VANCOUVER, British Columbia – November 20, 2020 – GREAT ATLANTIC RESOURCES CORP. (TSXV.GR) (the “Company” or “Great Atlantic”)is pleased to announce it has confirmed a zone of gold soil geochemical anomalies in the southwest region of its Golden Promise Gold Property. The property is located within the central Newfoundland gold belt. The Company refers to the zone of gold soil anomalies, defined by 2018 – 2020 soil sampling, as Gold Soil Anomaly 1. Key points are:
- Gold soil anomalies within a zone at least 500 meters long, with an apparent width of approximately 90-200 meters (defined by 4 sample lines).
- Approximately 78% of samples (22 of 28 samples) within the zone are anomalous for gold, including 6 samples exceeding 30 ppb gold (up to 77 ppb gold).
- New target area – never been drilled.
Great Atlantic initially identified local gold soil geochemical anomalies during 2018 reconnaissance sampling within the southwest region of the Golden Promise Property, approximately 4 kilometers northeast of the Linda / Snow White gold bearing quartz vein system. Soil samples within a distinct anomalous zone returned up to 77 parts per billion (ppb) gold (Company News Release of September 27, 2018). Historic gold soil anomalies were reported in this region. The 2018 gold soil anomalies were discovered along two parallel northwest-southeast trending sample lines.
The 2020 soil sampling further confirmed this zone of gold soil anomales, which the Company refers to as Gold Soil Anomaly 1. Multiple soil samples collected during 2020 along two east-west sample lines in the area of the 2018 sample lines returned anomalous gold values. The combined 2018 and 2020 soil samples identify an apparent north – south zone of gold soil anomalies being at least 500 meters long with an apparent width of approximately 90-200 meters. Approximately 78% of the 2018 and 2020 samples (22 of 28 samples) within this anomalous zone returned anomalous values for gold of 5 ppb and greater. Half of the samples within this anomalous zone returned 10 ppb and greater for gold while six samples returned 31-77 ppb gold. Sampling to date indicates the anomalous zone to be open to the north and may continue to the southeast.
The Golden Promise Gold Property hosts multiple gold bearing quartz veins. The most significant of these are the Jaclyn Main Zone, located in the northern region of the property. The Company reported a 43-101 compliant mineral resource estimate for the JMZ during December 2018 (Company News Release of December 6, 2018). The Company is currently conducting a Phase 2 diamond drilling program at the Jaclyn North Zone which hosts gold bearing veins.
The Golden Promise Property 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.
The Company is planning additional prospecting / rock geochemcial sampling and ground geophysical surveys in the area of Gold Soil Anomaly 1during 2021 to assist with interpretation of bedrock geology and to identify possible gold bearing structures. The results will be used to identify sites for trenching and diamond drilling.
The 2018, 2019 and 2020 soil samples within the area of Gold Soil Anomaly 1 were analyzed for gold (Fire Assay and AA analysis) and for 34 elements (four acid digestion and ICP-OES analysis) at Eastern Analytical Ltd. Eastern Analytical Ltd. is independent of Great Atlantic.
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