InvestmentPitch Media Video Discusses Great Atlantic’s Report of Near Surface High Grade Gold in Quartz Vein of 30.6 g/t Gold over 0.41m at Golden Promise in Newfoundland

VANCOUVER, British Columbia, April 13, 2022 (GLOBE NEWSWIRE) — Great Atlantic Resources (TSXV:GR) (FSE:PH02) releases addition results from its 2021 drill program at its Golden Promise Gold Property in Central Newfoundland. The company’s 100% owned Golden Promise Property is one of the company’s eight properties, which cover a total area of 25,700 hectares within the central Newfoundland gold belt. Great Atlantic currently has a drilling permit for 33 holes at the Jaclyn Main Zone and Jaclyn North Zone which expires on August 16th, 2022.

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The company has received the remaining gold assays for hole GP-21-151, which was previously released on February 14th along with holes GP-21-152, GP-21-154 to 156, with results from hole GP-21-153 pending.

Drill hole GP-21-151 was a definition hole within the western area of the Jaclyn Main Zone. Drill core gold assays confirm multiple gold bearing intervals in this hole. The recent gold assays include a 0.60-metre core length sample returning 4.02 g/t gold.

The company previously reported gold assays for initial drill samples from this hole including three drill core samples exceeding 5 g/t gold of which one 0.40-metre core length quartz vein sample with visible gold returned 101.4 g/t gold.

Gold assays were also received for drill core samples from drill holes GP-21-154 to GP-21-156, completed at the Jaclyn North Zone. The holes were drilled east of historic pre-Great Atlantic drill holes to explore along the projected strike of the Jaclyn North Zone. Drill holes GP-21-154 and GP-21-155 both intersected near-surface quartz veined zones with anomalous gold.

A 0.71-metre core length sample from a quartz veined zone in GP-21-154 returned an anomalous value of 0.142 g/t gold at a depth of approximately 20 metres. A 0.56-meter core length sample from greywacke with quartz veins in GP-21-155 returned an anomalous value of 0.188 g/t gold at a depth of approximately 46 metres.

Gold assays from drill hole GP-21-156 confirm near-surface anomalous and high-grade gold. A 0.41-metre core length sample from a quartz vein with visible gold returned a high-grade assay of 30.6 g/t gold at a depth of approximately 22 metres. Drill hole GP-21-156 was collared within a zone of abundant quartz vein float of which previous Great Atlantic float samples returned high grade gold values including four boulder samples exceeding 100 g/t gold.

A total of 6 holes from 2020 and 2021 extended the Jaclyn North Zone quartz vein system approximately 260 metres further east along strike.

Gold assays were previously received for core samples from GP-21-149 and 150, both intersecting high-grade gold in quartz veins at the Jaclyn Main Zone.

Intercepts (core length) for both holes include GP-21-149: 238.4 g/t gold over 0.40 metres, including visible gold and GP-21-150: 20.13 g/t gold over 0.50 metres and 75.58 g/t gold over 0.35 metres, including visible gold in both veins.

During the last quarter of 2018, the company reported a NI 43-101 compliant inferred resource estimate of 357,000 tonnes at 10.4 grams per tonne gold for 119,000 ounces uncapped at the Jaclyn Main Zone.

Great Atlantic, with a number of properties in the Atlantic provinces, is utilizing a Project Generation model, with a special focus on critical elements which are prominent in Atlantic Canada, such as Antimony, Tungsten and Gold.

The shares are trading at $0.23. For more information, please visit the company’s website, contact Christopher R. Anderson, President & CEO, at 604-488-3900. For Investor Relations contact Andrew Job at 416-628-1560 or [email protected].


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