VANCOUVER, British Columbia – April 12th 2022 – GREAT ATLANTIC RESOURCES CORP. (TSXV.GR) (the “Company” or “Great Atlantic”) is pleased to announce it has received additional gold assays for the third drill hole (GP-21-151) and gold assays for the fourth hole (GP-21-152) and fifth to eighth holes (GP-21-154 to GP-21-156) of the 2021 diamond drilling program at its Golden Promise Gold Property. Highlights from the recent gold assays include 4.02 grams / tonne (g/t) gold over 0.60 meters core length in GP-21-151 at the Jaclyn Main Zone and 30.6 g/t gold over 0.41 meters core length in GP-21-156 at the Jaclyn North Zone. Multiple gold bearing intervals occur in GP-21-151 based on these recent gold assays and previously reported gold assays. The Golden Promise Property is located within the central Newfoundland.
Drill hole GP-21-151 is a definition hole within the western area of the Jaclyn Main Zone (JMZ). Drill core gold assays confirm multiple gold bearing intervals in this hole. The recent gold assays include a 0.60-meter core length sample returning 4.02 g/t gold. The Company previously reported gold assays for initial drill samples from this hole including three drill core samples exceeding 5 g/t gold of which one 0.40-meter core length quartz vein sample with visible gold returned 101.4 g/t gold (Company news release of February 14, 2022). Significant intercepts (core length) for GP-21-151 are listed in the following table:
Drill hole GP-21-152 is also a definition hole within the western area of the JMZ. A 0.68-meter core length sample (58.66-59.34 meters) from a quartz vein returned 0.559 g/t gold.
Gold assays were also received for drill core samples from drill holes GP-21-154 to GP-21-156, completed at the Jaclyn North Zone (JNZ). The holes were drilled east of historic pre-Great Atlantic drill holes to explore along the projected strike of the JNZ. Drill holes GP-21-154 and GP-21-155 both intersected near-surface quartz veined zones with anomalous gold. A 0.71-meter core length sample (20.41-21.12 meters) from a quartz veined zone in GP-21-154 returned an anomalous value of 0.142 g/t gold. A 0.56-meter core length sample (46.44-47.00 meters) from greywacke with quartz veins in GP-21-155 returned an anomalous value of 0.188 g/t gold.
Gold assays from drill hole GP-21-156 confirm near-surface anomalous and high-grade gold. A 0.74-meter core length sample (13.13-13.87 meters) returned 0.899 g/t gold. A 0.41-meter core length sample (22.11-22.52 meters) from a quartz vein with visible gold returned a high-grade assay of 30.6 g/t gold. Drill hole GP-21-156 was collared within a zone of abundant quartz vein float of which previous Great Atlantic float samples returned high grade gold values including four boulder samples exceeding 100 g/t gold. This northeast trending quartz boulder field is approximately 300 meters long (Company news releases of April 1, 2021).
The combined 2020 – 2021 drilling (six holes) has extended the JNZ quartz vein system approximately 260 meters further east along strike. The three 2020 drill holes in this area of the JNZ intersected gold bearing quartz veins including the following samples (core length) (Company news release of April 1, 2021):
Drill hole GP-20-148 was also drilled within the zone of gold bearing quartz vein boulders.
The 2021 drilling program consisted of eight drill holes (848 total meters) at the Jaclyn Zone, located in the northern region of the Golden Promise Property. Five holes (GP-21-149 to GP-51-153) were completed at the JMZ while three holes (GP-21-154 to GP-21-156) were completed at the JNZ. The objective of drilling at the JMZ was to further define the zone and provide information for an updated resource estimate of the JMZ. The objective of drilling at the JNZ was to further test the gold bearing quartz vein system along the projected strike east of historic drilling. The Company continued the drill hole numbering system from previous drilling programs. Drill core from each hole was geologically logged and core samples were cut at the Company’s secure facility in central Newfoundland. Gold assays are still pending for drill core samples from hole GP-21-153.
Gold assays were previously received for core samples from GP-21-149 and GP-21-150, both intersecting high-grade gold in quartz veins at the JMZ (Company news releases of November 9 and December 3, 2021). Intercepts (core length) for both holes include:
Additional drilling is planned by the Company at the Jaclyn Zone during 2022.
Great Atlantic reported a National Instrument 43-101 compliant inferred resource estimate during late 2018 for the JMZ of 357,500 tonnes at 10.4 g/t gold (119,900 ounces of gold – uncapped).
The Company confirmed high-grade gold at the JMZ during its initial 2019 drilling, including near-surface intercepts (core length) of 113.07 g/t gold over 0.55 meters, 61.35 g/t gold over 2.04 meters and 15.8 g/t gold over 2.70 meters plus an interval of multiple gold bearing veins in GP-19-140 averaging 2.30 g/t gold over 25.25 meters.
The drilling intercepts (2019 and 2021 drill holes) reported in this news release are core lengths and not true widths. Due to multiple reported quartz veins in this part of the JMZ, different apparent vein orientations, and a slight reported change in the strike of the JMZ in this part of the zone, more information is required to estimate the true thickness of these vein intercepts. The drilling programs were managed by a Qualified Person.
The drill core samples from the 2021 program were analyzed at Eastern Analytical Ltd. The samples were assayed for gold by the Total Pulp Metallics method. This involves crushing of the entire sample to -10 mesh and pulverizing to 95% -150 mesh. The total sample is then weighed and screened 150 mesh. The +150 mesh fraction is fire assayed for gold, and a 30 gram sub-sample of the -150 mesh fraction is fire assayed for gold. A calculated weighted average of total gold for the sample is reported as well (the values reported in this news release for 2019, 2020 and 2021 drill core samples). The samples were also analyzed for 34 elements (200-mg sub-samples totally dissolved in four acids and analyzed by ICP-OES). Eastern Analytical Ltd., a certified laboratory, is independent of Great Atlantic. Blank and standard samples were included in drill core sample submissions to Eastern Analytical.
The Golden Promise Property is located within a region of recent significant gold discoveries. The property is located within the Exploits Subzone of the Newfoundland Dunnage Zone. Within the Exploits Subzone, the property lies along the north-northwestern fringe of the Victoria Lake Supergroup (VLSG), a volcano-sedimentary terrane. The northwestern margin of the Golden Promise Property occurs proximal to, and, in part, contiguous with a major (Appalachian-scale) collisional boundary, and suture zone, known as the RIL. The RIL forms the western boundary of the Exploits Subzone. Recent significant gold discoveries within the Exploits Subzone include those of Marathon Gold Corp. (TSX.MOZ) at the Valentine Gold Project, Sokoman Minerals Corp. (TSXV.SIC) at the Moosehead Gold Project and New Found Gold Corp. (TSXV.NFG) at the Queensway Project. Readers are warned that mineralization at the Valentine Gold Project, Moosehead Gold Project, and Queensway Project is not necessarily indicative of mineralization the Golden Promise Property.
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