Great Atlantic Resources has confirmed a zone of gold soil geochemical anomalies in the southwest region of its Golden Promise gold property in Newfoundland.
Results include gold soil anomalies within a zone at least 500 metres long, with an apparent width of approximately 90 to 200 metres. Approximately 78% of samples (22 of 28 samples) within the zone are anomalous for gold, including six samples exceeding 30 parts per billion (ppb) gold (up to 77 ppb gold), the company said in a press release.
Great Atlantic is currently conducting a Phase 2 diamond drilling program at the Jaclyn North zone, which hosts gold-bearing veins.
The property is located within the Exploits subzone of the Newfoundland Dunnage zone. Recent significant gold discoveries within the Exploits Subzone include those of Marathon Gold at the Valentine gold project, Sokoman Minerals at the Moosehead gold project and New Found Gold at the Queensway project.
The company is planning additional prospecting and rock geochemical sampling and ground geophysical surveys in the area of the Gold Soil Anomaly 1 during 2021.
Midday Friday, Great Atlantic’s stock was up 25% on the NYSE. The company has a $9.5-million market capitalization.
This story originally appeared on www.MINING.com.