Vancouver, British Columbia (FSCwire) - GREAT ATLANTIC RESOURCES CORP. (TSXV.GR) (the “Company” or “Great Atlantic”) is pleased to announce it has submitted a diamond drilling permit application to the New Brunswick government for its Keymet Precious - Base Metal Property, located near Bathurst, northeast New Brunswick. Pending receipt of the drilling permit, the Company is planning diamond drilling to begin in May 2018 to test the continuation along strike and depth of copper-lead-zinc-silver bearing veins intersected during 2015 and 2017 drilling programs and continuation of a gold zone discovered during 2017 drilling. Significant drill intersections during 2015 and 2017 programs included 33.83% zinc equivalent over 1.27 meters core length in a new vein discovery and 7.41% zinc equivalent over 12.05 meter core length at the Elmtree 12 vein system (using metal prices as of March 29, 2018) plus 0.64 g/t gold over 19.96 meter core length in the new gold discovery.

 

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The Company is planning diamond drilling to begin in May 2018 in the northwest region of the property in the area of the Elmtree 12 vein system and an adjacent new vein discovery (discovered during 2017). These polymetallic veins contain significant levels of zinc, copper, lead and silver. The 2018 program will test these polymetallic veins along strike and depth. The Company also discovered a new gold bearing zone during 2017 drilling, being hosted in arsenopyrite bearing meta-sedimentary rocks. Drilling is also planned to test this zone. Highlights of previous work by the Company in this area include (as reported in News Releases of October 29, 2015, February 23, 2016, December 20, 2017 and March 2, 2018):

 

• Hole Ky-15-3 (Elmtree 12): 16.68% Zn, 1.11% Cu, 0.44% Pb & 152 g/t Ag / 1.80 meter core length

     (21.62% Zn Equiv. / 1.80 meter core length)

 

• Hole Ky-15-4 (Elmtree 12):  8.68% Zn, 0.29% Cu, 0.20% Pb & 44.8 g/t Ag / 4.28 meter core length

     (10.11% Zn Equiv. / 4.28 meter core length)

 

• Hole Ky-17-5 (Elmtree 12): 5.43% Zn, 0.45% Cu, 0.19% Pb & 60 g/t Ag / 2.75 meter core length

     (7.42% Zn Equiv. / 2.75 meter core length)

 

• Hole Ky-17-6 (Elmtree 12): 3.54% Zn, 0.92% Cu, 0.28% Pb & 115 g/t Ag / 12.05 meter core length

     (7.41 % Zn Equiv. / 12.05 meter core length) & 0.64 g/t Au over 19.96 meter core length (new gold discovery).

 

• Hole Ky-17-8: 18.80% Zn, 3.55% Cu, 1.16% Pb & 576 g/t Ag / 1.27 meter core length

     (33.83% Zn Equiv. / 1.27 meter core length – new vein discovery)

 

Elmtree 12 Vein System: Polymetallic Vein in Ky-17-6

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Keymet Northwest Region: 2015 and 2017 Diamond Drilling Plan

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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. A historic mineral resource estimate for the Elmtree gold deposits was reported in 2011 with 294,000 ounces of gold in the indicated + inferred categories reported (0.5 g/t Au cutoff) (source: Murahwi, et al., effective date March 4, 2011 for Micon International Limited, CNRP Mining Inc. and Gorilla Resources Corp.).

 

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 depth.

 

Historic Keymet Mine (1950s)

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Readers are warned that mineralization at the Elmtree gold deposits and historic Nigadoo River Mine 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 this 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. True thickness of these intersections is unknown at this time.

 

Zinc equivalent (% Zn Equiv.) values for drill hole intersections are based on the following metal prices (as of March 29, 2018): Zinc US$3,331 / tonne (US$1.51 / lb.), Lead US$2,410 / tonne (US$1.09 / lb.), Copper US$6,683 / tonne (US$3.03 / lb.) and Silver US$16.31 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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Source: Great Atlantic Resources Corp. (TSX Venture:GR, FWB:PH01)

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