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Great Atlantic drills 34.3 m of 7.89% ZnEq at Keymet

2019-01-18 09:36 ET - News Release

Mr. Christopher Anderson reports


Great Atlantic Resources Corp. has received drill core analytical results for 13 holes (Ky-18-10 to Ky-18-22) completed during the 2018 diamond drilling program at its Keymet base metal/precious metal property, located near Bathurst in northeast New Brunswick. The program was conducted in the northwest region of the property approximately 1.5 kilometres northwest of the historical Keymet mine. Highlights include (core length):

  • Ky-18-14 -- 7.89 per cent zinc equivalent over 34.3 metres (from 46.20 metres to 80.50 metres);
  • Ky-18-10 -- 10.91 per cent zinc equivalent over 3.27 metres (from 85.03 metres to 88.30 metres);
  • Elmtree 12 vein -- system traced to approximately 145-metre depth, open at depth;
  • Elmtree 12 vein -- strike length of approximately 110 metres and open along strike.

The 2018 drilling program (13 holes totalling 1,484 metres) was conducted in the northwest region of the Keymet property. Eleven drill holes (Ky-18-10 to Ky-18-18, Ky-18-21 and Ky-18-22) tested the Elmtree 12 vein system as infill drilling and along strike, with some holes testing deeper than previous drilling. Company management speculate the Elmtree 12 vein system to be striking approximately north-south and subvertical. Great Atlantic had previously drilled six holes in the Elmtree 12 vein system during 2015 and 2017, intersecting zinc-, copper-, lead- and silver-bearing polymetallic veins (news releases of Feb. 23, 2016, Dec. 20, 2017, and March 2, 2018). Two drill holes (Ky-18-19 and Ky-18-20) tested the continuation of another base-metal- and silver-bearing vein southwest of the Elmtree 12 vein system. This vein was discovered during 2017 drilling (Ky-17-8: 18.8 per cent zinc, 3.5 per cent copper and 576 grams per tonne silver over 1.27-metre core length; news release of March 2, 2018).

Intersections (core lengths) from 2015, 2017 and 2018 diamond drilling programs in the area of the Elmtree 12 vein system are shown in the attached table.

Hole ID        From      To     Length     ZnEq      Zn     Cu      Pb       Ag       Au 
                 (m)     (m)        (m)      (%)     (%)    (%)     (%)    (g/t)    (g/t)

2015 diamond 
drill holes                                                          
Ky-15-3       30.10   32.20       2.10                                              3.28    
Ky-15-3       60.80   62.60       1.80    22.77   16.68   1.11    0.44      152             
Ky-15-4       90.07   94.35       4.28    10.44    8.68   0.29     0.2     44.8            
2017 diamond 
drill holes                                                          
Ky-17-5       81.00   81.80       0.80    20.24   13.65   1.20    0.45      166             
Ky-17-6      119.45  131.50      12.05     8.31    3.54   0.92    0.28    115.6           
Including    119.45  124.40       4.95    16.05    7.67   1.57    0.48    209.3           
Ky-17-6      148.80  149.75       0.95                                               4.9     
Ky-17-6         164  183.96      19.96                                              0.64    
Ky-17-8       31.00   32.27       1.27    39.90    18.8   3.55    1.16      576              
Ky-17-9       45.75   47.13       1.38     6.29    4.29   0.29    0.23     55.4            
2018 diamond 
drill holes                                                          
Ky-18-10      85.03   88.30       3.27    10.91    7.91   0.53    0.21     77.2            
Including     85.74   86.74       1.00    25.59   16.80   1.60    0.55      223             
Ky-18-11     108.70  109.40       0.70     4.95    3.89   0.11    0.14     33.9            
Ky-18-12      78.82   84.55       5.73     7.88    4.07   1.19    0.23     39.2            
Including     78.82   79.64       0.82    14.03   10.90   1.07    0.09     24.8            
Including     83.35   84.55       1.20    21.65    8.90   3.81    0.60      157             
Ky-18-13      80.00   81.00       1.00                                              1.76    
Ky-18-14      46.20   80.50      34.30     7.89    3.29   0.88    0.26    112.6           
Including     46.20   49.20       3.00    56.23    9.04   9.19    2.16    1,158            
Including     62.48   63.00       0.52    18.49   15.45   0.96    0.13       32              
Including     67.00   67.60       0.60    13.59   13.05   0.09    0.05       14              
Including     76.00   80.50       4.50    14.27   12.08   0.31    0.30     59.8            
Ky-18-16      77.20   77.72       0.52    33.48    4.47   7.85    0.72      478             
Ky-18-17      10.43   11.00       0.57    11.72    6.37   0.10    6.08     14.5            
Ky-18-17      67.00   67.50       0.50     7.23    6.05   0.21    0.15     27.5            
Ky-18-18      72.50   73.50       1.00     2.74    2.04   0.09    0.11     19.6            
Ky-18-19      13.02   13.72       0.70                                              1.05    
Ky-18-20      32.00   32.28       0.28    10.75    2.39   1.82    0.87      164             
Ky-18-21     145.50  147.00       1.50     8.26    2.31   0.89    0.81    156.6         

