Great Atlantic Applies FOR Diamond Drilling Permit Golden Promise Project, Central Newfoundland ________________________________________________________ ______ Focused ON Exploring Atlantic Canada
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TSX.v: GR
FRA: PH01
GREAT ATLANTIC APPLIES FOR DIAMOND DRILLING PERMIT
GOLDEN PROMISE PROJECT, CENTRAL NEWFOUNDLAND
________________________________________________________ ______
FOCUSED ON EXPLORING ATLANTIC CANADA
VANCOUVER, British Columbia – January 23, 201 9 - GREAT ATLANTIC
RESOURCES CORP. (TSXV.GR) (the “Company” or “Great Atlantic”) is pleased to
announce it has applied for a diamond drilling permit for the Company’s Golden Promise Gold
Property, located in the central Newfoundland gold belt. The application is for up to 50 drill
holes (up to 6,500 meters) in the northern half of the property at the Jaclyn Zone, specifica lly at
the Jaclyn Main Zone (JMZ ) and Jaclyn North Zone (JNZ). Pending approval of the drilling
permit and financing, the Company plans to begin drilling during spring 2019, with the following
focus:
• In-fill drilling in west half of JMZ within conceptual pit-constrained area.
• Both shallow and deeper drilling in central-east region of JMZ.
• Provide data for up-dated JMZ mineral resource estimate, engineering stud ies and
studies of mineralizing controls.
• Explore along projected strike east of JNZ in area of high -grade quartz boulders
(boulder samples of 163, 208 and 332 g/t gold – News Release of August 31, 2017).
The Company recently reported a National Instrument 43 -101mineral resource estimate for the
JMZ (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.
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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
The majority of 2019 planned diamond drill holes at the Golden Promise Property will be in -fill
drill holes in the west section of the JMZ in the conceptual pit -constrained area. Some drilling is
planned for the central -east section of the JMZ. Historic drilling in this part of the JMZ is less
concentrated versus the west section. Planned drilling in the central -east section of the JMZ will
include near-surface drilling to test continuation of gold mineralization to near-surface, and some
deeper holes. The drilling program will provide data for an up-dated JMZ mineral resource
estimate, engineering studies and stud ies of mineralizing controls. Up to nine drill holes are
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planned testing continuation of the JNZ east along projected strike. The Company conducted
trenching during 2017 along the projected east strike of the JNZ. The trenching generally failed
to reach bedrock due to thick glacial till. However gold bearing quartz vein boulders were
excavated from multiple trenches, with some boulder samples returning high grade gold
(including 163.99, 208.51 and 332.67 g/t gold: News Release of August 31, 2017). A qualified
person managed the 2017 trenching program and sampling and verified the analytical data.
The Golden Promise Property hosts multiple gold bearing quartz veins and is located in 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 Pr omise Property occurs proximal to, and, in part,
contiguous with a major (Appalachian-scale) collisional boundary, and suture zone, known as the
Red Indian Line (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 Iron
Corp. (TSXV.SIC) at the Moosehead Project and Marathon Gold Corp. (TSXV.MOZ) at the
Valentine Lake Gold Camp.
Sokoman Iron Corp. (TSXV.SIC) recently announced a high -grade gold discovery on its
Moosehead Property, located approximately 40 kilometers east -northeast of the Golden Promise
Property. The discovery was made during the 2018 diamond drilling program. A drill
intersection of 44.96 g/t gold over 11.90 meters core length was reported including a 1.35 meters
core length quartz vein intersection of 385.85 g/t gold (Sokoman Iron Corp. News Release of
July 24, 2018). The Valentine Lake Gold Camp of Marathon Gold Corp. (TSXV.MOZ) is
located approximately 55 kilometers southwest of the Golden Promise Property. As reported on
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Marathon’s website, the Valentine Lake Gold Camp currently hosts four near -surface, mainly
pit-shell constrained, deposits with measured and indicated resources totaling 2,691,400 oz. of
gold at 1.85 g/t gold and inferred resources totalling 1,531,600 oz. of gold at 1.77 g/t. Readers
are warned that mineralization at the Moosehead Property and Valentine Lake Gold Camp is not
necessarily indicative of mineralization on the Golden Promise Property.
High-grade gold is reported in quartz veins and quartz vein boulders within the Golden Promise
Property. Gold bearing quartz veins are reported in multiple areas of the property, including at
least 5 gold bearing quartz vein systems reported in the Jaclyn Zone . Much of the reported
historical exploration within the property has been focused on the Jaclyn Zone with gold bearing
vein systems reported at the JMZ, JNZ, Jaclyn South Zone, Jaclyn East Zone and Jaclyn West
Zone. The majority of historic drilling (2002 -2010) was conducted at the J MZ. Gold bearing
veins and gold bearing float are reported in other regions of the property . These include the
Linda/Snow White vein in the southern region and the Shawn’s Shot vein in the central region of
the property.
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As reported in the 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., t he JMZ was modelled as a si ngle
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 vertically.
The block model was not rotated. Grades were interpolated using inverse -distance squared (ID2)
weighting and a search el lipse 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 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 pr ocessing 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.
Jaclyn Main Zone Total Inferred Mineral Resource Estimate
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
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.
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.
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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
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 develo pments 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 a ctual 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 av ailability 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