3 days ago
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- The Market Online
This Alaska gold miner may benefit from lower infrastructure costs
Grande Portage Resources (TSXV:GPG) is informing the market of the Alaska Department of Transportation & Public Facilities' advancing infrastructure development at Cascade Point, site of the company's planned ore shipping terminal
Grande Portage is a mineral exploration company active in Alaska's Juneau Gold Belt, which has produced over eight million ounces of gold to date
The junior gold and silver stock has added 5.26 per cent year-over-year but remains down by 16.67 per cent since 2020
Grande Portage Resources (TSXV:GPG) is informing the market of the Alaska Department of Transportation & Public Facilities' (DOT&PF) advancing infrastructure development at Cascade Point, site of the company's planned ore shipping terminal.
The DOT&PF recently began a design-build contracting process for phase 1 of the Cascade Point Passenger Ferry Terminal, which will cost between US$20-$30 million and includes earthworks, site preparation, procurement of materials, construction of a replacement bridge for heavy equipment access and construction of a new access road for year-round use.
Grande Portage's ore terminal – which can be developed independently of and prior to the ferry terminal – may benefit from certain infrastructure, including the access road and bridge, should the terminal proceed first, reducing both time and development costs. Location of the New Amalga gold project and Cascade Point. (Source: Grande Portage Resources)
The ore terminal is anchored by a letter of intent between Grande Portage and Goldbelt, owner of Cascade Point, to jointly advance a facility to transport sorted material from the company's New Amalga gold project to a third-party processor.
New Amalga's 2024 resource estimate came in at almost 2 million ounces of gold and over 1.2 million ounces of silver indicated plus inferred, representing over US$6.6 billion in the ground at the time of writing. Leadership insights
'We are extremely pleased to see the State of Alaska advancing the Cascade Point Passenger Ferry Terminal towards construction,' Ian Klassen, Grande Portage Resources' president and chief executive officer, said in a statement. 'In the future, Grande Portage and Goldbelt intend to further develop the site by adding a freight barge terminal for transportation of ore from the New Amalga gold project to a third-party processing facility. This dual-use of the site will maximize the benefits to the local economy and create long-term job opportunities for the community of Juneau.' About Grande Portage Resources
Grande Portage is a mineral exploration company active in Alaska's Juneau Gold Belt, which has produced over eight million ounces of gold to date.
Grande Portage Resources stock (TSXV:GPG) is unchanged trading at C$0.20 as of 10:00 am ET. The stock has added 5.26 per cent year-over-year but remains down by 16.67 per cent since 2020.
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