Vancouver, British Columbia--(Newsfile Corp. - October 2, 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 completed the fourth and fifth holes of the 2024 diamond drilling program at its Golden Promise Gold Property, located in central Newfoundland.
Quartz veins with visible gold were intersected in both the fourth and fifth holes (GP-24-160 and GP-24-161). The fully funded drill program is being conducted in the west region of the gold-bearing Jaclyn Main Zone (JMZ) in the area of a planned bulk sample. Eleven holes (estimated 1,150 total meters) are now planned during 2024.
Visible Gold in Both Holes 4 & 5 for the 2024 Drill Program
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3027/225275_ac230d0b4439fab1_002full.jpg
Drill holes GP-24-160 and GP-24-161 were drilled on the same northwest-southeast section as the first three holes of the program (GP-24-157 to GP-24-159), testing under the first three holes. Drill hole GP-24-160 was collared 25 meters slightly southeast of the collar of GP-24-157. GP-24-160 was drilled slightly northwest (approximately 344 degrees) at a dip of approximately 51 degrees and to a length of 98 meters.
Two quartz veins with visible gold were intersected in hole GP-24-160 at 52.19 - 52.43 meters (0.24 meters core length) and 78.95 - 79.52 meters (0.57 meters core length).
Quartz vein with visible gold in drill hole GP-24-160
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3027/225275_ac230d0b4439fab1_003full.jpg
Drill hole GP-24-161 was collared at the same site as GP-24-160. GP-24-161 was drilled slightly northwest (approximately 346 degrees) at a dip of approximately 60 degrees and to a length of 128 meters.
Two quartz veins with visible gold were intersected in hole GP-24-161 at 82.58 - 83.00 meters (0.42 meters core length) and 91.80 - 93.68 meters (1.88 meters core length).
The 2024 drilling program is being conducted within the west region of the JMZ targeting gold bearing veins to approximately 100 meters vertical depth. The first five holes (GP-24-157 to GP-24-161) were drilled on the same northwest - southeast section to intersect the steeply dipping, east to slightly northeast trending JMZ. These holes were all drilled slightly northwest (approximately 344 - 347 degrees) at dips between 46 and 61 degrees. Holes GP-157 and GP-158 each intersected quartz veins with visible gold (0.53 meters and 0.59 meters core length) (see Company News Release of September 24th, 2024). The first five holes totalled 430.5 meters. Drill core samples from each hole will be submitted for gold and multi-element analysis.
Quartz vein with visible gold in drill hole GP-24-161
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3027/225275_ac230d0b4439fab1_004full.jpg
The 2024 drilling program is being conducted with partner Novamera Inc. and will include Novamera's proprietary Guidance Technology, providing increased data and resource knowledge to define the shape, geometry and continuity of the vein. The drilling is being conducted 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 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.).
Golden Promise Property Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3027/225275_ac230d0b4439fab1_005full.jpg
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.
Great Atlantic Resources Corp / Golden Promise Mines Inc.
Central Newfoundland Gold Properties
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3027/225275_ac230d0b4439fab1_006full.jpg
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
Investor Relations:
1-416-628-1560
IR@GreatAtlanticResources.com
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
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/225275
SOURCE: Great Atlantic Resources Corp.
