InvestmentPitch Media Video Discusses Great Atlantic's Plans to Initiate a Phase 1 Diamond Drill Program at its Golden Promise Gold Property in the Central Newfoundland Gold Belt - Video Available on Investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - October 16, 2019) - Great Atlantic Resources (TSXV: GR) (FSE: PH01) plans to initiate a Phase 1 diamond drill program at its Golden Promise Gold 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. The company has received a drill permit for Golden Promise Gold property which allows for up to 24 drill holes in the northern half of the property at the gold-bearing Jaclyn Zone.
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The diamond drill is scheduled to be mobilized to the property on October 18 for drilling at the Jaclyn Zone, which hosts multiple gold-bearing quartz vein systems. The Phase 1 drilling program will be a minimum of 1,000 meters and is expected to test the west half of the Jaclyn Main Zone, within the conceptual pit-constrained area, and test the deeper region of the zone to expand the resource. Some holes will test along the projected strike east of Jaclyn North Zone in an area of high-grade quartz boulders discovered during trenching in 2017, which returned samples of 163, 208 and 332 grams per tonne gold.
The company reported a NI 43-101 Mineral Resource Estimate for the Jaclyn Main Zone in late 2018. Using a weighted average cutoff of 1.1 grams per tonne gold resulted in a total Inferred Resource of 106,400 ounces capped and 119,900 ounces upcapped. All resources were classified as inferred because of the relatively wide spacing of drill holes through most of the zone.
The Golden Promise Gold 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. The Red Indian Line 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 40 kilometers to the east, and Marathon Gold Corp. (TSXV.MOZ) at the Valentine Lake Gold Camp 55 kilometers to the southwest. 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.
Chris Anderson, President and CEO, stated: "Great Atlantic has been building value, currently we have a 100% interest in multiple projects in Atlantic Canada. The Golden Promise Gold Property is a prime example of Value add, in Great Atlantic. We have completed a current 43-101 with a resource of over a 100,000 Oz Gold, as well as multiple exploration programs defining multiple new target areas to be drilled. We have watched as our neighbour Marathon Gold expand their resource to over 4 Million ounces Gold and become a 200 million dollar market cap company. It's our belief that Value investing will soon be on the radar of investors as the shift out of momentum investing continues."
The shares are trading at $0.475 and with only 6.2 million shares outstanding, Great Atlantic is capitalized at approximately $3 million.
For more information, please visit the company's website www.GreatAtlanticResources.com, contact Christopher R. Anderson, President & CEO, at 604-488-3900 or email office@GreatAtlanticResources.com.
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