Great Atlantic signs contract for 2021 diamond drilling on its 100% owned Golden Promise gold property in central Newfoundland

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VANCOUVER, BC / ACCESSWIRE / July 2, 2021 / GREAT ATLANTIC RESOURCES CORP. (TSXV: GR) (FSE: PH01) (the “Company” or “Great Atlantic”) is pleased to announce that it has signed a contract with Rally Drilling Services for 2021 diamond drilling on its Golden Promise gold property, located in the central gold belt of Newfoundland. Phase 2 diamond drilling is expected to resume immediately in the Jaclyn gold zone, specifically in the main Jaclyn zone and the north Jaclyn zone.

The Company reported an inferred resource estimate compliant with National Instrument 43-101 at the end of 2018 for the main Jaclyn zone of 357,500 tonnes at 10.4 g / t gold (119,900 ounces of gold – not capped).

The Company expects to resume phase 2 drilling on July 1 with up to 33 drill holes in the Jaclyn gold zone. This includes up to 15 drill holes in the main Jaclyn area and up to 18 drill holes in the North Jaclyn area over approximately 5,000 meters. This includes infill drill holes in various parts of the main Jaclyn area, the goal of providing a more precise definition of the area and providing information for an updated resource estimate. Most of these holes are planned in the central west region of the area, testing above 200 meters vertical depth. Two holes are planned in the eastern part of the main Jaclyn zone to test the zone at a vertical depth of 200 to 350 meters. Great Atlantic has confirmed high grade gold in the main Jaclyn zone during 2019 drilling, including near-surface (core length) intersections of 113.07 grams / tonne (g / t) gold over 0.55 meters, 61.35 g / t gold over 2.04 meters and 15.8 g / t gold over 2.70 meters more an interval of several gold-bearing veins in a drill hole grading an average of 2.30 g / t gold over 25.25 meters.

Drilling planned at the Jaclyn North area will further test the area east of the historic drill holes, including the area of ​​an approximately 300 meter long zone of gold-bearing quartz vein boulders. Three drill holes completed by the Company during Phase 2 of 2020 drilling intersected gold bearing quartz veins and extended the Jaclyn North quartz vein system approximately 260 meters east of the historic drilling. The Company collected gold-bearing quartz boulder samples in this region in 2017 (including samples returning 163, 208 and 332 grams / tonne (g / t) of gold) and 2020 (including samples returning 17.4 , 26.7 and 157.6 g / t gold).

Great Atlantic is also planning to drill diamond at the Otter Brook gold showing, located in the eastern region of the Golden Promise property. The Company has confirmed gold mineralization at the Otter Brook showing in 2020. Eight of the 11 rock samples (float and outcrop) collected from this showing in 2020 exceeded 0.7 g / t gold, including one outcrop grab sample returning 5.7 g / t gold. Great Atlantic has applied for a diamond drilling license for up to 12 drill holes on this showing with holes planned below the gold outcrop and along the proposed strike of the area.

The Golden Promise property is located in an area of ​​recent significant gold discoveries. The property is located in the Exploits subzone of the Dunnage area of ​​Newfoundland. In the Exploits subzone, the property is located along the north-northwest fringe of the Lake Victoria Supergroup (VLSG), a volcano-sedimentary terrane. The northwestern margin of the Golden Promise property lies in close proximity to, and, in part, contiguous with a major collision boundary (Appalachian scale) and suture zone, known as RIL. The RIL forms the western limit of the Exploits subzone. Recent significant gold discoveries in the Exploits subzone include those of Marathon Gold Corp. (TSX.MOZ) at the Valentine Gold project, of Sokoman Minerals Corp. (TSXV.SIC) at the Moosehead Gold Project and New Found Gold Corp. (TSXV.NFG) at the Queensway project. Readers are cautioned that mineralization at the Valentine Gold Project, Moosehead Gold Project and Queensway Project is not necessarily indicative of mineralization on the Golden Promise property.

Great Atlantic released a National Instrument 43-101 mineral resource estimate for the Jaclyn Main Zone (JMZ) at the end of 2018 (company press release of December 6, 2018; and the technical report of the National Instrument 43-101 filed by Sedar 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 estimate of inferred mineral resources reported for JMZ is as follows:

Resource Threshold Au g / t At Cape Town g / t At Uncap g / t Tons Per Capped Ounces Per Uncapped Ounces
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 any or all of the estimated mineral resources will be converted into mineral reserves.
Mineral Resource Tonnage and Contained Metal have been rounded to reflect the accuracy of the estimate, and figures may not add up due to rounding.
The tonnage and grades of mineral resources are declared undiluted.
The ounces of gold contained are in situ and do not include recovery losses.

As reported in 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 M. Larry Pilgrim, B.Sc., P.Geo., The JMZ was modeled as a single quartz vein trending east-west and dipping steeply to the south. The modeled vein thickness was based on the actual thickness derived from the intersections of the quartz veins. The estimate is based on 220 analyzes that were combined with 135 one-meter-long composites. An apparent density of 2.7 g / cm3 has been used. The model blocks measured 15 meters east-west, 1 meter north-south and 10 meters vertically. The block model has not been rotated. Notes were interpolated using inverse distance squared (ID2) and a search ellipse measuring 100 meters longitudinally, two meters transversely and 50 meters vertically. The grades were interpolated based on a minimum of two and a maximum of 10 composites with a maximum of one composite per hole so that the grade of each block is based on at least two drill holes thus demonstrating continuity of mineralization. For the estimate of capped mineral resources, all assays exceeding 65 g / t gold were capped at 65 g / t gold. All resources were classified as inferred due to the relatively wide drill hole spacing throughout most of the area.

Since part of the vein is near surface, the resource estimate was limited by a conceptual open pit to demonstrate reasonable prospects for eventual economic extraction. Generic mining costs of US $ 2.50 / tonne and processing costs of US $ 25.00 / tonne were used with a gold price of US $ 1,300 / ounce. A conceptual pit slope of 45 ° was assumed without considering mining losses or dilution. Based on the combined hypothetical mining and processing costs and the assumed gold price, a pit-restricted cut-off grade of 0.6 g / t was adopted. For the underground portion of the resource, a cutoff threshold of 1.5 g / t was assumed. The cut-off grade for the total resource is the weighted average of the in-pit and underground cut-off grades.

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 press release.

On behalf of the board of directors
“Christophe R Anderson
Mr. Christopher R. Anderson “Always be positive, seek solutions and never give up”
Chairman CEO Director

Investor Relations:
Andrew Job 1-416-628-1560 RI @ GreatAtlanticResources.com
Office Line 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 world’s leading mining regions. Great Atlantic is currently building the business using a project build model, with a particular focus on the planet’s most critical elements that are important in Atlantic Canada, Antimony, Tungsten and gold.

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

Neither the 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, BC, V6C 3K4

SOURCE: Great Atlantic Resource Corp

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