Zinc equivalent values for drill hole intersections are based on the following metal prices (as of Jan. 16, 2019): $2,467 (U.S.) per tonne ($1.119 (U.S.) per pound) for zinc, $1,953 (U.S.) per tonne (88.6 U.S. cents per pound) for lead, $5,881 (U.S.) per tonne ($2.668 (U.S.) per pound) for copper and $15.605 (U.S.) per troy ounce for silver. Metal recoveries of 100 per cent were applied in the zinc equivalent calculations. The zinc equivalent calculation is as follows: zinc equivalent equals 100 multiplied by ((silver price in grams multiplied by silver grade) plus (lead price multiplied by 2,204.6 multiplied by lead grade (per cent) divided by 100) plus (copper price multiplied by 2,204.6 multiplied by copper grade (per cent) divided by 100) plus (zinc price multiplied by 2,204.6 multiplied by zinc grade (per cent) divided by 100)) divided by zinc price multiplied by 2,204.6.

Drill holes Ky-18-10 to Ky-18-13 were infill holes drilled east to slightly southeast at 45-degree-to-57-degree dips. Drill holes Ky-18-14, Ky-18-21 and Ky-18-22 were collared closer to the vein system and at steeper dips (78 degrees to 83 degrees) to intersect the vein system at a shallower angle to test continuity of mineralization along dip, locate possible ore shoots, and gain a structural understanding of the vein's vertical and horizontal orientations/extensions for targeted follow-up drilling. Hole Ky-18-21, drilled under Ky-18-14, tested the zone deeper. The mineralized intersection at 145.5 metres to 147 metres in this hole is the deepest intersection by the company in the Elmtree 12 vein system and indicates the system is open at depth at this location. This interval also returned anomalous values for cobalt, including 0.07 per cent cobalt over a 1.0-metre core length.

The metasediments in the lower half of Ky-18-22 are intruded by mafic dikes, possibly cutting the vein system.

Drill holes Ky-18-15 and Ky-18-16 tested the extension of the Elmtree 12 vein system to the north. Ky-18-15 was drilled slightly northwest (approximate 55-degree dip). Ky-18-16 was drilled slightly southwest (approximate 73-degree dip). The metal-rich intersection in Ky-18-16 indicates the mineralized system is open to the north at slightly deeper levels.

Drill holes Ky-18-17 and Ky-18-18 tested the Elmtree 12 vein system south of previous company drilling. Mineralized veins and/or alteration were intersected in both holes, indicating the mineralized system to be open to the south.

