Posted by AGORACOM
at 7:26 AM on Thursday, May 16th, 2019
In-fill drilling in the west half of JMZ within conceptual pit-constrained area.
Shallow and deeper in-fill drilling in central-east region of JMZ.
Drilling along projected strike east of JNZ in an area of high-grade quartz boulders (boulder samples of 163, 208 and 332 g/t gold – News Release of August 31, 2017).
Golden Promise Project, Central Newfoundland
VANCOUVER, BC / ACCESSWIRE / May 16, 2019 / GREAT ATLANTIC RESOURCES CORP. (TSXV.GR) (the “Company” or “Great Atlantic”)
is pleased to announce it has received a diamond drilling permit for
the Company’s Golden Promise Gold Property, located in the central
Newfoundland gold belt. The Company has also begun its 2019 exploration
program on the Golden Promise Property, currently conducting focussed
prospecting and geochemical sampling at high priority targets within the
property. The drilling permit allows for up to 24 drill holes in the
northern half of the property at the gold-bearing Jaclyn Zone,
specifically at the Jaclyn Main Zone (JMZ) and Jaclyn North Zone (JNZ).
Planned drilling will consist of the following:
In-fill drilling in the west half of JMZ within conceptual pit-constrained area.
Shallow and deeper in-fill drilling in central-east region of JMZ.
Drilling
along projected strike east of JNZ in an area of high-grade quartz
boulders (boulder samples of 163, 208 and 332 g/t gold – News Release of
August 31, 2017).
The
Company reported a National Instrument 43-101mineral resource estimate
for the JMZ in late 2018 (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 reported inferred mineral resource estimate for the
JMZ is as follows:
Resource
Cutoff Au g/t
Au Cap g/t
Au Uncap g/t
Tonnes
Au Ounces Capped
Au Ounces Uncapped
Total
1.1
9.3
10.4
357,500
106,400
119,900
Pit-Constrained
0.6
11.4
14.1
157,300
57,800
71,200
Underground
1.5
7.5
7.6
200,200
48,600
48,700
Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources estimated will be converted into Mineral Reserves. Mineral
resource tonnage and contained metal have been rounded to reflect the
accuracy of the estimate, and numbers may not add due to rounding. Mineral resource tonnage and grades are reported as undiluted. Contained Au ounces are in-situ and do not include recovery losses
The
majority of planned diamond drill holes at the Golden Promise Property
will be in-fill drill holes at the JMZ to provide data for an up-dated
JMZ mineral resource estimate, engineering studies and studies of
mineralizing controls. Drilling is also planned testing continuation of
the JNZ east along projected strike. The Company conducted trenching
during 2017 along the projected east strike of the JNZ. The trenching
generally failed to reach bedrock due to thick glacial till. However
gold bearing quartz vein boulders were excavated from multiple trenches,
with some boulder samples returning high grade gold (including 163.99,
208.51 and 332.67 g/t gold: News Release of August 31, 2017). A
qualified person managed the 2017 trenching program and sampling and
verified the analytical data.
Great Atlantic has begun it’s 2019
exploration program on the Golden Promise Property. Prospecting and
geochemical sampling is being conducted at high priority targets in
multiple regions within the property. During the 2017 and 2018 programs,
the Company identified / confirmed areas with gold bearing quartz vein
float or bedrock; and gold soil anomalies. The objective of the current
program is to further define trenching and drilling targets within these
target areas.
The Golden Promise 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 (RIL). The RIL
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 and Marathon Gold Corp. (TSXV.MOZ) at the Valentine Lake Gold Camp.
