VANCOUVER, British Columbia, March 31, 2022 (GLOBE NEWSWIRE) -- Great Atlantic Resources (TSXV:GR) (FSE:PH02) plans for its 2022 diamond drill program at its 100%-owned Golden Promise Gold Property in Central Newfoundland to expand Jaclyn Main Zone. The company’s 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.
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Great Atlantic currently has a drilling permit for 33 holes at the Jaclyn Main Zone and Jaclyn North Zone which expires on August 16th, 2022. Seventeen drill holes are planned for the Jaclyn Main Zone for a total of approximately 4700 meters.
The company plans to drill a minimum of 4 holes in the areas around the western extension of the Jaclyn Main Zone where favourable structural trends strongly suggest a westward continuity of this system of gold veins. A minimum of 8 drill holes are planned to assess the continuity of the Jaclyn Main Zone gold-bearing veins to the east and down dip. The number of drill holes within these targets will be expanded if the results warrant it.
During the last quarter of 2018, the company reported a NI 43-101 compliant inferred resource estimate of 357,000 tonnes at 10.4 g/t gold for 119,000 ounces uncapped at the Jaclyn Main Zone. A value of 65 g/t gold was used as the cap for the mineral resource estimate, meaning any assays greater than 65 g/t gold were capped at 65 g/t gold. Due to the wide spacing of the drill holes, the entire resource was classified as inferred. 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.
During drilling conducted in 2019 Great Atlantic confirmed high-grade gold at the Jaclyn Main Zone, including near surface intercepts of 113.07 g/t gold over 0.55 meters and 61.35 g/t gold over 2.04 meters. Drilling in 2021 returned an intercept of 238.4 g/t gold over 0.40 meters.
Samples collected during 2017 and 2020 in the Jaclyn North Zone from multiple gold-bearing quartz boulders yielded high grade gold values including samples returning 157, 162, 208, and 332 g/t gold, from an area within a 300-meter long zone of gold-bearing quartz vein boulders.
A northeast striking structural zone was delineated using aeromagnetic data that connects with the Jaclyn Main Zone suggesting the potential to host sub-parallel quartz veins. Great Atlantic plans to test this high priority target with 5 drill holes, and if gold mineralization is intersected, further drilling will be warranted. The company’s technical team is confident that the planned drilling will expand the Jaclyn Main Zone and increase the inferred gold resources.
A secondary objective of the 2022 drilling program is to determine if any of the adjacent gold-bearing vein systems in the area surrounding the Jaclyn North Zone can yield results significant enough to warrant more extensive drilling programs in the future.
The Golden Promise Property, located within the Exploits Subzone of the Newfoundland Dunnage Zone, is within a region of recent significant gold discoveries. 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 $0.20. 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.
For more information, please visit the company’s website www.GreatAtlanticResources.com, contact Christopher R. Anderson, President & CEO, at 604-488-3900. For Investor Relations contact Andrew Job at 416-628-1560 or IR@GreatAtlanticResources.com.
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The information in this Investmentpitch Media Ltd video is for the viewers information only. Great Atlantic has paid a fee not exceeding $2,000 in cash to have its current news release produced in video format. The corporate information is based on information that is publicly available. Any information provided by Investmentpitch Media Ltd., through its media services is not to be construed as a recommendation or suggestion or offer to buy or sell securities but is provided solely as an informational media service. Investmentpitch Media Ltd makes no warranties or undertakings as to the accuracy or completeness of this information. All due diligence should be done by the viewer or their financial advisor. Investing in securities is speculative and carries risk.
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