Great Atlantic Intersects 61.35 G/T GOLD over 2.04 Meters Golden Promise GOLD Property Central Newfoundland ________________________________________________________ ______ Focused ON Exploring Atlantic Canada
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TSX.v: GR
FRA: PH01
GREAT ATLANTIC INTERSECTS 61.35 G/T GOLD OVER 2.04 METERS
GOLDEN PROMISE GOLD PROPERTY
CENTRAL NEWFOUNDLAND
________________________________________________________ ______
FOCUSED ON EXPLORING ATLANTIC CANADA
VANCOUVER, British Columbia – February 19, 2020 – GREAT
ATLANTIC
RESOURCES CORP. (TSXV.GR) (the “Company” or “Great Atlantic”) is p leased to
announce it has received analytical results for the fifth through tenth drill holes completed during
the 2019 Phase 1 diamond drilling program at its Golden Promise Gold Property, located within
the central Newfoundland gold belt. The drilling program was conducted at the Jaclyn Main
Zone.
The analytical results received are for drill holes GP19 -141, GP19-142 (stopped prematurely),
GP19-142B, GP19-143, GP19-144 and GP19-145.
Highlights of gold assays include (core length):
GP19-143: 11.35 g rams per tonne (g /t) gold over
0.71 meters and 16.79 g/t gold over 0.45 meters.
GP19-144: 61.35 grams per tonne gold (g/t) over
2.04 meters.
GP19-145: 14.49 g/t gold over 1.52 meters.
Drill hole GP19 -141 tested the central and deeper
part of the Jaclyn Main Zone (JMZ). Drill holes
GP19-142 (stopped prematurely), GP19 -142B,
GP19-143, GP19-144 and GP19 -145 tested the
west half of the JMZ within the conceptual open pit
area.
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Drill hole s GP19-141, GP19 -142, GP19 -142B and GP19 -144 were drilled at azimuths of
approximately 335-340 and dips of 66 to 70 degrees to intersect the gold bearing , northeast-east
striking, southeast-dipping JMZ quartz vein system. Drill holes GP19 -143 and GP19 -145 were
drilled at azimuths of approximately 300 degrees and dips of 50 -62 degrees to intersect the JMZ
vein system and possible cross-veins. Drill hole GP19-142 was stopped prematurely at 16 meters
length and did not reach the planned target depth. Significant gold intersections for these drill
holes a s well as previously reported intersections for drill holes GP19 -137 to GP19 -140
(Company News Releases of February 6 and 12, 2020) include the following:
Hole No.
From
(m) To (m)
Length
(m) Au (g/t)
GP19-137 82.90 84.80 1.90 12.37
includes 82.90 83.60 0.70 11.09
includes 83.60 84.50 0.90 9.50
includes 84.50 84.80 0.30 24.00
GP19-138 18.50 19.05 0.55 113.07
GP19-138 47.10 47.37 0.27 93.96
GP19-139 97.50 100.20 2.70 15.70
includes 97.50 98.65 1.15 7.45
includes 99.40 100.20 0.80 42.35
GP16-140 51.80 77.05 25.25 2.30
includes 51.80 53.40 1.60 12.50
includes 57.48 58.16 0.68 3.06
includes 67.46 68.31 0.85 12.33
includes 70.15 71.05 0.90 8.68
includes 75.59 77.05 1.46 11.38
GP19-141 182.58 183.05 0.47 1.37
GP19-143 29.87 30.58 0.71 11.35
GP19-143 91.70 92.15 0.45 16.79
GP19-144 22.45 24.49 2.04 61.35
includes 22.45 22.88 0.43 1.55
includes 22.88 24.49 1.61* 77.32
GP19-145 38.10 39.62 1.52 14.49
includes 38.10 38.61 0.51 1.68
includes 38.61 39.62 1.01 20.96
* 31% core loss between 22.88-24.49 meters.
The lengths reported in the preceding table are core lengths and not true widths. Due to multiple
gold bearing quartz veins intersected in this part of the J MZ, possible different vein orientations,
and a slight reported change in the strike of the J MZ in this part of the zone, more information is
required to estimate the true thickness of these vein intersections.
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GP19-144: 61.35 g/t gold over 2.04 meters (core length)
GP19-145: 14.49 g/t gold over 1.52 meters (core length)
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The 2019 Phase I diamond drilling program consisted of 10 holes (including GP19 -142 stopped
prematurely) totaling 1,063 meters. The drilling program primarily tested the west half of the
JMZ within the conceptual pit -constrained area. Drill hole GP19 -141 t ested the deeper and
central part of the JMZ. All holes were drilled to the northwest (300 to 340 degrees azimuth) at
dips of 50 to 80 degrees to intersect the JMZ. All nine holes that were drilled to planned depths
intersected quartz veins with plus / min us sulfide mineralization. Visible gold is present within
quartz veins intersected in holes GP -19-138, GP-19-139, GP-19-140 and GP-19-144. The hole
numbering system used for the Phase 1 drilling program was consistent with and continued from
that used by previous explorers. The 2019 drilling program was managed by a Qualified Person.
The drill core samples were analyzed at Eastern Analytical Ltd. Samples of main quartz veins
and quartz veined zones were analyzed by the Total Pulp Metallics method. This invo lves
crushing of the entire sample to -10 mesh and pulverizing to 95% -150 mesh. The total sample is
then weighed and screened 150 mesh. The +150 mesh fraction is fire assayed for gold, and a 30
gram sub -sample of the -150 mesh fraction is fire assayed for gold. A calculated weighted
average of total gold in the sample is reported as well (significant gold intersection values
reported in this News Release). Samples of meta-sediment with +/- quartz veins were assayed for
gold by fire assay (30 -gram sub -samples) and analyzed for 34 elements (200 -mg sub -samples
totally dissolved in four acids and analyzed by ICP -OES). Eastern Analytical, a certified
laboratory, is independent of Great Atlantic. Blank and standard samples were included in the
sample submissions to Eastern Analytical. Duplicate analysis was conducted for some samples.
Five gold bearing quartz vein systems are reported
at the Jaclyn Zone , being the J MZ, 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 sam ple program at the J MZ during 2010.
Majority of the historic drilling was conducted at
the JMZ.
Great Atlantic reported a National Instrument 43 -
101 mineral resource estimate for the JMZ in late
2018 (News Release of December 6, 2018; and
Sedar-filed Natio nal 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:
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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 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/cm 3 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 grad e of each block is based
on at least two drill holes 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.
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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. Gene ric 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 m ining 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 th e 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 significan t 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 Property and Valentine Gold Project is not necessarily indicative of mineralization
on the Golden Promise Property.
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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
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.
Great Atlantic
(Golden Promise)
43-101 Dec-2018
119,900 OZ Gold
Ave 10.4 G/T
$3 Million Market Cap
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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