InvestmentPitch Media Video Discusses Great Atlantic's Acquisition of the Southwestern Golden Promise Property in Central Newfoundland Gold Belt - Video Available on Investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - February 21, 2019) - Great Atlantic Resources (TSXV: GR) (FSE: PH01) has acquired, through staking, the Southwest Golden Promise Property, located in central Newfoundland. The 1,000-hectare property, centered approximately 4 kilometers west of the southern-most region of the Company's Golden Promise Property, covers gold soil anomalies up to 7.6 grams per tonne and reported gold-bearing quartz float up to 6.7 grams per tonne.
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The primary target within the Southwest Golden Promise Property is an approximately 260-meter long northeast-southwest trending zone of historic gold soil anomalies. Multiple 2008 soil samples within this trend are reported to have returned anomalous values for gold including eight samples in the 36 - 82 parts per billion gold range. Panned soil samples at two of three sites within this anomalous zone were reported to yield gold flakes.
The Golden Promise Property remains the company's focus in the central Newfoundland gold belt. The Golden Promise Property hosts multiple gold bearing quartz veins, the most advanced being the Jaclyn Main Zone for which the company recently announced a mineral resource estimate.
Using a weighted average cutoff of 1.1 grams per tonne resulted in a total Inferred Resource of 106,000 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. Generic mining costs of US$2.50 a tonne and processing costs of US$25.00 a tonne were used together with a gold price of US$1,300 per ounce.
A gold bearing vein referred to as Linda /Snow White vein occurs in the southwest region of the Golden Promise Property, where reported historic surface samples included grab samples of 105 and 232 grams per tonne gold and a channel sample of 29.7 grams per tonne gold over 0.5 meters. The best reported historic drill hole intersection from 2006 at the Linda /Snow White vein was 19.5 grams per tonne gold over a 1.15 meter core length.
Similar to the company's Golden Promise Property, the Southwest Golden Promise Property is located within the Exploits Subzone of the Newfoundland Dunnage Zone. Within the Exploits Subzone, both properties lie along the north-northwestern fringe of the Victoria Lake Supergroup, a volcano-sedimentary terrane. The northwestern margin of both properties 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 Iron Corp. (TSXV.SIC) and Marathon Gold Corp. (TSXV.MOZ). The property is located approximately 40 kilometers west-southwest of the Moosehead Project of Sokoman Iron Corp. Sokoman reported a drill intersection of 45 grams per tonne gold over an 11.9 meter core length including a 1.35 meter core length quartz vein intersection of 386 grams per tonne gold from a discovery made during their 2018 diamond drill program.
The Valentine Lake Gold Camp of Marathon Gold Corp. is located approximately 55 kilometers to the southwest. As reported on Marathon's website, the Valentine Lake Gold Camp currently hosts four near-surface, mainly pit-shell constrained, deposits with measured and indicated resources totalling 2.7 million ounces of gold at 1.85 grams per tonne and inferred resources totalling 1.5 million ounces of gold at 1.77 grams per tonne. Great Atlantic cautions that mineralization at the Moosehead Property and Valentine Lake Gold Camp is not necessarily indicative of mineralization on the Golden Promise Property.
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 either 604-558-2630 or 888-280-8128, or email info@kayewynn.com
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