VANCOUVER, British Columbia, June 01, 2022 (GLOBE NEWSWIRE) -- Great Atlantic Resources (TSXV:GR) (FSE:PH02) released gold assays for drill core samples from its fall 2021 maiden diamond drilling program at the Otter Brook gold showing, located in the east region of its 100% owned Golden Promise Gold Property. 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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The drilling program at the Otter Brook gold showing consisted of 12 holes totalling 1,651 metres, which tested the Otter Brook gold showing down-dip and along its projected strike. Gold assays have been received for the first 9 holes, OB-21-1 to OB-21-9, with assays pending for the remaining 3 holes. Of note, a 0.48-metre core length sample containing a quartz-carbonate-pyrite vein from drill hole OB-21-7 returned an anomalous value of 0.245 g/t gold. The area immediately south of this hole has not been drilled.
Samples from four holes exceeded 1 g/t gold including 4.95 g/t gold over a 0.50 metre core length in drill hole OB-21-9. Samples from other holes returned anomalous gold values. Based on depths and locations of intersected gold bearing intervals, management is interpreting at least four gold bearing veins/structures at or near this showing.
Great Atlantic collected gold bearing rock samples during 2020 at the Otter Brook gold showing from outcrop, subcrop and float. Eight of 11 rock samples collected during 2020 at this showing returned gold values in the 0.719 – 5.758 g/t range, with one outcrop grab sample returning the highest value of 5.758 g/t gold.
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. The 2021 drilling program consisted of 8 drill holes, totalling 848 metres, at the Jaclyn Zone, with hole GP-21-151 reporting an intercept of 56.9 g/t gold over 0.75 metres of core length. At the Main Zone, the company reported hole GP21-149 with 238.4 g/t gold over 0.40 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 $0.12.
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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