Vancouver, British Columbia--(Newsfile Corp. - November 21, 2024) - GREAT ATLANTIC RESOURCES CORP. (TSXV: GR) (the "Company" or "Great Atlantic") is pleased to announce its wholly owned subsidiary, Golden Promise Mines Inc., will resume the 2024 diamond drilling program at its Golden Promise Gold Property during the first week of December. This next phase of the 2024 drill program will utilize Novamera's proprietary Guidance Tool with three additional drill holes planned in December. The fully funded 2024 drill program is being conducted at the gold bearing Jaclyn Main Zone (JMZ) in the area of a planned bulk sample. The property is located in central Newfoundland.
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Eight drill holes have been completed to date during 2024, seven of which intersected quartz veins with visible gold. Analytical results for drill core samples received to date for three holes have confirmed high grade gold including 34.87 grams / tonne (g/t) gold over 0.53 meters and 12.98 g/t gold over 0.64 meters (see news releases on the Company's website). These intervals are core length.
The collars for these holes and collars for Great Atlantic's 2019-2021 drill holes in this area have been recently surveyed in preparation for resumption of drilling in December.
The 2024 drill program is being conducted with partner Novamera Inc. The three remaining holes will include Novamera's proprietary Guidance Tool, which will provide increased data and orebody knowledge to define the vein's shape, geometry, and continuity. The 2024 diamond drill program is being conducted in the west region of the JMZ in the area of a planned bulk sample, which is also fully funded.
Whereas the first eight holes (GP-24-157 to GP-24-164) of the 2024 drill program were drilled to crosscut the steeply dipping, east to slightly northeast trending JMZ, the three remaining close-spaced holes will be steep holes to be drilled approximately down-dip of the JMZ quartz vein(s) in the area of the planned bulk sample. This drilling will be managed by Novamera Inc.
Quartz vein with visible gold in drill hole GP-24-157 (34.87 g/t Au / 0.53 meters)
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Novamera's proprietary Guidance Tool will be used in the three steep down-dip drill holes to collect subsurface data to define the geometry of the JMZ vein(s). The Guidance Tool collects data within a 3-4 metre radius of the borehole to create a high-resolution 3D orebody model, which is then used to calculate the optimal drill trajectory for Surgical Mining™.
The planned approximately 2700 tonne bulk sample at the JMZ is to be extracted after diamond drilling and bulk sampling approval using a precision mining method, powered by Novamera's full suite of Surgical Mining™ 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.
The 2024 diamond drilling and subsequent planned bulk sample work at the JMZ 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.
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.).
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The Golden Promise Gold Property is the largest and most advanced of eight 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. 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.
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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 - Office
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
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/230808