Focused On Exploring Atlantic Canada
VANCOUVER, BC / ACCESSWIRE / June 20, 2017 / GREAT ATLANTIC RESOURCES CORP. (TSX-V: GR) (FRA: PH01) (the “Company” or “Great Atlantic”) is pleased to announce it has completed initial rock and soil sampling during May to early June at its Golden Promise Gold Property in central Newfoundland. A total of 62 rock sample and 158 soil samples have been submitted for analysis. Analyses are pending. The Company has also surveyed sites for an excavator trenching program scheduled to begin in two weeks, being part of a budgeted 2017 $700,000 exploration program on the property. The Company has received a trenching permit from the Newfoundland and Labrador Department of Natural Resources. Diamond drilling is scheduled to begin on the property in July pending receipt of a diamond drilling permit. The Golden Promise Property was recently expanded to the current approximate 16,500 hectares.
To view the graphic, please click here.
The Golden Promise Property hosts multiple gold-bearing quartz veins and gold-bearing float boulders. The majority of historic work has been conducted at the Jaclyn Main Zone in the central region of the property. A National Instrument (NI) 43-101 compliant inferred resource of 921,000 tonnes at an average grade of 3.02 g/t Au (89,500 ounces contained gold) was reported in 2008 for the Jaclyn Main Zone. Gold recovery from a 2,241 tonne bulk sample collected in 2010 at the Jaclyn Main Zone was reported to average 4.47 g/t Au. The average tails grade for the sample was reported to be 1.12 g/t Au. A “back-calculated head grade of 5.59 g/t Au” was reported for the bulk sample. The Jaclyn Main Zone has been reportedly traced for a strike length of approximately 800 meters (northeast to east striking) through trenching and diamond drilling and locally to approximately 420 meters vertical depth.
The upcoming trenching program will target gold bearing quartz veins north and south of the Jaclyn Main Zone at the Jaclyn North and Jaclyn South Zones. The Jaclyn North Zone is reported approximately 250 metres north of the Jaclyn Main Zone. The Jaclyn South Zone is reported approximately 300 meters south of the Jaclyn Main Zone.
Trenching at the Jaclyn North Zone will test the extension of the gold bearing veins along the projected strike northeast of previous drill holes and trenches. The northeast striking Jaclyn North Zone has been reportedly traced by diamond drilling (13 holes) for approximately 450 meters and locally to a vertical depth of 175 meters. The zone is reported to contain 3 quartz veined sub-zones. Reported drill hole intersections include:
- GP03-32: 12.13 g/t Au / 0.35m & 12.30 g/t Au / 0.30m
- GP07-76 (Upper Sub-zone): 11.28 g/t Au / 0.30m
- GP06-51 (Middle Sub-zone): 5.24 g/t Au / 1.70
- GP06-47 (Lower Sub-zone): 15.23 g/t Au / 0.30m
The Company collected samples of quartz float boulders during early June in the area of the planned Jaclyn North trenches.
Trenching at the Jaclyn South Zone will test the extension of gold bearing veins along the projected strike northeast of previous drill holes and trenches. The Jaclyn South is reported to strike slightly northeast consisting of two subparallel quartz veins. Previous diamond drilling in this zone consisted of four holes. The best reported drill hole intersection was in hole GP03-31 (44.59 g/t Au / 0.30 m). The Company collected one quartz float boulder sample at the location of a planned trench.
The Company also collected rock samples and soil samples in multiple additional areas within the property during May to early June. One area of sampling was the area of reported gold bearing quartz boulders in the northern part of the property referred to as the Branden Zone. Historic float samples were reported to return 20.5, 22.6, 62.6, 72.1 and 80.0 g/t Au. The source of these reported gold bearing boulders has not been determined. Great Atlantic collected quartz float boulder samples and soil samples in this region. The Company collected bedrock grab samples from a trench at the Jaclyn West Zone (also referred to as the Christopher Zone). The Jaclyn West Zone is reported to be approximately 400 m west-southwest of the Jaclyn South Zone. A historic grab sample of quartz vein subcrop at this zone was reported to return 3.8 g/t Au. A historic grab sample of quartz vein outcrop from the trench was reported to assay 1.96 g/t Au. The quartz vein in the trench was reported to have a 35 metre strike length. Two historic diamond drill holes at the Jaclyn West Zone were reported to intersect quartz veining but with insignificant amounts of gold. The Company collected a chip sample across the Shawn’s Shot quartz vein and collected soil samples in this area. High grade gold has been reported at the Shawn’s Shot occurrence including a historic grab sample reported to return 100.5 g/t Au.
