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Great Atlantic reports near surface high grade gold in quartz vein of 30.6 g/t gold over 0.41 metres at Golden Promise in Newfoundland

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Great Atlantic reports near surface high grade gold in quartz vein of 30.6 g/t gold over 0.41 metres at Golden Promise in Newfoundland. 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. Great Atlantic currently has a drilling permit for 33 holes at the Jaclyn Main Zone and Jaclyn North Zone which expires on August 16th, 2022.

Additional Information:

Company: Great Atlantic Resources
Website: https://greatatlanticresources.com/
Stock Symbol: TSXV:GR
Date Published: Apr 12, 2022
Transcript: Available

Video Transcript:

Great Atlantic Resources (TSXV:GR) (FSE:PH02) releases addition results from its 2021 drill program at its Golden Promise Gold Property in Central Newfoundland.

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.

Great Atlantic currently has a drilling permit for 33 holes at the Jaclyn Main Zone and Jaclyn North Zone which expires on August 16th, 2022.

The company has received the remaining gold assays for hole GP-21-151, which was previously released on February 14th along with holes GP-21-152, GP-21-154 to 156, with results from hole GP-21-153 pending.

Drill hole GP-21-151 was a definition hole within the western area of the Jaclyn Main Zone.

Drill core gold assays confirm multiple gold bearing intervals in this hole.

The recent gold assays include a 0.60-metre core length sample returning 4.02 g/t gold.

The company previously reported gold assays for initial drill samples from this hole including three drill core samples exceeding 5 g/t gold of which one 0.40-metre core length quartz vein sample with visible gold returned 101.4 g/t gold.

Significant intercepts (core length) for GP-21-151 are shown here.

Gold assays were also received for drill core samples from drill holes GP-21-154 to GP-21-156, completed at the Jaclyn North Zone.

The holes were drilled east of historic pre-Great Atlantic drill holes to explore along the projected strike of the Jaclyn North Zone.

Drill holes GP-21-154 and GP-21-155 both intersected near-surface quartz veined zones with anomalous gold.

A 0.71-metre core length sample from a quartz veined zone in GP-21-154 returned an anomalous value of 0.142 g/t gold at a depth of approximately 20 metres.

A 0.56-meter core length sample from greywacke with quartz veins in GP-21-155 returned an anomalous value of 0.188 g/t gold at a depth of approximately 46 metres.

Gold assays from drill hole GP-21-156 confirm near-surface anomalous and high-grade gold.

A 0.41-metre core length sample from a quartz vein with visible gold returned a high-grade assay of 30.6 g/t gold at a depth of approximately 22 metres.

Drill hole GP-21-156 was collared within a zone of abundant quartz vein float of which previous Great Atlantic float samples returned high grade gold values including four boulder samples exceeding 100 g/t gold.

A total of 6 holes from 2020 and 2021 extended the Jaclyn North Zone quartz vein system approximately 260 metres further east along strike.

The three 2020 drill holes in this area of the JNZ intersected gold bearing quartz veins including the following samples:

GP-20-146: 1.37 g/t gold over 0.35 metres
GP-20-147: 1.28 g/t gold over 0.87 metres
GP-20-148: 3.88 g/t gold over 0.37 metres.

Drill hole GP-20-148 was also drilled within the zone of gold bearing quartz vein boulders.

Gold assays were previously received for core samples from GP-21-149 and 150, both intersecting high-grade gold in quartz veins at the Jaclyn Main Zone.

Intercepts (core length) for both holes include:
GP-21-149: 238.4 g/t gold over 0.40 metres, including visible gold.

GP-21-150: 20.13 g/t gold over 0.50 metres and 75.58 g/t gold over 0.35 metres, including visible gold in both veins.

During the last quarter of 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.

The Golden Promise Property, located within the Exploits Subzone of the Newfoundland Dunnage Zone, is within a region of recent significant gold discoveries.

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.

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 $0.23.

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.

For Investor Relations contact Andrew Job at 416-628-1560 or IR@GreatAtlanticResources.com.