Great Atlantic reports first two drill holes of 2024 cut 34.8 g/t gold over 0.53 metres and 12.9 g/t gold over 0.64 metres at Jaclyn Main Zone, Golden Promise Property, Newfoundland
Great Atlantic Resource Corp. [TSXV: GR; FSE: PH02] reported its wholly owned subsidiary, Golden Promise Mines Inc., has received gold analyses for the first two holes of the 2024 diamond drilling program at its 100%-owned Golden Promise Gold Property, located in central Newfoundland. The holes were drilled at the gold-bearing Jaclyn Main Zone.
Drill hole GP-24-157 intersected 34.87 g/t gold over 0.53 metres while GP-24-158 intersected 12.96 g/t gold over 0.64 metres. These intervals are core length. These half core samples were collected from quartz veins containing visible gold.
Drill holes GP-24-157 and GP-24-158 were the first two holes completed during the 2024 fully funded drill program at the gold-bearing Jaclyn Main Zone (JMZ). Eight holes have ben completed to date during 2024 at the JMZ totaling 716.5 total metres. The 2024 drilling was conducted in the west region of the JMZ in the area of a planned bulk sample.
The eight 2024 holes were drilled on the same northwest – southeast trend to intersect the steeply dipping, east to slightly northeast trending JMZ. The holes were designed to target the JMZ between surface and approximately 100 meters vertical depth.
Drill holes GP-24-157 and GP-24-158 were collared approximately one meter apart. Drill hole GP-24-157 was drilled slightly northwest (approximately 347 degrees) at a dip of approximately 46 degrees to a length of 68 metres. Drill hole GP-24-158 was drilled slightly northwest (approximately 346 degrees) at a dip of approximately 61 degrees to a length of 80.5 metres. Each hole intersected a quartz vein with visible gold, interpreted by Great Atlantic management to be the main JMZ vein/vein system.
Two sawed half core samples from these veins were submitted to Eastern Analytical Ltd. for gold and multi-element analysis. The samples and gold analytical results include the following (core length): GP-24-157 (sample E534851): 34.47-35.00 metres (0.53 metres): 34.879 g/t gold. GP-24-158 (sample E534852): 45.35-45.99 metres (0.64 metres): 12.968 g/t gold.
Three additional drill holes are planned during 2024 in this area of the JMZ after a pause to confirm exact collar locations. The drilling program is being conducted with partner Novamera Inc. The three remaining holes of the program will include Novamera’s proprietary Guidance Technology, providing increased data and resource knowledge to define the shape, geometry and continuity of the vein. The drill holes are in the area of a planned bulk sample, which is also fully funded.
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 planned approximately 2,700-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 proprietary 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.
A NI 43-101 compliant inferred resource estimate during late 2018 for the JMZ was 357,500 tonnes at 10.4 g/t gold (119,900 ounces of gold – uncapped).
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 km of the Valentine Gold Mine of Calibre Mining Corp. [TSX: CXB; OTCQX: CXBMF] which is also located within the Exploits Subzone.