The Golden Promise Gold Project is Great Atlantic’s most advanced, highest priority and largest (approx. 16,500 hectares) property. It consists of two adjoining properties, the northern Golden Promise Property and the South Golden Promise Property, each subject to separate option agreements. The Project is located in central Newfoundland near the town of Badger. Multiple gold-bearing quartz veins and zones of gold bearing quartz boulders are reported within the Project. Multiple 2017 Great Atlantic quartz samples from different regions of the Golden Promise Property exceeded 1 oz. / ton gold.
Gold bearing quartz boulders were first reported in 2002. Multiple exploration programs have been conducted since, including approximately 23,500 meters of diamond drilling, a historic mineral resource estimate, and a bulk sample. Gold bearing quartz veins are reported in multiple regions of the Project, including five gold bearing quartz vein zones in the central region of the Golden Promise Property, referred to as the Jaclyn Zone. Other reported gold bearing veins include the Linda / Snow White vein in the South Golden Promise Property; and Otter Brook and Shawn’s Shot veins in the Golden Promise Property. Historic exploration for the Project is documented in the Newfoundland and Labrador Department of Natural Resources mineral assessment reports. Historic high grade boulders samples are reported in the northern region of the Project with reported samples returning 335 g/t Au (Justin’s Hope boulder occurrence) and 80 g/t Au (Branden boulder occurrence). Historical exploration for the Golden Promise Property is summarized in a recent 43-101 Technical Report by Paul Delaney, B.Sc., P.Geo.
Great Atlantic confirmed high grade gold in quartz boulders and a quartz vein in bedrock in 2017. Multiple quartz boulder samples in the northern region exceeded 100 g/t Au, including 200 g/t Au at the Branden Zone and 163.9, 208.5, and 332.6 g/t Au at the Jaclyn North Zone. A 0.32m chip sample at the Shawn’s Shot vein (central region of the Project) returned 48.2 g/t Au. The 2017 sampling was verified by a qualified person, who managed the program and verified sample data. The 2017 samples (and standard, blank, and duplicate samples) were assayed for gold at ALS Canada in Vancouver, British Columbia (fire assay – AA, screen metallic procedure also for some samples) and at Eastern Analytical in Springdale, Newfoundland (fire assay – AA or total pulp metallic fire assay). ALS Canada and Eastern Analytical are independent of Great Atlantic.
A historic mineral resource was reported in 2008 for the Jaclyn Main Zone in the Golden Promise Property. Form 43-101F1 TECHNICAL REPORT for the GOLDEN PROMISE, SOUTH GOLDEN PROMISE AND VICTORIA LAKE PROPERTIES, BADGER, GRAND FALLS, BUCHANS AND VICTORIA LAKE AREAS by Larry R. Pilgrim, B.Sc. P.Geo., And Gary H. Giroux, P.Eng. MASc., dated April 30, 2008 (As amended September 23, 2008) was completed for Crosshair Exploration and Mining Corp. and includes an historic mineral resource estimate for the Jaclyn Main Zone, reported to be completed by Gary H. Giroux, P.Eng. MASc. The Jaclyn Main Zone was reported to be traced over an 800 meter strike length to locally 265 meter vertical depth, being open to the east and down-dip (Pilgrim and Giroux, 2018). The 2008 mineral resource estimate was reported to be “based on the results of 68 drill holes that penetrated the Jaclyn Main Zone” (Pilgrim and Giroux, 2008). It was reported that ‘‘the zone was modeled to a minimum 1.5m width in two adjoining veins. The gold grade distribution within each vein was examined and erratic high grade assays were capped. Composites 1.5m in length were formed which honoured the vein boundaries. Semivariograms showed the longest ranges along strike and down dip. Blocks 10 m E-W by 2.5 m N-S by 5 m vertical were estimated by ordinary kriging. All blocks were classed inferred at this time due to drill hole spacing” (Pilgrim and Giroux, 2008). It was reported that “at a 1 g/t Au cutoff a total of 921,000 tonnes averaging 3.02 g/t Au (89,500 contained ounces of gold) are classed inferred” (Pilgrim and Giroux, 2008). Since the 2008 Technical Report, 16 additional diamond drill holes were completed at the Jaclyn Main Zone (2010), mainly as in-fill drilling.
Great Atlantic Resources Corp. is not treating the historical mineral resource estimate for the Jaclyn Main Zone, as stated in the 2008 Technical Report by Mr. Pilgrim and Mr. Giroux, as current mineral resources. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources. Great Atlantic is treating the historical estimate as unreliable as a qualified person has not completed sufficient work to classify the historical estimate as current mineral resources and additional more recent (2010) data exists for the Jaclyn Main Zone. A significant number of diamond drill holes (16 holes) were completed in 2010 at the Jaclyn Main Zone, many reported to intersect the zone, including significant reported gold intersections. The historic estimate is relevant to Great Atlantic in that it identifies the Jaclyn Main Zone as a priority gold-bearing quartz vein system and a potential significant source of gold. A qualified person must complete sufficient work to classify the historical estimate as current mineral resources. All available data must also be included in any such mineral resource estimate, including post 2008 data.
A bulk sample from the Jaclyn Main Zone was also extracted and processed in 2010, reported to be approx. 2200 tonnes with a 5.59 g/t Au head grade (source: Crosshair Exploration and Mining Corp. mineral assessment report). Veins are meta-sediment hosted and have been compared to other turbidite-hosted (or slate-belt) gold deposits throughout the world (source: 2008 43-101 Technical Report for Crosshair Exploration and Mining Corp by L.R. Pilgrim and G.H. Giroux, 2008).
Reported historic drill intersections include (core length):
GP02-13: 25.74 g/T Au over 1.55m;
GP06-52: 93.71 g/T Au over 1.40m;
GP06-65: 20.65 g/T Au over 1.60m;
GP07-91: 43.83 g/T Au over 1.45m.
* The historic drill intersections have not been verified by a qualified person.