Grande Portage Resources Ltd. (CVE:GPG) (PINK:GPTRF) had some very volatile price action over the past two trading sessions, all caused by the company’s report of new gold interceptions.
GPG slipped 15.6% lower after an initial gap up, eliminating nearly all the previous gain. The price action still hasn’t disturbed the uptrend, but the correction of this size is a harbinger of major changes.
The company issued news on Tuesday stating they have intercepted 15.27 meters of 1.084 ounces per ton gold mineralization zone at the Herbert Glacier gold project in Alaska.
Grande currently holds 65% interest in the property and has the right to explore it under an agreement with Quaterra Resources Inc. (TSE:QTA) (NYSE:QMM).
Initial assays from 2011 drill program returned a lot of samples containing gold mineralization of various degrees. Considering all the different lengths and grades of gold the findings show an average gold grade of 0.84 ounce per ton.
11 drill holes are completed on the property to date along with 3 established platforms. The drilling will continue into the fall this year and the company expects to drill another 2000 meters, totaling it to 25 drill holes from 8 platforms, in order to test up to four separate veins.