Drill holes Ky-18-19 and Ky-18-20 were located southwest of the known extent of the Elmtree 12 vein system. These holes tested the extension of the high-grade vein intersected in 2017 hole Ky-17-8. Ky-18-19 was drilled slightly northwest at an approximate 66-degree dip to intersect the vein deeper. Hole Ky-18-19 did not confirm the downdip extension of the mineralized vein. Hole Ky-18-20 was drilled southwest at an approximate 55-degree dip. This hole intersected a near-surface narrow copper-, lead-, zinc- and silver-bearing zone (approximate 26-metre vertical depth) approximately 10 metres south of the high-grade vein intersection of hole Ky-17-8.

Drill core from the 2018 program was geologically logged and sampled at a secure location in Miramichi, N.B. Drill core samples were submitted to ALS Canada for gold analysis (fire assay AA) and for 33-element analysis (including copper, lead, zinc and silver) by four-acid and ICP-AES. Samples exceeding 1,500 grams per tonne silver were reanalyzed for silver by fire assay (gravimetric finish). Quality control samples were included as part of the sample submission. A qualified person verified the 2015, 2017 and 2018 exploration data for Great Atlantic. The qualified person managed these exploration programs at the Keymet property.

The company's focus since acquiring the Keymet property has been the northwest region of the property in the area of reported polymetallic veins with most work in the area of the Elmtree 12 copper-lead-zinc-silver-bearing vein system. At least seven vein occurrences with lead, zinc and plus or minus copper, silver and gold are reported in this region of the property in addition to the polymetallic veins reported at the historical Keymet mine (source: New Brunswick Department of Energy and Resource Development's mineral occurrence database). The Keymet mine operated during the mid-1950s, producing copper, lead, zinc and silver. Production at this mine was terminated due to a fire at the site.

Significant precious metal/base metal deposits are reported within four kilometres of the Keymet property. The Elmtree gold deposits are located within three kilometres west-southwest of the Keymet property. The historical Nigadoo River mine is located approximately four kilometres south of the Keymet property. Polymetallic massive sulphide veins were mined at the Nigadoo River mine during the 1960s and 1970s, with copper, lead, zinc and silver being produced. The New Brunswick Department of Energy and Resource Development mineral occurrence database reports shaft depth and production totals at this historical mine. Production during 1967 to 1971 is reported as 1,126,000 tonnes at 2.2 per cent lead, 2.1 per cent zinc, 0.24 per cent copper and 92.57 grams per tonne silver. Production during 1973 and 1977 (after a two-year closure) is reported to be 733,000 tonnes (only partial metal grades reported). The shaft is reported to at least 470 metres deep.

The Nash Creek zinc project of Callinex Mines Inc. is located approximately 15 kilometres northwest of the Keymet property. Callinex Mines recently filed a National Instrument 43-101 technical report (effective date March 21, 2018), which was completed by Tetra Tech Canada Inc. The report includes updated mineral resource estimates for the Nash Creek zinc project (Hickey and Hayes zones) using a 1.5 per cent zinc equivalent cut-off. This included 13,592,000 tonnes indicated estimated resources at 2.68 per cent zinc, 0.58 per cent lead and 17.8 grams per tonne silver and 5,929,000 tonnes inferred estimated resources at 2.68 per cent lead, 0.47 per cent lead and 13.9 grams per tonne silver (source: Callinex Mines website).

Readers are warned that mineralization at the Elmtree gold deposits, historical Nigadoo River mine and Nash Creek zinc project is not necessarily indicative of mineralization on the Keymet property.

Access to the Keymet property is excellent with paved roads transecting the property, including a provincial highway. The property covers an area of approximately 3,400 hectares and is 100 per cent owned by the company.

Readers are warned that historical records referred to in this news release have been examined but not verified by a qualified person. Further work is required to verify that historical records referred to in this news release are accurate.

David Martin, PGeo, a qualified person as defined by National Instrument 43-101 and vice-president, exploration, for Great Atlantic, is responsible for the technical information contained in this news release.

About Great Atlantic Resources Corp.

Great Atlantic Resources 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 No. 1 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.

We seek Safe Harbor.

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