Great Atlantic Resources Permitted to Drill 48 Holes on Golden Promise Property in Central Newfoundland - Video Available on Investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - September 15, 2017) -Great Atlantic Resources (TSXV: GR) (FSE: PH01) has received a permit for diamond drilling for its Golden Promise Property in central Newfoundland. The Golden Promise Property, with a paved provincial highway transecting the property, located near the town of Badger and approximately 50 kilometres northeast of Marathon Gold's Valentine Lake Property, hosts multiple gold-bearing quartz veins and gold-bearing float boulders.
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The new permit for 48 drill holes and up to 8,000 metres of drilling is good until July 26, 2018. Multiple gold bearing quartz veins occur within the permit area including the Jaclyn Main, Jaclyn North, Jaclyn South and Jaclyn West Zones. The company plans to commence the first phase of drilling in early October, focusing on the Jaclyn Main Zone and the area east of, and along strike of the Jaclyn North Zone, including areas of high grade gold bearing quartz boulders.
Most of the historic work was conducted at the Jaclyn Main Zone, which has been reportedly traced for a strike length of approximately 800 meters through trenching and diamond drilling to approximately 420 meters vertical depth. A NI 43-101 compliant report prepared for the Jaclyn Main Zone in 2008, reported an inferred resource of 921,000 tonnes at an average grade of 3.02 grams per tonne gold with 89,500 ounces contained gold. The report also stated that the style of veining, mineralization, alteration, host rock and tectonism at Golden Promise closely resembles other turbidite-hosted gold deposits throughout the world.
Gold recovery from a reported 2,241 tonne bulk sample collected in 2010 at the Jaclyn Main Zone was reported to average 4.47 grams per tonne gold. The average tails grade for the sample was reported to be 1.12 grams per tonne gold, with a "back-calculated head grade of 5.59 grams per tonne gold" reported for the bulk sample.
The second area of focus during Phase I drilling is the Jaclyn North Zone, approximately 250 metres north of the Jaclyn Main Zone. Drill holes are planned to test the extension of the Jaclyn North Zone along its projected strike to the east.
Recent trenching in this area revealed thick overburden, predominantly greater than 3 or 4 metres, in recent trenches. Gold bearing angular quartz boulders were discovered in till within these trenches including multiple high-grade boulders in one trench approximately 260 metres east of the eastern-most historic Jaclyn North drill hole. Grab samples of boulders from this trench returned 32, 78, 164 and 333 grams per tonne gold, making this area a high priority target for this drill program.
The shares are trading at $0.20 and with 33 million shares outstanding, the company is capitalized at $6.6 million.
For more information, please visit the company's website www.greatatlanticresources.com. Investor Relations is handled by Kaye Wynn Consulting Inc. They can be reached at 604-558-2630 or 888-280-8128, or email at info@kayewynn.com.
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