Great Atlantic Reports Assays First Two Drill Holes of 2024 Intersects 34.8 G/T Gold over 0.53 Meters and 12.9 G/T Gold over 0.64 Meters at Jaclyn Main Zone, 100% Owned Golden Promise Gold Property - Central Newfoundland
Vancouver, British Columbia--(Newsfile Corp. - November 19, 2024) - GREAT ATLANTIC RESOURCES CORP. (TSXV: GR) (FSE: PH02) (the "Company" or "Great Atlantic") is pleased to announce its wholly owned subsidiary, Golden Promise Mines Inc., has received gold analyses for the first two holes of the 2024 diamond drilling program at its Golden Promise Gold Property, located in central Newfoundland. The holes were drilled at the gold-bearing Jaclyn Main Zone.
Quartz vein with visible gold in drill hole GP-24-157 (34.87 g/t Au / 0.53 meters)
Drill hole GP-24-157 intersected 34.87 grams / tonne (g/t) gold over 0.53 meters while GP-24-158 intersected 12.96 g/t gold over 0.64 meters. These intervals are core length. These half core samples were collected from quartz veins containing visible gold.
Northwest - Southeast Cross Section through JMZ (2024 drill holes)
Drill holes GP-24-157 and GP-24-158 were the first two holes completed during the 2024 fully funded drill program at the gold-bearing Jaclyn Main Zone (JMZ). Eight holes have ben completed to date during 2024 at the JMZ totalling 716.5 total meters. The 2024 drilling was conducted in the west region of the JMZ in the area of a planned bulk sample. The eight 2024 holes were drilled on the same northwest - southeast trend to intersect the steeply dipping, east to slightly northeast trending JMZ. The holes were designed to target the JMZ between surface and approximately 100 meters vertical depth.
Drill holes GP-24-157 and GP-24-158 were collared approximately one meter apart. Drill hole GP-24-157 was drilled slightly northwest (approximately 347 degrees) at a dip of approximately 46 degrees to a length of 68 meters. Drill hole GP-24-158 was drilled slightly northwest (approximately 346 degrees) at a dip of approximately 61 degrees to a length of 80.5 meters. Each hole intersected a quartz vein with visible gold, interpreted by Great Atlantic management to be the main JMZ vein / vein system. Two sawed half core samples from these veins were submitted to Eastern Analytical Ltd. for gold and multi-element analysis. The samples and gold analytical results include the following (core length):
The drill core samples from GP-24-157 and GP-24-58 were analyzed at Eastern Analytical Ltd. The samples were assayed for gold by the Total Pulp Metallics method. This involves crushing of the entire sample to -10mesh and pulverizing to 95% -150mesh. The total sample is then weighed and screened 150mesh. The +150mesh fraction is analyzed for gold by fire assay - atomic absorption (AA), and a 30-gram subsample of the -150mesh fraction is analyzed for gold by fire assays - AA. A calculated weighted average of total gold in the sample is reported as well (the gold values reported in this news release for the GP-24-157 and GP-24-158 core samples are calculated weighted average). The samples were also analyzed for 34 elements (200-mg subsamples totally dissolved in four acids and analyzed by ICP-OES). Eastern Analytical, a certified laboratory, is independent of Golden Promise Mines Inc. and Great Atlantic. Blank and standard samples were included with the drill core sample submission to Eastern Analytical.
Three additional drill holes are planned during 2024 in this area of the JMZ after a pause to confirm exact collar locations. The drilling program is being conducted with partner Novamera Inc. The three remaining holes of the program will include Novamera's proprietary Guidance Technology, providing increased data and resource knowledge to define the shape, geometry and continuity of the vein. The drill holes are in the area of a planned bulk sample, which is also fully funded.
The 2024 diamond drilling and subsequent planned bulk sample work at the JMZ is being funded in part by co-investment from DIGITAL, Canada's Global Innovation Cluster for digital technologies, as part of a larger project that aims to support data-driven and digital solutions within the mining sector. The Link to the announcement can be found here.
The planned approximately 2700 tonne bulk sample at the JMZ is to be extracted after diamond drilling and bulk sampling approval using a precision mining method, powered by Novamera's proprietary Surgical Mining technologies. The transformative new mining method leverages hardware, software, AI and ML paired with conventional drilling equipment to extract ore at a fraction of the cost of conventional mining methods.
Great Atlantic Resources Corp. / Golden Promise Mines Inc. Central Newfoundland Gold Properties
Great Atlantic reported a National Instrument 43-101 compliant inferred resource estimate during late 2018 for the JMZ of 357,500 tonnes at 10.4 g/t gold (119,900 ounces of gold - uncapped) (see Company News Release of December 6, 2018; and Sedar-filed National Instrument 43-101 Technical Report on the Golden Promise Property, Central Newfoundland (revised), dated December 4, 2018 by Mr. Greg Z. Mosher, M.Sc. App., P.Geo., and Mr. Larry Pilgrim, B.Sc., P.Geo.).
The Golden Promise Gold Property is the largest and most advanced of eight central Newfoundland gold properties owned by Golden Promise Mines Inc. and located within the Exploits Subzone of the Newfoundland Dunnage Zone. One of these properties (Golden Trust) is located within one kilometer of the Valentine Gold Mine of Calibre Mining Corp. (TSX: CXB) (OTCQX: CXBMF) which is also located within the Exploits Subzone. Readers are warned that mineralization at the Valentine Gold Mine is not necessarily indicative of mineralization at the Golden Promise Property or any of the other central Newfoundland gold properties of Golden Promise Mines Inc.
David Martin, P.Geo., (New Brunswick and Newfoundland and Labrador), a Qualified Person as defined by NI 43-101 and VP Exploration for Great Atlantic, is responsible for the technical information contained in this News Release.
On Behalf of the board of directors "Christopher R Anderson"
Mr. Christopher R. Anderson President CEO Director 604-488-3900 - Office
About Great Atlantic Resources Corp.: Great Atlantic Resources Corp. is a Canadian exploration company focused on the discovery and development of mineral assets in the resource-rich and sovereign risk-free realm of Atlantic Canada, one of the number one mining regions of the world. Great Atlantic is currently surging forward building the company utilizing a Project Generation model, with a special focus on the most critical elements on the planet that are prominent in Atlantic Canada, Gold, Copper, Zinc, Nickel, Cobalt, Antimony and Tungsten.
This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include exploitation and exploration successes, continued availability of financing, and general economic, market or business conditions.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Great Atlantic Resource Corp. 888 Dunsmuir Street - Suite 888, Vancouver, B.C., V6C 3K4
