Great Atlantic Resources Partner Confirms Significant Mineralization at Pilley's Island Project

Great Atlantic Resources Corp. (GR) reported assay results for the first seven holes of a 12-hole maiden diamond-drilling program at the optioned Pilley’s Island VMS project in Newfoundland, operated by partner HM Exploration. The most recent release was issued on July 22, 2026.

The headline intercept came from hole PI-26-007, which returned 23.0 m (core length) grading 1.21% Cu, 1.67% Zn, 10.67 g/t Ag, and 0.25 g/t Au. This interval included 8.18 m @ 2.03% Cu, 0.62% Pb, 2.36% Zn, 16.35 g/t Ag, and 0.38 g/t Au. A separate narrow lower-lens interval returned 0.66 m @ 2.45% Cu, 1.70% Zn, 92.20 g/t Ag, and 5.89 g/t Au.

Other notable holes included PI-26-001, which returned 4.47 m @ 1.49% Cu, 5.05% Zn, and 19.54 g/t Ag, along with a series of thinner, lower-grade intersections. Hole PI-26-003 had no significant values.

The release confirmed mineralization in both upper and lower sulphide lenses. The upper lens was traced over approximately 60 m of strike length, with drilling testing approximately 135 m. Both lenses remain open along strike and down dip. Future plans include downhole EM, ground EM, and a Phase 2 drill program in the fall.

Great Atlantic Resources Corp. (GR) is a pre-revenue junior explorer with a negative book equity of –$5.8 M, $179 in cash, and heavy reliance on financing. The Pilley’s Island project is not core to operations; Great Atlantic elected to option it to a private partner, retaining only a 1% NSR and potential HM Exploration shares, a private company with essentially no liquidity. Consequently, the direct financial impact of these drill results on Great Atlantic’s net asset value is minimal.

The results are new and positive for the project’s exploration thesis, but they do not materially change the value of Great Atlantic’s royalty or the probability of a future sale. The stock traded at $0.07 before the news, reflecting the market’s deep skepticism after the collapse of the Golden Promise bulk-sampling program.

In the context of the provided price chart, the shares have been grinding lower in a tight range and are at an all-time low. Any upward move would face strong resistance at $0.09–$0.10, where previous buying attempts failed.

Great Atlantic Resources Corp. (GR) is a project generator focused on Atlantic Canada. Its flagship asset is the Golden Promise gold property, which holds 119,900 oz of Inferred resources at 10.4 g/t Au. A bulk-sampling program at the site collapsed in late 2025. The company’s portfolio also includes numerous early-stage base-metal, antimony, tungsten, and cobalt properties. The Pilley’s Island project was optioned to HM Exploration in exchange for shares and a 1% NSR.

Financially, the company is in distress. It has generated zero revenue and incurred operating losses of $2.5 million over nine months. The company reports negative equity and holds only $179 in cash.