VANCOUVER, British Columbia, July 08, 2022 (GLOBE NEWSWIRE) -- Great Atlantic Resources (TSXV:GR) (FSE:PH02) has started its 2022 exploration program at its Keymet Precious Metal-Base Metal Property in northeast New Brunswick. The 100% owned, 3,400-hectare property, located approximately 20 kilometres northwest of Bathurst, in northeastern New Brunswick, Canada, has excellent access with paved roads, including a provincial highway, transecting the property.
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The Keymet Property is host to the historic Keymet Mine, located within the northwest region of the property, which operated during the mid-1950s, producing lead, zinc, copper and silver, according to New Brunswick Government database files. Production at this mine was terminated in 1956 due to a fire at the site.
Much of the previous work by Great Atlantic has been focused on the area northwest of the historic Keymet Mine. The 2021 soil geochemical sampling in the central region of the Keymet Property was conducted along four northwest-southeast traverses within an area of approximately 850 meters long by approximately 500 meters wide with a total of 91 samples collected.
Highlights include:
- Sixty of the 91, or 66% of soil samples returned anomalous gold values of 0.005 ppm and higher.
- One or more samples from each of the four traverses exceeded 0.010 ppm gold with 12 samples returning 0.011 - 0.067 ppm gold.
- Five of seven 7 consecutive samples along an approximately 150-meter section of one traverse returned gold values of 0.014 - 0.067 ppm gold.
- This anomalous zone is open in all directions.
The 10-hole, 2,061 metre drilling program in 2021 tested numerous target areas of polymetallic veins, untested electromagnetic geophysical anomalies, and areas of gold mineralization in the northwest region of the property. A new gold discovery, the Debler Zone, in drill hole Ky-21-25, included 3.17 g/t gold over 0.70 metres, and polymetallic veins in hole Ky-21-27 at the Elmtree 12 Zone, including 7.02% zinc equivalent over 0.92 metres.
The current program is being conducted within the central region of the Keymet Property within and surrounding the zone of gold soil geochemical anomalies to further define gold anomalies and determine the extent of the gold anomalies. Prospecting and rock geochemical sampling are also being conducted to identify potential sources of the gold soil anomalies and further define trench and drill targets. This region of the property is relatively underexplored and management believe this area has potential to host gold deposits given its location along the reported northeast-southwest contact between Ordovician - Early Silurian Fournier Group rocks and Silurian Chaleurs Group rocks.
Gold deposits occur approximately 4.5 to 5 kilometers southwest of this survey area and west of the Keymet Property close to this geological contact. Three gold deposits, with reported mineral resources, are reported within 2 kilometers of Keymet’s southwest boundary, referred to as the West Gabbro Zone, Discovery Zone and South Gold Zone.
In 2011, Micon International Limited reported 43-101 compliant mineral resources for these three deposits in the Technical Report on the Mineral Resource Estimate for the Elmtree Gold Property for CNRP Mining and Gorilla Resources.
The reported resources include:
- West Gabbro Zone with Indicated Resources of 1,611,000 tonnes @ 1.91 g/t gold, and Inferred Resources of 2,053,000 tonnes @ 1.67 g/t gold
- South Gold Zone with Inferred Resources of 2,367,000 tonnes @ 0.74 g/t gold, and the
- Discovery Zone with Inferred Resources of 741,000 tonnes @ 1.18 g/t gold
Management cautions that mineralization reported by Micon for these three deposits is not necessarily indicative of mineralization on the Keymet Property.
Great Atlantic, with a number of properties in the Atlantic provinces, is utilizing a Project Generation model, with a special focus on critical elements which are prominent in Atlantic Canada, such as Antimony, Tungsten and Gold.
The shares are trading at $0.10. For more information, please visit the company’s website www.GreatAtlanticResources.com, contact Christopher R. Anderson, President & CEO, at 604-488-3900.
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