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Wednesday, Jun 12, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Gold

Great Atlantic Resources finds gold-prospective quartz veins in New Brunswick

The quartz veins exhibited varying widths and contained either pyrite or chalcopyrite, which are both prospective of gold

Great Atlantic Resources finds gold prospective quartz veins in New Brunswick
The camp at Great Atlantic's Mascarene Property. Image via Great Atlantic.

Great Atlantic Resources Corp. (TSXV.GR) found sulfide-bearing quartz veins in three locations during its recently completed 2023 rock geochemical sampling program. The program took place at its Mascarene Property in southwest New Brunswick.

The company said Friday that it completed its work in the west and north-central region, southeast of the the Mascarene Gold mineral occurrence.

The quartz veins exhibited varying widths, ranging from approximately 0.2 meters to 1.3 meters, and contained either pyrite or chalcopyrite. Both minerals are prospective of gold. Great Atlantic collected seven outcrop grab samples from these quartz veins.

Two other samples also were collected in this area from quartz vein subcrop and from a glacially transported float with quartz veins. Great Atlantic has submitted these nine samples to ALS Canada for gold and multi-element analysis.

In the west region of the property, Great Atlantic management conducted work south-southwest of historic workings, which it interpreted to be associated with the reported Simpson Prospects mineral occurrence.

The company collected six rock samples in this region, including six grab samples from outcrop and one sample from glacially transported float. These samples consist of quartz vein samples containing both pyrite and mafic volcanic samples containing pyrite and pyrrhotite.

In the past, Great Atlantic confirmed high-grade zinc mineralization in rubble at the Simpson Prospects workings. Two rubble samples from 2018 yielded 12.6 per cent zinc and 12.3 per cent zinc.

Anomalous zone transects property

A broad northeast trending zone of magnetic high anomalies transects the entire Mascarene Property. The anomalies were detected during a 2001 government led airborne magnetic survey.

The company’s management speculates that this magnetic high trend may be associated with buried mafic intrusions and could potentially represent a target for copper-nickel-cobalt deposits hosted in mafic intrusions.

In 2023, prospecting and rock sampling in the north-central region of the property were conducted adjacent to and west of this magnetic high trend. The company had previously confirmed gold and copper mineralization on the west side of this magnetic high trend.

A diamond drill hole the company completed in 2022 intersected 6.74 per cent copper and 0.62 grams per tonne gold over a core length of 0.40 meters at the Wheal Louisiana occurrence. Rubble samples the company collected in 2018 at the Oliver Cameron workings yielded up to 5.02 per cent copper and up to 2.0 grams per tonne gold.

Survey map via Great Atlantic.

Read more: Calibre Mining secures largest undeveloped gold resource in Atlantic Canada through $345M Marathon Gold merger

Read more: Calibre Mining reports record year-to-date earnings in Q3 financials

Canada’s Atlantic region re-emerges as an exploration focus

Gold mining in the Canada’s Atlantic region has a long and storied history. The traditionally gold-rich region encompasses provinces such as Nova Scotia, New Brunswick, and Newfoundland and Labrador.

Nova Scotia gained recognition during the 1800s for its gold discoveries, leading to a gold rush in the province. The Meguma Terrane in Nova Scotia is renowned for its significant gold potential and remains a focal point of exploration and mining activities.

New Brunswick has also seen gold mining operations, with the Bathurst Mining Camp known for hosting not only base metals but also gold deposits. A few companies operating in the camp include Callinex Mines (TSXV: CNX) and Wolfden Resources (TSXV: WLF).

In recent years, increased exploration efforts revealed new prospects and rekindled interest in the region’s gold resources. The presence of established mining companies and ongoing exploration projects, combined with advancements in technology, underscores the continued importance of gold mining in the Atlantic region of Canada.

The mining industry is Newfoundland and Labrador’s oldest and largest industry. It’s also a significant contributor to the province’s economy, especially in rural areas. As of late, it’s been experiencing a flourishing gold sector.

Calibre acquisition highlights gold interest

Last month Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) acquired Marathon Gold Corp. in a CAD$345 million all-stock deal. The company added its top-tier Valentine Gold Project in Newfoundland and Labrador to its already substantial holdings in Nevada and Nicaragua.

The deal created a mid-tier gold producer with an estimated production rate of 500,000 ounces per year. The combined company anticipates an annual operations cash flow of USD$380 million.

The Government of Canada also recognizes the growing interest in gold and precious minerals resources in the Atlantic provinces. It therefore committed CAD$15 million in funding to mining startups this summer. These projects were intended to help commercialize mining technologies while improving productivity and sustainability.

Nova Scotia-based KorrAI Technologies Ltd. received $989,400 in funding in support of its satellite-based mine site monitoring project. The company uses artificial intelligence (AI) and InSAR technology to provide valuable insights for engineering decisions.

Meanwhile, Newfoundland and Labrador’s GRi Simulations Inc. secured $1.8 million in funding for the development of its dynamic operations simulation and digital twin platform. This project aims to enhance autonomous mining operations through advanced simulations and digital twin technology.

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 Calibre Mining is a sponsor of Mugglehead news coverage

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