Vancouver, British Columbia--(Newsfile Corp. - December 10, 2024) - GREAT ATLANTIC RESOURCES CORP. (TSXV: GR) (the "Company" or "Great Atlantic") is pleased to announce its wholly owned subsidiary, Golden Promise Mines Inc., has resumed the 2024 diamond drilling program at its Golden Promise Gold Property, partnering with Novamera Inc. The property is located in central Newfoundland.
This drill phase will utilize Novamera's proprietary Guidance Tool. The fully funded 2024 drill program is being conducted at the gold bearing Jaclyn Main Zone (JMZ) in the area of a planned bulk sample. Eight drill holes were completed previously during the 2024 drill program.
Diamon Drilling Rig at JMZ, Golden Promise Gold Property
Diamond drilling is currently underway with three additional holes planned. Novamera's proprietary Guidance Tool will be used in each hole to provide increased data and orebody knowledge to define the vein's shape, geometry, and continuity. The 2024 diamond drill program is being conducted in the west region of the JMZ in the area of a planned bulk sample, which is also fully funded.
Eight drill holes (GP-24-157 to GP-24-164) have been completed to date during 2024, seven of which intersected quartz veins with visible gold. Analytical results for drill core samples received to date for three holes have confirmed high grade gold including the following intercepts (core length) (see Company News Releases of November 19 and December 4, 2024):
Whereas the first eight holes of the 2024 drill program were drilled to crosscut the steeply dipping, east to slightly northeast trending JMZ, the three remaining, close-spaced 2024 holes will be steep holes being drilled approximately down-dip of the JMZ quartz vein(s) in the area of the planned bulk sample. This drill phase is being managed by Novamera Inc.
Novamera's proprietary Guidance Tool will be used in these three steep down-dip drill holes to collect subsurface data to define the geometry of the JMZ vein (s). The Guidance Tool collects data within a 3-4 meter radius of the borehole to create a high-resolution 3D orebody model, which is then used to calculate the optimal drill trajectory for Surgical MiningTM.
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 full suite of Surgical MiningTM 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 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 Property is the largest and most advanced of seven 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. 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.
Golden Promise Mines Inc. Gold Properties - Central Newfoundland (Golden Promise and Adjacent Properties)
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
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
