FOCUSED ON EXPLORING ATLANTIC CANADA TSX.v: GR FRA: PH02 Great Atlantic Establishes wholly Owned Subsidiary Golden Promise Mines Inc.
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FOCUSED ON EXPLORING ATLANTIC CANADA TSX.v: GR
FRA: PH02
Great Atlantic Establishes wholly Owned Subsidiary
Golden Promise Mines Inc.
VANCOUVER, British Columbia – September 06, 2023 - GREAT ATLANTIC
RESOURCES CORP. (TSXV.GR) (the “Company” or “Great Atlantic”) is pleased to
announce that it has established a wholly -owned subsidiary named Golden Promise Mines Inc.
into which it will be transferring all of Great Atlantic’s central Newfoundland gold properties
including the Golden Promise Property, the Southwest Golden Promise Property, the West Golden
Promise Property, the South Golden Promise Property, the East Golden Promise Property, the
Coronation Property, the Lynx Property and the Golden Trust Property.
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Golden Promise Property
The Golden Promise Property is the Company’s most advanced, highest priority and largest (14
mineral licences totalling 16,525 hectares) property. Great Atlantic acquired the property through
two option agreements and staking and has acquired 100% interest in the property. Multiple gold
bearing quartz veins / quartz vein systems and zones of gold bearing quartz boulders occur within
the property.
One such gold bearing quartz vein system is the Jaclyn Main Zone (JMZ). Great Atlantic reported
a NI 43-101 compliant mineral resource estimate for the JMZ during December 2018 (119,900
ounces of gold - Inferred resource) (see Company news release of December 6th, 2018). Diamond
drilling by Great Atlantic during 2019 - 2021 tested a section of the JMZ and the east region of the
Jaclyn North Zone with high grade gold being intersected including the following intercepts (core
length) (see Company news releases for results of 2019-2021 drilling programs at the Jaclyn
Zone):
Jaclyn Main Zone:
GP-19-138: 113.0 grams / tonne
(g/t) gold over 0.55 meters.
GP-19-139: 15.8 g/t gold over
2.70 meters.
GP-19-140: 2.30 g/t gold over
25.25 meters.
GP-21-149: 238 g/t gold over
0.40 meters.
GP-21-151: 56.8 g/t gold over
0.75 meters.
Jaclyn North Zone:
GP-21-156: 30.6 g/t gold over
0.41 meters
Drilling during 2021 intersected gold mineralization at the Ot ter Brook gold showing in the east
region of the Golden Promise Property. Samples from four holes exceeded 1 g/t gold including
4.95 g/t gold over 0.50 meters core length in drill hole OB -21-9 (see Company news release of
May 31st, 2022). Based on depths and locations of intersected gold bearing intervals, Company
management are interpreting at least four gold bearing veins / structures at / near this showing.
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Great Atlantic collected gold bearing rock samples during 2020 at the Otter Broo k gold showing
from outcrop, subcrop and float. Eight of 11 rock samples collected during 2020 at this showing
returned gold values in the 0.719 – 5.758 g/t range. An outcrop grab sample returned the highest
value of 5.758 g/t gold (see Company news release of December 3rd, 2020).
Multiple 2017 Great Atlantic quartz samples from different regions of the Golden Promise
Property exceeded 1 ounce / ton gold (see Company news releases for results of 2017-2022 work
at the Golden Promise property).
Great Atlantic acquired the Golden Trust, Southwest Golden Promise, East Golden Promise, West
Golden Promise, South Golden Promise, Lynx and Coronation properties during 20 19 and 2020
through staking.
