Great Atlantic Started Diamond Drill Program at Historic Keymet Mine Precious-Base Metal Property near Bathurst, New Brunswick - Video Available on InvestmentPitch.com
Vancouver, British Columbia--(Newsfile Corp. - October 3, 2017) -Great Atlantic Resources (TSXV: GR) (FSE: PH01) has started a diamond drilling program at its Keymet Precious-Base Metal Property. The 3,400-hectare property, located approximately 20 kilometres northwest of Bathurst, in northeastern New Brunswick, Canada, has excellent access with paved roads, including a provincial highway, transecting the property.
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The Keymet property, site of the historic Keymet Mine, hosts multiple gold, silver, zinc, lead and copper occurrences. The minimum 500 metres drill program is being conducted in the northwest region of the Keymet Property, northwest of the Keymet Mine, which operated during the 1950s, when it was gutted by fire. The mine was never reopened due to global recession and low silver prices.
During 2015, Great Atlantic drilled 2 holes (2015-03 and 2015-04), approximately 1.4 kilometres from the Keymet Mine, in an area referred to as the Elmtree 12 occurrence. Hole 15-03 returned 16.68% zinc, 1.11% copper, and 152 grams per tonne silver over a 1.8 metre core length, along with 3.28 grams per tonne gold over a 2.1 metre core length. Hole 15-04 returned 8.68% zinc and 44.8 grams per tonne silver over a 4.28 metre core length at about 90 metres into the hole, and approximately 35 metres vertically under the main vein intersected in hole 15-03.
Drill holes are planned on either side of these two holes, testing the continuation of zinc, copper and silver bearing veins along strike, and continuation of the gold bearing zone.
In the 1980s, closed-spaced drilling by previous operators intersected near-surface mineralized veins in the area of the Elmtree 12 base metal and silver bearing vein occurrence. A 0.88 metre core length from 1981 reported 11.36% zinc, 7.72% copper, and 13.6 ounces per ton silver. In 1989, a 1.22 metre core length sample from a near-by drill hole reported 10.11% zinc, 16.4% copper, and 31 ounces per ton silver. These drill intersections were within a 50 metre vertical depth.
| Drill Results | |||||
| Company | Hole ID | Zinc | Copper | Silver | Metres |
| | |||||
| Great Atlantic | Hole 2015-03* | 16.68% | 1.11% | 152 gpt | 1.8 metres |
| | |||||
| Great Atlantic | Hole 2015-04 | 8.68% | 0.29% | 44.8 gpt | 4.28 metres |
| | |||||
| Previous | 1981 Hole | 11.36% | 7.72% | 13.6 ounces per ton | 0.88 metres |
| | | | | | |
| Previous | 1989 Hole | 10.11% | 16.4% | 31 ounces per ton | 1.22 metres |
| * Included 3.28 grams per tonne gold over a 2.1 metre core length | |||||
During 2015, Great Atlantic conducted trenching in the area of these reported 1980s' drill holes. One trench exposed a northwest striking zinc, copper and silver bearing mineralized vein approximately above the 1980s' drill intersections.
Channel samples from a gold bearing zone of altered sediments approximately 80 metres southwest of the collars of holes Ky-15-3 and Ky-15-4 returned 1.11 grams per tonne gold over a 4.9 metre total length.
The company is currently raising gross proceeds of up to $500,000 from the issuance of up to approximately 2.8 million flow-through units priced at $0.18 per unit, with each unit consists of 1 share and 1 warrant, with each warrant exercisable to purchase an addition flow-through share at $0.22 for 60 months, subject to an acceleration clause.
The shares are trading at $0.16 and with 33 million shares outstanding, the company is capitalized at $5.3 million.
For more information, please visit the company's website www.greatatlanticresources.com. Investor Relations is handled by Kaye Wynn Consulting Inc. They can be reached at either 604-558-2630 or 888-280-8128, or email info@kayewynn.com.
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