Focused ON Exploring Atlantic Canada Tsx.v: GR Fra: PH01 Great Atlantic 2020 Diamond Drilling Golden Promise GOLD Property Central Newfoundland ________________________________________________________ ______
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FOCUSED ON EXPLORING ATLANTIC CANADA TSX.v: GR
FRA: PH01
GREAT ATLANTIC 2020 DIAMOND DRILLING
GOLDEN PROMISE GOLD PROPERTY
CENTRAL NEWFOUNDLAND
________________________________________________________ ______
VANCOUVER, British Columbia – May 20 , 2020 – GREAT ATLANTIC RESOURCES
CORP. (TSXV.GR) (the “Company” or “Great Atlantic”) is p leased to announce it has
submitted an application for Phase 2 diamond drilling at its Golden Promise Gold Property ,
located within the central Newfoundland gold belt. The drilling is planned for 2020 at the Jaclyn
Zone, specifically the Jaclyn Main Zone (JMZ) and along projected strike east of the Jaclyn
North Zone (JNZ). The JMZ and JNZ host gold bearing quartz vein systems. Planned drilling
east of the JNZ will test areas of high-grade quartz boulders.
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The Jaclyn Zone is located within the northern region of the Golden Promise Property and hosts
five gold bearing quartz veins systems, being the JMZ, JNZ, Jaclyn South Zone, Jaclyn East
Zone and Jaclyn West Zone.
The Phase 2 drilling application includes a series of drill holes east of and along the projected
strike of the JNZ including areas of high -grade quartz boulders. The JNZ is located
approximately 250 meters north of the JMZ. During 2017 Great Atlantic excavated high -grade
quartz boulders in trench es east of and along the projected strike of the JNZ. Assays of quartz
boulder samples excavated during 2017 east of the JNZ included 163.9, 208.5 and 332.6 grams
per tonne (g/t) gold (Great Atlantic News Release of August 31, 2017).
All rock samples coll ected during the 2017 trenching program were submitted to Eastern
Analytical Ltd. in Springdale, Newfoundland for preparation and analysis. The high-grade quartz
vein boulder samples were analyzed for gold by Total Pulp Metallics – Fire Assay. The sample
submission included gold standard and blank samples.
Quartz Vein Boulder with Visible Gold from 2017 Trench 4
(2.9 Kilogram Grab Sample Returned 332.6 g/t Au)
The Phase 2 drilling application will include in-fill drill holes at the JMZ. This will include
additional drill holes in the west area of the JMZ within the conceptual open pit area. This area
of the JMZ was the focus of the Company’s 2019 Phase 1 drilling program which consisted of 10
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holes totalling 1,063M . Drill core samples from seven holes exceeded 10 g/ t gold (Company
News Releases of February 6, 12 and 19, 2020).
Highlights of near surface gold intersections from the 2019 program include (core length):
GP19-137: 12.37 g/t gold over 1.90 meters
GP19-138: 113.07 g/t gold over 0.55 meters.
GP19-139: 15.80 g/t gold over 2.70 meters.
GP19-140: 2.30 g/t gold over 25.25 meters
(includes 5 gold bearing veins)
GP19-144: 61.35 g/t gold over 2.04 meters.
GP19-145: 14.49 g/t gold over 1.52 meters.
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The drill core samples from the 2019 program were analyzed at Eastern Analytical Ltd. Samples
of main quartz veins and quartz veined zones were analyzed 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 to tal gold in the sample is reported as well (gold values reported by the
Company in News Releases are weighted average values) . Other samples were assayed for gold
by fire assay (30 -gram sub-samples) and 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 with the
drill core sample submissions to Eastern Analytical. Duplicate analysis w as conducted for some
samples.
Great Atlantic reported a National Instrument 43 -101 mineral resource estimate for the JMZ in
late 2018 (News Release of December 6, 2018; and Sedar -filed National Instrument 43 -101
Technical Report on the Golden Promise Prop erty, Central Newfoundland (revised), dated
December 4, 2018 by Mr. Greg Z. Mosher, M.Sc. App., P.Geo., and Mr. Larry Pilgrim, B.Sc.,
P.Geo.). The reported inferred mineral resource estimate for the JMZ is as follows:
Resource Cutoff Au g/t Au Cap g/t Au Uncap g/t Tonnes Au Ounces Capped Au Ounces Uncapped
Total 1.1 9.3 10.4 357,500 106,400 119,900
Pit-
Constrained 0.6 11.4 14.1 157,300 57,800 71,200
Underground 1.5 7.5 7.6 200,200 48,600 48,700
Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
There is no certainty that all or any part of the Mineral Resources estimated will be converted into Mineral Reserves.
Mineral resource tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may
not add due to rounding.
Mineral resource tonnage and grades are reported as undiluted.
Contained Au ounces are in-situ and do not include recovery losses
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As reported in the Na tional Instrument 43 -101 Technical Report on the Golden Promise
Property, Central Newfoundland (revised), dated December 4, 2018 by Mr. Greg Z. Mosher,
M.Sc. App., P.Geo., and Mr. Larry Pilgrim, B.Sc., P.Geo., t he JMZ was modelled as a single
quartz vein t hat strikes east -west and dips steeply to the south. Modelled vein thickness was
based on true thickness derived from quartz vein intercepts. The estimate is based on 220 assays
that were composited to 135 one -meter long composites. A bulk density of 2. 7 g/cm3 was used.
Blocks in the model measured 15 meters east-west, 1-meter north-south and 10 meters vertically.
The block model was not rotated. Grades were interpolated using inverse -distance squared (ID2)
weighting and a search ellipse that measure d 100 meters along strike, two meters across strike
and 50 meters vertically. Grades were interpolated based on a minimum of two and a maximum
of 10 composites with a maximum of one composite per hole so the grade of each block is based
on at least two dr ill holes thereby demonstrating continuity of mineralization. For the capped
mineral resource estimate, all assays that exceed 65 g/t gold were capped at 65 g/t gold. All
resources were classified as Inferred because of the relatively wide spacing of drill holes through
most of the zone.
Because part of the vein is near surface the resource estimate was constrained by a conceptual
open pit to demonstrate reasonable pr ospects of eventual economic extraction. Generic mining
costs of US$2.50/tonne and processing costs of US$25.00/tonne were used together with a gold
price of US$1,300/ounce. A conceptual pit slope of 45° was assumed with no allowance for
mining loss or d ilution. Based on the combined hypothetical mining and processing costs and
the assumed price of gold, a pit-constrained cutoff grade of 0.6 g/t was adopted. For the
underground portion of the resource a cutoff of 1.5 g/t was assumed. The cutoff grade f or the
total resource is the weighted average of the pit-constrained and underground cutoff grades.
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The Golden Promise Property hosts multiple gold bearing quartz veins and 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 Red Indian Line (RIL). The RIL forms the western boundary of the Exploi ts Subzone.
Recent significant gold discoveries in this region of the Exploits Subzone include those of
Sokoman Minerals Corp. (TSXV.SIC) at the Moosehead Gold Project and Marathon Gold Corp.
(TSXV.MOZ) at the Valentine Gold Project. Readers are warned tha t mineralization at the
Moosehead Property and Valentine Gold Project is not necessarily indicative of mineralization
on the Golden Promise Property.
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.
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
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Investor Relations:
Please call 604-488-3900
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.
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