VANCOUVER, British Columbia –February 19, 2020 – GREAT ATLANTIC RESOURCES CORP. (TSXV.GR) (the “Company” or “Great Atlantic”)is pleased 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 grams 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.
Drill holes 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 as 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:
* 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 JMZ, possible different vein orientations, and a slight reported change in the strike of the JMZ in this part of the zone, more information is required to estimate the true thickness of these vein intersections.
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)
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 tested 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 / minus 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 involves 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 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.
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 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:
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., 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 (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 grade 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.
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 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 Property 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
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.
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