Great Atlantic Commences Diamond Drilling at Its Golden Promise GOLD Property Central Newfoundland ________________________________________________________ ______ Focused ON Exploring Atlantic Canada
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TSX.v: GR
FRA: PH01
GREAT ATLANTIC COMMENCES DIAMOND DRILLING
AT ITS
GOLDEN PROMISE GOLD PROPERTY
CENTRAL NEWFOUNDLAND
________________________________________________________ ______
FOCUSED ON EXPLORING ATLANTIC CANADA
VANCOUVER, British Columbia – October 15, 2019 – GREAT ATLANTIC RESOURCES
CORP. (TSXV.GR) (the “Company” or “Great Atlantic”) is p leased to announce it plans
initiate a Phase 1 diamond drill program at its Golden Promise Gold Property, located within the
central Newfoundland gold belt. The diamond drill is scheduled to be mobilized to the property on
October 18 for drilling at the Jaclyn Zone, which hosts multiple gold-bearing quartz vein systems.
“Great Atlantic has been building value, currently we have a 100% interest in multiple projects
in Atlantic Canada. The Golden Promise Gold Property is a prime example of Value add, in
Great Atlantic. We have completed a current 43-101 with a resource of over a 100,000 Oz Gold,
as well as multiple exploration programs defining multiple new target areas to be drilled.
We have watched as our neighbour Marthon Gold expand their resource to over 4, Million OZ
Gold and become a 200 million dollar market cap company. It’s our belief that Value investing
will soon be on the radar of investors as the shift out of momentum investing continues.” States
Anderson CEO Great Atlantic Resources.
The Phase 1 drilling program will be a minimum of 1,000 meters , focusing on the Jaclyn Main
Zone (JMZ) with some holes testing the Jaclyn North Zone (JNZ).
The program is expected to:
• Test the west half of JMZ within the conceptual pit-constrained area.
• Test the deeper central region of JMZ.
• Expand the JMZ resource.
• Test along projected strike east of JNZ in an area of high -grade quartz boulders
(boulder samples of 163, 208 and 332 g/t gold – News Release of August 31, 2017).
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The Company reported a National Instrument 43-101mineral 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
Five gold bearing quartz vein systems are reported at the Jaclyn Zone, being the JMZ, JNZ, Jaclyn
West Zone (JWZ), Jaclyn South Zone and Jaclyn East Zone. Majority of the historic drilling (2002-
2010) was conducted at the JMZ. The Company confirmed gold bearing quartz vein bedrock and
/ or float at the JNZ (Company News Release dated August 31, 2017) during 2017 trenching. High
grade quartz vein boulders were discovered during this program along the projected strike east of
the JNZ , including samples returning 78, 163, 208 an d 332 g/t gold. The 2017 trenching and
sampling program was supervised by a Qualified Person. The 2019 Phase 1 drilling program is
expected to test the area of these high-grade boulders.
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JNZ: Quartz Vein Boulder with Visible Gold from 2017 Trench 4 (332.67 g/t Au grab sample)
JNZ: Gold Bearing Quartz Vein in 2017 Trench 1
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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 margin 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
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
Minerals Corp. (TSXV.SIC) at the Moosehead Gold Project and Marathon Gold Corp.
(TSXV.MOZ) at the Valentine Lake Gold Camp.
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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 single 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/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. 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 bas ed 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 processing co sts 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.
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.
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.
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
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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 “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