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    GR   CA3900873025

GREAT ATLANTIC RESOURCES CORP.

(GR)
Delayed Bourse de Toronto  -  02:51 2022-06-29 pm EDT
0.0950 CAD   -5.00%
06/28Great Atlantic Resources Corp. Reports Earnings Results for the Full Year Ended February 28, 2022
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06/27Great Atlantic Resources Boosts Private Placement of Share Units to C$816,500
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Great Atlantic Drill Intersects 6.26 gt Gold over 4.65 meters and 57.1 gt Gold over 0.65 meters Jaclyn Main Zone

05/17/2022 | 10:25am EDT

VANCOUVER - GREAT ATLANTIC RESOURCES CORP. (TSXV.GR) (the 'Company' or 'Great Atlantic') is pleased to announce it has received gold assays for drill core samples from the fifth drill hole of the 2021 diamond drilling program at its Golden Promise Gold Property, located within the central Newfoundland gold belt.

The hole was drilled at the Jaclyn Main Zone, located in the northern region of the property. The hole intersected near-surface gold bearing quartz veins with visible gold. Intercepts include 57.1 grams / tonne (g/t) gold over 0.65 meters core length and 6.26 g/t gold over 4.65 meters core length.

Quartz Veins in GP-21-153 with Visible Gold (6.26 g/t gold over 4.65 meters core length)

Hole GP-21-153 was drilled within the west region of the Jaclyn Main Zone (JMZ) which is part of the Jaclyn Zone. The Jaclyn Zone contains multiple gold bearing quartz vein systems. The western part of the JMZ gold bearing quartz vein system is reported to strike slightly northeast and dip steeply to the southeast.

Drill hole GP-21-153 tested an area of multiple gold bearing veins within the JMZ. It was collared approximately nine meters northwest of 2019 drill hole GP-19-140. Drill hole GP-19-140 (drilled at a 75-degree dip slightly northwest) intersected multiple gold bearing quartz veins within a 25.2-meter core length interval with a weighted average of 2.3 grams / tonne Au over 25.2 meters core length. GP-21-153 was drilled at an approximate 82-degree dip slightly northwest to intersect the gold bearing vein system vertically above the vein intercepts in hole GP-19-140.

GP-21-153 intersected multiple quartz veins, including veins with high grade gold. A quartz vein intersected at 44.00-44.65 meters contains visible gold. A zone of predominantly quartz veining was intersected at 66.90-74.49 meters with visible gold in three veins.

The 2021 drilling program consisted of eight drill holes (848 total meters) at the Jaclyn Zone. Five holes (GP-21-149 to GP-51-153) were completed at the JMZ while three holes (GP-21-154 to GP-21-156) were completed at the Jaclyn North Zone. The objective of drilling at the JMZ was to further define the zone and provide information for an updated resource estimate of the JMZ. The objective of drilling at the JNZ was to further test the gold bearing quartz vein system along the projected strike east of historic drilling. The Company continued the drill hole numbering system from previous drilling programs. Drill core from each hole was geologically logged and core samples were cut at the Company's secure facility in central Newfoundland.

Contact:

Mr. Christopher R. Anderson

Tel: 604-488-3900

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, Gold, Copper, Zinc, Nickel, Cobalt, Antimony and Tungsten.

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.

(C) 2022 Electronic News Publishing, source ENP Newswire

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Financials
Sales 2021 - - -
Net income 2021 -2,26 M -1,76 M -1,76 M
Net cash 2021 1,24 M 0,96 M 0,96 M
P/E ratio 2021 -2,68x
Yield 2021 -
Capitalization 2,68 M 2,08 M 2,08 M
EV / Sales 2020 -
EV / Sales 2021 -
Nbr of Employees -
Free-Float 67,4%
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Managers and Directors
Christopher Ross Anderson President, Chief Executive Officer & Director
Scott Kent Chief Financial Officer & Director
Allan J. Beaton Independent Director
Barry Brown Secretary
Dave Martin Senior Geologist
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