Great Atlantic Resources Partner Expands Newly Discovered Blind Massive Sulphide Lens at Pilley's Island Project

Great Atlantic Resources Corp. (GR) announced that its partner HM Exploration completed drill holes PI-26-009 through PI-26-012 at the Pilley’s Island VMS project in Newfoundland. Holes PI-26-009 and PI-26-010 intersected a newly discovered lower massive sulphide lens, extending its strike 40 m northwest.

The update relies solely on visual logging, which interpreted massive pyrite–chalcopyrite±sphalerite±galena as a clastic debris-flow with massive sulphide clasts. No assay results were provided.

Phase 1 drilling is now complete, totaling 2,747.87 m across 12 holes. All core samples have been submitted to Eastern Analytical Ltd., with results pending. Phase 2 drilling and a downhole EM survey are planned for Fall 2026.

Great Atlantic Resources Corp. (GR) is an explorer and prospect generator. Its Pilley’s Island project is optioned to HM Exploration, with Great Atlantic holding a 1% NSR. Upon option exercise, Great Atlantic will receive HM shares, up to 6.3 million shares at a deemed value of $0.19, plus a $5 million bonus if a resource exceeding $1 billion NPV is delineated.

A positive visual step-out at Pilley’s Island de-risks the project marginally, but without grades, it does not change the resource potential or NAV in any measurable way. The market already priced in the initial discovery from the June 29 release, and the stock has traded around $0.07–$0.08 since then.

For a company with a $5 million market cap and negative equity, this news is a small incremental positive. It does not meet the threshold for “Material” because it lacks assays, true width, and any indication of grade tenor. The stock chart shows no pre-release run-up, and the news is unlikely to move the needle.

Great Atlantic Resources Corp. (GR) is a Canadian junior explorer that holds a 100%-owned portfolio of gold, base-metal, and critical-mineral properties in Newfoundland and New Brunswick. Its flagship asset is the Golden Promise project in central Newfoundland, which hosts an NI 43-101 inferred resource of 357,500 tonnes at 10.4 g/t Au (119,900 oz) at the Jaclyn Main Zone. A bulk-sample program utilizing Novamera’s Surgical Mining™ technology is currently underway but has stalled.

The company’s other key projects include Keymet, known for high-grade silver and base metals with historic intercepts exceeding 1,100 g/t Ag; Glenelg, a gold-antimony property with grab samples containing more than 23% Sb; and Pilley’s Island, a VMS deposit now optioned to HM Exploration, with GR retaining a 1% NSR. The portfolio also includes several tungsten properties, specifically South Quarry and Nashwaak Lake.

As of Q3-2026 (Nov 30, 2025), Great Atlantic Resources Corp. reported cash of only C$179. Total assets stood at C$0.31M against total liabilities of C$6.14M, resulting in negative equity of C$5.83M.