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Great Atlantic receives permit for Golden surveys

2020-05-12 12:10 ET - News Release

Mr. Christopher Anderson reports

GREAT ATLANTIC RECEIVES SOIL GEOCHEMICAL - GEOPHYSICS PERMIT GOLDEN PROMISE GOLD PROPERTY CENTRAL NEWFOUNDLAND

Great Atlantic Resources Corp. has received a permit for soil geochemical and ground geophysical surveys at its Golden Promise gold property, located in the central Newfoundland gold belt. The permit allows for such work within the southwest region of the property at gold anomaly 1. The company discovered soil geochemical anomalies (up to 77 parts per billion gold) in this area during 2018 reconnaissance sampling (see company news release of Sept. 27, 2018).

Great Atlantic discovered gold soil geochemical anomalies during 2018 within the southwest region of the Golden Promise property, referred to as gold anomaly 1. This was part of a reconnaissance exploration program. The gold soil anomalies are located approximately four kilometres northeast of the northeast-southwest striking Linda-Snow White gold-bearing quartz vein system. The gold soil anomalies were discovered along two parallel sample lines. Highlights for gold anomaly 1 include:

  • Soil samples returned as high as 77 ppb gold;
  • 570 m soil line, all samples anomalous for gold;
  • Brand new target area, never been drilled; located approximately four km northeast of the Linda-Snow White gold-bearing quartz vein zone (drill intercepts include 19.5 grams per tonne gold over 1.15 m).

Great Atlantic is planning grid-level soil geochemical sampling during 2020 at gold anomaly 1 to define gold soil geochemical anomalies in this target area. Great Atlantic is also planning ground geophysical surveys in this target area to assist with interpretation of bedrock geology and to identify possible gold-bearing structures. The results will be used to identify sites for trenching and diamond drilling.

The Golden Promise gold property hosts multiple gold-bearing quartz veins. The most significant of these are the Jaclyn main zone (JMZ). The company reported a 43-101-compliant mineral resource estimate for the JMZ during December, 2018 (see company news release of Dec. 6, 2018).

The Golden Promise property 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 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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