FOCUSED ON EXPLORING ATLANTIC CANADA TSX.v: GR FRA: PH01 Great Atlantic Applies For Two Additional Diamond Drilling Permits Plans Drilling Early July At Its 100% Owned Golden Promise Gold Property
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FOCUSED ON EXPLORING ATLANTIC CANADA TSX.v: GR
FRA: PH01
Great Atlantic Applies For Two Additional Diamond Drilling Permits
Plans Drilling Early July At Its 100% Owned
Golden Promise Gold Property
Central Newfoundland
________________________________________________________ ______
FOCUSED ON EXPLORING ATLANTIC CANADA
VANCOUVER, British Columbia – June 17th 2021 - GREAT ATLANTIC RESOURCES
CORP. (TSXV.GR) (the “Company” or “Great Atlantic”) is pleased to announce it has applied
for two additional diamond drilling permits for its Golden Promise Gold Property, located in the
central Newfoundland gold belt . The applications are for up to 33 drill holes at the Jaclyn Zone
and up to 12 drill holes at the Otter Brook showing. The Company is planning to resume drilling
at the Jaclyn Zone in early July under its existing drilling permit.
The Company reported a Na tional Instrument 43 -101 compliant inferred resource estimate
during late 2018 for the Jaclyn Main Zone of 357, 500 tonnes at 10.4 g/t gold (119,900 ounces
of gold - uncapped). A 2020 outcrop grab sample from the Otter Brook showing returned 5.75
g/t gold.
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The drilling application for the Jaclyn Zone includes 15 drill holes at the Jaclyn Main Zone and 18
drill holes at the Jaclyn North Zone for approximately 5,000 meters. This includes in-fill drill holes
within different part of the Jaclyn Main Zone , the objective to provide further definition of the
zone and provide information for an updated resource calculation. Most of these holes are planned
within the central to west region of the zone, testing above 200 meters vertical depth. Two holes
are planned in the east part of the Jaclyn Main Zone to test the zone at 200-350 meters vertical
depth. Great Atlantic confirmed high -grade gold at the Jaclyn Main Zone during 2019 drilling,
including near surface intercepts (core length) of 113.07 grams / tonne (g/t) gold over 0.55 meters
and 61.35 g/t gold over 2.04 meters.
The planned drilling at the Jaclyn North Zone will further test the area east of historic drill holes
including the area of an approximate 300-meter long zone of gold-bearing quartz vein boulders.
Three drill holes completed by the Company during 2020 in this area intersected gold bearing
quartz veins and extended the Jaclyn North quartz vein system approximately 260 meters east of
historic drilling. The Company collected gold bearing quartz boulder samples in this area during
2017 (including samples returning 163, 208 and 332 grams / tonne (g/t) gold ) and 2020
(including samples returning 17.4, 26.7 and 157.6 g/t gold).
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The Company confirmed gold mineralization at the Otter Brook showing during 2020 . Eight of
11 rock samples (float and outcrop) collected at this showing during 2020 exceeded 0.7 g/t gold
including a rock grab sample returning 5.7 g/t gold. Great Atlantic is planning drill holes under
this outcrop and along the projected strike of this zone.
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 Pro ject. Readers are warned that mineralization at the Valentine Gold Project,
Moosehead Gold Project, and Queensway Project is not necessarily indicative of mineralization
on the Golden Promise Property.
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Note – The areas surrounding the 8 Great Atlantic Properties are now fully staked on all boarders
Great Atlantic reported a National Instrument 43 -101 mineral resource estimate for the J aclyn
Main Zone (J MZ) in late 2018 ( Company News Release of December 6, 2018; and Sedar -filed
National 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.). 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 National 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 that
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 measured 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 drill
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 prospects 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 dilution. 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.
The Company also announces it has granted 500,000 opti ons at an exercise price of $0.7 0 to its
directors, officers, employees and consultants. The options are exercisable for five years and will
be cancelled 30 days after cessation of acting as director, officer, employee or consultant of the
Company. The stock options are not transferable and will be subject to a four -month hold period
from the date of grant and any applicable regulatory acceptance.
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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
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 perform ance 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
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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