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Great Atlantic Resources Corp (3)
Symbol GR
Shares Issued 8,582,464
Close 2020-02-25 C$ 0.74
Recent Sedar Documents

Great Atlantic drills 1.9 m of 12.37 g/t Au in Nfld.

2020-02-26 10:39 ET - News Release

Mr. Christopher Anderson reports

GREAT ATLANTIC SUMMARIZES DIAMOND DRILLING RESULTS - GOLDEN PROMISE GOLD PROPERTY - CENTRAL NEWFOUNDLAND

Great Atlantic Resources Corp. has released a summary of results for 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 gold-bearing Jaclyn main zone (JMZ), being part of the Jaclyn zone. The JMZ is a gold-bearing quartz vein system. The program was successful in intersecting gold-bearing quartz veins within the JMZ, most being near surface within 100 metres vertical depth.

The 2019 drilling program consisted of 10 holes (including one hole stopped prematurely) totalling 1,063 m. Drill core samples from seven holes exceeded 10 grams per tonne gold.

Highlights of near-surface gold intersections from the 2019 program include (core length):

  • GP19-137: 12.37 g/t gold over 1.9 m;
  • GP19-138: 113.07 g/t gold over 0.55 m;
  • GP19-139: 15.8 g/t gold over 2.7 m;
  • GP19-140: 2.3 g/t gold over 25.25 m (includes five gold-bearing veins);
  • GP19-144: 61.35 g/t gold over 2.04 m;
  • GP19-145: 14.49 g/t gold over 1.52 m.

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 drill holes GP-19-138, GP-19-139, GP-19-140 and GP-19-144.

The Jaclyn zone is located within the northern region of the Golden Promise property and hosts five gold-bearing quartz veins systems, being the JMZ, Jaclyn North zone, Jaclyn South zone, Jaclyn East zone and Jaclyn West zone.

Nine drill holes (GP19-137, GP19-138, GP19-139, GP19-140, GP19-142, GP19-142B, GP19-143, GP19-144 and GP19-145) tested the west region of the JMZ within the conceptual open-pit area. Drill hole GP19-141 tested the central and deeper part of the JMZ. Drill hole GP19-142 was stopped prematurely after only 16 m and did not reach the target depth. All holes were drilled to the northwest (300 to 340 degrees azimuth) at dips of 50 to 80 degrees to intersect the gold-bearing, northeast-east striking, southeast-dipping JMZ quartz vein system. Drill holes GP19-143 and GP19-145, drilled at approximately 300 degrees azimuth, were also designed to test for cross veins. The hole-numbering system used was consistent with and continued from that used by previous explorers. The 2019 drilling program was managed by a qualified person.

The 2019 drilling confirmed multiple near-surface gold-bearing quartz veins and high-grade gold in this part of the JMZ. Drill holes GP19-138 and GP19-143 intersected two gold-bearing quartz veins with samples exceeding 10 g/t gold. Drill hole GP-19-140 intersected five gold-bearing quartz veins with samples from three veins exceeding 10 g/t gold. David Martin, vice-president of exploration for Great Atlantic Resources, states, "The existence of multiple gold-bearing veins in some drill holes, such as GP19-140, establishes the potential for local increased width and potential additional gold-bearing structures in this near-surface part of the JMZ."

Significant gold intersections for the 2019 phase I drilling program at the JMZ (company news releases of Feb. 6, 12 and 19, 2020) include the results in the included 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     15.80   
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   
GP19-141    182.58  183.05        0.47      1.37    
GP19-143     29.87   30.58        0.71     11.35   
GP19-143     91.70   92.15        0.45     16.79   
GP19-144     22.45   24.49        2.04     61.35   
includes     22.45   22.88        0.43      1.55    
includes     22.88   24.49       1.61*     77.32   
GP19-145     38.10   39.62        1.52     14.49   
includes     38.10   38.61        0.51      1.68    
includes     38.61   39.62        1.01     20.96   

* 31 per cent core loss between 22.88 m to 
24.49 m.

The lengths reported in the drill results table are core lengths and not true widths. Due to multiple gold-bearing quartz veins intersected in this part of the JMZ, 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 (significant gold intersection values reported in this news release). Samples of metasediment 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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