VANCOUVER, British Columbia – October 2, 2019 – GREAT ATLANTIC RESOURCES CORP. (TSXV.GR) (the “Company” or “Great Atlantic”) is pleased to announce it has begun the 2019 exploration program at its Keymet Base Metal – Precious Metal Property, located near Bathurst in northeast New Brunswick. The program consists of ground geophysical surveys and prospecting – rock geochemical sampling within the northwest region of the property, northwest of the historic Keymet Mine.
The 2019 program is being conducted west of the area of the Company’s 2015-2018 diamond drilling programs, which intersected base metal – precious metal mineralization at the Elmtree 12 vein system. The 2015-2018 drilling programs intersected high-grade zinc, copper and silver vein type mineralization and intervals of gold mineralization (see the Company’s News Releases of February 23, 2016, December 20, 2017, March 2, 2018 and January 18, 2019). These intersections include (core length):
Ky-15-4: 10.74% Zn Eq over 4.28 M
Ky-17-6: 17.44% Zn Eq over 4.95 M
Ky-17-6: 0.64 g/t Au over 19.96 M
Ky-17-8: 43.64% Zn Eq over 1.27 M
Ky-18-14: 8.63 Zn Eq over 34.30 M
The 2019 exploration program is being conducted within the northwest region of the Keymet Property, west of the area of 2016-2018 drilling programs. Historical reports indicate base metal and silver mineralization, base metal geochemical anomalies and electromagnetic anomalies in general area of the 2019 program. The current program includes magnetic and electromagnetic geophysics surveys and focused prospecting and rock geochemical sampling. Rock samples will be submitted to a certified laboratory for multi-element analysis including gold, silver, zinc, copper and lead.
Historic Keymet Mine (1950s)
The Company’s focus since acquiring the Keymet Property has been the northwest region of the property in the area of reported base metal – precious metal bearing veins with most work in the area of the Elmtree 12 base metal – silver bearing vein system. The Company intersected zinc, copper, lead and silver bearing veins and low-grade gold mineralization during 2015-2018 diamond drilling programs at the Elmtree 12 vein system, located northwest of the historic Keymet Mine. The Keymet Mine operated during the mid-1950s, producing copper, lead, zinc and silver. Production at this mine was terminated due to a fire at the site. The 2019 program is being conducted west of the Elmtree 12 vein system and northwest of the Keymet Mine vein systems.
Zinc equivalent (% Zn Equiv.) values for the 2015-2018 drill hole intersections at the Elmtree 12 vein system are based on the following metal prices (as of September 24, 2019): Zinc US$2,300 / tonne (US$1.043 / lb.), Lead US$2,085 / tonne (US$0.946 / lb.), Copper US$5,694 / tonne (US$2.583 / lb.) and Silver US$18.625 per troy ounce. Metal recoveries of 100% were applied in the zinc equivalent calculations. The zinc equivalent calculation is as follows: Zn Equiv. = 100 x ((Ag Price in grams x Ag Grade) + (Pb Price x 2204.6 x Pb Grade (%) / 100) + (Cu Price x 2204.6 x Cu Grade (%) / 100) + (Zn Price x 2204.6 x Zn Grade (%) / 100)) / Zn Price x 2204.6.
A Qualified Person verified the 2015-2018 exploration data for Great Atlantic. The Qualified Person managed these exploration programs at the Keymet Property. The Qualified Person is also managing the 2019 exploration program at the Keymet Property.
Access to the Keymet Property is excellent with paved roads transecting the property, including a provincial highway. The property covers an area of approximately 3,400 hectares and is 100% owned by the Company.
Readers are warned that historical records referred to in this News Release have been examined but not verified by a Qualified Person. Further work is required to verify that historical records referred to in this News Release are accurate.
David Martin, P.Geo., a Qualified Person as defined by NI 43-101 and VP Exploration for Great Atlantic, is responsible for the technical information contained in this News Release.
On Behalf of the board of directors
Mr. Christopher R. Anderson “Always be positive, strive for solutions, and never give up”
President CEO Director
604-488-3900 – Dir
Please call 604-488-3900
About Great Atlantic Resources Corp.: Great Atlantic Resources Corp. is a Canadian exploration company focused on the discovery and development of mineral assets in the resource-rich and sovereign risk-free realm of Atlantic Canada, one of the number one mining regions of the world. Great Atlantic is currently surging forward building the company utilizing a Project Generation model, with a special focus on the most critical elements on the planet that are prominent in Atlantic Canada, Antimony, Tungsten and Gold.
This press release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include exploitation and exploration successes, continued availability of financing, and general economic, market or business conditions.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Great Atlantic Resource Corp
888 Dunsmuir Street – Suite 888, Vancouver, B.C., V6C 3K4