VANCOUVER, British Columbia, Sept. 22, 2022 (GLOBE NEWSWIRE) -- Great Atlantic Resources (TSXV:GR) (FSE:PH02) is currently conducting gold exploration consisting of prospecting and rock geochemical sampling at six properties in central Newfoundland, located within the Exploits Subzone of the Newfoundland Dunnage Zone.
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Management has identified target areas within these six properties based on its previous work, along with information about reported mineral occurrences and/or Assessment Reports on file with the Newfoundland and Labrador Department of Industry, Energy and Technology. Anomalous gold in soil and/or rock samples have been reported within and adjacent to these 6 mineral properties, which are either adjacent to or in close proximity to the company’s flagship Golden Promise Gold Property.
The company also recently announced an exploration program further southwest of these properties at its 2,400-hectare Golden Trust Property, located 1.5 kilometers north of Marathon Gold’s Valentine Gold Project, and approximately 44 kilometers southwest of the company’s Golden Promise Property. In total, the eight properties cover an area of 25,700 hectares within the central Newfoundland gold belt.
At the Southwest Golden Promise Property, which consists of two licences covering 1,750 hectares, initial 2019 prospecting by Great Atlantic located gold bearing quartz vein rubble, a possible subcrop.
A sample from multiple pieces of quartz vein rubble at one location returned 3.14 g/t gold identifying a target area.
The 1,525-hectare Lynx Property covers the area of a reported high-grade gold bearing rock sample, reported gold soil geochemical anomalies and a reported pyrite-gold mineral occurrence, with the Lynx Pond pyrite-gold mineral occurrence reported in the southern region of the property. Historic highlights include a 2004 quartz float sample from the central region of the property reported to return 17 g/t gold, 52 g/t silver, 1.74% copper and >1% antimony.
The 500-hectare Coronation Property covers reported gold soil geochemical anomalies and two reported gold-silver-molybdenum-copper mineral occurrences, the Coronation Lake South #1 and Coronation Lake South #2. Historic highlights include a 1975 diamond drill hole reported to intersect 0.025 ounces per ton gold over a 3 foot core length and a 1975 float sample reported to return 0.65% copper, 0.25% molybdenum and 0.015 ounces per ton gold. Three 2005 soil samples were reported to return highly anomalous values of 0.43 parts per million gold, 0.152 ppm gold and 0.112 ppm gold.
The 1,125-hectare East Golden Promise Property covers areas of reported gold bearing rock samples, including two float samples reported to return 0.40 and 0.41 g/t gold in 2005.
The 1,425-hectare West Golden Promise Property is adjacent to an area where in 2005 a soil sample collected within 100 meters of the east boundary of the property was reported to return a highly anomalous value of 0.559 ppm gold.
The 450-hectare South Golden Promise Property is adjacent to the Golden Promise Property, approximately 113 meters south of where a 2008 soil sample on the company’s Golden Promise Property was reported to return a highly anomalous value of 0.388 ppm gold.
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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