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Great Atlantic samples 3.1 g/t Au at SW Golden Promise

2020-05-07 13:13 ET - News Release

Mr. Christopher Anderson reports


Great Atlantic Resources Corp. has received analytical results for 2019 rock samples collected at the Southwest Golden Promise property, located in the central Newfoundland gold belt. The highlight was a quartz vein material sample, which returned 3.1 grams per tonne gold. The Southwest Golden Promise property is centred approximately four kilometres west of the southernmost region of the company's Golden Promise property. Gold soil anomalies (up to 7.6 g/t Au) and gold-bearing quartz float (up to 6.7 g/t) have been previously reported within the Southwest Golden Promise property.

Great Atlantic conducted a brief prospecting and rock sampling program during the fall of 2019 within the Southwest Golden Promise property. Eight rock grab samples were collected during the program from outcrop and float. These included quartz vein material and sedimentary and volcanic rocks with plus/minus pyrite and quartz veins. The samples were submitted to Eastern Analytical Ltd. for gold and multielement analysis. A sample of multiple pieces of quartz vein rubble at one location returned 3.14 g/t gold. Five additional samples returned anomalous values for gold in the eight to 32 parts per billion range.

The 2019 program was conducted in an area of reported gold soil anomalies and reported gold-bearing quartz float samples. Historic highlights (reported 2008 to 2009 work) for this area include:

  • Historic (2008) approximately 260-metre-long northeast-southwest gold soil anomalous trend including one reported sample of 7,667 ppb gold (7.6 g/t gold);
  • Historic (2009) quartz float samples returning 6.78 g/t and 2.44 g/t gold within anomalous soil trend;
  • Reported visible gold in historic panned soil samples.

The 2019 exploration program at the Southwest Golden Promise property was managed by a qualified person. Rock samples bags were sealed and stored at a secure facility near Grand Falls -- Windsor. A qualified person delivered the samples to Eastern Analytical. The samples were analyzed for gold by fire assay -- atomic absorption and for 34 elements by four acid -- inductively coupled plasma optical emission spectrometry. Eastern Analytical included analysis of blank and standard samples.

Great Atlantic's Golden Promise property is located east and northeast of the Southwest Golden Promise property. The Golden Promise property remains the company's primary focus in the central Newfoundland gold belt. The Golden Promise property hosts multiple gold-bearing quartz veins, the most advanced being the Jaclyn main zone.

Similar to the Golden Promise property, the Southwest Golden Promise property is located within the Exploits subzone of the Newfoundland Dunnage zone. Within the Exploits subzone, both properties lie along the north-northwestern fringe of the Victoria Lake supergroup (VLSG), a volcano-sedimentary terrane. The northwestern margin of both properties 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 camp.

Readers are warned that historical records referred to in this news release have been examined but not verified by a qualified person. Further work is required to verify that historical records referred to in this news release are accurate.

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.

Also, the company has cancelled the issuance of stock options previously announced on Feb. 13, 2020.

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.

We seek Safe Harbor.

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