Great Atlantic Trenching Returns up to 9.7 oz./ton Gold Golden Promise Project, Newfoundland
FOCUSED ON EXPLORING ATLANTIC CANADA
(TSXV : GR)
VANCOUVER, British Columbia – August 31, 2017 – GREAT ATLANTIC RESOURCES CORP. (TSXV.GR) (the “Company” or “Great Atlantic”) is pleased to announce it received analytical results for samples collected during a recent trenching program at its Golden Promise Gold Property in central Newfoundland. Trenching was conducted in the northern region of the property in an area of reported gold bearing quartz veins. Six samples (weighing 1.05-2.96 Kilograms) of angular quartz vein boulders from the trenches exceeded 30 grams / tonne gold (g/t Au) including three samples returning 163.99 g/t gold (4.78 oz./ton Au), 208.51 g/t gold (6.08 oz./ton Au and 332.67 g/t gold (9.70 oz./ton Au). Four of these samples were from a new target area east of the Jaclyn North Zone.
Quartz Vein Boulder with Visible Gold from Trench 4 (2.9 Kg Grab Sample Returned 332.67 g/t Au).
The Golden Promise Property hosts multiple gold-bearing quartz veins and gold-bearing float boulders. The majority of the historic work has been conducted at the Jaclyn Main Zone in the northern region of the property. A National Instrument (NI) 43-101 compliant inferred resource of 921,000 tonnes at an average grade of 3.02 g/t Au (89,500 ounces contained gold) was reported in 2008 for the Jaclyn Main Zone. Gold recovery from a 2,241 tonne bulk sample collected in 2010 at the Jaclyn Main Zone was reported to average 4.47 g/t Au. The average tails grade for the sample was reported to be 1.12 g/t Au. A “back-calculated head grade of 5.59 g/t Au” was reported for the bulk sample. The Jaclyn Main Zone has been reportedly traced for a strike length of approximately 800 meters (northeast to east striking) through trenching and diamond drilling to approximately 420 meters vertical depth.
The recent trenching program was conducted in areas of gold bearing quartz vein zones at the Jaclyn North and Jaclyn South Zones. The Jaclyn North Zone is reported approximately 250 metres north of the Jaclyn Main Zone. Four trenches were completed testing the extension of the Jaclyn North Zone east of historic trenches and diamond drill holes along the projected strike of the reported gold bearing veins. Trench 1 (western most of the four trenches) is located approximately 30 metres east of the eastern-most drill hole. Trenches 2, 3 and 4 were excavated approximately 40, 75 and 230 metres east of Trench 1. Overburden encountered in these three trenches was deep (at least 3 to 4 metres deep) with only minimal sporadic bedrock intersected. Quartz vein boulders were locally intersected within the overburden in these trenches. Samples were collected from multiple boulders. Ten quartz vein boulder grab samples from the trenches exceeded 1.0 g/t gold, listed in the following table:
Visible gold was observed by Company personnel in samples GP-R-17-209, 239, 244 and 245. Company management has prioritized the area of Trench 4 given the multiple high grade angular quartz boulders observed within this trench. This trench is also a significant distance east (approximately 260 meters) of the eastern-most historic Jaclyn North drill hole. Company management are interpreting the area of Trench 4 as a distinct new gold target.
Although bedrock was not intersected for most of Trench 1, it did expose bedrock hosting a quartz vein in one location. This approximately east striking, north dipping quartz vein was measured to be up to 1.24 metres wide in the trench. Channel samples were collected across this vein. A 0.20 meter channel sample across one section of the vein returned 0.691 g/t Au. The other channel samples returned anomalous values for gold of 0.01 to 0.141 g/t. Angular quartz boulder sample GP-R-17-245 (208.51 g/t Au) was collected at this location in Trench 1 within 1 meter of bedrock and the quartz vein.
Quartz Vein Boulder in Trench 4 (2.2 Kg Grab Sample Returned 31.96 g/t Au).
Gold Bearing Quartz Vein in Trench 1 (Jaclyn North Zone).
The northeast striking Jaclyn North Zone has been reportedly traced by diamond drilling (13 holes) for approximately 450 meters and locally to a vertical depth of 175 meters. The zone is reported to contain 3 quartz veined sub-zones. Reported drill intersections include (core length):
Two trenches were excavated during the recent program at the Jaclyn South Zone testing the area east-northeast of historic diamond drill holes and trenches along the projected strike of the reported gold bearing veins. The Jaclyn South Zone is reported approximately 300 meters south of the Jaclyn Main Zone consists of two sub-parallel quartz veins, one of which is reported to have been traced approximately 200 metres along strike. Previous diamond drilling in this zone consisted of four holes. The best reported drill hole intersection was in hole GP03-31 (44.59 g/t Au / 0.30 metre core length). The two trenches did not intersect bedrock.
All rock samples collected during the 2017 trenching program were submitted to Eastern Analytical (Springdale, Newfoundland) for preparation and analysis. Most samples (including quartz vein boulder and quartz vein channel samples) were analyzed for gold by Total Pulp Metallics – Fire Assay. Additional host rock samples (with plus or minus minor quartz veining) were analyzed by Fire Assay – AA. The sample submission included gold standard and blank samples.
The 2008 NI 43-101 Technical Report states the style of veining, mineralization, alteration, host rock and tectonism at Golden Promise most closely resembles other turbidite-hosted (or slate belt) gold deposits throughout the world.
Access is excellent with a paved provincial highway transecting the property. The property is located near the town of Badger and approximately 50 kilometres northeast of the Valentine Lake Property of Marathon Gold Corp.
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 assays referred to in this News Release are accurate.
David Martin, P.Geo., a Qualified Person as defined by NI 43-101, is responsible for the technical information contained in this News Release.
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.
On Behalf of the board of directors
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.
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