Gold Port Initiates Metallurgical Test Program

VANCOUVER, BC, Jan. 19, 2023 /CNW/ -- Gold Port Corporation (CSE: GPO) (OTCQB: GPOTF) (the "Company") has initiated a metallurgical test program regarding the Groete Gold Project, located in Guyana, SA.  The Company has arranged with P&E Mining Consultants Inc. of Brampton, Ontario, Canada, to provide Qualified Person supervision for updated leach test work on Groete Gold Project drill core.  Test work will be performed by SGS Laboratories of Lakefield, Ontario, Canada.  A site visit has been completed and 100 kilograms of drill core has been acquired for testing at SGS.

Recent developments in leaching reagents may offer an alternative to cyanide leaching or grind and float recovery methods.  The Company will provide further information upon completion of the vendor selection process for alternative reagents.

The Company is well funded to continue its evaluation of the Groete Gold Copper Project located in Guyana.  The Project was last explored in 2012, which included a drill program that allowed the calculation of an Inferred Mineral Resource of 1.57 million gold copper equivalent ounces within 74 million tonnes, at a grade of 0.66 grams per tonne gold equivalent.  A cutoff grade of 0.25 gold equivalent grams per tonne, a gold price of US$1,275 per ounce and copper price of US$3.00 per pound was used in the calculation of the Inferred Mineral Resource.  Details of the Mineral Resource are contained in a National Instrument 43-101 report titled, Technical Report and Updated Mineral Resource Estimate on the Groete Gold Copper Deposit, Groete Property, Guyana, South America by P&E Mining Consultants Inc., dated April 16, 2019, available on SEDAR and the Company website at www.goldportcorporation.com

On behalf of the Board of Directors

Adrian F. C. Hobkirk
President, CEO and Director

T: 954-684-8040
E: [email protected]
W: www.goldportcorporation.com

Mr. William Feyerabend, a Consulting Geologist and Qualified Person under National Instrument 43-101, participated in the writing of, and has reviewed and approves of the technical disclosure contained in this press release.

No stock exchange or securities regulatory authority has reviewed or accepted responsibility for the adequacy or accuracy of this release.

This news release contains certain "forward-looking statements" within the meaning of Section 21E of the United States Securities and Exchange Act of 1934, as amended. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements. Forward-looking statements are based upon opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors which could cause actual results to differ materially from those projected in the forward-looking statements. The reader is cautioned not to place undue reliance on forward-looking statements. We seek safe harbor.

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SOURCE Gold Port Corporation