VANCOUVER, British Columbia, November 24 2020 – GREAT ATLANTIC RESOURCES CORP. (TSXV.GR) (the “Company” or “Great Atlantic”)is pleased to announce it has completed the second hole (GP20-147) of the Fall 2020 Phase 2 diamond drilling program at its Golden Promise Gold Property, located within the central Newfoundland gold belt.GP20-147 was completed at the Jaclyn North Zone (JNZ), testing the continuation of gold bearing veins along strike to the east.GP20-147 intersected quartz veins (up to 2.7 meters core length) and quartz veined intervals (+/- carbonates) containing sulfide mineralization, extending the JNZ vein system approximately 100 meters further east. Assays are pending for 2020 drill core samples.
GP20-147 was drilled approximately 50 meters east of GP20-146 (first 2020 drill hole)), testing the continuation of the Jaclyn North Zone (JNZ) along its projected strike to the east. The JNZ hosts gold bearing quartz veins and is reported to strike slightly northeast. Both holes intersected quartz veins (+/- carbonates) with sulfide mineralization (pyrite, arsenopyrite and / or pyrrhotite). Individual vein intersections in GP20-146 are up to 0.9-meters core length with visible gold in one 5-centimeter vein (Company News Releases of November 11 and 16, 2020). GP20-147 was drilled at approximately 160 degrees azimuth and approximately 47 degrees dip to a length of 189 meters. Sulfide bearing quartz (+/- carbonates) veins were intersected in GP20-147, concentrated at 69.0 – 74.3 meters including a 2.7-meters core length vein. A similar vein was intersected at 97.0 – 97.7 meters. The 2020 drilling program to date (GP20-146 and GP20-147) has extended the JNZ vein system approximately 100 meters east.
The drill is being moved approximately 150 meters east of GP20-147 to the site of drill hole GP20-148 to further test the continuation of the JNZ vein system and test an area of numerous quartz vein boulders, including quartz vein boulders with high grade gold based on 2017 sampling by the Company.
Boulder grab sample assays for 2017 samples within the area of planned drill hole GP20-148 included 163.9, 208.5 and 332.6 grams per tonne (g/t) gold (Great Atlantic News Release of August 31, 2017). Visible gold was noted in a quartz boulder in this area during November prospecting.
All rock samples collected during the 2017 trenching program were analyzed by Eastern Analytical Ltd. The high-grade quartz vein boulder samples stated in this News Release were analyzed for gold by the Total Pulp Metallics method. The sample submission included gold standard and blank samples. Eastern Analytical Ltd., a certified laboratory, is independent of Great Atlantic.
The JNZ is part of the Jaclyn Zone, being located within the northern region of the Golden Promise Property. The Jaclyn Zone hosts five gold bearing quartz veins systems, including the JNZ and Jaclyn Main Zone (JMZ). The JNZ is located approximately 250 meters north of the JMZ.
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 RIL. The RIL forms the western boundary of the Exploits Subzone. Recent significant gold discoveries within the Exploits Subzone include those of Marathon Gold Corp. (TSX.MOZ)at the Valentine Gold Project, Sokoman Minerals Corp. (TSXV.SIC)at the Moosehead Gold Project and New Found Gold Corp. (TSXV.NFG)at the Queensway Project.Readers are warned that mineralization at the Valentine Gold Project, Moosehead Gold Project, and Queensway 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
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.
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 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 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 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