Great Atlantic Completes 2019 Diamond Drilling Program Golden Promise GOLD Property Central Newfoundland ________________________________________________________ ______ Focused ON Exploring Atlantic Canada
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TSX.v: GR
FRA: PH01
GREAT ATLANTIC COMPLETES 2019 DIAMOND DRILLING PROGRAM
GOLDEN PROMISE GOLD PROPERTY
CENTRAL NEWFOUNDLAND
________________________________________________________ ______
FOCUSED ON EXPLORING ATLANTIC CANADA
VANCOUVER, British Columbia – December 3, 2019 – GREAT ATLANTIC RESOURCES
CORP. (TSXV.GR) (the “Company” or “Great Atlantic”) is p leased to announce it has
completed the 2019 Phase 1 diamond drilling
program at its Golden Promise Gold Property ,
located within the central Newfoundland gold belt.
The drilling program consisted of 10 holes
(including one hole stopped prematurely) totalling
1,063 meters. The program was conducted at the
Jaclyn Main Zone (JMZ), a gold-bearing quartz vein
system. The Company reported a mineral resource
estimate during late 2018 for the JMZ. Visible gold
was intersected within quartz veins in four holes.
Nine holes tested the west half of the JMZ
within the conceptual pit -constrained area.
One hole tested the deeper central part of the
JMZ. Nine holes intersected quartz veins with
plus / minus sulfide mineralization. The
remaining hole was stopped prematurely
before reaching the target depth.
Visible gold is present within quartz veins
intersected in holes GP -19-138, GP -19-139,
GP-19-140 and GP-19-144.
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Quartz Vein intersected in GP-19-145 at Jaclyn Main Zone
Five gold bearing quartz vein systems are reported at the
Jaclyn Zone, being the JMZ, Jaclyn North Zone, Jaclyn
West Zone, Jaclyn South Zone and Jaclyn East Zone. The
Jaclyn Zone is located within the northern region of the
Golden Promise Property and has been the focus of
multiple diamond drilling programs during 2002 -2010
and a bulk sample program at the JMZ during 2010.
Majority of the historic drilling was conducted at the JMZ.
The 2019 drilling program was managed by a Qualified
Person. Drill core samples from nine holes w ere
submitted to an independent, certified laboratory for gold
and multi-element analysis. The hole numbering system
used for the Phase 1 drilling program is consistent with
and continuing from that used by previous explorers.
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Great Atlantic 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
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 t hat
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
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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 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 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
Marathon Gold
( Valentine Lake )
> 4 Million OZ Gold
$250,000 Million Market
Cap
Great Atlantic
( Golden Promise )
43-101 Dec-2018
119,000 OZ Gold
Ave 10.4 G/T
$3 Million Market Cap
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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 Gold Project. Readers are warned that mineralization at the
Moosehead Gold Project and Valentine Gold Project 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
Great Atlantic
( Golden Promise )
43-101 Dec-2018
119,000 OZ Gold
Ave 10.4 G/T
$3 Million Market Cap
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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 dee med “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 statement s. 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 busin ess
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