Great Atlantic receives drilling permit for Golden Promise Property, Newfoundland

Great Atlantic Resources Corp. [TSXV-GR] reported its wholly owned subsidiary, Golden Promise Mines Inc., has received diamond drilling approval from the Newfoundland and Labrador government for its 100%-owned Golden Promise Gold Property, located in the central Newfoundland.

The fully funded drill program (estimated 900 total metres) will begin during late August-September with partner Novamera Inc. The drill 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 drilling is planned for the area of a planned bulk sample, also being fully funded. Golden Promise Mines is currently evaluating proposals from diamond drilling contractors for this program and will award the drilling contract shortly.

The objective of the 2024 diamond drilling program is to further define gold bearing quartz veins in one part of the JMZ in preparation for extraction of the bulk sample. The nine diamond drill holes are planned within the west region of the JMZ targeting gold bearing veins to approximately 100 meters vertical depth.

Great Atlantic confirmed high-grade gold in quartz veins in the west region of the JMZ during 2019 and 2021 diamond drilling programs, including near surface high grade intercepts (core length) of 113.07 g/t gold over 0.55 metres and 61.35 g/t gold over 2.04 metres.

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.

The 2024 diamond drilling and subsequent 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.

Great Atlantic reported a NI 43-101 compliant inferred resource estimate during late 2018 for the Jaclyn Main Zone of 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 and located within the Exploits Subzone of the Newfoundland Dunnage Zone.

One of these properties (Golden Trust) is located within one kilometre of the Valentine Gold Mine of Calibre Mining Corp. which is also located within the Exploits Subzone.