VANCOUVER, BC / ACCESSWIRE / December 3, 2020 / GREAT ATLANTIC RESOURCES CORP. (TSXV:GR) (the "Company" or "Great Atlantic") is pleased to announce it has received analytical results for 2020 prospecting rock samples collected within the east-central region of the Golden Promise Property. An outcrop grab sample collected in this region from gabbro with quartz veins and sulfide mineralization returned 5.75 grams per tonne (g/t) gold. This target area has been referred to as Otter Brook. Minor historical prospecting and rock sampling are reported in this area of the property with gold mineralization reported. No diamond drilling is reported in this target area.
Rock grab samples were collected during 2020 prospecting from a gabbro outcrop in the east-central region of the Golden Promise Property. This target area is referred to in historic reports as Otter Brook. A 2020 grab sample from this gabbro outcrop returned 5.75 g/t gold. This gabbro sample contains quartz veining and sulfide mineralization. The sample also returned an anomalous value of 238 parts per million (ppm) copper. Two other grab samples from this outcrop returned 0.42 g/t and 0.71 g/t gold, both consisting of gabbro with sulfide mineralization and +/- quartz veining. Another grab sample returned 5760 ppm copper (0.576% Cu). A historic 2002 rock sample from this area was reported to return 3.2 g/t gold. A 2004 rock sample from this area reported as quartz breccia vein was reported to return 2.2 g/t gold. A Qualified Person has not verified the 2002 and 2004 gold bearing samples from this area.
The 2020 prospecting rock samples were submitted to Eastern Analytical Ltd. for gold and multi-element analysis. The samples were assayed for gold (Fire Assay - AA) and analyzed for 34 elements by ICP-OES.
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 RIL. The RIL forms the western boundary of the Exploits Subzone. 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 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.
The Company is also pleased to announce it has closed a non-brokered private placement consisting of 384,616 flow through shares at a price of $0.65 per share for gross proceeds of $250,000. Each Flow-Through share consists of one common share that qualifies as a "flow-through share" as defined in subsection 66(15) of the Income Tax Act.
The net proceeds from the offering will be used for exploration expenses on the Company's mineral properties in Atlantic Canada. The Company paid cash commission of $20,000. and issued 30,769 finders warrants to Qwest Investment Fund Management Ltd. The finder warrants are valid for 2 years from closing with an exercise price of $0.65
All securities issued in connection with the Offering will be subject to a hold period expiring March 14, 2021.
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.
Great Atlantic Resource Corp
888 Dunsmuir Street - Suite 888, Vancouver, B.C., V6C 3K4
SOURCE: Great Atlantic Resources Corp.
View source version on accesswire.com:
https://www.accesswire.com/619263/Great-Atlantic-Prospecting-Rock-Sample-Returns-575-gt-Gold-Confirming-New-Undrilled-Target-Area--Golden-Promise-Property--Central-Newfoundland
