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Great Atlantic Resources Corp (3)
Symbol GR
Shares Issued 6,151,411
Close 2019-10-03 C$ 0.40
Recent Sedar Documents

Great Atlantic grateful for Golden Promise funds

2019-10-04 19:12 ET - News Release

Mr. Christopher Anderson reports

GREAT ATLANTIC EXTENDS GRATITUDE TO THE GOVERNMENT OF NEWFOUNDLAND AND LABRADOR FOR FINANCIAL SUPPORT OF ITS GOLDEN PROMISE GOLD PROPERTY (JUNIOR EXPLORATION ASSISTANCE PROGRAM); CENTRAL NEWFOUNDLAND FOCUSED ON EXPLORING ATLANTIC CANADA

Great Atlantic Resources Corp. is extending gratitude to the government of Newfoundland and Labrador for continued support of its Golden Promise gold property through the junior exploration assistance (JEA) program. The Golden Promise gold property is located within the central Newfoundland gold belt. Great Atlantic is currently exploring high-priority targets within the Golden Promise property. The company received funding under the JEA program for exploration within the property during 2017 and 2018, and has qualified for potential funding during 2019.

Great Atlantic is currently conducting exploration within the Golden Promise property. Prospecting and geochemical sampling is being conducted at high-priority targets in multiple regions within the property. During the 2017 and 2018 programs, the company identified/confirmed areas with gold-bearing quartz vein float or bedrock and gold soil anomalies. The objective of the current program is to further define trenching and drilling targets.

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 volcanosedimentary 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. at the Moosehead gold project and Marathon Gold Corp. at the Valentine Lake gold camp.

High-grade gold is reported in quartz veins and quartz vein boulders within the Golden Promise property. Gold-bearing quartz veins are reported in multiple areas of the property, including at least five gold-bearing quartz vein systems reported in the Jaclyn zone. Much of the reported historical exploration was focused on the Jaclyn zone with gold-bearing vein systems reported at the Jaclyn Main zone (JMZ), Jaclyn North zone (JNZ), Jaclyn West zone (JWZ), Jaclyn South zone and Jaclyn East zone. Majority of the historical drilling (2002-2010) was conducted at the JMZ. During the 2017 exploration programs, the company confirmed gold-bearing quartz vein bedrock and/or float at the JNZ and JWZ and in other regions of the property (see company news releases dated Aug. 28, 2017, and Aug. 31, 2017). These include Shawn's Shot vein in the central region and Branden boulder occurrence in the northern region of the property. Gold mineralization is also reported in the southern region of the property at the Linda/Snow White vein system.

The company reported a National Instrument 43-101 mineral resource estimate for the JMZ in late 2018 (news release of Dec. 6, 2018, and SEDAR-filed National Instrument 43-101 technical report on the Golden Promise property, central Newfoundland (revised), dated Dec. 4, 2018, by Greg Z. Mosher, MSc, App, PGeo, and Larry Pilgrim, BSc, PGeo). The reported inferred mineral resource estimate for the JMZ is as set out in the attached table.

                              INFERRED MINERAL RESOURCE ESTIMATE FOR JMZ

Resource     Cut-off Au g/t   Au cap g/t   Au uncap g/t   Tonnes Au ounces   Capped Au   Ounces uncapped 

Total                   1.1          9.3           10.4            357,500     106,400           119,900
Pit constrained         0.6         11.4           14.1            157,300      57,800            71,200
Underground             1.5          7.5            7.6            200,200      48,600            48,700

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 gold ounces are in situ and do not include recovery losses.

As reported in the 2018 National Instrument 43-101 technical report on the Golden Promise property, 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-metre-long composites. A bulk density of 2.7 grams per cubic centimetre was used. Blocks in the model measured 15 metres east-west, one metre north-south and 10 metres vertically. The block model was not rotated. Grades were interpolated using inverse-distance squared (ID2) weighting, and a search ellipse that measured 100 metres along strike, two metres across strike and 50 metres 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 grams per tonne 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 $2.50 (U.S.) per tonne and processing costs of $25 (U.S.) per tonne were used together with a gold price of $1,300 (U.S.) per ounce. A conceptual pit slope of 45 degrees 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 cut-off grade of 0.6 g/t was adopted. For the underground portion of the resource, a cut-off of 1.5 g/t was assumed. The cut-off grade for the total resource is the weighted average of the pit-constrained and underground cut-off grades.

Readers are warned that mineralization at the Moosehead property and Valentine Lake gold camp is not necessarily indicative of mineralization on the Golden Promise property.

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 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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