Grande Portage Resources Signs Letter of Intent with Goldbelt, Juneau’s Alaska Native Corporation

VANCOUVER, BC / ACCESSWIRE / September 10, 2024 / Grande Portage Resources Ltd. (TSXV:GPG)(OTCQB:GPTRF)(FSE:GPB) ("Grande Portage" or the "Company") is pleased to announce that it has signed a Letter of Intent ("LOI") with Goldbelt, Incorporated ("Goldbelt") to explore the potential development of an ore terminal at Goldbelt's Cascade Point site in SE Alaska, approximately 33 miles (53 km) northwest of the city of Juneau.

As previously announced on September 9^th 2024, the Company's Conceptual Mining Plan evaluates the development of the New Amalga gold mine as a selective underground mining operation which would extract high-grade material with minimal dilution. Due to the project's location near tidewater and less than 4 miles (6.5km) from existing paved highway, the Company considers off-site processing to be the most favourable configuration and is investigating numerous business opportunities including strategic partnerships, potential use of third-party facilities around the Pacific Rim, and direct shipment to smelters in East Asia.

Grande Portage has determined that a Direct Shipping Ore (DSO) platform holds the most promise to advance the New Amalga Mine project. In furtherance of that goal, Grande Portage and Goldbelt have signed a letter of intent to explore the potential development of an ore terminal at the Cascade Point site.

Cascade Point is located approximately 15 miles (24 km) from the New Amalga Mine project and is accessible via Glacier Highway, an existing state-maintained roadway. The design for the ore terminal will be integrated with Goldbelt's planning for a future Alaska Marine Highway System ferry terminal at the site, such that the location can accommodate both functions in separate areas, with flexibility for the two projects to be built either concurrently or sequentially.

Ian Klassen, President and CEO comments: "We are exceptionally pleased to partner with Goldbelt for planning the development of an ore terminal at their property. This is a key step towards implementing our DSO strategy, enabling ore processing and tailings storage to take place offsite while keeping the New Amalga Mine facilities to an extremely small footprint. We will be integrating lessons learned from other nearby export terminals, such as those at Skagway, to ensure that the design and operation of the facility adheres to the highest level of environmental protection. In addition to the benefits for Goldbelt shareholders, future development of the Cascade Point ore terminal and the New Amalga Mine would create hundreds of new job opportunities for the residents of Juneau and surrounding communities."