LIMA, Peru, June 24, 2011 /PRNewswire/ -- Portage Resources
Inc. ("Portage" or the "Company") (POTG-OTCQB) is pleased to
report positive due diligence results on the Wukakuy Properties.
These results forward Portage's intent to acquire the Wukakuy
properties.
The results were based on a N43-101 report prepared by a P.
Geologist under the definition of "qualified person' set out in
National Instrument N43-101, further geological reporting and
favorable community relations.
Summary of N43-101 report:
The exploration targets on the Wukakuy Property are a series of
stratabound zones of Ag-Pb-Zn mineralization hosted in
Carboniferous to Permian-aged carbonate and clastic sediments. This
property lies immediately north of the Mina Cecilia, a past
Ag-Pb-Zn producer from the same host rocks.
The Wukakuy Property is comprised of two mining concessions
named "Wukakuy " and "Wukakuy Uno" totaling 600 hectares located in
the Putina District, Department of Puno, southeastern Peru. The property is 110 kilometers
north-northeast of the city of Juliaca.
The primary exploration target is the Bonanza Cuerpo, a zone
measuring 100 x 250 meters defined by abundant gossan outcrop with
indications of an additional 150m of strike length. The surface
expression of the gossan suggests that it is a concordant body
within the surrounding host carbonates. Samples from the gossan
yield highly anomalous values of Pb-Zn (0.15 -0.99% Pb; 0.12 -2.4%
Zn) with locally anomalous values of Ag (maximum of 7.8 oz/t Ag).
These values from gossan are highly prospective indicators for a
massive sulfide body at depth. Mineralized sandstone breccia
outcrop further along strike suggests that this zone may extend
more than 400m in strike length. This zone is open on either
end.
The second target is a smaller manto exposed 1,300 meters
northeast of, and parallel to, the Bonanza Cuerpo. Full width of
this manto is not exposed in trench cuts. A channel chip sample was
taken across 1 meter of exposed manto that returned 5 oz/t Ag, 1.3%
Pb, 1.9% Zn. A sample from a gossan outcrop 200m north of this
trench cut exposure ran 0.3 oz/t Ag, 4.8% Zn and no Pb.
The property warrants a thorough exploration program given its
favorable geology, surface geochemical anomalies, and location near
significant stratabound Ag-Pb-Zn mineralization in the
district.
Further geological reporting and subsequent estimates have been
given by respected a Peruvian geologist and his reviews of the
N43-101 and other geological reports have been used to produce a
fair estimate of the reserve potential for the Wukakuy
properties.
Wuakakuy – Bonanza 50,040,000.00 Oz Ag / MTS
Wuakakuy - Caprichosa Manto 8,188,128.00 Oz Ag /
MTS
Based on today's silver prices of approx. $35/Oz, the above estimates have a potential
value in excess of $2,000,000,000
($2 Billion).
The community leadership is vital to any project; Portage has
consulted with the community leaders during this due diligence
phase and will appoint a community relations leader for this
project upon acquisition.
About Portage Resources Inc.
Portage Resources Inc. is focused on the exploration and
production of precious and base metals in Peru. Portage Resources Inc plans to
recognize, and acquire near-term production mining properties.
The Portage Resources Inc seasoned and experienced Peruvian
management team will research, review and prove any reserves for
the purpose of production.
Symbol: OTCQB – POTG
CAUTIONARY NOTE: Our mineral properties have reports that
may use terms which are recognized and permitted under Canadian
regulations. We advise U.S. investors that while such terms are
recognized and permitted under Canadian regulations, the U.S.
Securities and Exchange Commission does not recognize them. The
United States Securities and Exchange Commission requires a final
or full Feasibility Study to be completed in order to support
either Proven or Probable Reserves and does not recognize other
classifications of mineralized deposits.
FORWARD-LOOKING STATEMENTS: "Safe Harbor" Statement under
the Private Securities Litigation Reform Act of 1995: Statements
relating to the company's business activities and other statements
in this press release are forward-looking statements within the
meaning of the Securities Litigation Reform Act of 1995. Such
statements are based on current expectations about the Company's
business. Words such as expects, anticipates, intends, plans,
believes, estimates and similar words and expressions are intended
to identify such forward-looking statements. These statements
involve risks that are difficult to evaluate. Actual results can
vary from descriptions herein due to many factors including changes
in metal prices and business conditions; changes in laws and
regulations; problems encountered in exploration and obtaining
permits; changes in the competitive environment; technological
advances; shortages of skilled workers, drill rigs and equipment;
the need for additional capital and other risks listed in the
Company's Securities and Exchange Commission filings under "risk
factors" and elsewhere. Forward-looking statements speak only as of
the date they were made. The Company does not undertake any
obligation to update forward-looking statements.
Paul Luna
00 511 7335100
info@portageresourcesinc.com
SOURCE Portage Resources Inc.