VANCOUVER, British Columbia, Feb. 15, 2022 (GLOBE NEWSWIRE) -- Great Atlantic Resources (TSXV:GR) (FSE:PH02) announced results from the third hole of its 2021 diamond drill program at its Golden Promise Gold Property. The company’s 100% owned Golden Promise Property is one of the company’s eight properties, which cover a total area of 25,700 hectares within the central Newfoundland gold belt. The Golden Promise Property, located within the Exploits Subzone of the Newfoundland Dunnage Zone, is within a region of recent significant gold discoveries.
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Today’s results from hole GP21-151, completed at the Jaclyn Main Zone, intersected multiple near-surface gold-bearing intervals, including a quartz veined interval with high-grade gold, returning 56.8 g/t gold over a 0.75 metre core length. The gold assays confirm multiple gold bearing intervals including three drill core samples exceeding 5 g/t gold of which one 0.40 meters core length quartz vein sample with visible gold returned 101.4 g/t gold.
GP-21-151, a definition drill hole and the third hole of the 2021 8-hole drilling program at the Jaclyn Zone, was drilled within the west region of the Jaclyn Main Zone in an area of high-grade quartz veins as intersected by Great Atlantic during the 2019 and 2021 drilling programs. It was drilled between two 2019 drill holes, GP-19-142B and GP-19-144, of which GP-19-144 intersected high-grade gold in a quartz vein returning 61.35 g/t Au over a 2.04 metre core length.
The first two holes of the 2021 drill program both intersected high-grade gold in quartz zones with GP-21-149 returning 238.4 g/t gold over 0.40 metres, and GP-21-150 returning 20.13 g/t gold over 0.50 metres and 75.58 g/t gold over 0.35 metres.
The company confirmed high-grade gold at the Jaclyn Main Zone during initial 2019 drilling, including near surface intercepts of 113.07 grams per tonne gold over 0.55 meters, 61.35 grams per tonne gold over 2.04 meters and 15.8 grams per tonne over 2.70 meters plus an interval of multiple gold bearing veins in GP-19-140 averaging 2.30 grams per tonne gold over 25.25 meters.
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 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.
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 other 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 $0.22. For more information, please visit the company’s website www.GreatAtlanticResources.com, contact Christopher R. Anderson, President & CEO, at 604-488-3900 or email office@GreatAtlanticResources.com. For Investor Relations contact Andrew Job at 416-628-1560 or IR@GreatAtlanticResources.com.
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