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Great Atlantic Resources Corp (3)
Symbol GR
Shares Issued 6,572,464
Close 2020-02-05 C$ 0.77
Recent Sedar Documents

Great Atlantic drills 2.7 m of 15.7 g/t Au

2020-02-06 10:19 ET - News Release

Mr. Christopher Anderson reports

GREAT ATLANTIC INTERSECTS 15.80 G/T GOLD OVER 2.70 METERS - GOLDEN PROMISE GOLD PROPERTY - CENTRAL NEWFOUNDLAND

Great Atlantic Resources Corp. has received analytical results for the first three 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, a gold-bearing quartz vein system. All three drill holes (GP19-137, GP19-138 and GP-139) intersected gold-bearing quartz veins. Gold-bearing intersections (core length) within the first three holes of the 2019 drilling program include the following (grams per tonne):

  • Gold-bearing quartz vein in GP19-139: 15.80 g/t gold over 2.7 metres core length;
  • GP19-137: 12.37 g/t gold over 1.9 m;
  • GP19-138: 113.07 g/t gold over 0.55 m and 93.96 g/t gold over 0.27 m;
  • GP19-139: 15.8 g/t gold over 2.7 m;
  • Visible gold is present in quartz veins intersected in drill holes GP19-138 and GP19-139;
  • Gold-bearing quartz vein in GP19-138: 113.07 g/t gold over 0.55 m core length;
  • Gold-bearing quartz vein in GP19-137: 12.37 g/t gold over 1.9 m core length.

The first three drill holes (GP19-137, GP19-138 and GP19-139) of the 2019 phase 1 diamond drilling program tested the west half of the Jaclyn main zone (JMZ) within the conceptual pit-constrained area. All three holes intersected quartz veins with plus/minus sulphide mineralization. Visible gold is present within quartz veins intersected in holes GP-19-138 and GP-19-139. Analytical results have been received for these three holes. Significant intersections for the three drill holes are shown in the results table.

Hole No.  From (m)  To (m)  Length (m)  Au (g/t)

GP19-137     82.90   84.80        1.90     12.37  
includes     82.90   83.60        0.70     11.09  
includes     83.60   84.50        0.90      9.50   
includes     84.50   84.80        0.30     24.00  
GP19-138     18.50   19.05        0.55    113.07 
GP19-138     47.10   47.37        0.27     93.96  
GP19-139     97.50  100.20        2.70     15.70  
includes     97.50   98.65        1.15      7.45   
includes     98.65   99.40        0.75      0.30   
includes     99.40  100.20        0.80     42.35  

The lengths reported in the results table are core interval lengths and not true widths. Due to multiple reported quartz veins in this part of the JMZ (including in some 2019 drill holes), possible different vein orientations and a 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.

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 minus 10 mesh and pulverizing to 95 per cent negative 150 mesh. The total sample is then weighed and screened 150 mesh. The plus-150-mesh fraction is fire assayed for gold and a 30-gram subsample of the minus-150-mesh fraction is fire assayed for gold. A calculated weighted average of total gold in the sample is reported as well. Samples of meta-sediment with plus/minus quartz veins were assayed for gold by fire assays (30-gram subsamples) and analyzed for 34 elements (200-milligram subsamples totally dissolved in four acids and analyzed by inductively coupled plasma optical emission spectrometry). 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.

The drilling program consisted of 10 holes (including one hole stopped prematurely) totalling 1,063 m. All nine holes that were drilled to the planned depths intersected quartz veins with plus/minus sulphide 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.

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.

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 NI 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).

                    REPORTED INFERRED MINERAL RESOURCE ESTIMATE FOR THE 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 Au ounces are in situ and do not include recovery losses.

As reported in the NI 43-101 technical report, 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 m long composites. A bulk density of 2.7 grams per cubed centimetre was used. Blocks in the model measured 15 m east-west, one m north-south and 10 m vertically. The block model was not rotated. Grades were interpolated using inverse-distance squared (ID2) weighting and a search ellipse that measured 100 m along strike, two m across strike and 50 m 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.) 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.

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 property 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 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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