During 2018 Sokoman Minerals Corp. (TSXV.SIC) announced
a high-grade gold discovery on its Moosehead Property, located
approximately 40 kilometers east-northeast of the Golden Promise
Property. The discovery was made during the 2018 diamond drilling
program. A drill intersection of 44.96 g/t gold over 11.90 meters core
length was reported including a 1.35 meters core length quartz vein
intersection of 385.85 g/t gold (Sokoman Iron Corp. News Release of July
24, 2018). The Valentine Lake Gold Camp of Marathon Gold Corp. (TSXV.MOZ) is
located approximately 55 kilometers southwest of the Golden Promise
Property. As reported on Marathon’s website, the Valentine Lake Gold
Camp currently hosts four near-surface, mainly pit-shell constrained,
deposits with measured and indicated resources totaling 2,691,400 oz. of
gold at 1.85 g/t gold and inferred resources totalling 1,531,600 oz. of
gold at 1.77 g/t. 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.
High-grade
gold is reported in quartz veins and quartz vein boulders within the
Golden Promise Property. Gold bearing quartz veins are reported in
multiple areas of the property, including at least 5 gold bearing quartz
vein systems reported in the Jaclyn Zone. Much of the reported
historical exploration within the property has been focused on the
Jaclyn Zone with gold bearing vein systems reported at the JMZ, JNZ,
Jaclyn South Zone, Jaclyn East Zone and Jaclyn West Zone. The majority
of historic drilling (2002-2010) was conducted at the JMZ. Gold bearing
veins and gold bearing float are reported in other regions of the
property. These include the Linda/Snow White vein in the southern
region, Shawn’s Shot vein in the central region and Branden boulder
occurrence in the northern region of the property.
As reported in
the 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 JMZ was modelled as a single quartz vein that strikes
east-west and dips steeply to the south. Modelled vein thickness was
based on true thickness derived from quartz vein intercepts. The
estimate is based on 220 assays that were composited to 135 one-meter
long composites. A bulk density of 2.7 g/cm3 was used. Blocks in the
model measured 15 meters east-west, 1-meter north-south and 10 meters
vertically. The block model was not rotated. Grades were interpolated
using inverse-distance squared (ID2) weighting and a search ellipse that
measured 100 meters along strike, two meters across strike and 50
meters vertically. Grades were interpolated based on a minimum of two
and a maximum of 10 composites with a maximum of one composite per hole
so the grade of each block is based on at least two drillholes thereby
demonstrating continuity of mineralization. For the capped mineral
resource estimate, all assays that exceed 65 g/t gold were capped at 65
g/t gold. All resources were classified as Inferred because of the
relatively wide spacing of drill holes through most of the zone.
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. Generic mining costs of US$2.50/tonne and
processing costs of US$25.00/tonne were used together with a gold price
of US$1,300/ounce. A conceptual pit slope of 45° was assumed with no
allowance for mining loss or dilution. Based on the combined
hypothetical mining and processing costs and the assumed price of gold, a
pit-constrained cutoff grade of 0.6 g/t was adopted. For the
underground portion of the resource a cutoff of 1.5 g/t was assumed. The
cutoff grade for the total resource is the weighted average of the
pit-constrained and underground cutoff grades.
Jaclyn Main Zone Total Inferred Mineral Resource Estimate
Resource
Cutoff Au g/t
Au Cap g/t
Au Uncap g/t
Tonnes
Au Ounces Capped
Au Ounces Uncapped
Total
1.1
9.3
10.4
357,500
106,400
119,900
Pit-Constrained
0.6
11.4
14.1
157,300
57,800
71,200
Underground
1.5
7.5
7.6
200,200
48,600
48,700
Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources estimated will be converted into Mineral Reserves. Mineral
resource tonnage and contained metal have been rounded to reflect the
accuracy of the estimate, and numbers may not add due to rounding. Mineral resource tonnage and grades are reported as undiluted. Contained Au ounces are in-situ and do not include recovery losses
David
Martin, P.Geo., 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.
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, Antimony, Tungsten and Gold.
On Behalf of the board of directors
“Christopher R Anderson”
Mr. Christopher R. Anderson ‘Always be positive, strive for solutions, and never give up’ President CEO Director 604-488-3900 – Dir
