Vancouver, British Columbia–(Newsfile Corp. – September 22, 2021) – Great Atlantic Resources (TSXV: GR) (FSE: PH02) is currently mobilizing a diamond drill to the Otter Brook region of its Golden Promise Gold Property. Otter Brook is located within the company’s 100% owned Golden Promise Property, which is 1 of the company’s 8 properties within the central Newfoundland gold belt, which cover a total area of 25,700 hectares.
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The drilling permit, for up to 12 holes, will test under the Otter Brook gold showing and along its projected strike, with drilling scheduled to begin later this week. Eight of 11 rock samples, from float, subcrop and outcrop, collected by the company during 2020, returned gold values in the 0.719 – 5.758 g/t range, with the highest value coming from an outcrop grab sample.
In 2018, the company reported a NI 43-101 compliant inferred resource estimate of 357,000 tonnes at 10.4 grams per tonne gold for 119,000 ounces uncapped at the nearby the Jaclyn Main Zone. Because part of the vein is near surface, the resource estimate was constrained by a conceptual open pit to demonstrate reasonable prospects of eventual economic extraction. Generic mining costs of US$2.50 per tonne and processing costs of US$25.00 per tonne were used together with a gold price of US$1,300 per ounce. All resources were classified as inferred because of the relatively wide spacing of drill holes through most of the zone.
The Golden Promise Property, located within the Exploits Subzone of the Newfoundland Dunnage Zone, is within a region of recent significant gold discoveries. Within the Exploits Subzone, the property lies along the north-northwestern fringe of the Victoria Lake Supergroup, a volcano-sedimentary terrane. The northwestern margin of the Golden Promise Property occurs proximal to, and, in part, contiguous with a major collisional boundary, and suture zone, known as the RIL, which forms the western boundary of the Exploits Subzone.
Recent significant gold discoveries within the Exploits Subzone include those of Marathon Gold Corp. (at the Valentine Gold Project, Sokoman Minerals Corp. at the Moosehead Gold Project and New Found Gold Corp. at the Queensway Project.
Viewers are warned that mineralization at the Valentine Gold Project, the Moosehead Gold Project, the Queensway Project, and elsewhere within the Exploits Subzone is not necessarily indicative of mineralization on the company’s Golden Promise Property.
Great Atlantic, with a number of properties in the Atlantic provinces, is utilizing a Project Generation model, with a special focus on critical elements which are prominent in Atlantic Canada, such as Antimony, Tungsten and Gold.
The shares are trading at $0.375. For more information, please visit the company’s website www.GreatAtlanticResources.com, contact Christopher R. Anderson, President & CEO, at 604-488-3900 or email [email protected]. For Investor Relations contact Andrew Job at 416-628-1560 or [email protected].
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