Focused ON Exploring Atlantic Canada Tsx.v: GR Fra: PH02 Great Atlantic Plans Diamond Drilling to Expand Jaclyn Main Zone GOLD Resources at Its 100% Owned Golden Promise GOLD Property Central Newfoundland
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FOCUSED ON EXPLORING ATLANTIC CANADA TSX.v: GR
FRA: PH02
GREAT ATLANTIC PLANS DIAMOND DRILLING
TO EXPAND JACLYN MAIN ZONE GOLD RESOURCES
AT ITS 100% OWNED GOLDEN PROMISE GOLD PROPERTY
CENTRAL NEWFOUNDLAND
________________________________________________________ ______
FOCUSED ON EXPLORING ATLANTIC CANADA
VANCOUVER, British Columbia – March 30, 2022 - GREAT ATLANTIC RESOURCES
CORP. ( TSXV.GR) (the “Company” or “Great Atlantic”) , is pleased to announce 2022
diamond drilling plans at its flagship Golden Promise Gold Property located in the central
Newfoundland gold belt. The Company is planning diamond drilling at the gold – bearing Jaclyn
Main Zone with the objective of expanding the inferred gold resources.
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Seventeen drill holes are planned during 2022 at the Jaclyn Main Zone (JMZ) for a total
meterage of approximately 4700 meters. The objective of this drilling is to expand the JMZ’s
inferred resources by means of definition drilling along structurally important zones to the east
and west of the J MZ. The intersection of multiple structural features determined using a
combination of information garnered from recent drill intersections, historic airborne geophysics
(magnetics and electromagnetics), historic drilling intersections, as well as historic structural
geology indicate tha t these are prime drilling targets . Based upon these factors, the Company’ s
technical team is confident that the planned drilling will expand the JMZ and increase the
inferred gold resources. Following completion of the 2022 drilling program Great Atlantic plans
to generate an updated NI 43-101 technical report and resource estimate. The Company reported
a National 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).
The Company plans to drill a minimum of four holes in the areas around the western extension
of the J MZ where favourable structur al trends strongly suggest a westward continuity of this
system of gold veins. In addition, a minimum of eight drill holes are planned to assess the
continuity of the J MZ gold-bearing veins to the east and down dip. The number of drill holes
within these targets will be expanded if the results warrant it.
A northeast striking structural zone was delineated using aeromagnetic data that connects with
the JMZ suggesting the potential to host sub -parallel quartz veins. Great Atlantic plans to test
this high priority target with five drill holes, and if gold mineralization is intersected, further
drilling will be warranted.
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During drilling conducted in 2019 and 2021 , Great Atlantic confirmed high -grade gold at the
JMZ, including near surface intercepts (core length) of 113.07 grams / tonne (g/t) gold over 0.55
meters, 61.35 g/t gold over 2.04 meters and 238.4 g/t gold over 0.40 meters (please see previous
news releases on the Company’s website).
A secondary objective of the 2022 drilling program is to determine if any of the adjacent gold -
bearing vein systems in the area surrounding the Jaclyn North Zone (JNZ) can yield results
significant enough to warrant m ore extensive drilling programs in the future . Drilling within the
JNZ or any adjacent zones where gold has been identified will be conducted only following a
very low frequency electromagnetic (VLF -EM) and magnetics ground geophysical survey, the
reasoning being to ensure the highest probability of success for drilling in these areas. Three drill
holes completed by the Company during 2020 in this area intersected gold bearing quartz veins
approximately 260 meters east of the previously known extent of the Jaclyn North Zone (based
on historic drilling ). Gold assays are still pending for drill core samples from three holes
completed during 2021 in this area. Samples collected during 2017 and 2020 in this same area
from multiple gold-bearing quartz boulders yielded high grade gold values including samples
returning 157, 162, 208, and 332 g/t gold (please see previous news releases in the Company’s
website). These samples are located within a 300-meter long zone of gold -bearing quartz vein
boulders.
Great Atlantic currently has a drilling permit for 33 holes at the J MZ and JNZ which expires on
August 16th, 2022. The 33 holes covered under this permit include 15 holes within the J MZ and
18 holes within the J NZ Zone. The Company is currently drafting a supplementary diamond
drilling permit application for the 2022 exploration program for planned holes not covered under
the existing permit.
During the last quarter of 2018, Great Atlantic released a National Instruments 43 -101 (NI 43 -
101) Technical Report with a summary of the exploration undertaken by the Company coupled
with a mineral resource estimate of the JMZ (refer to Company’s News Release of December 6th,
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 following is an excerpt from that
report stating the reported inferred mineral resource estimate for the JMZ.
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., the JMZ was modelled as a single
quartz vein t hat strikes east -west and dips steeply to the south. Modeled 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. A range between two and ten composites with a maximum of one
composite per hole were used to interpolate the grades. This means that the grade between each
block is based on a min imum of two drillholes, thus demonstrating the continuity of
mineralization. A value of 65 g/t gold was used as the cap for the mineral resource estimate,
meaning any assays greater than 65 g/t gold were capped at 65 g/t gold . Due to the wide spacing
of the drill holes, the entire resource was classified as inferred.
Because m uch of the vein occurs 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.
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
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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.
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.
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On Behalf of the board of directors
“Christopher R Anderson”
Mr. Christopher R. Anderson
President CEO Director
604-488-3900 – Office
Investor Relations: Andrew Job 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 m ining
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 p erformance 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 success es,
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 fo r the adequacy or accuracy
of this release.
Great Atlantic Resource Corp
888 Dunsmuir Street - Suite 888, Vancouver, B.C., V6C 3K4