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Great Atlantic Resources Corp (3)
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Great Atlantic completes drilling at Golden Promise

2019-12-03 07:56 ET - News Release

Mr. Christopher Anderson reports


Great Atlantic Resources Corp. has completed the 2019 phase 1 diamond drilling program at its Golden Promise gold property, located within the central Newfoundland gold belt. The drilling program consisted of 10 holes (including one hole stopped prematurely) totalling 1,063 metres. The program was conducted at the Jaclyn Main zone (JMZ), a gold-bearing quartz vein system. The company reported a mineral resource estimate during late 2018 for the JMZ. Visible gold was intersected within quartz veins in four holes.

Nine holes tested the west half of the JMZ within the conceptual pit-constrained area. One hole tested the deeper central part of the JMZ. Nine holes intersected quartz veins with plus/minus sulphide mineralization. The remaining hole was stopped prematurely before reaching the target depth.

Visible gold is present within quartz veins intersected in holes GP-19-138, GP-19-139, GP-19-140 and GP-19-144.

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 to 2010 and a bulk sample program at the JMZ during 2010. Majority of the historic drilling was conducted at the JMZ.

The 2019 drilling program was managed by a qualified person. Drill core samples from nine holes were submitted to an independent, certified laboratory for gold and multielement analysis. The hole numbering system used for the phase 1 drilling program is consistent with and continuing from that used by previous explorers.

Great Atlantic 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 displayed in the table.

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 

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 Dec. 4, 2018, by Mr. Mosher and Mr. Pilgrim, the JMZ was modelled as a single quartz vein that strikes east to 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 metre was used. Blocks in the model measured 15 metres east to west, one metre north to 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 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 $2.50 (U.S.)/tonne and processing costs of $25 (U.S.)/tonne were used together with a gold price of $1,300 (U.S.)/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 cutoff 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 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. at the Moosehead gold project and Marathon Gold Corp. at the Valentine gold project. Readers are warned that mineralization at the Moosehead gold project and Valentine gold project is not necessarily indicative of mineralization on the Golden Promise property.

David Martin, PGeo, a qualified person as defined by NI 43-101 and vice-president of 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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