Business
Great Atlantic Resources Receives Diamond Drilling Permit for Area of Planned Bulk Sample
100% Owned Golden Promise Gold Property, Central Newfoundland Vancouver, British Columbia--(Newsfile Corp. - July 31, 2024) - GREAT ATLANTIC RESOURCES CORP. (TS
About this update from Great Atlantic Resources Corp.
[{"type":"text","content":" 100% Owned Golden Promise Gold Property, Central Newfoundland Vancouver, British Columbia--(Newsfile Corp. - July 31, 2024) - GREAT ATLANTIC RESOURCES CORP. (TSXV: GR) (the \"Company\" or \"Great Atlantic\") is pleased to announce its wholly owned subsidiary, Golden Promise Mines Inc., has received diamond drilling approval from the Newfoundland and Labrador government for its Golden Promise Gold Property, located in the central Newfoundland. The approval is for nine drill holes at the gold-bearing Jaclyn Main Zone in the area of a planned bulk sample The fully funded drill program (estimated 900 total meters) 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 Inc. is currently evaluating proposals from diamond drilling contractors for this program and will award the drilling contract shortly. Jaclyn Main Zone quartz vein 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 grams / tonne (g/t) gold over 0.55 meters and 61.35 g/t gold over 2.04 meters (see Company news releases for results of 2019 and 2021 diamond drilling programs). The planned approximately 2700 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...