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Great Atlantic Resources Corp (3)
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Great Atlantic completes exploration at Pilley's

2019-09-09 07:30 ET - News Release

Mr. Christopher Anderson reports


Great Atlantic Resources Corp. recently conducted an exploration program consisting of focused prospecting and geochemical sampling at its Pilley's Island property, located in north-central Newfoundland. The program, exploring for base-metal- and precious-metal-bearing volcanogenic massive sulphide deposits, was completed in the southwest region of the property in areas of reported copper and zinc mineralization. Reported historic highlights from this region of the property include:

  • Drill intersections (1994): 9.1 per cent zinc over 0.42 metre and 0.41 per cent Cu over 14.14 metres;
  • Altered felsic volcanic rocks;
  • Massive pyrite intersected in some drill holes.

The 2019 summer program was conducted in the southwest region of the Pilley's Island property in areas of reported copper and zinc mineralization, reported altered volcanic rocks and reported massive pyrite intervals in some historic drill holes. The summer program consisted of focused prospecting and rock/soil geochemical sampling, exploring for base-metal- and precious-metal-bearing volcanogenic massive sulphide deposits. Samples collected during the 2019 summer program will be analyzed by a certified laboratory for base metal and precious metal content. Historic 1994 diamond drill holes in the southwest region of the property reportedly intersected significant levels of copper and/or zinc, including reported intersections of:

  • 9.10 per cent zinc and 0.69 per cent copper over 0.42 metre;
  • 1.94 per cent zinc over 0.40 metre;
  • 0.41 per cent copper over 14.14 metres (reported altered felsic volcanic rocks).

New rusty outcrop exposure in southwest region of Pilley's Island property

The company reported significant base metal and precious metal results during 2017 for work in the south-central region of the property at the Bull Road showing. A trench was excavated in 2017 at this showing exposing sulphide mineralization over a northwest-southeast length of approximately 130 metres with a width varying between one and seven metres. The Bull Road showing is a polylithic slump breccia of volcanogenic massive sulphide mineralization containing massive sulphide clasts up to greater than a metre in length. Sample results from this trench are reported in the company's news releases of Nov. 16 and Dec. 14, 2017. Bull Road trench sample highlights include:

  • 1.05-metre channel sample: 15.40 per cent zinc, 6.60 per cent lead, 4.66 per cent copper, 111.5 g/t silver and 1.008 g/t Au;
  • 0.70-metre channel sample: 17.30 per cent Zn, 0.10 per cent Pb, 2.97 per cent Cu, 31.2 g/t Ag and 0.449 g/t Au;
  • 0.95-metre channel sample: 3.95 per cent Zn, 0.73 per cent Pb, 2.83 per cent Cu, 62.2 g/t Ag and 0.613 g/t Au;
  • 1.00-metre channel sample: 2.96 per cent Zn, 0.03 per cent Pb, 3.27 per cent Cu, 30.4 g/t Ag and 0.563 g/t Au;
  • Outcrop grab sample: 40.8 per cent Zn, 4.69 per cent Pb, 6.08 per cent Cu, 22.5 g/t Ag and 1.366 g/t Au;
  • Outcrop grab sample: 32.60 per cent Zn, 1.30 per cent Pb, 8.38 per cent Cu, 148.1 g/t Ag and 1.421 g/t Au;
  • Outcrop grab sample: 36.40 per cent Zn, 5.50 per cent Pb, 4.22 per cent Cu, 59.9 g/t Ag and 0.325 g/t Au;
  • Outcrop grab sample: 27.5 per cent Zn, 20.0 per cent Pb, 5.78 per cent Cu, 63.4 g/t Ag and 0.314 g/t Au.

The 2017 Bull Road showing samples were analyzed at Eastern Analytical in Springdale, Nfld. (gold by fire assay -- atomic absorption (AA); and copper, lead, zinc and silver by multiacid digestion and atomic absorption). The channel samples were collected across selected clasts at generally right angles to the long dimension of the clasts. The 2017 Bull Road trench sample data were verified by qualified persons who managed the sampling programs and verified sample data.

Bull Road 2017 trench

The Pilley's Island property hosts the historic Pilley's Island mine, which operated during the 1890s and early 1900s. The Newfoundland and Labrador Department of Natural Resources reports historic estimated proven reserves of 1,159,000 tonnes grading 1.23 per cent Cu (referencing Grimley, 1968, as the source) or 627,373 tons at 2.34 per cent Cu (referencing Walker, 1976, as the source) in its mineral occurrence database. David Martin, vice-president, exploration, for Great Atlantic, stated: "These historical estimates of reserves are not reliable. The historical estimates are only relevant to the extent of identifying an area on the property for research and possible future exploration. The key assumptions, parameters and methods used to prepare the historical estimates are not known. A qualified person has not done sufficient work to classify the historical estimates as current resources or current reserves. A qualified person would need to complete sufficient work following CIM best practice guidelines to upgrade or verify the historical estimates as current mineral resources or mineral reserves. This would almost certainly require additional exploration in the way of diamond drilling, trenching and/or underground work and corresponding sampling all of which must follow CIM exploration best practice guidelines." Great Atlantic is not treating the historical estimates for the historic Pilley's Island mine as current mineral resources or mineral reserves.

Readers are warned that historical data referred to in this news release have not been verified by a qualified person.

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

The Pilley's Island covers an area of 4,600 hectares. Access to the property is excellent with government-maintained roads. The property is adjacent to tidewater and is located within a mining-friendly district.

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, sovereign, risk-free realm of Atlantic Canada. Great Atlantic is currently surging forward and 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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