Focused ON Exploring Atlantic Canada Tsx.v: GR Fra: PH01 Great Atlantic Begins 2021 Exploration Program at Its 100% Owned Golden Promise GOLD Property Central Newfoundland ________________________________________________________ ______
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FOCUSED ON EXPLORING ATLANTIC CANADA TSX.v: GR
FRA: PH01
GREAT ATLANTIC BEGINS 2021 EXPLORATION PROGRAM
AT ITS 100% OWNED
GOLDEN PROMISE GOLD PROPERTY
CENTRAL NEWFOUNDLAND
________________________________________________________ ______
FOCUSED ON EXPLORING ATLANTIC CANADA
VANCOUVER, British Columbia –May 27, 2021 - GREAT ATLANTIC RESOURCES
CORP. (TSXV.GR) (the “Company” or “Great Atlantic”) is pleased to announce it has
begun the 2021 exploration program at its Golden Promise Gold Property, located in the central
Newfoundland gold belt. Exploration is underway in the northern region of the property to define
trenching and drilling targets. Two rock samples collected by the Company during 2017 from
quartz float in this region returned 57.5 and 200 grams / tonne gold (Company News Release
of August 28, 2017). This is referred to as the Branden float occurrence.
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Great Atlantic is currently conducting prospecting and rock / soil geochemical sampling in the
area of the Branden float occurrence . Following this work, the Company will continue the 2021
exploration program on multiple target areas throughout the property . Planned work consists of
prospecting, rock / soil geochemical sampling, geophysical surveys, trenching and diamond
drilling. The Company is preparing trenching and diamond drilling permit applications for
priority areas including the Jaclyn Zone, the Otter Brook gold showing and a zone of gold soil
geochemical anomalies within the southwest region of the property (referred to as Soil Anomaly
No. 1).
The Golden Promise Property host s gold bearing quartz veins in various regions of the property
including the Jaclyn Zone, Shawn’s Shot vein, Otter Brook showing, Linda / Snow White quartz
vein system and the Gabbro occurrence. Great Atlantic confirmed high -grade gold at the Jaclyn
Main Zone during 2019 drilling, including core length intercepts of 113.07 grams / tonne ( g/t)
gold over 0.55 meters and 61.35 g/t gold over 2.04 meters. The Company confirmed gold
mineralization at the Otter Brook showing during 2020 including an outcrop grab sample
returning 5.75 g/t gold. In addition to the high -grade float at the Branden float occurrence Great
Atlantic has confirmed high grade quartz vein float at the Jaclyn North Subzone (including
samples returning 157.5, 163.9, 208.5 and 332.6 g/t gold) . Please see the Company’s website
for news releases reporting previous work.
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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 on the Golden Promise Property.
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.,
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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
As reported in the Nat ional 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 th at 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 dri ll 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.
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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.
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.
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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, explo ration 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 a nd 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