Focused ON Exploring Atlantic Canada Tsx.v: GR Fra: PH01 Great Atlantic Receives Diamond Drilling Permit FOR Jaclyn Zone, Golden Promise GOLD Property Central Newfoundland ________________________________________________________ ______
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FOCUSED ON EXPLORING ATLANTIC CANADA TSX.v: GR
FRA: PH01
GREAT ATLANTIC RECEIVES DIAMOND DRILLING PERMIT FOR
JACLYN ZONE, GOLDEN PROMISE GOLD PROPERTY
CENTRAL NEWFOUNDLAND
________________________________________________________ ______
VANCOUVER, British Columbia – August 18, 2020 – GREAT ATLANTIC RESOURCES
CORP. (TSXV.GR) (the “Company” or “Great Atlantic”) is p leased to announce it has
received a permit for Phase 2 diamond drilling at its Golden Promise Gold Property , located
within the central Newfoundland gold belt. The permit allows for up to 25 diamond drill holes at
the Jaclyn Zone, specifically the Jaclyn Main Zone (JMZ) and Jaclyn North Zone (JNZ). The
JMZ and JNZ host gold bearing quartz vein systems. Planned 2020 drilling will test east of the
JNZ along its projected strike in areas of quartz boulders containing high grade gold and will
include in-fill drill holes at the JMZ in an area of quartz veins containing high grade gold.
Quartz Vein Boulder with Visible Gold from 2017 Trench 4
(2.9 Kilogram Grab Sample Returned 332.6 g/t Au)
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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 permit allows for a series of drill holes east of the JNZ along its projected
strike including areas of quartz boulders containing high grade gold . The JNZ is located
approximately 250 meters north of the JMZ. During 2017 Great Atlantic excavated high -grade
quartz boulders in trenches east of the JNZ along its projected strike. Assays of quartz boulder
samples excavated during 2017 east of the JNZ included 163.9, 208.5 and 332.6 g rams per
tonne (g/t) gold (Great Atlantic News Release of August 31, 2017).
All rock samples collected 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.
The Phase 2 drilling permit allows for 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 a rea of the JMZ
was the focus of the Company’s 2019 Phase 1 drilling program which consisted of 10 holes
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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: 15.70 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 drilling 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 total 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. Duplicate analysis was conducted for some samples.
Great Atlantic 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
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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 marg in 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. (TSXV.MOZ) at the
Valentine Gold Project. Readers are warned that mineralization at the Moosehead Gold Project,
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.
The Company also announces it has granted 390,000 options at an exercise price of $0.65 cents. The
options are exercisable for five years and will be cancelled 30 days after cessation of acting as dire ctor,
officer, employee or consultant of the Company. The options are subject to regulatory approval.
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 “forw ard-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. Althou gh 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 forwa rd-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