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Great Atlantic Makes Final Option Payment for Its 100% Owned Golden Promise Gold Property Central Newfoundland
VANCOUVER, BC / ACCESSWIRE / August 6, 2020 / GREAT ATLANTIC RESOURCES CORP. (TSXV:GR)(FRA:PH...
About this update from Great Atlantic Resources Corp.
[{"type":"text","content":"Great Atlantic Makes Final Option Payment for Its 100% Owned Golden Promise Gold Property Central NewfoundlandVANCOUVER, BC / ACCESSWIRE / August 6, 2020 / GREAT ATLANTIC RESOURCES CORP. (TSXV:GR)(FRA:PH01) (the \"Company\" or \"Great Atlantic\") is pleased to announce it has made the final option payment of $150,000 cash to acquire 100% right, title and interest in and to the Golden Promise Gold Property, located within the central Newfoundland gold belt. The property, covering 16,525 hectares, hosts gold bearing quartz veins / quartz vein systems and quartz vein boulders in various regions. The most advanced of these is the Jaclyn Main Zone (JMZ) for which the Company reported a National Instrument 43-101 compliant Inferred mineral resource estimate of 119,900 OZ. gold at 10.4 grams / tonne (g/t) during December 2018.At least 5 gold bearing quartz vein systems are reported at the Jaclyn Zone within the northern region of the property. These include the JMZ, Jaclyn North Zone (JNZ), Jaclyn West Zone, Jaclyn South Zone and Jaclyn East Zone. Majority of the historic drilling (2002-2010) was conducted at the JMZ. Other gold bearing quartz veins / quartz vein systems include Shawn's Shot in the central region of the property and Linda / Snow White and the Gabbro Occurrence in the southern region of the property.The Company intersected high grade gold in quartz veins at the JMZ during the 2019 Phase 1 diamond drilling program (see Company News Releases of February 6, 12 and 19, 2020). Gold bearing drill intersections (core length) from the Company's Phase 1 drilling included:GP19-137: 12.37 g/t /t gold over 1.90 meters.GP19-138: 113.07 g/t gold over 0.55 meters & 93.96 g/t gold over 0.27 meters.GP19-139: 15.80 g/t gold over 2.70 meters.GP19-140: 2.30 g/t gold over 25.25 meters.GP19-144: 61.35 g/t gold over 2.04 meters.GP19-145: 14.49 g/t gold over 1.52 meters.Great Atlantic is currently conducting prospecting and rock / soil geochemical sampling in multiple target areas within the Golden Promise Property to define trenching and drilling targets. The Company has applied for a Phase 2 diamond drilling permit for the JMZ and JNZ.The Company reported a National Instrument 43-101 compliant mineral resource estimate for the JMZ in late 2018 (News Release of December 6, 2018; and Sedar-filed National Instrument 43-101 Technical Report ...