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Jaclyn West (Christopher) Vein
The Company collected float boulder and outcrop grab samples plus soil samples in the central region of the property north and south of the Jaclyn Zones. Analyses are pending for all 2017 rock and soil samples.
The 2008 NI 43-101 Technical Report states the style of veining, mineralization, alteration, host rock and tectonism at Golden Promise most closely resembles other turbidite-hosted (or slate belt) gold deposits throughout the world.
Access is excellent with a paved provincial highway transecting the property. The property is located near the town of Badger and approximately 50 kilometres northeast of the Valentine Lake Property of Marathon Gold Corp.
The Company is also pleased to announce that due to positive investor response, it has increased its previously announced non-brokered private placement on May 30, 2017 to 10,000,000 units at a price of $0.10 cents per unit for gross proceeds of $1,000,000. This financing is fully subscribed. The units of the financing will comprise one common share and a full share purchase warrant, which may be exercised for a period of five years at a price of 12.5 cents per share. The term of the warrants may be accelerated in the event that the issuer’s shares trade at or above a price of 15 cents per share for a period of 10 consecutive days. In such case of accelerated warrants, the issuer may give notice, in writing or by way of news release, to the subscribers that the warrants will expire 30 days from the date of providing such notice. Directors, officers or other insiders of the company may participate in the foregoing offerings, and such parties may sell securities of the company owned or controlled by them personally through the facilities of the TSX Venture Exchange to finance participation in such offerings. The Company will make available a portion of the offering to existing shareholders using provisions of the Canadian existing security holder exemption pursuant to Multilateral CSA Notice 45-313 and the corresponding blanket orders and rules implementing CSA 45-313 in the participating jurisdictions in respect thereof. As at the date hereof, the existing security holder exemption is available in each of the provinces of Canada, with the exception of Newfoundland and Labrador. Subject to applicable securities laws, the Company will permit each person or company who, as of May 29, 2017 (being the record date set by the company pursuant to CSA 45-313), who holds common shares as of that date to subscribe for the units that will be distributed pursuant to the offering, provided that the existing security holder exemption is available to such person or company. Pursuant to CSA 45-313, each subscriber relying on the existing security holder exemption may subscribe for no more than $15,000 value of securities, unless a subscriber is resident in a jurisdiction of Canada and has obtained advice regarding the suitability of the investment from a registered investment dealer (in which case such maximum subscription amount will not apply). In addition to conducting the offering pursuant to the existing security holder exemption, the company will also accept subscriptions for units where other prospectus exemptions are available, including the investment dealer exemption (as defined below). Any current shareholder subscribing for units pursuant to a prospectus exemption other than the existing security holder exemption will not be limited to a maximum of $15,000 value of securities. In addition to the existing security holder exemption and other available prospectus exemptions, a portion of the offering may be completed pursuant to Multilateral CSA Notice 45-318 and the corresponding blanket orders and rules implementing CSA 45-318 in the participating jurisdictions in respect thereof. As at the date hereof, the investment dealer exemption is available in each of Alberta, British Columbia, Saskatchewan, Manitoba and New Brunswick. Pursuant to CSA 45-318, each subscriber relying on the investment dealer exemption must obtain advice regarding the suitability of the investment from a registered investment dealer. There is no material fact or material change of the company that has not been generally disclosed. The securities issued pursuant to the offering will be subject to statutory hold periods.
A finder’s fee may be paid to eligible finders in accordance to the TSX Venture Exchange policies. All securities issued pursuant to the offering will be subject to a hold period of four months and one day from the date of closing. The offering and payment of finders’ fees are both subject to approval by the TSX-V.
Readers are warned that historical records referred to in this News Release have been examined but not verified by a qualified person. Further work is required to verify that historical assays referred to in this News Release are accurate.
David Martin, P.Geo., a Qualified Person as defined by NI 43-101, is responsible for the technical information contained in this News Release.
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.
On Behalf of the Board of Directors
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.