InvestmentPitch Media Video Discusses Great Atlantic's 2019 Continuing Phase 1 Diamond Drill Program at its Golden Promise Property in Central Newfoundland Gold Belt - Video Available on Investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - November 13, 2019) - Great Atlantic Resources (TSXV: GR) (FSE: PH01) has completed the third and fourth holes of the 2019 Phase 1 diamond drill program at its Golden Promise Property. The Golden Promise Gold Property, located in the central Newfoundland gold belt, is just one of many projects in the company's portfolio of properties in the Atlantic provinces. Diamond drilling is being conducted at the Jaclyn Zone, which hosts multiple gold-bearing quartz vein systems.
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The first four holes of the program, GP-19-137 to GP-19-140, were completed at the Jaclyn Main Zone, where the company reported a mineral resource estimate during late 2018. These four drill holes completed to date during the current program tested the west half of the Jaclyn Main Zone, within the conceptual pit-constrained area. All four holes intersected quartz veins with plus / minus sulfide mineralization with visible gold present within the quartz veins intersected in holes GP-19-138, GP-19-139 and GP-19-140.
The company has a drill permit which allows for up to 24 drill holes in the northern half of the property at the gold-bearing Jaclyn Zone and plans to drill a minimum of 1,000 meters. Some holes will test along the projected strike east of Jaclyn North Zone in an area of high-grade quartz boulders discovered during trenching in 2017, which returned samples of 78, 163, 208 and 332 gpt gold.
Five gold bearing quartz vein systems are reported at the Jaclyn Zone, being the Jaclyn Main Zone, Jaclyn North Zone, Jaclyn West Zone, Jaclyn South Zone and Jaclyn East Zone. The Jaclyn Zone is located within the northern region of the Golden Promise Property and has been the focus of multiple diamond drilling programs during 2002 to 2010 and a bulk sample program during 2010.
The majority of the historic drilling was conducted at the Jaclyn Main Zone. The company reported a NI 43-101 Mineral Resource Estimate for the Jaclyn Main Zone in late 2018.
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. 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 upcapped, 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.
The Golden Promise Gold Property hosts multiple gold bearing quartz veins and is located within a region of recent significant gold discoveries. The property is located within the Exploits Subzone of the Newfoundland Dunnage Zone. Within the Exploits Subzone, the property lies along the north-northwestern fringe of the Victoria Lake Supergroup (VLSG), a volcano-sedimentary terrane.
The northwestern margin of the Golden Promise Property occurs proximal to, and, in part, contiguous with a major (Appalachian-scale) collisional boundary, and suture zone, known as the Red Indian Line. The Red Indian Line forms the western boundary of the Exploits Subzone
Recent significant gold discoveries in this region of the Exploits Subzone include those of Sokoman Minerals Corp. (TSXV.SIC) at the Moosehead Gold Project 40 kilometers to the east, and Marathon Gold Corp. (TSXV.MOZ) at the Valentine Lake Gold Camp 55 kilometers to the southwest. Readers are warned that mineralization at the Moosehead Property and Valentine Lake Gold Camp is not necessarily indicative of mineralization on the Golden Promise Property.
The shares are trading at $0.55 and with only 6.2 million shares outstanding, Great Atlantic is capitalized at approximately $3.3 million
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