VANCOUVER, British Columbia, May 17, 2022 (GLOBE NEWSWIRE) -- Great Atlantic Resources (TSXV:GR) (FSE:PH02) releases gold assays for drill core samples from the fifth drill hole of the 2021 drill program at its Golden Promise Gold Property in Central Newfoundland. 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.
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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, with additional drilling planned during 2022. Hole GP21-153, drilled at the Jaclyn Main Zone, located in the northern region of the property, intersected near-surface gold bearing quartz veins with visible gold.
Intercepts include 57.1 g/t gold over 0.65 metres of core length and 6.26 g/t gold over 4.65 metres of core length. GP21-153 intersected multiple quartz veins, including veins with high grade gold. A quartz vein intersected between 44.00 and 44.65 metres contained visible gold. A zone of predominantly quartz veining was intersected between 66.90 and 74.49 metres with visible gold in three veins.
The 2021 drilling program consisted of 8 drill holes, totalling 848 metres, at the Jaclyn Zone. Five holes, GP21-149 to 153, were completed at the Jaclyn Main Zone, while 3 holes, GP21-154 to 156, were completed at the Jaclyn North Zone.
The objective of drilling at the Main Zone was to further define the zone and provide information for an updated resource estimate. The objective of drilling at the North Zone was to further test the gold bearing quartz vein system along the projected strike east of historic drilling.
At the Main Zone, the company recently reported hole GP21-149 with 238.4 g/t gold over 0.40 metres, including visible gold, hole GP21-150 with 20.13 g/t gold over 0.50 metres and 75.58 g/t gold over 0.35 metres, including visible gold in both veins, and hole GP21-151 with 56.8 g/t gold over 0.75 metres, also including visible gold. Over at the North Zone, the company previously reported hole GP21-156 with 30.6 g/t gold over 0.41 metres, including visible gold.
During the last quarter of 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.
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 $0.16. 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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