Northwire Canada EditionMonday, July 13, 2026
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LIB 0.910 −2.1% SAG 1.02 +0.0% NTH 0.165 −2.9% PEMC 0.045 +0.0% NAR 0.180 +0.0% ARG 6.99 +1.8% VMXX 0.970 +0.0% ABRA 14.01 +1.6% LAF 1.63 +4.5% AMX 4.14 −4.4% GSP 0.115 +4.5% TRS 0.055 +0.0% GTWO 9.50 −2.0% PUR 0.520 +4.0% GMIN 41.71 −2.5% MMET 0.430 −2.3% LIB 0.910 −2.1% SAG 1.02 +0.0% NTH 0.165 −2.9% PEMC 0.045 +0.0% NAR 0.180 +0.0% ARG 6.99 +1.8% VMXX 0.970 +0.0% ABRA 14.01 +1.6% LAF 1.63 +4.5% AMX 4.14 −4.4% GSP 0.115 +4.5% TRS 0.055 +0.0% GTWO 9.50 −2.0% PUR 0.520 +4.0% GMIN 41.71 −2.5% MMET 0.430 −2.3%
Drill Results Routine +

Great Atlantic Resources Reports Diamond Drilling Underway at Optioned Pilley's Island Project

Exploration Continues Amidst Flagship Operational Headwinds

By The Northwire Desk — AI Analysis May 13, 2026 · 09:01 GR · 0.09 Great Atlantic Resources Corp.
Executive Summary
  • Great Atlantic Resources reports diamond drilling is underway at its optioned Pilley's Island Project in Newfoundland.
  • Partner HM Exploration Corp. is conducting a minimum 2,500-meter drill program at the Clifford Jones (Bull Road) Trench Zone.
  • Surface grab samples from the zone returned high-grade copper values up to 16.56% Cu with associated silver and gold.
  • The project has a history of Volcanogenic Massive Sulfide (VMS) mineralization including zinc, lead, copper, silver, and gold.
  • This follows previous announcements regarding HM Exploration's option agreement to earn the project through exploration spending and share issuance.
Material Impact
  • Positive Liquidity Impact: The Pilley's Island drilling is funded by partner HM Exploration ($3.5M commitment), reducing immediate cash burn for Great Atlantic on this asset compared to direct financing.
  • Flagship Risk Remains: While Pilley's Island advances, the company's flagship Golden Promise project faced a "Material - Negative" halt in November 2025 due to technical failures with Novamera Inc.'s bulk sampling equipment and a potential $1M funding shortfall. The May 7th news indicates trenching at Golden Promise but does not explicitly confirm the resumption of the high-cost bulk sample program which was critical for resource definition.
  • Dilution Management: The option agreement involves share issuance (up to 6.3M shares total over time), but this is tied to exploration milestones rather than immediate cash financing, mitigating near-term dilution risk compared to equity raises.
  • Market Expectation: This news aligns with the September 2025 and March 2026 announcements regarding HM Exploration's option; it is expected progress rather than a surprise catalyst.
GR · Price
Company Overview
  • Company Strategy: Project generation model focusing on Atlantic Canada (Newfoundland and New Brunswick) with a portfolio of tenements spanning approximately 30,000 hectares.
  • Flagship Asset: Golden Promise Gold Property in Central Newfoundland. Holds an inferred resource of 119,900 oz Au at 10.4 g/t (2018 NI 43-101). Currently advancing a bulk sampling program with Novamera Inc.
  • Secondary Assets: Pilley's Island (VMS Base Metals), Keymet (Silver/Base Metal), Glenelg (Gold/Antimony/Vanadium), and Nashwaak Lake (Tungsten).
  • Management: Led by Christopher R. Anderson, President & CEO. Technical oversight provided by David Martin, P.Geo., VP Exploration.
Read the original news release →

More from Great Atlantic Resources Corp.

Jul 10, 2026 · 09:01

Great Atlantic begins sampling at its New Brunswick tungsten project while facing cash burn and a stalled bulk program.

Drill Results Jul 09, 2026 · 09:01

Great Atlantic expands a new blind massive sulphide lens at Pilley’s Island, with assay results currently pending.

Drill Results Jun 29, 2026 · 16:31

Great Atlantic partner hits a blind massive sulphide lens at Pilley’s Island, though assay results are absent and the company faces a cash crunch.

Drill Results Jun 22, 2026 · 09:01

Great Atlantic advances phase ii trenching at the golden promise deposit as exploration continues across its atlantic canada portfolio.

Drill Results Jun 12, 2026 · 09:01

Great Atlantic Completes First Phase of 2026 Trenching Program at 100% Owned Golden Promise Property

Drill Results Jun 05, 2026 · 09:01

Great Atlantic Resources Provides Update on Drills of Massive Sulphides at Optioned Pilley's Island Project

Drill Results