Vancouver, British Columbia–(Newsfile Corp. – July 22, 2021) – Great Atlantic Resources (TSXV: GR) (FSE: PH02) has completed the second hole of its 2021 diamond drill program at its Golden Promise Gold property in Central Newfoundland, with visible gold evident in two quartz veins. The 100% owned Golden Promise Property is 1 of the company’s 8 properties, which cover an area of 25,700 hectares, located within the central Newfoundland gold belt. This is a resumption of Phase 2 diamond drilling at the gold bearing Jaclyn Zone, located within the northern region of the Golden Promise Property, which hosts five gold bearing quartz veins systems, being the Jaclyn Main, Jaclyn North, Jaclyn South, Jaclyn East and Jaclyn West Zones.
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The current Phase 2 drilling will include up to 33 drill holes, totalling approximately 5,000 metres, at the gold bearing Jaclyn Zone with holes planned at the Jaclyn Main Zone and Jaclyn North Zone.
Drill hole GP-21-150, a definition hole, was drilled to a length of 111 metres, within the west region of the Jaclyn Main Zone between 2019 drill holes 138 and 143B, both of which had intersected high grade gold mineralization. Multiple quartz veins were intersected in GP-21-150. Visible gold is evident in a 0.30-meter long (core length) quartz vein intersected between 30.18 and 30.48 metres.
Drill core from GP-21-150 is currently being geologically logged and sampled at the company’s secure facility in central Newfoundland prior to being submitted to a certified laboratory for gold assay and multi-element analysis.
Drilling is underway on the third hole GP-21-151, which also a definition hole in the western part of the Jaclyn Main Zone.
The objective of these holes and subsequent holes is to further define the zone and provide information for an updated resource estimate. Most of these holes are planned within the central to west region of the zone, testing above 200 metres vertical depth, with two holes planned in the east part of the Jaclyn Main Zone to test the zone at 200 to 350 metres vertical depth.
Great Atlantic confirmed high-grade gold at the Jaclyn Main Zone during 2019 drilling, including near surface intercepts of 113.07 g/t gold over 0.55 metres and 61.35 g/t gold over 2.04 metres, and 15.8 g/t gold over 2.70 metres, plus an interval of multiple gold bearing veins in one drill hole averaging 2.30 grams per tonne gold over 25.25 metres. The planned drilling at the Jaclyn North Zone will further test the area east of historic drill holes including the area of an approximate 300-metre long zone of gold-bearing quartz vein boulders.
Three drill holes completed by the company during 2020 in this area intersected gold bearing quartz veins and extended the Jaclyn North quartz vein system approximately 260 metres east of historic drilling. The company collected gold bearing quartz boulder samples in this area during 2017, including samples returning 163, 208 and 332 g/t tonne and again in 2020 including samples returning 17.4, 26.7 and 157.6 grams per tonne gold.
The company reported a NI 43-101 compliant inferred resource estimate during late 2018 for the Jaclyn Main Zone of 357,500 tonnes at 10.4 grams per tonne gold for 119,000 ounces uncapped.
The Golden Promise Property is located within a region of recent significant gold discoveries. The property is located within the Exploits Subzone of the Newfoundland Dunnage Zone. Within the Exploits Subzone, the property lies along the north-northwestern fringe of the Victoria Lake Supergroup, a volcano-sedimentary terrane. 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.
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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