Great Atlantic Extends Gratitude to the Government of Newfoundland and Labrador FOR Financial Support of Its Golden Promise GOLD Property (Junior Exploration Assistance Program) Central Newfoundland ________________________________________________________ ______
1
TSX.v: GR
FRA: PH01
GREAT ATLANTIC EXTENDS GRATITUDE TO THE GOVERNMENT OF
NEWFOUNDLAND AND LABRADOR FOR FINANCIAL SUPPORT OF ITS
GOLDEN PROMISE GOLD PROPERTY
(JUNIOR EXPLORATION ASSISTANCE PROGRAM)
CENTRAL NEWFOUNDLAND
________________________________________________________ ______
FOCUSED ON EXPLORING ATLANTIC CANADA
VANCOUVER, British Columbia – October 4, 2019 – GREAT ATLANTIC RESOURCES
CORP. (TSXV.GR) (the “Company” or “Great Atlantic”) wishes to extend gratitude to the
Government of Newfoundland and Labrador for continued support of its Golden Promise Gold
Property through the Junior Exploration Assistance (JEA) Program. The Golden Promise Gold
Property is located within the central Newfoundland gold belt. Great Atlantic is currently exploring
high priority targets within the Golden Promise Property. The Company received funding under
the JEA Program for exploration within the property during 2017 and 2018 a nd has qualified for
potential funding during 2019.
2
Great Atlantic is currently conducting exploration within the Golden Promise Property.
Prospecting and geochemical sampling is being conducted at high priority targets in multiple
regions within the pro perty. During the 2017 and 2018 programs, the Company identified /
confirmed areas with gold bearing quartz vein float or bedrock; and gold soil anomalies. The
objective of the current program is to further define trenching and drilling targets.
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.
3
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 was focused on the Jaclyn Zone with gold bearing vein systems reported at
the Jaclyn Main Zone (JMZ), Jaclyn North Zone (JNZ), Jaclyn West Zone (JWZ) , Jaclyn South
Zone and Jaclyn East Zone. Majority of the historic drilling (2002 -2010) was conducted at the
JMZ. During the 2017 exploration programs, the Company confirmed gold bearing quartz vein
bedrock and / or float at the J NZ and JWZ and in other regions of the property (See Company
News Releases dated August 28 and 31, 2017 ). These include Shawn’s Shot vein in the central
region and Branden boulder occurrence in the northern region of the property. Gold mineralization
is also reported in the southern region of the property at the Linda / Snow White vein system.
4
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
As reported in the 2018 National Instrument 43 -101 Technical Report on the Golden Promise
Property, the 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 (ID 2) 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 based on at least two drillholes thereby
5
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.
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.
About Great Atlantic Resources Corp.: Great Atlantic Resources Corp. is a Canadian exploration company
focused on the discovery and development of mineral as sets 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 th e most critical elements on the
planet that are prominent in Atlantic Canada, Antimony, Tungsten and Gold.
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