VANCOUVER, British Columbia – November 10th, 2022 – GREAT ATLANTIC RESOURCES CORP. (TSXV.GR) (the “Company” or “Great Atlantic”) is pleased to announce it has completed the 2022 exploration program at its 100% owned South Quarry Tungsten Property, located in east-central Newfoundland. The Company’s 2022 exploration program consisted of prospecting and rock geochemical sampling coupled with soil geochemical sampling, which focused on exploration for tungsten and gold mineralization both at and adjacent to areas of known tungsten mineralization and tungsten soil geochemical anomalies. The South Quarry Property consists of seven licences with a total area of 2,950 hectares.
The 2022 exploration program of the South Quarry Property was focused on the central as well as northern and southern regions of the property. Exploration of the property in 2022 was guided by results from previous exploration seasons coupled with multiple regional geophysics datasets available for the area surrounding the property. One of these targets in the northern region of the property is based on soil geochemical sampling by the Company during 2015, during which two samples returned anomalous tungsten values of 234 and 402 ppm. During the 2015 field season, Great Atlantic confirmed high-grade tungsten mineralization in the northern region of the property within scheelite-bearing pegmatite veins including eleven grab samples from one of the quarries that exceeded 5% WO3 as well as grab sample from a 25-centimetre wide vein that yielded 11.94% WO3. Tungsten-bearing pegmatite veins were also confirmed by Great Atlantic elsewhere in the northern region during in subsequent exploration programs (see news releases on the Great Atlantic website for results of previous work at the South Quarry Property).
The South Quarry Property hosts high grade tungsten mineralization at two adjacent quarries,
being confirmed by Great Atlantic during the 2015 exploration program
A total of 56 rock samples as well as 58 soil samples were collected at the South Quarry Property during the 2022 exploration program. The rock samples collected during the 2022 program were submitted to Eastern Analytical Ltd. and ALS Canada Ltd, for gold assay and multi-element analysis. The soil samples collected during the 2022 exploration program were submitted to ALS Canada Ltd. for gold assay and multi-element analysis. The analytical results for both the rock and soil samples are pending.
The rocks reported to underlie the South Quarry Property belong to the Baie d’Espoir Group, which is a member of the Exploits Subzone of the Newfoundland Dunnage Zone. The South Quarry Property is located within the eastern region of the Exploits Subzone. A number of new gold discoveries have been recently made within the Exploits Subzone. These discoveries include the Valentine Gold Project (Marathon Gold Corp., TSX.MOZ), the Queensway Project (New Found Gold Corp., TSX-V.NFG), the Kingsway Project (Labrador Gold Corp., TSX-V.LAB), the Moosehead Gold Project (Sokoman Minerals Corp., TSX-V.SIC) and at Great Atlantic’s Golden Promise Property. Readers are cautioned that mineralization at these gold discoveries is not necessarily indicative of mineralization at the South Quarry Property.
Several geologic and geochemical characteristics of the rocks within the South Quarry Property coupled with the presence of reported gold-bearing mineral occurrences within five kilometers northwest of the South Quarry Property (Newfoundland and Labrador Department of Industry, Energy and Technology) have led the company to increasingly focus on exploration for gold mineralization at the property. Readers are cautioned that gold mineralization reported near the northwest region of the South Quarry Property is not necessarily indicative of mineralization at the South Quarry Property.
A qualified person verified the 2015 sample data stated in this news release and supervised the 2015 sampling. The 2015 samples (and lab-inserted blank, duplicate and standard samples) were analyzed at ALS Canada Ltd. (ALS Canada is independent of Great Atlantic Resources). Tungsten analysis was by lithium metaborate fusion followed by acid dissolution and ICP-MS analysis with some samples re-analyzed by XRF.
David Martin, P.Geo. (New Brunswick and Newfoundland and Labrador), 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
“Christopher R Anderson”
Mr. Christopher R. Anderson
President CEO Director
604-488-3900 – Office
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, Gold, Copper, Zinc, Nickel, Cobalt, Antimony and Tungsten.
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