may be relevant for further exploration.
Earlier work at Groete Creek led to the completion of a non-compliant historic report in
December of 1996 of 93.65 million tonnes averaging 0.594 grams per tonne (g/t) gold and
0.11% copper at a 0.10 g/t cutoff. The report
also noted that a similar estimate at a higher
cutoff of 0.34 gpt gold yielded a non-compliant
historic resource of 65.436 million tonnes averaging 0.761 gpt gold and 0.13% copper.
Should Gold Port replicate earlier drill results,
successful drill results should only be considered to substantiate that Groete Creek is prospective for gold exploration.
Gold Port CEO Adrian Hobkirk at historic Drill Hole CG96-13
Source: Gold Port Resources Ltd.
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March 2, 2012
Gold Port completed twin hole TW96-13 which
intersected a 50.3 meter interval from 50.3 meters through 100.6 meters grading 0.560 g/t gold,
compared to the historical drill hole GC96-13
with an average grade of 0.615 g/t gold over 50.3
meters. The adjusted average over drill hole
TW96-13 was 0.276 g/t gold over 238 meters.
We find it interesting to compare the historic
hole to the recent hole; both intersected similar
lengths and grades of gold over intervals from
surface to depth. While clearly this is only the
initial drill hole twinned, it may provide confidence for twinning additional historic drill holes.
Initial Drill Holes Targeted to Twin Historic Drill Holes
Source: Gold Port Resources Ltd.
TW96-13 was sited within three meters of the original location of CG96-13. Gold Port has found seven of the
historic holes from the earlier exploration program that covered a grid of approximately 1,200 meters east to
west and 250 meters north to south. Gold Port has two drill rigs on site and is expecting assays on a second
hole twinned within a month.
Gold Port also completed two other drill holes.
Drill hole GC1-2012 was located 300 meters to the
southwest of hole TW96-13. Not surprisingly, this
hole was located across a fault and did not encounter gold mineralization. Also, Drill hole GC22012 was located 125 meters to the south of CG96
-12 encountering gold mineralization grading
0.363 g/t from the surface to 24 meters and an average of 0.231 g/t gold over the top 75 meters.
Area of Historic Drilling Completed between 1994 and 1996
Source: Gold Port Resources Ltd.
_______________________________________________________________________________________________________________________________________________________________________________
This information is obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed. Copying, faxing, replicating, or quoting from this report without permission is in direct violation
of copyright laws. Beacon Rock Research employees and affiliates may have positions and effect transactions in the securities or options of the issuers reported herein. Please refer to the company index in the back of
this issue for additional disclosures.
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March 2, 2012
In addition to twinning historic drill holes, Gold Port management appears intent on stepping out to the west to
Groete Creek West and to the east to Georgetown West. Gold Port also reports that current surface workings
by artisanal gold miners cover this multi-kilometer strike length of the Groete Creek Gold Project. Except for
Drill hole GC1-2012, the gold mineralized zone appears open in all directions and at depth.
The Groete Creek Gold Project in Guyana is about
60 kilometers southwest of Georgetown, the capital of Guyana. The project is close to the city of
Bartica, with a population of about 15,000, and is
available by road from Manaka.
Gold Port is early in its exploration program at its
Groete Creek Gold Project. It appears that Gold
Port was successful in twinning historic drill hole
CG96-13. This hole was drilled during a period
of significantly lower gold prices. At that time
the scope of the project did not encompass Groete
Creek West or Georgetown West. Investors interested in Gold Port’s Groete Creek Gold Project
should pay attention to drill results from twinning
historic holes and programs stepping out to the
east and the west. We believe that Gold Port has
the potential to build a significant gold resource at
Groete Creek.
Area of Historic Drilling Completed between 1994 and 1996
Source: Gold Port Resources Ltd.
Groete Creek Geology Map
Source: Gold Port Resources Ltd.
Gold Port has 110.6 million shares outstanding, 9.6 million options, 58.3 million warrants, and 178.4 million shares fully diluted. As of September 30, 2012, Gold Port had $2.7 million in cash and $2.6 million
in working capital. Options and warrants have an exercise price from $0.10 to $0.17 per share from 2012
to 2016. Gold Port may be adequately funded to maintain its exploration program at the Groete Creek
Gold Project until the exercising or expiration of options and warrants expiring in 2012. Gold Port does
not have revenues or income and will need to issue shares or liquidate assets to complete exploration
commensurate with the potential of the Groete Creek Gold Project.
_______________________________________________________________________________________________________________________________________________________________________________
This information is obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed. Copying, faxing, replicating, or quoting from this report without permission is in direct violation
of copyright laws. Beacon Rock Research employees and affiliates may have positions and effect transactions in the securities or options of the issuers reported herein. Please refer to the company index in the back of
this issue for additional disclosures.
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March 2, 2012
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This information is obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed. Copying, faxing, replicating, or quoting from this report without permission is in direct violation
of copyright laws. Beacon Rock Research employees and affiliates may have positions and effect transactions in the securities or options of the issuers reported herein. Please refer to the company index in the back of
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