Tillkännagivande • 50m
Great Atlantic Resources Reports Assay Results from Phase One Drilling At Pilley's Island Project
Great Atlantic Resources provided an update on assays received by option partner HM Exploration Corp. for the first seven of twelve drill holes from HM Exploration's Phase One drilling program at Great Atlantic's Pilley's Island Project, north-central Newfoundland. The holes were all drilled within the area of Great Atlantic's Pilley's Island Project. First assays confirm significant polymetallic mineralization in both the upper and lower sulphide lenses, supporting the HM Exploration's geological model. Both mineralized horizons remain open along strike and down dip. Downhole EM, ground EM, optical and acoustic televiewer surveys will be executed imminently to help systematically plan for Phase Two drilling, testing the further extensions of the mineralized system. Assays for holes PI-26-008 through PI-26-012 remain pending. The intense mineralization visually observed in the first seven holes has now been confirmed by laboratory analysis, including high-grade intervals grading up to 2.45% Cu, 5.89 g/t Au and 92.2 g/t Ag in the lower lens and very extensive intervals in the upper lens. These assay results confirm that the Lewis Pilley's Project hosts a polymetallic VMS system with excellent potential for expansion. The 2026 Phase One drilling Program was focused on evaluating the continuity of the mineralized system below known surface showings and along strike of the Clifford Jones (Bull Road) Zone to improve their understanding of the geological controls on mineralization. Assays have confirmed that the upper targeted copper-bearing debris flow contains significant mineralization over an interpreted strike length of approximately 60 m, from a total drill-tested length of approximately 135 m, within zones of massive to semi-massive sulphide through holes 1 and 2 as well as holes 5, 6, and 7. Assay values from hole 7 also confirm that the lower mineralized sulphide lens contains significant mineralization within predominantly massive to semi-massive, and minor disseminated, sulphide mineralization. The assay results validate HM Exploration's geological interpretation that multiple stacked sulphide lenses are present within the Project's Volcanogenic Massive Sulphide system. Both the upper and lower mineralized zones are open along strike and down-dip. HM Exploration states that the mineralization from the upper zone is characterized by semi-massive to massive fragments of sulphide that have been fractured, transported, and chaotically mixed with varying types of volcanic rock. The fragments range from sub-rounded to angular, possibly indicating multiple transport events and reworking of these fragments through moderate to distal transport from the original deposition site. The source of the material is interpreted to be very nearby and may be supported by a stockwork vein system representing the feeder zone of the mineralization. HM Exploration states that the mineralization from the lower zone is characterized by more massive and coherent fragments of sulphide with less rounding and fracturing than observed in the upper zone. The more 'intact' nature of these fragments provides evidence that the new lower mineralized sulphide lens may represent debris deposited closer to the original hydrothermal vent system. Significant assay results from the first seven drill holes of the Phase One drilling Program can be found below in Table 1. All reported intervals represent drilled lengths. True widths of the mineralized intersections are currently unknown. The Project is located within the Notre Dame Subzone of the Dunnage Tectonostratigraphic Zone. Most of the Project is underlain by Ordovician submarine volcanic rocks of the Roberts Arm Group which is regionally identified as part of a mature arc sequence referred to as the Buchans-Roberts Arm Belt that also hosts the historic Buchans mine. Mineralization occurs as lower grade (Spencer's Dock); medium grade (Old Mines); and high grade (3B-Zone/Clifford Jones) deposits that are of both sub-seafloor replacement and exhalative varieties. The deposits are often flanked by extensive chlorite, sericite, silica, K-feldspar and epidote alteration often observed in bimodal-felsic VMS systems. The Spencer's Dock area displays sericite/silica alteration that generally increases in intensity near mineralized zones, while the 3B/Old Mine areas display sericite/silica alteration that is abundant but less widespread and is more intense when proximal to mineralized zones. VMS deposits are a globally significant source of copper, zinc, lead, silver, and gold. The Project's geology shares key characteristics with known Volcanogenic Massive Sulphide districts in Newfoundland, including the past producing Buchans, Ming and Rambler Mines, supporting the exploration potential of the Project. The Project is road accessible and situated approximately twenty-five km east of the town of Springdale, approximately fifty-five km southeast of Firefly Metals' Green Bay Project and approximately one hundred fifty km from the Pine Cove Mill and Port by way of major roads. The Project has a long history of mining and exploration dating back to the late 1800s when the Pilley's Island Pyrite Company Ltd. produced approximately 450,000 tonnes of massive pyritic ore from the Pilley's Island Mine-Old Mines. The Project hosts a cluster of VMS systems and prospects with demonstrated high-grade Zn-Pb-Cu-Ag+/-Au intersections. Mineralization is typical bimodal-felsic VMS, with both massive sulphide and sulphide-clast breccias. The geological setting is directly analogous to the Buchans camp, and the presence of sulphide-clast breccias is a strong vector toward proximal massive sulphide lens. Most of the historic showings that fall within the extent of the Project have not seen systematic exploration. Many of the historic drill holes were shallow and drilled in a vertical orientation limiting the geological knowledge of the extents of the underlying lithology and mineralization. Work is being planned to validate historic assay results as well as collect new data from the 3B-Zone, Clifford Jones (Bull Road) Extension, Bouzanne Shaft, Henderson, Mansfield and Pilley's Cove Showings. Drill collar locations were determined from hand-held GPS (NAD83-Zone 21N), and the drill rig was aligned using a Reflex TN-14 Gyrocompass alignment tool. All samples are given a unique sample ID and number and shipped directly to Eastern Analytical Ltd., a commercial laboratory that is ISO/IEC 17025 accredited and completely independent of the Company. Analytical methods include ICP-OES (34 element) with four-acid digestion, Au Fire Assay (30g) with AA finish, and Ore Grade Assay (multi-acid digestion) with AA finish.