The Golden Promise gold property is Great Atlantic’s most advanced, highest priority and largest (16,500 hectares) property. It is located in central Newfoundland near the town of Badger. The property hosts multiple gold bearing quartz vein zones and zones of gold bearing quartz boulders.
Since the discovery of high grade boulders in 2002, multiple exploration programs have been conducted including approximately 22,000 meters of diamond drilling, a resource estimate and a bulk sample. Five gold bearing quartz vein zones are located in the central region, referred to as the Jaclyn Zone. Drill intersections exceeding 15 g/t Au over greater than 1 meter are reported.
The Jaclyn Main Zone contains a NI 43-101 compliant (2008) inferred resource of 921,000 tonnes averaging 3.02 g/t Au (89,500 contained ounces of gold) at a 1 g/t Au cutoff. This report states a 1.25 meter average thickness.
Additional work was completed in this zone in 2010 including an additional 16 diamond drill holes and the extraction – processing of a bulk sample of approximately 2200 tonnes (5.59 g/t Au head grade reported). Gold bearing veins in the southern region are Shawn’s Shot (grab samples reported up to 100.5 g/t Au) and Otter Brook. High grade quartz boulder samples in the northern region are reported up to 335 g/t Au (Justin’s Hope boulder occurrence) and 80 g/t Au (Branden boulder occurrence). Veins are meta sediment hosted and have been compared to other turbidite-hosted (or slate-belt) gold deposits throughout the world.
Reported drill intersections include (core length):
GP03-32: 12.13 g/t gold over 0.35 metre and 12.3 g/t gold over 0.3 metre;
GP07-76 (upper subzone): 11.28 g/t gold over 0.3 metre;
GP06-51 (middle subzone): 5.24 g/t gold over 1.7 metres;
GP06-47 (lower subzone): 15.23 g/t gold over 0.3 metre.