Great Atlantic Makes $175,000 Payment - Golden Promise Gold Property, Central Newfoundland Gold Belt
Vancouver - Great Atlantic Resources Corp. (TSXV.GR) (the “Company” or “Great Atlantic”) is pleased to announce it has made a $125,000 cash payment for its Golden Promise Gold Property. In addition, the Company made a $50,000 share payment totalling 666,667 shares at $.075 per share. The Property is located in central Newfoundland in a region of recent significant gold discoveries. The Golden Promise Property is located approximately 40 kilometers west-southwest of the Moosehead Project of Sokoman Iron Corp. (TSXV.SIC) and approximately 55 kilometers northeast of the Valentine Lake Gold Camp of Marathon Gold Corp. (TSXV.MOZ). The Golden Promise Property hosts gold bearing quartz veins including high grade gold. To view the graphic in its original size, please click here
Gold bearing quartz veins are reported in multiple areas of the Golden Promise Property, including at least 5 gold- bearing quartz vein systems reported in one zone referred to as the Jaclyn Zone. The Company recently completed exploration in other select areas. Assays are pending for 2018 rock and soil samples. Quartz float samples collected by the Company during 2017 in one target area (referred to as the Branden Zone) in the northern region of the Property returned 57.2 and 200 grams / tonne (g/t) gold (News Release of August 28, 2017). A 0.32 meter long chip sample collected across the Shawn’s Shot Vein by the Company in 2017 returned 48.2 g/t gold (news Release of August 28, 2017).
Much of the reported historical exploration at the Golden Promise Property has been focused on the Jaclyn Zone in the northern half of the Property, with gold bearing vein systems reported at the Jaclyn Main, Jaclyn East, Jaclyn West, Jaclyn North and Jaclyn South Sub-zones.
Gold Bearing Jaclyn West (Christopher) Vein
To view the graphic in its original size, please click here
Most historic work was conducted at the Jaclyn Main Zone. Reported diamond drilling gold (Au) intercepts (core length and estimated true thickness in meters) at the Jaclyn Main Zone include:
- GP02-01: 16.57 g/t Au over 2.55m core length (1.64 m estimated true thickness)
- GP02-09: 7.05 g/t Au over 4.90 m core length (2.22 m estimated true thickness)
- GP06-52: 93.71 g/t Au over 1.40 m core length (1.25 m estimated true thickness)
- GP07-91: 141.21 g/t Au over 0.45 m core length (0.33 m estimated true thickness)
- GP07-92: 10.41 g/t Au over 4.70 m core length (1.60 m estimated true thickness)
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 gold. The average tails grade for the sample was reported to be 1.12 g/t gold. A “back-calculated head grade of 5.59 g/t gold” was reported for the bulk sample.
To view the graphic in its original size, please click here
Sokoman Iron Corp. recently announced a high grade gold discovery on its Moosehead Property, located approximately 40 kilometers east-northeast of the Golden Promise Property. The discovery was made during the 2018 diamond drilling program. A drill intersection of 44.96 g/t gold over 11.90 meter core length was reported including a 1.35 meter core length quartz vein intersection of 385.85 g/t gold (Sokoman Iron Corp. News Release of July 24, 2018).
The Valentine Lake Gold Camp of Marathon Gold Corp., is located approximately 55 kilometers southwest of the Golden Promise Property. 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 2,137,100 oz. of gold at 1.99 g/t and inferred resources totalling 1,104,800 oz. of gold at 1.99 g/t.
Readers are warned that mineralization at the Moosehead Property and Valentine Lake Gold Camp are not necessarily indicative of mineralization on the Golden Promise Property.
Readers are warned that historical records for the Golden Promise Property referred to in this News Release have been examined but not verified by a Qualified Person. Further work is required to verify that historical records referred to in this News Release are accurate.
David Martin, P.Geo., 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 " Always be positive, strive for solutions, and never give up "
President CEO Director
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Office@GreatAtlanticResources.com
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E-mail: ir@GreatAtlanticResources.com
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, Antimony, Tungsten and Gold.
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
Source: Great Atlantic Resources Corp. (TSX Venture:GR, FWB:PH01)