Great Atlantic drills high-grade gold at Golden Promise, Newfoundland

Great Atlantic Resources Corp. [GR-TSXV; PH0-FSE] reported additional gold assays for the third drill hole (GP-21-151), and gold assays for the fourth hole (GP-21-152) and fifth to eighth holes (GP-21-154 to GP-21-156) of the 2021 diamond drilling program at its 100%-optioned Golden Promise gold property in central Newfoundland.

Highlights from the recent gold assays include 4.02 g/t gold over a 0.60-metre core length in GP-21-151 at the Jaclyn Main zone and 30.6 g/t gold over a 0.41-metre core length in GP-21-156 at the Jaclyn North zone. Multiple gold-bearing intervals occur in GP-21-151 based on these recent gold assays and previously reported gold assays.

Drill hole GP-21-151 is a definition hole within the western area of the Jaclyn Main zone (JMZ). Drill core gold assays confirm multiple gold-bearing intervals in this hole. The recent gold assays include a 0.60-metre core length sample returning 4.02 g/t gold. The company previously reported gold assays for initial drill samples from this hole, including three drill core samples exceeding 5.0 g/t gold, of which one 0.40-metre core length quartz vein sample with visible gold returned 101.4 g/t gold as well as 0.75 metres of 56.855 g/t gold. Significant intercepts (core length) for GP-21-151 are listed on the press release on the company website.

Drill hole GP-21-152 is also a definition hole within the western area of the JMZ. A 0.68-metre core length sample (58.66 to 59.34 metres) from a quartz vein returned 0.559 g/t gold.

Gold assays were also received for drill core samples from drill holes GP-21-154 to GP-21-156, completed at the Jaclyn North zone (JNZ). The holes were drilled east of historic pre-Great Atlantic drill holes to explore along the projected strike of the JNZ. Drill holes GP-21-154 and GP-21-155 both intersected near-surface quartz veined zones with anomalous gold. A 0.71-metre core length sample (20.41 to 21.12 metres) from a quartz veined zone in GP-21-154 returned an anomalous value of 0.142 g/t gold. A 0.56-metre core length sample (46.44 to 47.00 metres) from greywacke with quartz veins in GP-21-155 returned an anomalous value of 0.188 g/t gold.

Gold assays from drill hole GP-21-156 confirm near-surface anomalous and high-grade gold. A 0.74-metre core length sample (13.13 to 13.87 metres) returned 0.899 g/t gold. A 0.41-metre core length sample (22.11 to 22.52 metres) from a quartz vein with visible gold returned a high-grade assay of 30.6 g/t gold. Drill hole GP-21-156 was collared within a zone of abundant quartz vein float of which previous Great Atlantic float samples returned high-grade gold values including four boulder samples exceeding 100 g/t gold. This northeast trending quartz boulder field is approximately 300 metres long.

The combined 2020 to 2021 drilling (six holes) has extended the JNZ quartz vein system approximately 260 metres further east along strike. Drill hole GP-20-148 was also drilled within the zone of gold-bearing quartz vein boulders.

The objective of drilling at the JMZ was to further define the zone and provide information for an updated resource estimate of the JMZ. Additional drilling is planned by the company at the Jaclyn zone during 2022.

Great Atlantic reported a NI 43-101 compliant inferred resource estimate during late 2018 for the JMZ of 357,500 tonnes at 10.4 g/t gold (119,900 ounces of gold – uncapped).