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Great Atlantic Resources has submitted its application for Phase 2 drilling at its Golden Promise Gold Property

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Drilling is planned at the Jaclyn Zone, specifically the Jaclyn Main Zone and along projected strike east of the Jaclyn North Zone including areas of high-grade quartz boulders excavated in 2017 which assayed at 163.9, 208.5 and 332.6 grams per tonne gold.

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Additional Information:

Company: Great Atlantic Resources
Website: http:// www.GreatAtlanticResources.com
Stock Symbol: TSXV: GR
Date Published: May 21, 2020
Transcript: Available

Video Transcript:

I’m Fiona Forbes for Investmentpitch Media

Great Atlantic Resources has submitted its application for Phase 2 drilling at its Golden Promise Gold Property.

The Golden Promise Property and nearby Southwest Golden Property are located within the central Newfoundland gold belt.

The Jaclyn Zone is located within the northern region of the Golden Promise Property and hosts five gold bearing quartz veins systems, being the Jaclyn Main, Jaclyn North, Jaclyn South, Jaclyn East and Jaclyn West Zones.

Drilling is planned at the Jaclyn Zone, specifically the Jaclyn Main Zone and along projected strike east of the Jaclyn North Zone including areas of high-grade quartz boulders excavated in 2017 which assayed at 163.9, 208.5 and 332.6 grams per tonne gold.

The Phase 2 drilling application will include in-fill drill holes at the Jaclyn Main Zone, including in the west area within the conceptual open pit area, where 10 holes totalling 1,063 meters were completed in the 2019 Phase 1 program.

Highlights of near surface gold intersections from the 2019 program include:

Hole 137, with 12.37 grams per tonne gold over 1.90 meters
Hole 138, with 113.07 grams per tonne gold over 0.55 meters
Hole 139, with 15.80 grams per tonne gold over 2.70 meters
Hole 140, with 2.30 grams per tonne gold over 25.25 meters, includes 5 gold bearing veins
Hole 144, with 61.35 grams per tonne gold over 2.04 meters, and
Hole 145, with 14.49 grams per tonne gold over 1.52 meters.

In December 2018, Great Atlantic reported a NI 43-101 mineral resource estimate for the Jacelyn Main Zone

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 company has received a permit for soil geochemical and ground geophysical surveys at Gold Anomaly 1 in the southwest region of the property, approximately 4 kilometers northeast of the Linda/Snow White gold bearing quartz system, where in 2018, the company discovered soil geochemical anomalies up to 77 parts per billion gold.

The results will be used to identify sites for trenching and diamond drilling.

Both the Golden Promise and Southwest Golden Promise properties are 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. at the Moosehead Gold Project 40 kilometers to the east, and Marathon Gold Corp. 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.

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 $0.48.

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 Fiona Forbes for Investmentpitch Media