Vancouver, British Columbia – October 11, 2023 – Great Atlantic Resources (“GAR” or the “Company”) (TSX.GR), is pleased to announce that its wholly owned subsidiary, Golden Promise Mines Inc. (“GPM”), a gold development company which wholly owns several projects in Central Newfoundland, has signed a Memorandum of Understanding (“MOU”) with Novamera Inc. (“Novamera”) to evaluate the use of surgical mining and Novamera’s technologies as the extraction method for the Jaclyn Main Zone (the “Project”), which currently contains an NI 43-101 compliant mineral resource estimate of 119,900 inferred ounces at 10.4 grams per tonne (“g/t”) gold (See Company news release dated December 6, 2018).
The MOU sets out a series of milestones that include a conceptual surgical mining economic desktop evaluation, Guidance Tool calibration activities and a bulk sample. The parties expect to complete these activities within the next twelve months.
119,900 inferred ounces at 10.4 grams per tonne (“g/t”) Gold
“We are thrilled to embark on this partnership with Novamera Inc. as we explore the potential of surgical mining and Novamera’s innovative technologies for the Jaclyn Main Zone project. This collaboration underscores our commitment to sustainable and efficient mining practices, which we believe will not only benefit our shareholders but also contribute positively to environmental preservation. We look forward to the journey ahead and the possibilities it holds for our company and the mining industry as a whole,” states Mr. Anderson, CEO of Great Atlantic Resources.
“We’re excited to be working with Great Atlantic and demonstrating the capabilities of surgical mining and our technologies. Mining companies like Great Atlantic are looking for solutions to bring deposits into production with a smaller environmental footprint than that of conventional mining methods,” says Dustin Angelo, Novamera CEO. “The willingness to look at a different business model will open more strategic options to generate value for their shareholders and realize positive cash flow sooner for a project.”
Surgical mining is an option for bringing deposits into production that are the size and style of the Jaclyn Main Zone. The innovative solution is a more cost-effective and faster path to production, while also radically reducing environmental and social impact. Given the low upfront capital costs and minimal development costs, surgical mining enables junior mining companies to get into production and generate cash flow, offering a second source of cash and relying less on the capital markets to fund strategic plans. In addition, the time to permits can be reduced because of the small footprint and scale of the operation.
Gold bearing quartz vein in drill hole GP19-138
Jaclyn Main Zone
The Jaclyn Main Zone (or the Project) is part of the Golden Promise Gold Property (the “Property”) owned by GAR’s subsidiary GPM. The Property is located within the central Newfoundland gold belt, near the town of Badger. Multiple gold bearing quartz veins/quartz vein systems and zones of gold bearing quartz boulders are reported within the Property. One such quartz vein system is the Jaclyn Main Zone. GAR reported a 43-101 compliant mineral resource estimate for the Project during December 2018 (119,900 ounces gold, Inferred resource). Multiple 2017 GAR quartz samples from different regions of the Property exceeded 1 ounce per tonne gold. Diamond drilling in 2019 tested a section of the Project, with high grade gold intersected in multiple holes, including core length intersections of (See Company news releases dated February 6, 2020, February 12, 2020 and February 19, 2020):
Gold bearing quartz vein in drill hole GP19-138
- 61.35 g/t gold / 2.04 meters
- 15.80 g/t gold / 2.70 meters
- 113.0 g/t gold / 0.55 meters
- 2.30 g/t gold / 25.25 meters
2019 intercepts for the JMZ:
12.37 g/t gold / 1.90 meters
11.35 g/t gold / 0.71 meters
14.49 g/t gold / 1.52 meters
2021 intercepts at JMZ include:
238.4 g/t gold / 0.40 meters
56.85 g/t gold / 0.75 meters
About Novamera: Novamera is a surgical mining technology company that has developed data driven hardware and software solutions that pinpoint, map, navigate and extract high value narrow vein deposits. Novamera’s precision drilling products integrate into conventional drilling equipment, enabling mining companies to quickly and sustainably mine various metal and mineral deposits that are otherwise uneconomic due to size, geometry and orientation. The process has large scale environmental and social impacts to support ESG targets and improve social licence. Requiring a small footprint with no blasting, the solution produces 95% less waste, 44% less GHG emissions and 99% less water discharge.
Readers are warned that historic information referred to in this news release have not been verified by a Qualified Person.
David Martin, P.Geo. (New Brunswick and Newfoundland and Labrador), a Qualified Person as defined by NI 43-101 and VP Exploration for Great Atlantic, is responsible for the technical information contained in this News Release.
On Behalf of the board of directors
“Christopher R Anderson”
Mr. Christopher R. Anderson
President CEO Director
604-488-3900 – Office
About Great Atlantic Resources Corp.: Great Atlantic Resources Corp. is a Canadian exploration company focused on the discovery and development of mineral assets in the resource-rich and sovereign risk-free realm of Atlantic Canada, one of the number one mining regions of the world. Great Atlantic is currently surging forward building the company utilizing a Project Generation model, with a special focus on the most critical elements on the planet that are prominent in Atlantic Canada, Gold, Copper, Zinc, Nickel, Cobalt, Antimony and Tungsten.
This press release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include exploitation and exploration successes, continued availability of financing, and general economic, market or business conditions.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Great Atlantic Resource Corp.
888 Dunsmuir Street – Suite 888, Vancouver, B.C., V6C 3K4