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Great Atlantic Completes First Two Holes of 2019 Diamond Drilling Program at Its Golden Promise Gold Property Central Newfoundland

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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.

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Additional Information:

Company: Great Atlantic Resources
Website: http://www.GreatAtlanticResources.com
Stock Symbol: TSXV: GR
Date Published: Oct 29, 2019
Transcript: Available

Video Transcript:

I’m Megan Edwards for Investmentpitch Media

Great Atlantic Resources has completed the first two holes of the 2019 Phase 1 diamond drill program at its 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.

Diamond drilling is being conducted at the Jaclyn Zone, which hosts multiple gold-bearing quartz vein systems.

The first two holes of the program, GP-19-137 and GP-19-138, tested the west half of the Jaclyn Main Zone, within the conceptual pit-constrained area.

The hole numbering system is consistent with and continuing from that used by previous explorers.

Both holes intersected quartz veins with plus / minus sulfide mineralization.

The company has a drill permit which allows for up to 24 drill holes in the northern half of the property at the gold-bearing Jaclyn Zone.

The Phase 1 drilling program will be a minimum of 1,000 meters and is expected to test the west half of the Jaclyn Main Zone and test the deeper region of the zone to expand the resource.

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 to 2010 and a bulk sample program during 2010.

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 company confirmed gold bearing quartz vein bedrock and/or float at the Jaclyn North Zone during 2017 trenching.

Some holes will test along the projected strike east of Jaclyn North Zone in an area of high-grade quartz boulders discovered during trenching in 2017, which returned samples of 78, 163, 208 and 332 grams per tonne gold.

The company reported a NI 43-101 Mineral Resource Estimate for the Jaclyn Main Zone in late 2018.

Using a weighted average cutoff of 1.1 grams per tonne resulted in a total Inferred Resource of 106,400 ounces capped and 119,900 ounces upcapped.

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

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

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

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.

Readers 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 shares are trading at $0.475, and with only 6.2 million shares outstanding, Great Atlantic is capitalized at approximately $3 million

For more information, please visit the company’s website www.GreatAtlanticResources.com, contact Christopher Anderson, President & CEO, at 604-488-3900 or email office@GreatAtlanticResources.com.

I’m Megan Edwards for Investmentpitch Media