Focused ON Exploring Atlantic Canada Tsx.v: GR Fra: PH01 Great Atlantic Makes Final Option Payment FOR 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 MAKES FINAL OPTION PAYMENT FOR ITS
100% OWNED GOLDEN PROMISE GOLD PROPERTY
CENTRAL NEWFOUNDLAND
________________________________________________________ ______
FOCUSED ON EXPLORING ATLANTIC CANADA
VANCOUVER, British Columbia – August 6 2020 – GREAT ATLANTIC RESOURCES
CORP. (TSXV.GR) (the “Company” or “Great Atlantic”) is pleased to announce it has made
the final option payment of $150,000 cash to acquire 100% right, title and interest in and to the
Golden Promise Gold Property , located within the central Newfoundland gold belt. The
property, covering 16,525 hectares, hosts gold bearing quartz veins / quartz vein systems and
quartz vein boulders in various regions . The most advanced of these is the Jaclyn Main Zone
(JMZ) for which the Company reported a National Instrument 43 -101 compliant Inferred
mineral resource estimate of 119,900 OZ. gold at 10.4 grams / tonne ( g/t) during December
2018.
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At least 5 gold bearing quartz vein systems are reported at the Jaclyn Zone within the northern
region of the property . These include the JMZ, Jaclyn North Zone (JNZ), Jaclyn West Zone,
Jaclyn South Zone and Jaclyn East Zone. Majority of the historic drilling (2002 -2010) was
conducted at the JMZ. Other gold bearing quartz veins / quartz vein systems include Shawn’s
Shot in the central region of the property and Linda / Snow White and the Gabbro Occurrence in
the southern region of the property.
The Company intersected high grade gold in quartz veins at the JMZ during the 2019 Phase 1
diamond drilling program (see Company News Releases of February 6, 12 and 19, 2020). Gold
bearing drill intersections (core length) from the Company’s Phase 1 drilling included:
• GP19-137: 12.37 g /t /t gold
over 1.90 meters.
• GP19-138: 113.07 g/t gold over
0.55 meters & 93.96 g/t gold over 0.27
meters.
• GP19-139: 15.80 g/t gold over
2.70 meters.
• GP19-140: 2.30 g/t gold over
25.25 meters.
• 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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Great Atlantic is currently conducting prospecting and rock / soil geochemical sampling in
multiple target areas within the Golden Promise Property to define trenching and drilling targets.
The Company has applied for a Phase 2 diamond drilling permit for the JMZ and JNZ.
The Company reported a National Instrument 43-101 compliant 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 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
As reported in the 2018 National Instrument 43 -101 Technical Report on the Golden Promise
Property, the 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/cm 3 was used. Blocks in the model measured 15 meters
east-west, 1 -meter north -south and 10 meters ve rtically. The block model was not rotated.
Grades were interpolated using inverse-distance squared (ID2) weighting and a search ellipse that
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measured 100 meters along strike, two meters across strike and 50 meters vertically. Grades
were interpolated ba sed 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 drillholes
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 for the
total resource is the weighted average of the pit-constrained and underground cutoff grades.
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The Golden Promise Pro perty 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 Victori a 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 in this region of the Exploits
Subzone include those of Sokoman Minerals Corp. (TSXV.SIC) at the Moosehead Gold Project
and Marathon Gold Corp. (TSX.MOZ) at the Valentine Gold Project.
Readers are warned that mineralization at the Moosehead Gold Project and Valentine Gold
Project are 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
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, exploration activities and events or developments t hat the Company
expects, are forward looking statements. A lthough 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