VANCOUVER, British Columbia, Jan. 05, 2023 (GLOBE NEWSWIRE) -- Great Atlantic Resources (TSXV:GR) (FSE:PH02) has received approval for up to 33 drill holes at its Golden Promise Property, located in central Newfoundland, from the Newfoundland and Labrador government. 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 objective of the diamond drill program at the Jaclyn Zone is to increase inferred gold resources at the Jaclyn Main Zone, test a target immediately north of the Jaclyn Main Zone, and define and test continuation of gold bearing veins at the Jaclyn North Zone.
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Great Atlantic intersected high-grade veins at the Jaclyn Main Zone during 2019 to 2021 drilling programs, and in late 2018 reported a NI 43-101 compliant inferred resource estimate of 119,900 ounces of gold (uncapped) from 357,000 tonnes at 10.4 grams per tonne gold. 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. All resources were classified as inferred because of the relatively wide spacing of drill holes through most of the zone.
The drilling approval allows for up to 12 drill holes at the Jaclyn Main Zone, including 4 holes to test the western extension of the Jaclyn Main Zone and 8 holes to test the extension of the Jaclyn Main Zone to the east and down dip. Following completion of this drilling Great Atlantic plans to generate an updated NI 43-101 technical report and resource estimate.
Immediately north of the Jaclyn Main Zone, 5 holes will test for gold bearing quartz veins along an apparent northeast striking structural zone (based on aeromagnetic geophysical data) which connects with the Jaclyn Main Zone. 16 holes are approved at the Jaclyn North Zone, including 6 definition holes in close proximity to previous Great Atlantic drill holes and pre-Great Atlantic historic drill holes.
The remaining 10 holes will test the continuation of the Jaclyn North Zone gold bearing vein system to the east-northeast where previous diamond drilling by Great Atlantic during 2020 and 2021 indicated that the gold bearing vein system was open to the east-northeast.
The two eastern-most drill holes intersected gold bearing veins including 3.88 g/t gold over a 0.37 metre core length in GP-20-148 and 30.6 g/t gold over a 0.41 metre core length in drill hole GP-21-156.
Rock samples collected during 2017 and 2020 near drill holes GP-20-148 and GP-21-156 from multiple gold-bearing quartz boulders yielded high grade gold values including samples returning 157, 162, 208, and 332 g/t gold. These samples are located within a 300-metre long zone of gold-bearing quartz vein boulders.
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. Management cautions 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 $0.055. For more information, please visit the company’s website www.GreatAtlanticResources.com, contact Christopher R. Anderson, President and CEO, at 604-488-3900. For investor relations, call 416-628-1560 or email IR@GreatAtlanticResources.com.
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