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Great Atlantic Resources Corp. 19.09.2018

Great Atlantic Completes 2018 Diamond Drilling Program at its 100% owned Keymet Base - Previous Metal Project Bathurst, New Brunswick

Great Atlantic Completes 2018 Diamond Drilling Program at its 100% owned Keymet Base - Previous Metal Project Bathurst, New Brunswick

 

VANCOUVER, British Columbia – September 19, 2018 - GREAT ATLANTIC RESOURCES CORP. (TSXV.GR) (the “Company” or “Great Atlantic”) is pleased to announce it has completed the 2018 diamond drilling program at its Keymet Precious - Base Metal Property, located near Bathurst, northeast New Brunswick. The program was conducted in the northwest region of the property exploring the area of the Elmtree 12 polymetallic vein system and an adjacent polymetallic vein. A total of 13 holes were completed totalling 1,484 meters. The drill core is currently being geologically logged with samples being cut for multi-element analysis.

 

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Vein with semi-massive sulfides (including Sphalerite & Chalcopyrite)

in Drill Hole Ky-18-14 at Elmtree 12 Vein System

 

The 2018 drilling program focussed on the Elmtree 12 vein system. Eleven drill holes tested this zone as in-fill drilling and along strike and deeper than previous intersections. Two holes tested the continuation of another base metal and silver bearing vein southwest of the Elmtree 12 vein system. This vein was discovered during 2017 drilling (18.8% Zn, 3.5% Cu and 576 g/t Ag over 1.27 meter core length). Drill core from the current program is being geologically logged and sampled at a secure location in Miramichi, New Brunswick. Sampling includes intervals containing base metal sulfide bearing veins and intervals with arsenopyrite for gold analysis.

 

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Sulfide Bearing Veins in Drill Hole Ky-18-14 at Elmtree 12 Vein System

 

Prior to the 2018 program, Great Atlantic had drilled six holes in the Elmtree 12 veins system during 2015 and 2017. Significant intersections included (core length in meters).

 

-          Ky-15-3: 16.68% Zn, 1.11% Cu, 0.44% Pb & 152 g/t Ag over 1.80m

-          (22.91% Zn Equiv. over 1.80m)

-          Ky-15-4: 8.68% Zn, 0.29% Cu, 0.20% Pb & 44.8 g/t Ag over 4.28m

-          (10.48% Zn Equiv. over 4.28m)

-          Ky-17-5: 5.43% Zn, 0.45% Cu, 0.19% Pb & 60 g/t Ag over 2.75m

-          (7.92% Zn Equiv. over 2.75m)

-          Ky-17-6: 3.54% Zn, 0.92% Cu, 0.28% Pb & 115.6 g/t Ag over 12.05m

-          (8.41% Zn Equiv. over 12.05m)

 

The Company also discovered a new gold bearing zone adjacent to the Elmtree 12 vein system during 2017 drilling (0.64 g/t gold over 19.96 meter core length), being hosted in arsenopyrite bearing meta-sedimentary rocks. Arsenopyrite bearing intervals in 2018 drill core are being sampled for gold analysis.

 

 

Keymet Northwest Region (Elmtree 12 Vein System Area)

 

 

North-South (Longitudinal) Cross Section of the Elmtree 12 Vein System showing 2015 and 2017 Drill Holes

 

The Company’s focus since acquiring the Keymet Property has been the northwest region of the property in the area of reported polymetallic veins with most work in the area of the Elmtree 12 copper-lead-zinc-silver bearing vein system. At least seven vein occurrences with lead, zinc and +/- copper, silver and gold are reported in this region of the property in addition to the polymetallic veins reported at the historic Keymet Mine (source: New Brunswick Dept. of Energy and Resource Development Mineral Occurrence Database). The Keymet Mine operated during the mid-1950s, producing copper, lead, zinc and silver.  Production at this mine was terminated due to a fire at the site.

 

Significant precious metal - base metals deposits are reported within 4 km of the Keymet Property. The Elmtree gold deposits are located within 3 km west-southwest of the Keymet Property. The historic Nigadoo River Mine is located approximately 4 km south of the Keymet Property. Polymetallic massive sulfide veins were mined at the Nigadoo River Mine during the 1960s and 1970s with copper, lead, zinc and silver being produced. The N.B Dept. of Energy and Resource Development Mineral Occurrence Database reports shaft depth and production totals at this historic mine. Production during 1967 - 1971 is reported as 1.126 million tonnes at 2.2% Pb, 2.1% Zn, 0.24% Cu and 92.57 g/t Ag. Production during 1973 - 1977 (after a 2 year closure) is reported to be 0.733 million tonnes (only partial metal grades reported). The shaft is reported to at least 470 meter deep.

 

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Historic Keymet Mine (1950s)

 

The Nash Creek Zinc Project of Callinex Mines Inc. is located approximately 15 kilometers northwest of the Keymet Property. Callinex Mines Inc. recently filed a 43-101 Technical Report (effective date March 21, 2018) which was completed by Tetra Tech Canada Inc. The report includes updated mineral resource estimates for the Nash Creek Zinc Project (Hickey and Hayes Zones) using a 1.5% ZnEq cut-off. This included 13,592,000 tonnes indicated estimated resources at 2.68% Zn, 0.58% Pb and 17.8 g/t Ag; and 5,929,000 tonnes inferred estimated resources at 2.68% Zn, 0.47% Pb and 13.9 g/t Ag (source: Callinex Mines Inc. website).

Readers are warned that mineralization at the Elmtree gold deposits, historic Nigadoo River Mine and Nash Creek Zinc Project is not necessarily indicative of mineralization on the Keymet Property. 

 

Access to the Keymet Property is excellent with paved roads transecting the property, including a provincial highway. The property covers an area of approximately 3,400 hectares and is 100% owned by the company.

 

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.

 

 

A Qualified Person has verified the 2015 and 2017 exploration data for Great Atlantic. The Qualified Person managed the 2015 and 2017 exploration programs for Great Atlantic at the Keymet Property. A Qualified Person managed the 2018 drilling program and is managing the current core logging and sampling program.

 

Zinc equivalent (% Zn Equiv.) values for drill hole intersections are based on the following metal prices (as of September 14, 2018): Zinc US$2,327 / tonne (US$1.05 / lb.), Lead US$2,049 / tonne (US$0.93 / lb.), Copper US$5,946 / tonne (US$2.70 / lb.) and Silver US$14.11 per troy ounce. Metal recoveries of 100% were applied in the zinc equivalent calculations. The zinc equivalent calculation is as follows: Zn Eq. = 100 x ((Ag Price in grams x Ag Grade) + (Pb Price x 2204.6 x Pb Grade (%) / 100) + (Cu Price x 2204.6 x Cu Grade (%) / 100) + (Zn Price x 2204.6 x Zn Grade (%) / 100)) / Zn Price x 2204.6.

 

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:

 

Kaye Wynn Consulting Inc.: 604-558-2630, Toll Free –888-280-8128

E-mail: info@kayewynn.com

 

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

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