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Great Atlantic Resources Corp (3)
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Great Atlantic drills 25.25 m of 2.3 g/t Au

2020-02-12 11:40 ET - News Release

Mr. Christopher Anderson reports


Great Atlantic Resources Corp. has received analytical results for the fourth drill hole (GP19-140) 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. GP19-140 intersected a near-surface interval with five gold-bearing quartz veins/quartz veined sections, the entire interval grading 2.3 grams per tonne over 25.25 metres (core length).

Drill hole GP19-140 tested the west half of the Jaclyn main zone (JMZ) within the conceptual open-pit area. The hole was drilled at approximately 340 degrees azimuth at a dip of approximately 75 degrees to intersect the gold-bearing, northeast-east striking, southeast-dipping JMZ quartz vein system. The hole tested an area of the JMZ where at least two gold-bearing veins are reported. GP19-140 intersected five near-surface, gold-bearing quartz veins/quartz veined sections at 51.8 m to 77.05 m. This 25.25 m core length interval graded 2.30 g/t gold with internal higher-grade intervals, including (core length):

  • 12.5 g/t gold over 1.6 m;
  • 12.33 g/t gold over 0.85 m;
  • 11.38 g/t gold over 1.46 m;
  • 8.68 g/t gold over 0.9 m;
  • 3.06 g/t gold over 0.68 m.

Drill hole GP19-140 confirmed multiple near-surface gold-bearing quartz veins locally within the west region of the JMZ. Assays received for nearby drill hole GP19-138 also confirmed two gold-bearing veins in this part of the JMZ with intersections of 113.07 g/t gold over 0.55 m and 93.96 g/t gold over 0.27 m (Great Atlantic news release of Feb. 6, 2020). GP19-140 was collared approximately 20 m northeast of drill hole GP19-138. GP19-138 was also drilled to the northwest (an approximate 63-degree dip to an azimuth of approximately 333 degrees).

David Martin, vice-president of exploration for Great Atlantic Resources, states, "Drill hole GP19-140 establishes the potential for local increased width and potential additional gold-bearing structures in this near-surface part of the JMZ with multiple gold-bearing veins intersected."

The 2019 phase I diamond drilling program consisted of 10 holes (including one hole stopped prematurely) totalling 1,063 m. The drilling program primarily tested the west half of the JMZ within the conceptual pit-constrained area. One hole (GP19-141) tested the deeper and central part of the JMZ. All holes were drilled to the northwest (300 to 340 degrees azimuth) at dips of 50 to 80 degrees to intersect the JMZ. All nine holes that were drilled to 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.

The company previously reported significant gold-bearing intersections for holes GP19-137, GP19-138 and GP19-139 (news release of Feb. 6, 2020). Intersections for these three holes and GP19-140 are displayed in the provided 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     99.40  100.20        0.80     42.35   
GP16-140     51.80   77.05       25.25      2.30    
includes     51.80   53.40        1.60     12.50   
includes     57.48   58.16        0.68      3.06    
includes     67.46   68.31        0.85     12.33   
includes     70.15   71.05        0.90      8.68    
includes     75.59   77.05        1.46     11.38   

The lengths reported in the 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 slight 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 minus 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 assay (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.

David Martin, PGeo, a qualified person as defined by National Instrument 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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