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Great Atlantic summarizes drill results for Golden Promise Gold property in Central Newfoundland

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Great Atlantic Resources has summarized results of its 2019 Phase 1 diamond drilling program at its Golden Promise Gold Property, located within the central Newfoundland gold belt. The drilling program was conducted at the Jaclyn Main Zone, a gold bearing quartz vein system which is part of the Jaclyn Zone.

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Company: Great Atlantic Resources
Website: http://www.GreatAtlanticResources.com
Stock Symbol: TSXV: GR
Date Published: Feb 26, 2020
Transcript: Available

Video Transcript:

I’m Cassandra Bolinski for Investmentpitch Media

Great Atlantic Resources has summarized results of its 2019 Phase 1 diamond drilling program at its Golden Promise Gold Property, located within the central Newfoundland gold belt.

The drilling program was conducted at the Jaclyn Main Zone, a gold bearing quartz vein system which is part of the Jaclyn Zone.

The program, totaling 1,063 meters, consisted of 10 holes, including one hole stopped prematurely.

All nine holes were drilled to the planned depths intersecting quartz veins with plus / minus sulfide mineralization and successfully intersected gold bearing quartz veins within the Jaclyn Main Zone, most being near surface within 100 meters vertical depth.

Nine holes tested the west region of the Jaclyn Main Zone within the conceptual open pit area, with hole GP19-141 testing the central and deeper part of the Jaclyn Main Zone.

Visible gold is present within quartz veins intersected in 4 holes, with core samples from seven holes exceeding 10 grams per tonne gold.

Significant near surface gold intersections include
12.37 grams per tonne over 1.90 meters
113.07 grams per tonne over 0.55 meters.
15.80 grams per tonne over 2.70 meters.
2.30 grams per tonne over 25.25 meters (including 5 gold bearing veins)
61.35 grams per tonne over 2.04 meters.
And 14.49 grams per tonne over 1.52 meters.

The lengths reported in the table are core interval lengths and not true widths.

The hole numbering system used for the Phase 1 drilling program was consistent with and continued from that used by previous explorers.

David Martin, VP Exploration, stated: “Drill holes GP19-138 and GP19-143 intersected two gold bearing quartz veins with samples exceeding 10 g/t gold. Drill hole GP-19-140 intersected five gold-bearing quartz veins with samples from three veins exceeding 10 g/t gold. The existence of multiple gold bearing veins in some drill holes, such as GP19-140, establishes the potential for local increased width and potential additional gold-bearing structures in this near-surface part of the JMZ."

Five gold bearing quartz vein systems are reported at the Jaclyn Zone, being the Jaclyn Main Zone, Jaclyn North Zone, Jaclyn West Zone, Jaclyn South Zone and Jaclyn East Zone.

The Jaclyn Zone is located within the northern region of the Golden Promise Property and has been the focus of multiple diamond drilling programs during 2002-2010 and a bulk sample program at the Jaclyn Main Zone during 2010.

The majority of the historic drilling was conducted at the Jaclyn Main Zone, which provided the information for the NI 43-101 Gold Resource Estimate filed in December 2018.

Based on the combined hypothetical mining and processing costs and the assumed price of gold, US$1,300 at that time, a pit-constrained cutoff grade of 0.6 grams per tonne was adopted.

For the underground portion of the resource a cutoff of 1.5 grams per tonne was assumed.

The cutoff grade for the total resource is the weighted average of the pit-constrained and underground cutoff grades, resulting in a total Inferred Resource of 106,400 ounces capped and 119,900 ounces uncapped, using a weighted average cutoff of 1.1 grams per tonne.

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.

All resources were classified as inferred because of the relatively wide spacing of drill holes through most of the zone.

The property is located within the Exploits Subzone of the Newfoundland Dunnage Zone.

Within the Exploits Subzone, the property lies along the north-northwestern fringe of the Victoria Lake Supergroup (VLSG), a volcano-sedimentary terrane.

The northwestern margin of the Golden Promise Property occurs proximal to, and, in part, contiguous with a major (Appalachian-scale) collisional boundary, and suture zone, known as the Red Indian Line.

The Red Indian Line forms the western boundary of the Exploits Subzone.

The Golden Promise Gold Property hosts multiple gold bearing quartz veins and is located within a region of recent significant gold discoveries.

Recent significant gold discoveries in this region of the Exploits Subzone include those of Sokoman Minerals Corp. (TSXV.SIC) at the Moosehead Gold Project 40 kilometers to the east, and Marathon Gold Corp. (TSXV.MOZ) at the Valentine Lake Gold Camp 55 kilometers to the southwest.

Viewers are warned that mineralization at the Moosehead Property and Valentine Lake Gold Camp is not necessarily indicative of mineralization on the Golden Promise Property.

The Golden Promise Gold Property, located in the central Newfoundland gold belt, is just one of many projects in the company’s portfolio of properties in the Atlantic provinces.

The shares are trading at $0.73.

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.

I’m Cassandra Bolinski for Investmentpitch Media