Great Atlantic Begins 2018 Diamond Drilling Program at its 100% owned Keymet Base - Previous Metal Project
1
Great Atlantic Begins 2018 Diamond Drilling Program at its
100% owned Keymet Base - Previous Metal Project
Bathurst, New Brunswick
___________________________________________________________________
FOCUSED ON EXPLORING ATLANTIC CANADA
(TSXV : GR)
(FRA: PH01)
VANCOUVER, British Columbia – July 30, 201 8 - GREAT ATLANTIC RESOURCES
CORP. (TSXV.GR) (the “Company” or “Great Atlantic”) is pleased to announce it has
begun the 2018 diamond drilling program at its Keymet Precious - Base Metal Property,
located near Bathurst, northeast New Brunswick. The program is being conducted in the
northwest region of the property with the objective of defining polymetallic veins (zinc, lead,
copper and silver bearing) and exploring a gold bearing zone discovered during 2017 drilling.
Great Atlantic’s 2017 drilling highlights from this region included 38.96% zinc equivalent over
1.27 meters core length (new vein discovery) and 8.10% zinc equivalent over 12.05 meter core
length at the Elmtree 12 vein system (using metal prices as of July 26, 2018) plus 0.64 g/t gold
over 19.96 meter core length (new gold discovery adjacent to the Elmtree 12 vein system ). The
2018 drilling program will focus in the Elmtree 12 vein system to provide additional data for a
planned maiden resource estimate. The program is being partially funded by a $40,000
exploration grant from the New Brunswick government Junior Mining Assistance Program..
2
Site of drill hole Ky-18-10 (first site in 2018 drill program)
Great Atlantic has drilled six holes in the Elmtree 12 veins system since 2015. The current drill
program will provide additional data for a p lanned maiden resource estimate on the Elmtree 12
vein system. The Company also discovered a new gold bearing zone adjacent to the Elmtree 12
vein system during 2017 drilling , being hosted in arsenopyrite bearing meta -sedimentary rocks.
The drilling program will also test this zone. Highlights of 2015 and 2017 diamond drilling by
the Company in this area include the following (as reported in News Releases of October 29,
2015, February 23, 2016, December 20, 2017 and March 2, 2018 ) with up-dated zinc equivalent
based on metal prices at July 26, 2018:
Hole Ky-15-3 (Elmtree 12): 16.68% Zn, 1.11% Cu, 0.44% Pb & 152 g/t Ag / 1.80 meter core length
(22.53% Zn Equiv. / 1.80 meter core length)
Hole Ky-15-4 (Elmtree 12): 8.68% Zn, 0.29% Cu, 0.20% Pb & 44.8 g/t Ag / 4.28 meter core length
(10.37% Zn Equiv. / 4.28 meter core length)
Hole Ky-17-5 (Elmtree 12): 5.43% Zn, 0.45% Cu, 0.19% Pb & 60 g/t Ag / 2.75 meter core length
(7.76% Zn Equiv. / 2.75 meter core length)
Hole Ky-17-6 (Elmtree 12): 3.54% Zn, 0.92% Cu, 0.28% Pb & 115 g/t Ag / 12.05 meter core length
(8.10 % Zn Equiv. / 12.05 meter core length)
& 0.64 g/t Au over 19.96 meter core length (new gold discovery).
Hole Ky-17-8 (2017 discovery): 18.80% Zn, 3.55% Cu, 1.16% Pb & 576 g/t Ag / 1.27 meter core length
(38.96% Zn Equiv. / 1.27 meter core length)
True thickness of these intersections is unknown at this time.
3
Keymet Northwest Region: 2015 and 2017 Diamond Drilling Plan
4
5
The Company’s focus since acquiring the Keymet Property has been the northwest region of the
property in the area of reported polymetallic veins with most work in the area of the Elmtree 12
copper-lead-zinc-silver bearing vein system. At least seven vein o ccurrences with lead, zinc and
+/- copper, silver and gold are reported in this region of the property in addition to the
polymetallic veins reported at the historic Keymet Mine (source: New Brunswick Dept. of
Energy and Resource Development Mineral Occurr ence Database). The Keymet Mine operated
during the mid -1950s, producing copper, lead, zinc and silver. Production at this mine was
terminated due to a fire at the site.
