FOCUSED ON EXPLORING ATLANTIC CANADA
(OTCBB: PRZCF)(FRANKFURT: PHO) (TSXV : GR)
VANCOUVER, British Columbia - July 18, 2012 - GREAT ATLANTIC RESOURCES CORP. (TSXV.GR) is pleased to announce that it has completed a trenching program over selected areas on its 6,560 acre Otter Lake property in northern Charlotte County, New Brunswick. Upon completion of a geophysical survey at the end of April 2012, a trenching program was laid out in order to assess the geophysical targets identified by both the IP and gravity work. In laying out the trench locations, historical soil geochemistry and assay results were taken into consideration.
A total of six trenches and two pits totalling approximately 900 meters have been completed. All trenches were within variably altered Silurian Digdeguash Formation quartz wacke and lesser black argillite and conglomerate. In the western portion of the trench area, sericitized porphyry dikes of probable Devonian age were found occurring as bedding parallel dikes up to 2 meters in width and as intrusions along fault planes up to 30 meters wide. Mineralization occurs primarily as disseminated arsenopyrite and pyrite within quartz filled fractures in shear controlled silicified wackes. Arsenopyrite also occurs as disseminated haloes in the silicified wall rock around the fracture zones. Previous sampling of this type of mineralization has returned 0.5 to 6.0 grams per tonne (g/t) gold (Au). The best example of this style of mineralization was uncovered on Line 3W where a northerly trending, 22 meter wide mineralized zone was found to be cross cutting the quartz wacke. This zone and other, narrower zones have been channel sampled (sawn) and are at Activation Labs for analysis.
To the southwest of this zone, a 4 meter wide zone of low angle arsenopyrite/wolframite bearing quartz veining was found within weakly silicified wacke. Preliminary analysis of four grab/channel samples of this zone indicates >1%Tungsten over four meters. Final assay results of this zone are pending.
The geophysical (IP)/geochemical targets were trenched on lines 4W, 12W and 16W. The IP seems to be reflecting 2 to 6 meter wide pyritic zones within silicified wacke associated with regional ENE trending faults. Surrounding the pyritic wackes are irregular quartz/arsenopyrite - bearing siliceous wacke haloes which historically contain low gold values of 0.5 to 6.0 g/t. The pyrite and arsenopyrite zones have been channel sampled and results are pending.
Previous sampling of the Jimmy Hill vein gave rise to Au values of up to 20.1 g/t. Two trenches and one pit were put down on the Jimmy Hill vein system. At the eastern end (L4+90W) of the known vein, a series of 20 cm to 40 cm wide intersecting quartz veins were found over the exposed width of 5 meters. These veins contain minor arsenopyrite, pyrite, pyrrhotite and chalcopyrite typical of the historic Jimmy Hill showings. Several channel samples were taken from this showing and results are pending.
The results of the trenching program to date have been successful and pending positive assay results, a 2000 meter drill program is proposed. Mapping of the trenches to date has identified two main structural controls to the mineralization and assays will determine if the two structure are gold bearing and prospective drilling targets. Further, the trenching exposure will greatly assist in structural control for future drill targeting.
Assays cited above have been taken from previous assessments reports filed between 1989 and 1995. Readers are warned that "historical records" referred to in this release have been examined but not verified by a "Qualified Person". Further work is required to verify that the historical assays referred to in this release are accurate.
Patrick Forseille, P. Geo., a Qualified Person as defined by NI 43-101 is responsible for the technical information contained in this release.
Related Deposits
The Otter Lake claim group is situated 15 km east of the Mt Pleasant Zn (zinc), In (Indium), W (tungsten), Mo (Molybdenum), Bi (Bismuth) deposit ( ADE - TSX.V ), which is in the planning stages of coming back on stream. The Clarence Stream gold is located approximately 25 kilometers west south-west from Otter Lake.
About Great Atlantic Resources Inc.:
Great Atlantic Resources Corp. is a Canadian exploration company focused on the discovery and development of mineral deposits in Atlantic Canada which is a sovereign risk free domain. Recently New Brunswick was announced as the number one mining region in the world. Great Atlantic has assembled the A-team of explorers in the region with decades of experience and known track records for discoveries. Currently the company is propelling forward under a project generation model with a focus on Antimony, Tungsten and Gold.
On Behalf of the board of directors
"Chris Anderson"
Christopher R Anderson,
CEO - President 604 488-3900
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