Vancouver, British Columbia–(Newsfile Corp. – April 5, 2021) – Great Atlantic Resources (TSXV: GR) (FSE: PH02) has received gold assays for prospecting rock samples and drill core samples from its Golden Promise Property, which is located within the central Newfoundland gold belt.
Drill holes GP20-146, 147 and 148 tested the extension of the Jaclyn North Zone along its projected strike. All three drill holes from the 2020 program intersected gold bearing veins, extending the Jaclyn North Zone quartz vein system approximately 260 meters east of historic drilling. Drill hole GP20-148, the eastern-most of the three drill holes, also tested the quartz boulder field, returned 3.88 grams per tonne gold from a 0.37-meter core length drill core sample.
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Thirty-eight rock samples were collected during late 2020 from quartz float boulders east of the Jaclyn North Zone, with visible gold present in two samples. This quartz boulder field is at least 300 meters long and 25-75 meters wide. Three quartz float samples from this boulder field returned 157.5, 26.7 and 17.4 grams per tonne gold while seven float samples returned 1.49 to 6.72 grams per tonne gold. The balance of 21 quartz vein float samples returned anomalous values of 13 to 543 parts per billion gold.
The Jaclyn Zone, located within the northern region of the Golden Promise Property, hosts five gold bearing quartz veins systems, being the Jaclyn Main, Jaclyn North, Jaclyn South, Jaclyn East and Jaclyn West Zones. Additional drill holes are planned east of the Jaclyn North Zone including the area of the quartz boulder field as the company resumes Phase 2 drilling, scheduled to start this quarter. Drilling is also planned for the Jaclyn Main Zone.
The Jaclyn Main Zone has a 43-101 Resource Estimate of 119,000 ounces of inferred gold. 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. All resources were classified as inferred because of the relatively wide spacing of drill holes through most of the zone.
Recent significant gold discoveries within the Exploits Subzone include those of Marathon Gold Corp. (TSX.MOZ) at the Valentine Gold Project, Sokoman Minerals Corp. (TSXV.SIC) at the Moosehead Gold Project and New Found Gold Corp. (TSXV.NFG) at the Queensway Project.
Marathon Gold released a positive feasibility study this week for its Valentine Gold Project, which confirmed robust economics for a conventional open pit mining and milling operation with low initial capital costs and a high rate of return. Marathon forecast a 13-year mine life with total cash costs of US$704 an ounce and all-in sustaining costs of US$833 per ounce.
Viewers are warned that mineralization at the Valentine Gold Project, the Moosehead Gold Project, the Queensway Project, and elsewhere within the Exploits Subzone is not necessarily indicative of mineralization on the company’s Golden Promise Property.
Great Atlantic, with a number of properties in the Atlantic provinces, is utilizing a Project Generation model, with a special focus on critical elements which are prominent in Atlantic Canada, such as Antimony, Tungsten and Gold.
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