Historic Keymet Mine (1950s)
Significant precious metal - base metals deposits are reported within 4 km of the Keymet
Property. The Elmtree gold deposits are located within 3 km west -southwest of the Keymet
Property. The historic Nigadoo River Mine is located approximately 4 km south of the Keymet
Property. Polymetallic massive sulfi de veins were mined at the Nigadoo River Mine during the
1960s and 1970s with copper, lead, zinc and silver being produced. The N.B Dept. of Energy and
Resource Development Mineral Occurrence Database reports shaft depth and production totals at
this historic mine. Production during 1967 - 1971 is reported as 1.126 million tonnes at 2.2% Pb,
2.1% Zn, 0.24% Cu and 92.57 g/t Ag. Production during 1973 - 1977 (after a 2 year closure) is
reported to be 0.733 million tonnes (only partial metal grades reported). The shaft is reported to
at least 470 meter deep.
The Nash Creek Zinc Project of Callinex Mines Inc. is located approximately 15 kilometers
northwest of the Keymet Property. Callinex Mines Inc. recently filed a 43-101 Technical Report
(effective date March 21, 2018) which was completed by Tetra Tech Canada Inc. The report
includes updated mineral resource estimates for the Nash Creek Zinc Project (Hickey and Hayes
Zones) using a 1.5% ZnEq cut -off. This included 1 3,592,000 tonnes indicated estimated
resources at 2.68% Zn, 0.58% Pb and 17.8 g/t Ag ; and 5,929,000 inferred estimated resources at
2.68% Zn, 0.47% Pb and 13.9 g/t Ag (source: Callinex Mines Inc. website).
6
Readers are warned that mineralization at the Elmt ree gold deposits , historic Nigadoo River
Mine and Nash Creek Zinc Project is not necessarily indicative of mineralization on the Keymet
Property.
Access to the Keymet Property is excellent with paved roads transecting the property, including
a provincial highway. The property covers an area of approximately 3,400 hectares and is 100%
owned by the company.
Readers are warned that historical records referred to in this News Release have been examined
but not verified by a Qualified Person. Further work i s required to verify that historical records
referred to in this News Release are accurate.
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.
A Qualified Person has verified th e 2015 and 2017 exploration data for Great Atlantic. The
Qualified Person managed the 2015 and 2017 exploration programs for Great Atlantic at the
Keymet Property. A Qualified Person is managing the 2018 drilling program.
Zinc equivalent (% Zn Equiv.) values for drill hole intersections are based on the following metal
prices (as of July 26, 2018): Zinc US$ 2,653 / tonne (US$1. 2033 / lb.), Lead US$ 2,132 / tonne
(US$0.967 / lb.), Copper US$ 6,251 / tonne (US$ 2.8353 / lb.) and Silver US$ 15.58 per troy
ounce. Metal recoveries of 100% were applied in the zinc equivalent calculations. The zinc
equivalent calculation is as follows: Zn Eq. = 100 x ((Ag Price in grams x Ag Gr ade) + (Pb Price
x 2204.6 x Pb Grade (%) / 100) + (Cu Price x 2204.6 x Cu Grade (%) / 100) + (Zn Price x
2204.6 x Zn Grade (%) / 100)) / Zn Price x 2204.6.
The Company is also pleased to announce that is has arranged a non-brokered private placement
of 5,000,000 units at a price of $0.05 cents per unit for gross proceeds of $250,000. The units of
the financing will comprise of one common share and a full share purchase warrant, which may
be exercised for a period of two years at a price of $0.075 per share. The proceeds of the private
placement will be used for general working capital and exploration work. A finder's fee may be
paid to eligible finders in accordance to the TSX-V policies. All securities issued pursuant to the
offering will be subject to a hold period of four months and one day from the date of closing. The
offerings and payment of finders' fees are both subject to approval by the TSX-V. Directors,
officers or other insiders of the Company may participate in the foregoing offerings, and such
parties may sell securities of the Company owned or controlled by them personally through the
facilities of the TSX Venture Exchange to finance participation in such offerings.
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
7
Investor Relations:
Kaye Wynn Consulting Inc.: 604-558-2630, Toll Free –888-280-8128
E-mail: [email protected]
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.
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