Vancouver, British Columbia--(Newsfile Corp. - December 4, 2019) - Great Atlantic Resources (TSXV: GR) (FSE: PH02) has completed the 2019 Phase I diamond drill program at its Golden Promise 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 drill program, consisting of 10 holes (including one hole stopped prematurely) totalling 1,063 meters, was conducted at the Jaclyn Zone.
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The Jaclyn Zone, a gold-bearing quartz vein system located within the northern region of the Golden Promise Property, has been the focus of multiple diamond drilling programs during 2002 to 2010 and a bulk sample program during 2010.
Nine holes tested the west half of the Jaclyn Main Zone within the conceptual pit-constrained area, with one hole testing the deeper central part of the Jaclyn Main Zone. Nine holes intersected quartz veins with plus / minus sulfide mineralization. The remaining hole was stopped prematurely before reaching the target depth.
Visible gold is present within quartz veins intersected in holes GP-19-138, GP-19-139, GP-19-140 and GP-19-144. The hole numbering system is consistent with and continuing from that used by previous explorers.
Five gold bearing quartz vein systems are reported at the Jaclyn Zone, being the Jaclyn Main Zone, Jaclyn North Zone, Jaclyn West Zone, Jaclyn South Zone and Jaclyn East Zone. The majority of the historic drilling was conducted at the Jaclyn Main Zone.
The company reported a NI 43-101 Mineral Resource Estimate for the Jaclyn Main Zone in late 2018.
Based on the combined hypothetical mining and processing costs and the assumed price of gold, a pit-constrained cutoff grade of 0.6 grams per tonne was adopted. For the underground portion of the resource a cutoff of 1.5 grams per tonne was assumed. The cutoff grade for the total resource is the weighted average of the pit-constrained and underground cutoff grades, resulting in a total Inferred Resource of 106,400 ounces capped and 119,900 ounces upcapped, using a weighted average cutoff of 1.1 grams per tonne 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.
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, which 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.
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