Golden Trust
The property, which covers an area of 2,400 hectares, is located approximately 44 kilometers
southwest of the Golden Promise Property and one kilometer north of the Valentine Gold Project
of Marathon Gold Corp. Great Atlantic confirmed gold soil geochemica l anomalies in multiple
areas within the northern region of the Golden Trust Property during 2020 and 2022. The initial
2020 reconnaissance soil sampling identified gold soil anomalies in this region of the property
with samples collected adjacent to a trail returning up to 52 parts per billion (ppb) gold (see
Company news release of January 27th, 2021). Fifty-three soil samples were collected during the
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2022 program along two north-south sample lines east and west of some 2020 samples. Ten of the
53 soil samples (approximately 19% of the samples) returned anomalous values of 5-72 ppb gold
of which five samples (approximately 9% of the samples) returned 10-72 ppb gold (see Company
news release of February 17th, 2023).
Southwest Golden Promise Property
The property, which covers an area of 1, 750 hectares, is located adjacent to the southwest region
of the Company’s Golden Promise Property. Initial 2019 prospecting by Great Atlantic located
gold bearing quartz vein rubble (possible subcrop). A sample from multiple pieces of quartz vein
rubble at one location returned 3.14 g/t gold identifying a target area (see Company news release
of May 7th, 2020).
East Golden Promise Property
The property, which covers an area of 1,125 hectares, is located adjacent to the east region of the
Golden Promise Property. The property covers areas of reported gold bearing rock samples ,
including two float samples reported to return 0.40 and 0.41 g/t gold (Copeland and Newport,
2005). Local Great Atlantic rock and soil samples collected during 2022 returned anomalous
gold values, up to 0.084 g/t gold in rock samples of loose material (subcrop) near bedrock and
up to 137 ppb in soil samples (see Company news releases of December 7th, 2022, and April 18th,
2023).
West Golden Promise Property
The property, which covers an area of 1,425 hectares, is located adjacent to the west region of the
Golden Promise Property. A 2005 soil sample collected within 100 meters of the east boundary
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of the property was reported to return a highly anomalous value of 0.559 parts per million (ppm)
gold (Sparkes, 2006).
South Golden Promise Property
The property, which covers an area of 450 hectares, is located adjacent to the south region of the
Golden Promise Property. A 2008 soil sample reported approximately 113 meters north of the
property (in the Company’s Golden Promise Property) was reported to return a highly
anomalous value of 0.388 ppm gold (Morgan, 2008).
Lynx Property
The property, which covers an area of 1,525 hectares, is located approximately 12 kilometers east
of the northern region of the Golden Promise Property. The property covers the area of a reported
2004 quartz float sample which was reported to returned 17 g/t gold, 1.74 % copper and >1%
antimony (Copeland and Newport, 2005) and the Lynx Pond pyrite -gold mineral occurrence
(Newfoundland and Labrador Department of Industry, Energy and Tec hnology, Mineral
Occurrence Database).
Coronation Property
The property, which covers an area of 500 hectares, is located approximately 14 kilometers east
of the southern region of the Golden Promise Property. The property covers the Coronation Lake
South #1 and Coronation Lake South #2 gold -silver-molybdenum-copper mineral occurrences
(Newfoundland and Labrador De partment of Industry, Energy and Technology, Mineral
Occurrence Database). Mineralization reported during 1975 (Dimmell, 1975) include:
• A 1975 diamond drill hole was reported to intersect 0. 025 ounces / ton gold over 3 feet
core length (Dimmell, 1975).
• A 1975 float sample was reported to return 0.65% copper, 0.25% molybdenum and 0.015
ounces / ton gold (Dimmell, 1975).
Gold soil anomalies are reported within the property including 0.43 ppm gold, 0.152 ppm gold
and 0.112 ppm gold (Copeland and Newport, 2005).
The eight central Newfoundland gold properties of Great Atlantic discussed in this news release
are located within the Exploits Subzone of the Newfoundland Dunnage Zone. 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 the Golden Promise Property.
Readers are warned that historic information referred to in this news release have not been verified
by a Qualified Peron.
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David Martin, P.Geo. (New Brunswick and Newfoundland and Labrador) , 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
President CEO Director
604-488-3900 – Office
Investor Relations: 1-416-628-1560 IR @ GreatAtlanticResources.com
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 Atla ntic 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, Gold, Copper, Zinc, Nickel, Cobalt, Antimony and Tungsten.
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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 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