Drilling is expected to begin Saturday on the Herbert Glacier Gold prospect near Juneau.
Majority owner Grande Portage Resources says two rigs will drill 60 to 70 holes during the first phase.
An independent estimate, based on drill results of two of four principal veins, shows the project holds more than 245,000 ounces of gold.
The Herbert Glacier Gold project is about 16 miles north of Juneau in the Juneau mining district. Coeur Alaska’s Kensington Gold Mine is about 19 miles south, and Hecla Greens Creek Mine is about 12 miles west.
The company says its exploration over the last two years indicated at least six promising gold bearing vein-fault structures on the property.
In a news release, Grand Portage says it has granted incentive stock options to purchase up to 1,750,000 common shares at an initial price of 15 cents per share for a period of five years from date of issue.
Herbert Glacier is a joint venture between Grande Portage and Quaterra Resources Inc., both based in Vancouver, British Columbia. Grande Portage has 65 percent and Quaterra has 35 percent interest in the Herbert project.
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