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Great Atlantic Acquires Southwest Golden Promise Properycovering

20.02.2019  |  Accesswire

7.6 And 6.7 G/T Gold Samples Central Newfoundland

VANCOUVER, February 20, 2019 - Great Atlantic Resources Corp. (TSXV.GR) (the ''Company'' or ''Great Atlantic'') is pleased to announce it has acquired, through staking, the Southwest Golden Promise Property, located in the central Newfoundland gold belt. The property, covering an area of 1000 hectares, is centered approximately 4 kilometers west of the southern-most region of the Company's Golden Promise Property. The Southwest Golden Promise Property covers gold soil anomalies (up to 7.6 g/t) and reported gold-bearing quartz float (up to 6.7 g/t).

Highlights for the Southwest Golden Promise Property include:

  • Historic (2008) approximately 260-meter long northeast-southwest gold soil anomaly trend including one reported sample of 7,667 ppb gold (7.6 g/t gold).
  • Historic (2009) quartz float samples returning 6.78 & 2.44 g/t gold within anomalous soil trend.
  • Reported visible gold in historic panned soil samples.
  • Within the Exploits Sub-Zone adjacent to and along the southeast margin of the Red Indian Line, a major (Appalachian-scale) collisional boundary, and suture zone.

Image: https://www.accesswire.com/users/newswire/images//GREAT%20ATLANTIC%201.jpg

Image: https://www.accesswire.com/users/newswire/images//GREAT%20ATLANTIC%202.png

The primary target within the Southwest Golden Promise Property is an approximately 260-meter long northeast-southwest trending zone of historic gold soil anomalies. Multiple 2008 soil samples within this trend are reported to have returned anomalous values for gold including eight samples in the 36-82 ppb gold range. Two quartz float samples collected during 2009 within this anomalous zone were reported to 6.78 g/t and 2.44 g/t gold. Panned soil samples at two of three sites within this anomalous zone were reported to yield gold flakes.

Great Atlantic's Golden Promise Property is located east and northeast of the Southwest Golden Promise Property. The Golden Promise Property remains the Company's focus in the central Newfoundland gold belt. The Golden Promise Property hosts multiple gold bearing quartz veins, the most advanced being the Jaclyn Main Zone. The Company recently announced a mineral resource estimate for the Jaclyn Main Zone (see the Company's News Release of December 6, 2018). A gold bearing vein referred to as Linda / Snow White vein occurs in the southwest region of the Golden Promise Property. Reported historic surface samples at the Linda /Snow White vein include grab samples of 105 and 232 g/t gold and a channel sample of 29.7 g/t gold over 0.5 meters. The best reported historic drill hole intersection (2006) at the Linda / Snow White vein was 19.5 g/t gold over 1.15 meters (core length).

Similar to the Company's Golden Promise Property, the Southwest Golden Promise Property is located within the Exploits Subzone of the Newfoundland Dunnage Zone. Within the Exploits Subzone, both properties lie along the north-northwestern fringe of the Victoria Lake Supergroup (VLSG), a volcano-sedimentary terrane. The northwestern margin of both properties 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 Iron Corp. (TSXV.SIC) at the Moosehead Project and Marathon Gold Corp. (TSXV.MOZ) at the Valentine Lake Gold Camp.

Sokoman Iron Corp. (TSXV.SIC) recently announced a high-grade gold discovery on its Moosehead Property, located approximately 40 kilometers east-northeast of the Golden Promise Property. The discovery was made during the 2018 diamond drilling program. A drill intersection of 44.96 g/t gold over 11.90 meters core length was reported including a 1.35 meters core length quartz vein intersection of 385.85 g/t gold (Sokoman Iron Corp. News Release of July 24, 2018). The Valentine Lake Gold Camp of Marathon Gold Corp. (TSXV.MOZ) is located approximately 55 kilometers southwest of the Golden Promise Property. As reported on Marathon's website, the Valentine Lake Gold Camp currently hosts four near-surface, mainly pit-shell constrained, deposits with measured and indicated resources totaling 2,691,400 oz. of gold at 1.85 g/t gold and inferred resources totalling 1,531,600 oz. of gold at 1.77 g/t. Readers are warned that mineralization at the Moosehead Property and Valentine Lake Gold Camp is not necessarily indicative of mineralization on the Golden Promise Property.

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 records referred to in this News Release are accurate.

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.

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

''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

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.



View source version on accesswire.com:
https://www.accesswire.com/536100/Great-Atlantic-Acquires-Southwest-Golden-Promise-Properycovering


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