InvestmentPitch Media Video Discusses Great Atlantic's Interception of 61.35 gpt Gold over 2.04 Meters on Golden Promise Gold Property in Central Newfoundland - Video Available on Investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - February 20, 2020) - Great Atlantic Resources (TSXV: GR) (FSE: PH02) announced results for drill holes 5 through 10 completed during the 2019 Phase 1 diamond drilling program at its Golden Promise Gold Property, located within the central Newfoundland gold belt. The Golden Promise drilling program, totaling 1,063 meters, consisted of 10 holes, including one hole stopped prematurely. All nine holes were drilled to the planned depths intersecting quartz veins with plus / minus sulfide mineralization.
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Visible gold is present within quartz veins intersected in holes GP-19-138, GP-19-139, GP-19-140 and GP-19-144. Significant intersections for the six drill holes include Hole GP19-143 with 11.35 grams per tonne gold over 0.71 meters along with 16.79 grams per tonne over 0.45 meters, Hole GP19-144 with 61.35 grams per tonne gold over 2.04 meters, and Hole GP19-145 with 14.49 grams per tonne gold over 1.52 meters.
Drill hole GP19-141 tested the central and deeper part of the Jaclyn Main Zone, drill holes GP19-142 was stopped prematurely at 16 meters, and holes GP19-142B, GP19-143, GP19-144 and GP19-145 tested the west half of the Jaclyn Main Zone within the conceptual open pit area.
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 2002-2010 and a bulk sample program at the Jaclyn Main Zone during 2010.
The majority of the historic drilling was conducted at the Jaclyn Main Zone, which provided the information for the NI 43-101 Gold Resource Estimate filed in December 2018. 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.
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.
The Golden Promise Gold Property hosts multiple gold bearing quartz veins and is located within a region of recent significant gold discoveries. 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. Viewers 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 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.
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