Twitter Facebook LinkedIn YouTube

Great Atlantic to start drilling on 100% owned Golden Promise Gold Property in Central Newfoundland

Video Platform Video Management Video Solutions Video Player

Great Atlantic Resources has signed a contract for a Fall 2020 Phase 2 diamond drilling program at its Golden Promise Gold Property with mobilization of the drilling equipment planned for October 26th.

Additional Information:

Company: Great Atlantic Resources
Website: http://www.GreatAtlanticResources.com
Stock Symbol: TSXV: GR
Date Published: Oct 20, 2020
Transcript: Available

Video Transcript:

I’m Megan Edwards for Investmentpitch Media

Great Atlantic Resources has signed a contract for a Fall 2020 Phase 2 diamond drilling program at its Golden Promise Gold Property with mobilization of the drilling equipment planned for October 26th.

The Golden Promise Gold Property, located within the central Newfoundland gold belt, hosts multiple gold bearing quartz veins.

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

Recent significant gold discoveries within the Exploits Subzone include those of Marathon Gold Corp. at the Valentine Gold Project, Sokoman Minerals Corp. at the Moosehead Gold Project and New Found Gold Corp. at the Queensway Project.

Viewers are cautioned that mineralization at these properties is not necessarily indicative of mineralization on the Golden Promise Property.

The company received a permit for 25 drill holes at the Jaclyn Zone which is located within the northern region of the Golden Promise Property.

Approximately half of these holes are planned for the Fall 2020 Phase 2 program for approximately 1,500 meters with the remainder planned for 2021 Phase 3 drilling.

The Jaclyn Zone hosts five gold bearing quartz veins systems, being the Jaclyn Main, Jaclyn North, Jaclyn South, Jaclyn East and Jaclyn West Zones.

The current drill program will include infill drill holes at the Jaclyn Main Zone in an area of multiple gold bearing quartz veins where the company previous reported significant high grade intersections during the company’s 2019 Phase 1 drilling program.

The 2020 drilling program will also include a series of drill holes east of the Jaclyn North Zone along its projected strike including areas where in 2017 Great Atlantic excavated high-grade quartz boulders in trenches east of the Jaclyn North Zone.

Boulder grab sample assays included 163.9, 208.5 and 332.6 grams per tonne gold.

In December 2018, Great Atlantic reported a NI 43-101 mineral resource estimate for the Jaclyn 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.

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 $0.63.

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 Megan Edwards for Investmentpitch Media