VANCOUVER, BC / ACCESSWIRE / September 21, 2022 / GREAT ATLANTIC RESOURCES CORP. (TSXV:GR) (the "Company" or "Great Atlantic") is pleased to announce it is currently conducting gold exploration consisting of prospecting and rock geochemical sampling at six properties in central Newfoundland adjacent to and in close proximity to the Company's flagship Golden Promise Gold Property. The mineral licences occur east, west, south, and southwest of the Golden Promise Property. Anomalous gold in soil and / or rock samples is reported within and / or adjacent to these mineral properties.
The six properties currently being explored are the Southwest Golden Promise, South Golden Promise, West Golden Promise, East Golden Promise, Lynx and Coronation. All except the Southwest Golden Promise Property consist of one mineral licence each. The Southwest Golden Promise Property consists of two mineral licences. The 2022 programs include prospecting and rock geochemical sampling in target areas within the six properties. The Company is also conducting exploration further southwest of these properties at the Golden Trust Property (see Company news release of September 8, 2022)
Company management have identified target areas within these six properties based on its previous work, reported mineral occurrences (Newfoundland and Labrador Department of Industry, Energy and Technology, Mineral Occurrence Database) and / or Assessment Reports on file with the Newfoundland and Labrador Department of Industry, Energy and Technology.
The Southwest Golden Promise Property consisting of Licences 026930M and 030870M (1,750 hectares) is located adjacent to the southwest region of the Golden Promise Property. Initial 2019 prospecting by Great Atlantic located gold bearing quartz vein rubble (possible subcrop). A sample from multiple pieces of quartz vein rubble at one location returned 3.14 grams / tonne (g/t) gold identifying a target area (see Company news release of May 7, 2020).
The Lynx Property - Licence 031209M (1,525 hectares) is located approximately 12 kilometers east of the northern region of the Golden Promise Property. The property covers the area of a reported high-grade gold bearing rock sample, reported gold soil geochemical anomalies and a reported pyrite-gold mineral occurrence. Reported historic highlights include:
- A 2004 quartz float sample from the central region of the property was reported to return 17 g/t gold, 52 g/t silver, 1.74% copper and >1% antimony (Copeland and Newport, 2005).
- The Lynx Pond pyrite-gold mineral occurrence is reported in the southern region of the property.
The Coronation Property - Licence 031208M (500 hectares) is located approximately 14 kilometers east of the southern region of the Golden Promise Property. The property covers reported gold soil geochemical anomalies and two reported gold-silver-molybdenum-copper mineral occurrences. Reported historic highlights include:
- Two gold-silver-molybdenum-copper mineral occurrences are reported within the property, the Coronation Lake South #1 and Coronation Lake South #2 occurrences.
- A 1975 diamond drill hole was reported to intersect 0.025 ounce / ton gold over 3 feet core length (Dimmell, 1975).
- A 1975 float sample was reported to return 0.65% copper, 0.25% molybdenum and 0.015 ounce / ton gold (Dimmell, 1975).
- Three 2005 soil samples were reported to return highly anomalous values of 0.43 parts per million (ppm) gold, 0.152 ppm gold and 0.112 ppm gold (Copeland and Newport, 2005).
The East Golden Promise - Licence 031210M (1,125 hectares) s located adjacent to the east region of the Golden Promise Property. The property covers areas of reported gold bearing rock samples. These include two float samples reported to return 0.40 and 0.41 g/t gold (Copeland and Newport, 2005).
The West Golden Promise Property - Licence 031549M (1,425 hectares) is located adjacent to the western region of the Golden Promise Property. A 2005 soil sample collected within 100 meters of the east boundary of the property was reported to return a highly anomalous value of 0.559 ppm gold (Sparkes, 2006).
The South Golden Promise Property - Licence 031552M (450 hectares) is located adjacent to the south region of the Golden Promise Property. A 2008 soil sample reported approximately 113 meters north of the property (in the Company's Golden Promise Property) was reported to return a highly anomalous value of 0.388 ppm gold (Morgan, 2008).
The Company's central Newfoundland gold properties are located within the Exploits Subzone of the Newfoundland Dunnage Zone. Recent significant gold discoveries within the Exploits Subzone include those of Marathon Gold Corp. (TSX.MOZ) at the Valentine Gold Project, Sokoman Minerals Corp. (TSXV.SIC) at the Moosehead Gold Project and New Found Gold Corp. (TSXV.NFG) at the Queensway Project. Readers are warned that mineralization at the Valentine Gold Project, Moosehead Gold Project, and Queensway Project is not necessarily indicative of mineralization on Great Atlantic's gold properties in this region.
David Martin, P.Geo. (New Brunswick and Newfoundland and Labrador), 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
President CEO Director
604-488-3900 - Office
Investor Relations: 1-416-628-1560 [email protected]
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, Gold, Copper, Zinc, Nickel, Cobalt, Antimony and Tungsten.
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.
Great Atlantic Resource Corp.
888 Dunsmuir Street - Suite 888,
Vancouver, B.C., V6C 3K4
SOURCE: Great Atlantic Resources Corp.