Grande Portage receives drill permit for New Amalga

Executive Summary

• Grande Portage Resources Ltd. has received approval from the U.S. Forest Service for its 2026 Plan of Operations (drill permit) for the New Amalga gold property in southeastern Alaska.
• The approved program involves up to 4,300 metres of diamond drilling across up to 14 holes, along with geotechnical and hydrogeological characterization work to support environmental reviews and mine development planning.
• Drilling is scheduled to commence in late June, with the scope of work to be awarded to contractors in the coming weeks.

Key Details

• Permit Approval: Received letter of approval for the 2026 Plan of Operations (drill permit) from the U.S. Forest Service.
• Drilling Scope: Up to 4,300 metres of diamond drilling from up to 14 drill holes.
• Additional Fieldwork: Installation of instrumentation, surface mapping, and trench sampling.
• Geotechnical/Hydrogeological Work:
  • Detailed geotechnical logging to define rock conditions for underground infrastructure.
  • Installation of piezometers in select drill holes to measure groundwater levels and pressures.
  • Packer testing to determine hydraulic conductivity/permeability of rock structures.
• Timeline: Scope of work to be awarded in the coming weeks; drilling expected to begin in late June.
• Resource Data (Effective July 17, 2024):
  • Indicated Gold: 1,438,500 oz at 9.47 g/t Au (4,726,000 tonnes).
  • Inferred Gold: 515,700 oz at 8.85 g/t Au (1,813,000 tonnes).
  • Indicated Silver: 891,600 oz at 5.86 g/t Ag (4,726,000 tonnes).
  • Inferred Silver: 390,600 oz at 7.33 g/t Ag (1,813,000 tonnes).
• Project Strategy: Small-footprint underground mining with third-party off-site processing, eliminating the need for an on-site mill or tailings storage facility.
• LOI: Signed with Goldbelt Inc. for the development of an ore export terminal at Cascade Point, located 22 km from the project site.
• PEA Status: National Instrument 43-101 Preliminary Economic Assessment is in progress, expected completion in Q1 2026.

Notable Quotes

• "The U.S. Forest Service's approval of the 2026 drill plan marks an important advancement for the New Amalga project as it moves beyond solely exploration and into the development planning phase. The upcoming drilling program will generate key geotechnical and hydrogeological data sets required for engineering analysis and environmental evaluation. These activities are fundamental to progressing the project through regulatory review and toward mine development." — Ian Klassen, President and CEO