Vancouver, British Columbia--(Newsfile Corp. - May 17, 2019) - Great Atlantic Resources (TSXV: GR) (FSE: PH01) receives diamond drill permit for Golden Promise Gold property in central Newfoundland gold belt. The Golden Promise Property, located within the Exploits Subzone of the Newfoundland Dunnage Zone, lies along the north-northwestern fringe of the Victoria Lake Supergroup, a volcano-sedimentary terrane.
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The northwestern margin of the properties occurs proximal to, and, in part, contiguous with a major (Appalachian-scale) collisional boundary, and suture zone, known as the Red Indian Line, which forms the western boundary of the Exploits Subzone.
The company has also begun its 2019 exploration program on the Golden Promise Property, currently conducting focussed prospecting and geochemical sampling at high priority targets within the property.
The drilling permit allows for up to 24 drill holes in the northern half of the property at the gold-bearing Jaclyn Zone. The majority of planned diamond drill holes at the Golden Promise Property will be in-fill drill holes at the Jacelyn Main Zone to provide data for an up-dated mineral resource estimate, engineering studies and studies of mineralizing controls. Drilling is also planned testing continuation of the Jocelyn North Zone along projected strike.
Gold bearing quartz veins are reported in multiple areas of the property, including at least 5 gold bearing quartz vein systems reported in the Jaclyn Zone. Much of the reported historical exploration within the property has been focused on the Jaclyn Zone with gold bearing vein systems reported at the Jaclyn Main, Jaclyn North, Jaclyn South, Jaclyn East and Jaclyn West Zones.
The majority of historic drilling between 2002 and 2010 was conducted at the Jaclyn Main Zone. Gold bearing veins and gold bearing float are reported in other regions of the property, including the Linda/Snow White vein in the southern region, Shawn's Shot vein in the central region and Branden boulder occurrence in the northern region of the property.
Recent significant gold discoveries in this region include those of Sokoman Iron Corp. (TSXV.SIC) and Marathon Gold Corp. (TSXV.MOZ). During 2018 Sokoman Minerals announced a high-grade gold discovery on its Moosehead Property, located approximately 40 kilometers east-northeast of the Golden Promise Property. Sokoman reported a drill intersection of 45 grams per tonne gold over an 11.9 meter core length including a 1.35 meter core length quartz vein intersection of 386 grams per tonne gold from a discovery made during their 2018 diamond drill program.
The Valentine Lake Gold Camp of Marathon Gold Corp. is located approximately 55 kilometers to the southwest. As reported on Marathon's website, the Valentine Lake Gold Camp currently hosts four near-surface, mainly pit-shell constrained, deposits with measured and indicated resources totalling 2.7 million ounces of gold at 1.85 grams per tonne and inferred resources totalling 1.5 million ounces of gold at 1.77 grams per tonne.
Great Atlantic cautions that mineralization at the Moosehead Property and Valentine Lake Gold Camp is not necessarily indicative of mineralization on the Golden Promise Property.
In December, Great Atlantic filed a NI 43-101 Technical Report, which modelled the Jacelyn Main Zone as a single quartz vein that strikes east-west and dips steeply to the south. For the capped mineral resource estimate, all assays that exceed 65 grams per tonne gold were capped at 65 grams per tonne, with all resources classified as Inferred because of the relatively wide spacing of drill holes through most of the zone.
Based on the combined hypothetical mining and processing costs and the assumed price of gold, 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. Using a weighted average cutoff of 1.1 grams per tonne resulted in a total Inferred Resource of 106,000 ounces capped and 119,900 ounces upcapped.
For more information, please visit the company's website www.greatatlanticresources.com. Investor Relations is handled by Kaye Wynn Consulting Inc. They can be reached at either 604-558-2630 or 888-280-8128, or email firstname.lastname@example.org
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