VANCOUVER, British Columbia – September 9, 2019 – GREAT ATLANTIC RESOURCES CORP. (TSXV.GR) (the “Company” or “Great Atlantic”) is pleased to announce it recently conducted an exploration program consisting of focussed prospecting and geochemical sampling at its Pilley’s Island Property, located in north-central Newfoundland. The program, exploring for base metal and precious metal-bearing volcanogenic massive sulfide deposits, was completed in the southwest region of the property in areas of reported copper and zinc mineralization. Reported historic highlights from this region of the property include:
• Drill intersections (1994): 9.1% Zn / 0.42 meters & 0.41% Cu / 14.14 meters.
• Altered felsic volcanic rocks.
• Massive pyrite intersected in some drill holes.
The 2019 summer program was conducted in the southwest region of the Pilley’s Island Property in areas of reported copper and zinc mineralization, reported altered volcanic rocks and reported massive pyrite intervals in some historic drill holes. The summer program consisted of focussed prospecting and rock / soil geochemical sampling, exploring for base metal and precious metal-bearing volcanogenic massive sulfide deposits. Samples collected during the 2019 summer program will be analyzed by a certified laboratory for base metal and precious metal content. Historic 1994 diamond drill holes in the southwest region of the property reportedly intersected significant levels of copper and / or zinc, including reported intersections of:
- 10% zinc and 0.69% copper over 0.42 meters
- 94% zinc over 0.40 meters
- 41 % copper over 14.14 meters (reported altered felsic volcanic rocks).
New rusty outcrop exposure in southwest region of Pilley’s Island Property
The Company reported significant base metal and precious metal results during 2017 for work in the south-central region of the property at the Bull Road showing. A trench was excavated in 2017 at this showing exposing sulfide mineralization over a northwest-southeast length of approximately 130 meters with a width varying between 1-7 meters. The Bull Road Showing is a polylithic slump breccia of volcanogenic massive sulphide mineralization containing massive sulphide clasts up to greater than a meter in length. Sample results from this trench are reported in the Company’s News Releases of November 16 and December 14, 2017. Bull Road Trench sample highlights include:
- 05-meter channel sample:15.40% Zn, 6.60% Pb, 4.66% Cu, 111.5 g/t Ag & 1.008 g/t Au.
- 70-meter channel sample: 17.30% Zn, 0.10% Pb, 2.97% Cu, 31.2 g/t Ag & 0.449 g/t Au.
- 95-meter channel sample: 3.95% Zn, 0.73% Pb, 2.83% Cu, 62.2 g/t Ag & 0.613 g/t Au.
- 00-meter channel sample: 2.96% Zn, 0.03% Pb, 3.27% Cu, 30.4 g/t Ag & 0.563 g/t Au
- Outcrop grab sample: 40.8% Zn, 4.69% Pb, 6.08% Cu, 22.5 g/t Ag & 1.366 g/t Au.
- Outcrop grab sample: 32.60% Zn, 1.30% Pb, 8.38% Cu, 148.1 g/t Ag & 1.421 g/t Au
- Outcrop grab sample: 36.40% Zn, 5.50% Pb, 4.22% Cu, 59.9 g/t Ag & 0.325 g/t Au
- Outcrop grab sample: 27.5% Zn, 20.0% Pb, 5.78% Cu, 63.4 g/t Ag & 0.314 g/t Au
The 2017 Bull Road showing samples were analyzed at Eastern Analytical in Springdale Newfoundland (gold by Fire Assay – atomic absorption (AA); and copper, lead, zinc and silver by multi-acid digestion and AA. The channels samples were collected across selected clasts at generally right angles to the long dimension of the clasts. The 2017 Bull Road trench sample data was verified by qualified persons who managed the sampling programs and verified sample data.
Bull Road 2017 Trench
The Pilley’s Island Property hosts the historic Pilley’s Island Mine, which operated during the 1890s and early 1900s. The Newfoundland and Labrador Department of Natural Resources reports historic estimated proven reserves of 1.159 million tonnes grading 1.23% Cu (referencing Grimley, 1968 as the source) or 627,373 tons at 2.34% Cu (referencing Walker, 1976 as the source) in their Mineral Occurrence Database. David Martin, VP Exploration for Great Atlantic, states “These historical estimates of reserves are not reliable. The historical estimates are only relevant to the extent of identifying an area on the property for research and possible future exploration. The key assumptions, parameters, and methods used to prepare the historical estimates are not known. A qualified person has not done sufficient work to classify the historical estimates as current resources or current reserves. A qualified person would need to complete sufficient work following CIM Best Practice Guidelines to upgrade or verify the historical estimates as current mineral resources or mineral reserves. This would almost certainly require additional exploration in the way of diamond drilling, trenching and / or underground work and corresponding sampling all of which must follow CIM Exploration Best Practice Guidelines.” Great Atlantic is not treating the historical estimates for the historic Pilley’s Island Mine as current mineral resources or mineral reserves.
Readers are warned that historical data referred to in this News Release have not been verified by a qualified person.
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.
The Pilley’s Island covers an area of 4,600 hectares. Access to the property is excellent with government-maintained roads. The property is adjacent to tide water and is located within a mining friendly district.
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
“Christopher R Anderson”
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
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