Great Atlantic Commences Exploration Program On the Golden Promise Gold Property in Central Newfoundland and Announces Financing of $800,000 _______________________________ ___________________________________ _ FOCUSED ON EXPLORING ATLANTIC CANADA
1
Great Atlantic Commences Exploration Program
On the Golden Promise Gold Property in
Central Newfoundland
and
Announces Financing of $800,000
_______________________________ ___________________________________ _
FOCUSED ON EXPLORING ATLANTIC CANADA
(TSXV : GR)
(FRA: PH01)
VANCOUVER, British Columbia – May 30, 201 7 – GREAT ATLANTIC RESOURCES CORP. (TSXV.GR) (the
“Company” or “Great Atlantic”) is pleased to announce it has expanded the Golden Promise Property in
central Newfoundland by means of claim staking , joining the Golden Promise and Southern Golden
Promise Properties. The company has commenced the 2017 $700,000 budgeted exploration program on
the property. Great Atla ntic recently s taked 3 licences totalling 245 claims covering geological
prospective ground joining the Golden Promise claims and the Company ’s recently acquired Southern
Golden Promise claims (News Release of May 3, 2017) , creating one enlarged property, which the
Company now refers entirely as Golden Promise. The Golden Promise Property currently totals
approximately 16,500 hectares.
2
The Golden Promise Property hosts multiple gold -bearing quartz veins and gold-bearing float boulders.
A National Instrument (NI) 43-101 compliant inferred resource of 921,000 tonnes at an average grade of
3.02 g/t Au (89,500 ounces contained gold) was reported in 2008 for the Jaclyn Main Zone located in the
central region of the property. Gold recovery from a 2,241 t onne bulk sample collected in 2010 at the
Jaclyn Main Zone was reported to average 4.47 g/t Au. The average tails grade for the sample was
reported to be 1.12 g/t Au. A “back-calculated head grade of 5.59 g/t Au ” was reported for the bulk
sample. The Jacly n Main Zone has been reportedly traced for a strike length of approximately 800
meters (northeast to east striking) through trenching and diamond drilling and locally to approximately
420 meters vertical depth. Elsewhere in the central to northern regions of the property high grade gold
has been reported at the Shawn ’s Shot occurrence including a historic grab sample reported to return
100.5 g/t Au and at two boulder occurrences including historic samples reported to return 335.9 g/t Au
and 80.0 g/t Au at the Justin’s Hope and Branden boulder occurrences.
The recently acquired southern region of the Golden Promise Property (previously referred to as
Southern Golden Promise) is reported to contain 2 gold bearing zones. A historic diamond drill hole at
the Linda / Snow White occurrence in this region was reported to intersect 19.5 g/t Au over 1.15 meters
(core length with true width unknown). A sulfide bearing quartz vein at this occurrence was reported to
be traced for 170 meters, having a reported width up to 5 meters. A 0.5 meter long channel sample
across the vein was reported to return 29.7 g/t Au. A grab sample was reported to return 232 g/t Au.
The Linda / Snow White occurrence is located approximately 22 kilometres southwest of the Jaclyn Main
3
Zone. Another occurrence referred to as the Gabbro Gold occurrence is reported in the southern region
of the property. Grab samples were reported to include 10.04 and 9.14 g/t Au at this occurrence.
Other gold-bearing occurrences reported on the Golden Promise Property include Jaclyn North, Jaclyn
South, Jaclyn E ast, Jacklyn West (also referred to as Christopher Zone), GP04 -41 and Otter Brook.
Historic reported samples (including drill core samples) for these zones are summarized in the News
Release of May 31, 2016.
4
The 2008 NI 43-101 Technical Report states the style of veining, mineralization, alteration, host rock and
tectonism at Golden Promise most closely resembles other turbidite-hosted (or slate belt) gold deposits
throughout the world.
Great Atlantic has commenced the 2017 exploration program at the Golden Promise Property, budgeted
for approximately $700,000. The initial May program consist s of rock and soil geochemical sampling at
select g old occurrences. Work is currently being conducted at the Branden and Shawn ’s Shot
occurrences. Ground geophysics, diamond drilling and trenching is planned, beginning in June with work
planned at multiple zones, including the Jaclyn Zones, Shawn ’s Shot, Justin’s Hope, Branden and Linda /
Snow White.
