Great Atlantic halts Golden Promise sampling program

Executive Summary

• Great Atlantic Resources Corp. has halted its bulk sampling program at the 100%-owned Golden Promise property in central Newfoundland due to technical failures with Novamera Inc.'s directional drilling equipment, lack of financing, and winter conditions.
• Only approximately 40 metres of the planned 300 metres of bore drilling was completed, with the directional head never fully operational, preventing meaningful advancement of the vein-centred extraction sequence.
• The company is demobilizing equipment and reviewing the work completed; however, the government bulk sampling permit remains valid until July 8, 2027, and all expenditures incurred will be credited toward long-term assessment requirements to maintain licence standing.

Key Details

• Program Status: The bulk sampling program at the Jaclyn Main zone (JMZ) has been halted. Novamera Inc. has initiated demobilization of the bore drill and associated equipment.
• Drilling Progress: Of the ~300 metres required for the bulk sample, only ~40 metres were completed. Only part of the first of three planned bore holes was finished.
• Technical Issues: Persistent issues with Novamera’s directional course-correction head prevented the drill from maintaining a straight trajectory or staying centred on the narrow, high-density quartz vein. The directional head was not fully operational during the completed interval.
• Reasons for Halt:
  • Technical limitations with the directional course-correction head.
  • Novamera’s inability to secure additional financing.
  • Onset of winter conditions.
• Permit Status: The bulk sampling approval from the government of Newfoundland and Labrador remains valid until July 8, 2027, authorizing up to 1,000 cubic metres (approx. 2,700 tonnes) of material.
• Financial/Assessment Credits: All expenditures incurred to date will be credited toward the long-term assessment requirements on the Golden Promise property, preserving the longevity and good standing of the mineral licences.
• Prior Funding Context: Previous funding from Digital was specific to testing emerging imaging technologies and bore-drill-based extraction techniques.
• Resource Estimate Reference: The release references a NI 43-101-compliant inferred resource estimate for the JMZ of 357,500 tonnes at 10.4 g/t gold (119,900 inferred ounces of gold, uncapped), disclosed in a Dec. 6, 2018 release and supported by a technical report dated Dec. 4, 2018.

Notable Quotes

• "This early stage program has demonstrated both the challenges and the potential associated with precision imaging and directional-controlled drilling within narrow vein systems... we will be evaluating opportunities to continue the program once the technical issues are fully resolved and additional funding becomes available." — Christopher R. Anderson, President, CEO, and Director.