Business
Great Atlantic Establishes wholly Owned Subsidiary Golden Promise Mines Inc.
VANCOUVER, BC / ACCESSWIRE / September 6, 2023 / GREAT ATLANTIC RESOURCES CORP. (TSXV.GR) (the "C...
About this update from Great Atlantic Resources Corp.
[{"type":"text","content":"Great Atlantic Establishes wholly Owned Subsidiary Golden Promise Mines Inc.VANCOUVER, BC / ACCESSWIRE / September 6, 2023 / GREAT ATLANTIC RESOURCES CORP. (TSXV.GR) (the \"Company\" or \"Great Atlantic\") is pleased to announce that it has established a wholly-owned subsidiary named Golden Promise Mines Inc. into which it will be transferring all of Great Atlantic's central Newfoundland gold properties including the Golden Promise Property, the Southwest Golden Promise Property, the West Golden Promise Property, the South Golden Promise Property, the East Golden Promise Property, the Coronation Property, the Lynx Property and the Golden Trust Property. Golden Promise PropertyThe Golden Promise Property is the Company's most advanced, highest priority and largest (14 mineral licences totalling 16,525 hectares) property. Great Atlantic acquired the property through two option agreements and staking and has acquired 100% interest in the property. Multiple gold bearing quartz veins / quartz vein systems and zones of gold bearing quartz boulders occur within the property.One such gold bearing quartz vein system is the Jaclyn Main Zone (JMZ). Great Atlantic reported a NI 43-101 compliant mineral resource estimate for the JMZ during December 2018 (119,900 ounces of gold - Inferred resource) (see Company news release of December 6th, 2018). Diamond drilling by Great Atlantic during 2019 - 2021 tested a section of the JMZ and the east region of the Jaclyn North Zone with high grade gold being intersected including the following intercepts (core length) (see Company news releases for results of 2019-2021 drilling programs at the Jaclyn Zone): Jaclyn Main Zone:GP-19-138: 113.0 grams / tonne (g/t) gold over 0.55 meters.GP-19-139: 15.8 g/t gold over 2.70 meters.GP-19-140: 2.30 g/t gold over 25.25 meters.GP-21-149: 238 g/t gold over 0.40 meters.GP-21-151: 56.8 g/t gold over 0.75 meters.Jaclyn North Zone:GP-21-156: 30.6 g/t gold over 0.41 metersDrilling during 2021 intersected gold mineralization at the Otter Brook gold showing in the east region of the Golden Promise Property. Samples from four holes exceeded 1 g/t gold including 4.95 g/t gold over 0.50 meters core length in drill hole OB-21-9 (see Company news release of May 31st, 2022). Based on depths and locations of intersected gold bearing intervals, Company management are interpreting...