VANCOUVER, British Columbia, Dec. 06, 2021 (GLOBE NEWSWIRE) — Great Atlantic Resources (TSXV:GR) (FSE:PH02) intersected two high grade gold veins from hole GP-21-150, the second drill hole of the 2021 diamond drilling program at its Golden Promise Gold Property. 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 summer 2021 drilling at the Jaclyn Zone was part of the company’s Phase 2 drilling at this Zone.
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Eight drill holes were completed during the summer drilling, five at the Jaclyn Main Zone and three at the Jaclyn North Zone. The objective of drilling at the Jaclyn Main Zone is to further define the zone and provide information for an updated resource estimate of the Jaclyn Main Zone.
GP-21-150, drilled within the west region of the Jaclyn Main Zone, the second hole of the summer 2021 drilling program, is an in-fill drill hole. It was drilled between two 2019 drill holes, GP-19-138 and 143B, both of which intersected high grade gold mineralization in separate veins. The 111-meter hole was drilled at an approximate 50-degree dip to the northwest, approximately 310 degrees relative to True North, to further confirm and define multiple gold bearing veins in this part of the Jaclyn Main Zone.
The gold assays confirm that two high grade quartz veins were intersected by this hole. A 0.50-meter core length sample, starting at 30.00 meters, contained a quartz vein with visible gold returning 20.13 grams per tonne gold. A 0.35-meter core length sample, starting at 76.20 meters, being part of a quartz vein with visible gold, returned 75.58 grams per tonne gold. Management interprets both veins to be part of the Jaclyn Main Zone vein system.
Sample 518229 which returned 0.66 grams per tonne gold is altered wall rock adjacent to the gold bearing vein in sample 518228. Sample 518243 which returned 0.62 grams per tonne gold contains a narrow, fractured quartz-carbonate vein, less than 2 centimeters true thickness, at a shallow angle to core axis.
Of the first five holes, GP-21-149 to 153, completed during 2021 at the Jaclyn Main Zone, visible gold was intersected in quartz veins in four of these holes. Drill hole GP-21-149, reported on November 9th, intersected a high-grade gold vein with 238.4 grams per tonne gold over a 0.40-meter core length. Assays are pending on 3 holes, with additional drilling planned at the Jaclyn Zone during 2022
In 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. 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.
The company confirmed high-grade gold at the Jaclyn Main Zone during initial 2019 drilling, including near surface intercepts of 113.07 grams per tonne gold over 0.55 meters, 61.35 grams per tonne gold over 2.04 meters and 15.8 grams per tonne over 2.70 meters plus an interval of multiple gold bearing veins in GP-19-140 averaging 2.30 grams per tonne gold over 25.25 meters.
The Golden Promise Property, located within the Exploits Subzone of the Newfoundland Dunnage Zone, is within a region of recent significant gold discoveries. Within the Exploits Subzone, the property lies along the north-northwestern fringe of the Victoria Lake Supergroup, a volcano-sedimentary terrane. The northwestern margin of the Golden Promise Property occurs proximal to, and, in part, contiguous with a major collisional boundary, and suture zone, known as the RIL, which forms the western boundary of the Exploits Subzone.
Recent significant gold discoveries within the Exploits Subzone include those of Marathon Gold Corp. (TSX.MOZ) at the Valentine Gold Project, Sokoman Minerals Corp. (TSXV.SIC) at the Moosehead Gold Project and New Found Gold Corp. (TSXV.NFG) at the Queensway Project. Viewers are warned 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 $0.26. For more information, please visit the company’s website www.GreatAtlanticResources.com, contact Christopher R. Anderson, President & CEO, at 604-488-3900 or email [email protected]. For Investor Relations contact Andrew Job at 416-628-1560 or [email protected].
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