Great Atlantic Commences Excavator Trenching Program Golden Promise Gold Property in Central Newfoundland
FOCUSED ON EXPLORING ATLANTIC CANADA
(TSXV : GR)
VANCOUVER, British Columbia – July 05, 2017 – GREAT ATLANTIC RESOURCES CORP. (TSXV.GR) (the “Company” or “Great Atlantic”) is pleased to announce it has commenced an excavator trenching program at its Golden Promise Gold Property in central Newfoundland. The current trenching program is part of a budgeted 2017 $700,000 exploration program on the property. Trenching is being conducted in the northern region of the property in an area of reported gold bearing quartz veins. The Golden Promise Gold Property was recently expanded to the current approximate 16,500 hectares.
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.
The current trenching program is being conducted in the area of three gold bearing quartz vein zones referred to as the Jaclyn Main, Jaclyn North and Jaclyn South.
Trenches will be excavated in the east region of the Jaclyn Main Zone, east of a 2010 bulk sample trench. 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.
Trenches will be excavated at the Jaclyn North Zone east of historic trenches and diamond drill holes along the projected strike of the reported gold bearing veins. The Jaclyn North Zone is reported approximately 250 metres north of the Jaclyn Main 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):
South End of Trench 1 at the Jaclyn North Zone
Trenches will also be excavated at the Jaclyn South Zone 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).
During May and early June, the Company collected rock and soil samples in multiple additional areas within the property. These included quartz float samples in the area of planned trenches at the Jaclyn North and Jaclyn South Zones. Analyses are pending for these samples.
Quartz vein rubble in lower till in Trench 1 (Jaclyn North Zone)
Quartz veins in meta-sediment bedrock in Jaclyn North Zone Trench 1
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.
Great Atlantic is also pleased to announce that is has closed the non-brokered private placement previously announced on May 30 and June 20, 2017 for gross proceeds of $1,0000,000. The units of the financing will be comprised of one common share at a price of $0.10 and a full share purchase warrant, which may be exercised for a period of five years at a price of $0.125 per share. The term of the warrants may be accelerated in the event that the issuer’s shares trade at or above a price of $0.15 cents per share for a period of 10 consecutive days. In such case of accelerated warrants, the issuer may give notice, in writing or by way of news release, to the subscribers that the warrants will expire 30 days from the date of providing such notice. The Company announces October 10, 2017 as the hold period expiry date for the first tranche totaling 4,350,000 shares and October 15, 2017 for the second tranche totaling 2,325,000 shares and October 27, 2017 for the final tranche totaling 3,325,000 shares of this private placement
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.
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