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    GR   CA3900873025

GREAT ATLANTIC RESOURCES CORP.

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Great Atlantic Intersects Two High Grade Gold Veins 75.5 G/T Gold over 0.35 Meters and 20.1 G/T over 0.50 Meters Jaclyn Main Zone Golden Promise Gold Project Central Newfoundland

12/03/2021 | 09:50am EDT

Great Atlantic Resources Corp. announced it has received analytical results for the second drill hole (GP-21-150) of the 2021 diamond drilling program at its Golden Promise Gold Property. The drill hole, completed at the Jaclyn Main Zone, intersected two high grade quartz veins with visible gold, returning 75.5 grams /tonne (g/t) gold over 0.35 meters core length and 20.1 g/t gold over 0.50 meters core length. The Golden Promise Property is located within the central Newfoundland gold belt. GP-21-150 was drilled within the west region of the Jaclyn Main Zone (JMZ). It is an in-fill drill hole, the second hole of the summer 2021 8-hole drilling program. GP-21-150 was drilled between two 2019 drill holes (GP-19-138 and GP-19-143B), both of which intersected high grade gold mineralization in separate veins. It was drilled at an approximate 50-degree dip to the northwest (approximately 310 degrees relative to True North) to further confirm and define multiple gold bearing veins in this part of the JMZ. It was drilled to a length of 111 meters. Drill core from GP-21-150 was geologically logged and core samples were cut at the Company's secure facility in central Newfoundland. The gold assays confirm two high grade quartz veins intersected by this hole. A 0.50-meter core length sample (30.00-30.50 meters) containing a quartz vein with visible gold returned 20.13 g/t gold. A 0.35-meter core length sample (76.20-76.55) being part of a quartz vein with visible gold returned 75.58 g/t gold. Company management interpret both veins to be part of the JMZ vein system. Sample 518229 which returned 0.66 g/t gold is altered wall rock adjacent to the gold bearing vein in sample 518228. Sample 518243 which returned 0.62 g/t gold contains a narrow, fractured quartz-carbonate vein (less than 2 centimeters true thickness) at a shallow angle to core axis. The summer 2021 drilling at the Jaclyn Zone was part of the Company's Phase 2 drilling at this Zone. Eight drill holes were completed during the summer drilling, five at the JMZ and three at the Jaclyn North Zone. The objective of drilling at the JMZ is to further define the zone and provide information for an updated resource estimate of the JMZ. The first five holes completed during 2021 were at the JMZ (GP-21-149 to GP-21-153) with visible gold intersected in quartz veins in four of these holes (assays are pending for core samples from holes GP-21-151 to GP-21-153). Additional drilling is planned by the Company at the Jaclyn Zone during 2022. The Company continued the drill hole numbering system from previous drilling programs. Drill hole GP-21-149 intersected a vein with high grade gold (238.4 g/t gold over 0.40 meters core length as reported in the Company's News Release of November 9, 2021).


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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 4,54 M 3,54 M 3,54 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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