Great Atlantic Resources (TSXV:GR), through its wholly-owned subsidiary Golden Promise Mines Inc., has reached a milestone in its 2024 diamond drilling program at the Golden Promise Gold Property in central Newfoundland. The company recently completed its seventh and eighth drill holes, marking a significant development in the exploration of its flagship project. Located in the gold-rich Jaclyn Main Zone (JMZ), these holes intersected quartz veins containing visible gold, an indicator of potential gold reserves in the region.
The recent drilling activities, holes GP-24-163 and GP-24-164, targeted the western part of the JMZ. Both were drilled on the same northwest-southeast alignment as previous holes in the 2024 drilling campaign, continuing a consistent approach that seeks to accurately define the gold-bearing veins in the JMZ. Each hole was positioned at an angle to reach the steeply dipping JMZ, which trends east to slightly northeast, and the aim was to intercept gold-bearing quartz veins at depths up to 100 meters.
These two holes followed six earlier ones (GP-24-157 through GP-24-162), all drilled within close proximity to each other. Like their predecessors, holes GP-24-163 and GP-24-164 intersected visible gold-bearing veins, reinforcing initial findings and adding to the understanding of the vein’s structure and mineralization. Drill hole GP-24-163 was drilled at a slight northwest angle (343.5 degrees azimuth) with a dip of 53 degrees, reaching a depth of 65 meters. Visible gold was found within a quartz vein at a depth of 37.05 to 37.80 meters, covering a 0.75-meter core length. Hole GP-24-164, drilled nearby at a northwest angle of 344 degrees and with a steeper dip of 64 degrees, went deeper, reaching 71.5 meters. Visible gold in this hole appeared in a vein between 54.56 and 55.35 meters, over a core length of 0.79 meters. Both of these holes were positioned between previous drill holes, extending the continuity of gold-bearing veins across the drilling section.
To date, all eight completed holes of the 2024 drilling program have cumulatively reached 716.5 meters in depth. Drill cores from each hole have been, or will be, submitted for detailed gold and multi-element analysis. Results from these analyses will contribute to a comprehensive understanding of the JMZ’s resource potential, aiding in both the planning and future development phases.
Looking ahead, three more holes are planned to complete this phase of the drilling program. These additional holes will incorporate Novamera Inc.’s Guidance Technology, a proprietary imaging system designed to enhance the understanding of the vein’s shape, geometry, and continuity. The arrival of Novamera’s imaging equipment on-site is anticipated soon, and these upcoming drill holes will utilize Novamera’s technology to generate higher-resolution data that may improve decision-making on subsequent extraction efforts.
The ongoing 2024 drilling campaign, as well as the planned bulk sampling, is financially supported in part by DIGITAL, Canada’s Global Innovation Cluster for digital technologies. This co-investment aligns with a broader project to introduce data-driven solutions within the mining sector. The upcoming bulk sample, projected to weigh approximately 2,700 tonnes, is scheduled for extraction following the completion of the current drilling phase and regulatory approval. Once authorized, this bulk sampling will employ Novamera’s Surgical Mining technology, which integrates artificial intelligence, machine learning, and advanced hardware with conventional drilling methods. This innovative approach aims to minimize extraction costs compared to conventional mining techniques, potentially providing a significant cost advantage.
In addition to these technological advances, Great Atlantic’s recent exploration aligns with a historical resource estimate conducted in 2018 for the Jaclyn Main Zone. That report, filed as a National Instrument 43-101 compliant inferred resource estimate, indicated 357,500 tonnes of material with an average grade of 10.4 grams per tonne (g/t) gold, amounting to an inferred resource of approximately 119,900 ounces of gold, uncapped. This estimate, compiled by Greg Z. Mosher, M.Sc. App., P.Geo., and Larry Pilgrim, B.Sc., P.Geo., remains a foundational reference for the JMZ’s potential, providing a framework against which current findings can be measured.
Golden Promise Mines Inc., the exploration-focused subsidiary conducting this drilling, holds several other gold properties in central Newfoundland, with Golden Promise being the largest and most advanced among them. Situated in the Exploits Subzone of the Newfoundland Dunnage Zone, this property shares geological similarities with other gold-bearing regions nearby. The Exploits Subzone, recognized for its gold deposits, has attracted considerable interest from mining companies. Among these properties, Golden Trust, another asset owned by Golden Promise Mines Inc., lies within one kilometer of Calibre Mining Corp.‘s Valentine Gold Mine, highlighting the area’s gold mining potential.
The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.
I specialize in the mining industry, focusing on top global mining stocks. My reporting covers the latest industry news, company/project developments, and profiles of key players. Beyond my professional pursuits, I have a keen interest in global business and a love for travel.
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