Access is excellent with a paved provincial highway transe cting the property. The property is located
near the town of Badger and approximately 50 kilometres northeast of the Valentine Lake Property of
Marathon Gold Corp.
Readers are warned that historical records referred to in this News Release have been examined but not
verified by a qualified person. Further work is required to verify that historical assays referred to in this
News Release are accurate.
David Martin, P.Geo., a Qualified Person as defined by NI 43 -101, is responsible for the technical
information contained in this News Release.
Great Atlantic Resources Corp. is also pleased to announce that is has arranged a non-brokered private
placement of 8,000,000 units at a price of $0.10 cents per unit for gross proceeds of $800,000. 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 five years at a price of $0.125 per share. The term of the
warrants may be accelerated in the event that the issuer's shares trade at or above a price of
$0.15 cents per share for a period of 10 consecutive days. In such case of accelerated warrants,
the issuer may give notice, in writing or by way of news release, to the subscribers that the
warrants will expire 30 days from the date of providing such notice. 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. The Company will make
available a portion of the offering to existing shareholders using provisions of the Canadian
existing security holder exemption pursuant to Multilateral CSA Notice 45-313 – Prospectus
5
Exemption for Distributions to Existing Security Holders (“CSA 45-313”) and the corresponding
blanket orders and rules implementing CSA 45-313 in the participating jurisdictions in respect
thereof (collectively with CSA 45-313, the “Existing Security Holder Exemption”). As at the date
hereof, the Existing Security Holder Exemption is available in each of the provinces of Canada,
with the exception of Newfoundland and Labrador. Subject to applicable securities laws, the
Company will permit each person or company who, as of May 29, 2017 (being the record date
set by the Company pursuant to CSA 45-313), who holds common shares as of that date (a
“Current Shareholder”) to subscribe for the Units that will be distributed pursuant to the
Offering, provided that the Existing Security Holder Exemption is available to such person or
company. Pursuant to CSA 45-313, each subscriber relying on the Existing Security Holder
Exemption may subscribe for no more than $15,000 value of securities, unless a subscriber is
resident in a jurisdiction of Canada and has obtained advice regarding the suitability of the
investment from a registered investment dealer (in which case such maximum subscription
amount will not apply). In addition to conducting the Offering pursuant to the Existing Security
Holder Exemption, the Company will also accept subscriptions for Units where other
prospectus exemptions are available, including the Investment Dealer Exemption (as defined
below). Any Current Shareholder subscribing for Units pursuant to a prospectus exemption
other than the Existing Security Holder Exemption will not be limited to a maximum of $15,000
value of securities. In addition to the Existing Security Holder Exemption and other available
prospectus exemptions, a portion of the Offering may be completed pursuant to Multilateral
CSA Notice 45-318 – Prospectus Exemption for Certain Distributions through an Investment
Dealer (“CSA 45-318”) and the corresponding blanket orders and rules implementing CSA 45-
318 in the participating jurisdictions in respect thereof (collectively with CSA 45-318, the
“Investment Dealer Exemption”). As at the date hereof, the Investment Dealer Exemption is
available in each of Alberta, British Columbia, Saskatchewan, Manitoba and New Brunswick.
Pursuant to CSA 45-318, each subscriber relying on the Investment Dealer Exemption must
obtain advice regarding the suitability of the investment from a registered investment dealer.
There is no material fact or material change of the Company that has not been generally
disclosed. The securities issued pursuant to the Offering will be subject to statutory hold
periods.
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 offering and payment of finders' fees are both subject to approval
by the TSX-V.
On Behalf of the board of directors
“Lorne Mann”
About Great Atlantic Resources Corp.: Great Atlantic Resources is a Canadian exploration company focused on
the discovery and development of mineral assets in Atlantic Canada. Great Atlantic is currently building the
company, with a focus on antimony, tungsten and gold.
6
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 t hat 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 gener al 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