Vancouver, British Columbia (FSCwire) - GREAT ATLANTIC RESOURCES CORP. (TSXV:GR) (the “Company” or “Great Atlantic”) announces that, further to its news release on January 5, 2018, it has today filed a technical report prepared in accordance with National Instrument 43-101 (“NI 43-101”) on the Golden Promise property (the “Project”) in central Newfoundland, Newfoundland & Labrador, entitled “National Instrument 43-101 Technical Report on the Golden Promise Property, Badger Area, Newfoundland and Labrador, Canada” and dated May 3, 2018 (the “Technical Report”). The Technical Report was prepared by Paul W. Delaney, P.Geo., an independent “Qualified Person” (as that term is defined in NI 43-101).

 

As stated in the Company’s January 5, 2018 news release, the May 31, 2016 news release disclosed a mineral resource estimate on the Project. It constituted the first-time disclosure of a mineral resource estimate for the Project, and triggered the requirement for the Company to file an independent technical report under s. 4.2(1)(j)(i) of NI 43-101. The statements in the May 31, 2016 news release regarding mineral resources on the Project are not supported by a NI 43-101 compliant technical report, contrary to NI 43-101, such that mineral resource estimates should not be relied on until they have been verified and supported by a NI 43-101 compliant technical report on the Project. The mineral resource estimate stated in the May 31, 2016 news release is a historic (2008) mineral resource estimate for the Jaclyn Main Zone. As stated in the Technical Report, a qualified person has not completed sufficient work to classify the historical mineral resource estimate as current mineral resources. The Technical Report states the historical mineral resource estimate should not be relied on. The Technical Report summarizes additional historical work reported to have been conducted in 2010 at the Jaclyn Main Zone subsequent to the historic mineral resource estimate. This includes diamond drilling, channel sampling and extraction of a bulk sample.

 

The Company is expanding on its January 5, 2018 news release now that the Technical Report has been filed. The Company specifically retracts the mineral resource estimate for the Project as disclosed in its May 31, 2016 news release. The Technical Report indicates that the Project has no mineral resources. Therefore, the Company is unable to support the mineral resource estimate with a NI 43-101 compliant technical report.

 

The Technical Report is available for review on SEDAR (www.sedar.com).

 

Technical material in this news release has been reviewed by David Martin, P.Geo., a Qualified Person as defined in NI 43-101.

 

About Great Atlantic Resources Corp.: Great Atlantic Resources Corp. is a Canadian exploration company focused on the discovery and development of mineral assets in Atlantic Canada. Great Atlantic is currently building the company utilizing a project generation model, with a focus on antimony, tungsten and gold.

 

On Behalf of the board of directors

 

“Christopher R. Anderson”

 

Mr. Christopher R. Anderson

President, CEO, Director

604-488-3900

 

This news release may contain forward-looking statements including but not limited to the Technical Report, geological interpretations, and statements that address activities, events or developments that the Company expects or anticipates will or may occur in the future. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “will”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. Actual results may differ materially from those currently anticipated in such statements and the Company undertakes no obligation to update such statements, except as required by law. The reader is cautioned not to place undue reliance on any forward-looking information.

 

Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business and the industry and markets in which the Company operates, including that: the current price of and demand for minerals being targeted by the Company will be sustained or will improve; the Company’s current exploration programs and objectives can be achieved; results of exploration activities; the Company will be able to obtain required exploration licences and other permits; general business and economic conditions will not change in a material adverse manner; financing will be available if and when needed on reasonable terms; the Company will not experience any material accident; and the Company will be able to identify and acquire additional mineral interests on reasonable terms or at all. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict.

 

Investors are cautioned that all forward-looking statements involve risks and uncertainties, including: that resource exploration and development is a speculative business; that the Company may lose or abandon its property interests or may fail to receive necessary licences and permits; equipment breakdowns; labour disputes; the increase in cost estimates and the potential for unexpected costs and expenses; the results of exploration activities; that environmental laws and regulations may become more onerous; that the Company may not be able to raise additional funds when necessary; potential defects in title to the Company’s properties; fluctuating prices of commodities; operating hazards and risks; competition; potential inability to find suitable acquisition opportunities and/or complete the same; and other risks and uncertainties listed in the Company’s public filings. These risks, as well as others, could cause actual results and events to vary significantly. Accordingly, readers should not place undue reliance on forward-looking statements and information, which are qualified in their entirety by this cautionary statement.

 

There can be no assurance that that economic resources will be discovered or developed on any properties. Accordingly, actual results may differ materially from those currently anticipated in such statements. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, commodity prices, title dispute claims, government regulations, equipment failures, increase in costs, the loss of key directors, employees, advisors or consultants and fees charged by service providers. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements.

There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward-looking information, will prove to be accurate. The Company does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law.

 

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

To view the original release, please click here

Source: Great Atlantic Resources Corp. (TSX Venture:GR, FWB:PH01)

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