Great Atlantic Summarizes Diamond Drilling Results - Golden Promise Gold Property - Central Newfoundland
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Great Atlantic Summarizes Diamond Drilling Results - Golden Promise Gold Property - Central Newfoundland

Wednesday, February 26, 2020 9:00 AM
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VANCOUVER, BC / ACCESSWIRE / February 26, 2020 / GREAT ATLANTIC RESOURCES CORP. (TSXV:GR)(FRANKFURT:PH01) (the "Company" or "Great Atlantic") is pleased to summarize 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 meters vertical depth.

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

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

GP19-137: 12.37 grams per tonne (g/t) gold over 1.90 meters

GP19-138: 113.07 g/t gold over 0.55 meters.

GP19-139: 15.80 g/t gold over 2.70 meters.

GP19-140: 2.30 g/t gold over 25.25 meters (includes 5 gold bearing veins)

GP19-144: 61.35 g/t gold over 2.04 meters.

GP19-145: 14.49 g/t gold over 1.52 meters.

All nine holes that were drilled to planned depths intersected quartz veins with plus / minus sulfide 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 holes GP19-142 was stopped prematurely after only 16 meters 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, VP 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."

GP19-144: 61.35 g/t gold over 2.04 meters (core length)

Significant gold intersections for the 2019 Phase I drilling program at the JMZ (Company News Releases of February 6, 12 and 19, 2020) include the following:

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% core loss between 22.88-24.49 meters.

The lengths reported in the preceding 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 -10 mesh and pulverizing to 95% -150 mesh. The total sample is then weighed and screened 150 mesh. The +150 mesh fraction is fire assayed for gold, and a 30 gram sub-sample of the -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 meta-sediment with +/- quartz veins were assayed for gold by fire assay (30-gram sub-samples) and analyzed for 34 elements (200-mg sub-samples totally dissolved in four acids and analyzed by ICP-OES). Eastern Analytical, a certified laboratory, is independent of Great Atlantic.

Gold bearing quartz vein in GP19-139: 15.80 g/t gold over 2.7 meters core length

Gold-bearing quartz veins in GP19-140: 2.30 g/t gold over 25.25 meters

Blank and standard samples were included with the drill core sample submissions to Eastern Analytical. Duplicate analysis was conducted for some samples.

The Jaclyn Zone has been the focus of multiple historic diamond drilling programs during 2002-2010 and a historic bulk sample program at the JMZ during 2010. Majority of the historic drilling was conducted at the JMZ. Great Atlantic's focus at the Jaclyn Zone since acquiring the property has been the JMZ and the area immediately east of and along projected strike of the Jaclyn North Zone. The Jaclyn North Zone gold bearing quartz vein system is located approximately 250 meters north of the JMZ. During 2017 Great Atlantic excavated high-grade quartz boulders in trenches east of and along projected strike of the Jaclyn North Zone (Great Atlantic News Release of August 31, 2017). Assays of quartz boulder samples excavated east of the Jaclyn North Zone included 163.99, 208.51 and 332.67 g/t gold. The area east of the Jaclyn North Zone and the JMZ remain high priority areas for Great Atlantic.

Great Atlantic reported a National Instrument 43-101 mineral resource estimate for the JMZ in late 2018 (News Release of December 6, 2018; and Sedar-filed National Instrument 43-101 Technical Report on the Golden Promise Property, Central Newfoundland (revised), dated December 4, 2018 by Mr. Greg Z. Mosher, M.Sc. App., P.Geo., and Mr. Larry Pilgrim, B.Sc., P.Geo.). The reported inferred mineral resource estimate for the JMZ is as follows:

Resource

Cutoff Au g/t

Au Cap g/t

Au Uncap g/t

Tonnes

Au Ounces Capped

Au Ounces Uncapped

Total

1.1

9.3

10.4

357,500

106,400

119,900

Pit-Constrained

0.6

11.4

14.1

157,300

57,800

71,200

Underground

1.5

7.5

7.6

200,200

48,600

48,700


Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

There is no certainty that all or any part of the Mineral Resources estimated will be converted into Mineral Reserves.

Mineral resource tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding.

Mineral resource tonnage and grades are reported as undiluted.

Contained Au ounces are in-situ and do not include recovery losses

As reported in the National Instrument 43-101 Technical Report on the Golden Promise Property, Central Newfoundland (revised), dated December 4, 2018 by Mr. Greg Z. Mosher, M.Sc. App., P.Geo., and Mr. Larry Pilgrim, B.Sc., P.Geo., the JMZ was modelled as a single quartz vein that strikes east-west and dips steeply to the south. Modelled vein thickness was based on true thickness derived from quartz vein intercepts. The estimate is based on 220 assays that were composited to 135 one-meter long composites. A bulk density of 2.7 g/cm3 was used. Blocks in the model measured 15 meters east-west, 1-meter north-south and 10 meters vertically. The block model was not rotated. Grades were interpolated using inverse-distance squared (ID2) weighting and a search ellipse that measured 100 meters along strike, two meters across strike and 50 meters vertically. Grades were interpolated based on a minimum of two and a maximum of 10 composites with a maximum of one composite per hole so the grade of each block is based on at least two drill holes thereby demonstrating continuity of mineralization. For the capped mineral resource estimate, all assays that exceed 65 g/t gold were capped at 65 g/t gold. All resources were classified as Inferred because of the relatively wide spacing of drill holes through most of the zone.

Because part of the vein is near surface the resource estimate was constrained by a conceptual open pit to demonstrate reasonable prospects of eventual economic extraction. Generic mining costs of US$2.50/tonne and processing costs of US$25.00/tonne were used together with a gold price of US$1,300/ounce. A conceptual pit slope of 45° was assumed with no allowance for mining loss or dilution. Based on the combined hypothetical mining and processing costs and the assumed price of gold, a pit-constrained cutoff grade of 0.6 g/t was adopted. For the underground portion of the resource a cutoff of 1.5 g/t was assumed. The cutoff grade for the total resource is the weighted average of the pit-constrained and underground cutoff grades.

The Golden Promise Property hosts multiple gold bearing quartz veins and 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. (SIC) at the Moosehead Gold Project and Marathon Gold Corp. (MOZ) at the Valentine Gold Project. Readers are warned that mineralization at the Moosehead Property and Valentine Gold Project is not necessarily indicative of mineralization on the Golden Promise Property.

David Martin, P.Geo., a Qualified Person as defined by NI 43-101 and VP Exploration for Great Atlantic, is responsible for the technical information contained in this News Release.

On Behalf of the Board of Directors

"Christopher R Anderson"

Mr. Christopher R. Anderson "Always be positive, strive for solutions, and never give up"
President CEO Director
604-488-3900 - Dir

Investor Relations:
Please call 604-488-3900

About Great Atlantic Resources Corp.: Great Atlantic Resources Corp. 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 number one 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.

This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include exploitation and exploration successes, continued availability of financing, and general economic, market or business conditions.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Great Atlantic Resources Corp.

Great Atlantic Resources Corp.
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