Great Atlantic receives drill permit for Golden Promise
GREAT ATLANTIC Resources Corp. has received a permit for diamond drilling from the Newfoundland and Labrador Department of Natural Resources for its Golden Promise gold property in central Newfoundland. The permit allows for up to 8,000 metres of drilling and 48 drill holes. This permit expires on July 26, 2018. Multiple gold-bearing quartz veins occur within the permit area including the Jaclyn Main, Jaclyn North, Jaclyn South and Jaclyn West zones. The company is planning to commence the first phase of drilling in early October, focusing on the Jaclyn Main zone and area east of and along strike of the Jaclyn North zone, including areas of high-grade gold-bearing quartz boulders.
Phase I drilling will include the Jaclyn Main zone, located in the northern region of the property. Most of the historic work was conducted at the Jaclyn Main zone. A National Instrument 43-101-compliant inferred resource of 921,000 tonnes at an average grade of 3.02 grams per tonne gold (89,500 ounces contained gold) was reported in 2008 for the Jaclyn Main zone. Gold recovery from a reported 2,241-tonne bulk sample collected in 2010 at the Jaclyn Main zone was reported to average 4.47 g/t Au. The average tails grade for the sample was reported to be 1.12 g/t Au. A back-calculated head grade of 5.59 g/t Au was reported for the bulk sample. The Jaclyn Main zone has been reportedly traced for a strike length of approximately 800 metres (northeast to east striking) through trenching and diamond drilling to approximately 420 m vertical depth.
Jaclyn Main zone — 2010 bulk sample area
The second area of focus during phase I drilling is the Jaclyn North zone, reported approximately 250 m north of the Jaclyn Main zone. Drill holes are planned to test the extension of Jaclyn North zone along its projected strike to the east. Recent trenching in this area revealed thick overburden (predominantly greater than three or four metres in recent trenches). Gold-bearing angular quartz bounders were discovered in till within these trenches including multiple high-grade boulders in one trench approximately 260 m east of the easternmost historic Jaclyn North drill hole. Grab samples of boulders from this trench returned 31.96, 78.05, 163.99 and 332.67 g/t gold (9.7 ounces per ton gold) (see news release of Aug. 31, 2017). The area of this particular trench is a high-priority target for the company and will be tested during the phase I drilling.
The northeast-striking Jaclyn North zone has been reportedly traced by diamond drilling (13 holes) for approximately 450 m and locally to a vertical depth of 175 m. The zone is reported to contain three quartz veined subzones. Reported drill intersections include (core length):
- GP03-32: 12.13 g/t Au/0.35 m and 12.30 g/t Au/0.30 m
- GP07-76 (Upper subzone): 11.28 g/t Au/0.30 m
- GP06-51 (Middle subzone): 5.24 g/t Au/1.70 m
- GP06-47 (Lower subzone): 15.23 g/t Au/0.30 m
- GP10-103: 6.19 g/t Au/0.35 m
The 2008 National Instrument 43-101 technical report states the style of veining, mineralization, alteration, host rock and tectonism at Golden Promise most closely resemble other turbidite-hosted (or slate belt) gold deposits throughout the world.
Access is excellent with a paved provincial highway transecting the property. The property is located near the town of Badger and approximately 50 kilometres northeast of the Valentine Lake property of Marathon Gold Corp.
Readers are warned that historical records referred to in this news release have been examined but not verified by a qualified person. Further work is required to verify that historical assays referred to in this news release are accurate.
David Martin, PGeo, a qualified person as defined by NI 43-101, is responsible for the technical information contained in this news release.
About Great Atlantic Resources Corp.
Great Atlantic Resources 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 top min ing re gions 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: antimony, tungsten and gold.
We seek Safe Harbor.
Christopher Ross Anderson, Allan Joseph Beaton, Lorne Mann
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