Diamond Drilling Program at the Jaclyn Main Zone Planned Bulk Sample Area
100% Owned Golden Promise Gold Property
Central Newfoundland
Vancouver, British Columbia--(Newsfile Corp. - January 14, 2025) - GREAT ATLANTIC RESOURCES CORP. (TSXV: GR) (the "Company" or "Great Atlantic") is pleased to announce its wholly owned subsidiary, Golden Promise Mines Inc., has received gold analyses for the sixth and seventh holes of the 2024 diamond drilling program at its Golden Promise Gold Property, located in central Newfoundland.
Visible Gold in GP-24-162
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Both holes (GP-24-162 and GP-24-163) were drilled at the gold-bearing Jaclyn Main Zone (JMZ), with both intersecting quartz veins with visible gold. Golden Promise Mines Inc., along with partner Novamera Inc., is planning to extract a bulk sample during 2025 from this area of the JMZ.
GP-24-162 intersected 60.20 grams / tonne (g/t) gold over 0.44 meters while GP-24-163 intersected 28.02 g/t gold over 0.80 meters These intervals are core length. These half core samples were collected from quartz veins containing visible gold.
GP-24-162 and GP-24-163 were the sixth and seventh of eight cross cutting drill holes (716.5 total meters) at the JMZ completed during September - October of 2024, the program being fully funded. These holes were drilled in the west region of the JMZ within the planned (2025) bulk sample area. All eight holes were drilled on the same northwest - southeast trend to intersect the steeply dipping, east to slightly northeast trending JMZ. The eight holes were designed to target the JMZ between surface and approximately 100 meters vertical depth.
Drill hole GP-24-162 tested the JMZ deeper than the other seven 2024 drill holes, testing for the extension of the main quartz vein(s) slightly deeper. GP-24-162 was collared 13 meters slightly southeast of the collars of drill holes GP-24-160 and GP-24-161 and was drilled slightly northwest (approximately 347 degrees) at a dip of approximately 60 degrees and to a length of 149.5 meters. A quartz vein or veins was intersected in GP-24-162, measured at 108.06 - 109.69 meters (1.63 meters core length) during drill core logging. This is possibly two quartz veins as a narrow meta-sediment interval was intersected at 109.15 - 109.25 meters. Visible gold is present in the quartz vein below 109.25 meters. The sample intervals (core length) and gold analytical results are:
- Sample E534860: 108.06 - 108.52 meters (0.46 meters): 0.110 g/t gold
- Sample E534861: 108.52 - 109.25meters (0.73 meters): 0.419 g/t gold
- Sample E534862: 109.25 - 109.69meters (0.44 meters): 60.206 g/t gold
Quartz vein(s) visible gold in drill hole GP-24-162 (includes 60.20 g/t gold over 0.44 meters core length)
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Drill hole GP-24-163 was collared at the same site as holes GP-24-157, GP-24-158 and GP-24-164. Hole GP-24-163 was drilled slightly northwest (approximately 343.5 degrees azimuth) at a dip of approximately 53 degrees and to a length of 65 meters. This hole intersected a quartz vein with visible gold at 37.05 - 37.80 meters (0.75 meters core length). It was drilled approximately between holes GP-24-157 and GP-24-158 (both of which intersected quartz veins with visible gold). One half core sample (E534863) was collected and analyzed from GP-24-163 for the interval of 37.00 - 37.80 meters (0.80 meters core length. The sample returned 28.023 g/t gold.
Quartz vein with VG in drill hole GP-24-163 (28.02 g/t gold over 0.80 meters core length)
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Northwest-Southeast Cross Section through JMZ (2024 drill holes)
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Great Atlantic previously announced results of drill core samples from drill holes GP-24-157, GP-24-158, GP-24-160 and GP-24-161, the first, second, fourth and fifth holes of the 2024 diamond drilling program at the JMZ (see Company news releases of November 19th, 2024, December 4th, 2024, and January 8th, 2025). These included core samples from quartz vein intervals with visible gold with intercepts including (core length):
- GP-24-157: 34.47 - 35.00 meters (0.53 meters): 34.879 g/t gold
- GP-24-158: 45.35 - 45.99 meters (0.64 meters): 12.968 g/t gold
- GP-24-160: 52.19 - 52.43 meters (0.24 meters): 14.769 g/t gold
- GP-24-160: 78.95 - 79.52 meters (0.57 meters): 19.121 g/t gold
- GP-24-161: 82.56 - 83.00 meters (0.44 meters): 120.890 g/t gold
- GP-24-161: 91.80 - 93.47 meters (1.67 meters): 13.16 g/t gold
The drill core samples from GP-24-157, GP-24-158, GP-24-160, GP-24-161, GP-24-162 and GP-24-163 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 assay - 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 core samples from GP-24-157, GP-24-158, GP-24-160, GP-24-161, GP-24-162 and GP-24-163 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 Ltd., a certified laboratory, is independent of Golden Promise Mines Inc. and Great Atlantic. Blank and standard samples were included with the drill core sample submissions to Eastern Analytical.
The 2024 drilling was conducted with partner Novamera Inc. Two additional close-spaced drill holes (9th and 10th 2024 drill holes) were completed during December of 2024 in this area of the JMZ. The 9th and 10th drill holes included the use of Novamera's proprietary Guidance Tool, providing increased data and resource knowledge to define the shape, geometry and continuity of the vein. These two steep holes were drilled approximately down - dip of the JMZ and are located in the area of the planned 2025 bulk sample, which is also fully funded. 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. A third down-dip hole is planned at this site in early 2025.
The 2024 - 2025 diamond drilling and subsequent planned bulk sample work at the JMZ was / 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 in 2025 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.
Golden Promise Mines Inc. Gold Properties - Central Newfoundland
(Golden Promise and Adjacent Properties)
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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. (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
Investor Relations:
1-416-628-1560
IR@GreatAtlanticResources.com
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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.
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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
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SOURCE: Great Atlantic Resources Corp.
