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Great Atlantic Resources Corp. Identifies A New Zone of Gold Soil Anomalies At Its Keymet Precious Metal - Base Metal Property

12/10/2021 | 09:46am EDT

Great Atlantic Resources Corp. announced that it has identified a new zone of gold soil anomalies at its Keymet Precious Metal - Base Metal Property, located in northeast New Brunswick. The zone covers an area of approximately 850 meters by 500 meters, being open in all directions. Approximately 66% of the 2021 soil samples within the zone returned anomalous gold values of 0.005 - 0.067 parts per million (ppm). The 2021 soil geochemical sampling was conducted within the central region of the Keymet Property. The survey area is relatively underexplored. However, Company management believe this area has potential to host gold deposits given its location along the reported northeast- southwest contact between Ordovician - Early Silurian Fournier Group rocks and Silurian Chaleurs Group rocks. Three gold deposits (West Gabbro Zone, South Gold Zone and Discovery Zone) occur approximately 4.5-5 kilometers southwest of this survey area close to this geological contact in the adjacent Elmtree Property. The soil geochemical sampling was conducted along four northwest-southeast traverses within an area of approximately 850 meters long by approximately 600 meters wide with a total of 91 samples collected. The sample spacing along the traverse was generally approximately 25 meters. Sixty of the 91 soil samples returned anomalous gold values of 0.005 ppm and higher. One or more samples from each of the four traverses exceeded 0.010 ppm gold with 12 samples returning 0.011 - 0.067 ppm gold. Of note, 5 of 7 consecutive samples along an approximately 150-meter section of one traverse returned gold values of 0.014 - 0.067 ppm gold defining a priority target in the opinion of Company Management. Of note, one of these samples returned an anomalous value of 1,160 ppm zinc. This zone of gold soil anomalies is open to the east and west of the survey area and open to the south and /or north of the 2021 survey lines. Company Management have found no reports of diamond drilling within this anomalous zone. The soil samples were submitted to ALS Canada Ltd. for gold assay (Fire Assay - AA) and multi- element analysis (four acid digestion and ICP-AES analysis). ALS Canada Ltd. is independent of Great Atlantic. The Company conducted a brief prospecting program in this central region of the property during 2021. An outcrop grab sample collected in this region during 2021 returned 0.564 g/t gold. This sample was collected approximately 450 meters west of the 2021 soil geochemical survey area indicating a potentially larger target area than that defined by the soil geochemical survey. This rock sample were also assayed for gold (Fire Assay - AA) by ALS Canada Ltd. The 2021 prospecting and rock /soil geochemical sampling programs were supervised by a Qualified Person. Readers are warned that mineralization at the West Gabbro Zone, South Gold Zone and Discovery Zone on the adjacent Elmtree Property is not necessarily indicative of mineralization on the Keymet Property. Further work is required to verify that historical records referred to in this News Release are accurate. The Keymet Property is host to the historic Keymet Mine which operated during the mid-1950s, producing lead, zinc, copper and silver. Production at this mine was terminated in 1956 due to a fire at the site. Reported production at the Keymet Mine during 1954-1956 is 59,000 tonnes averaging 2.59% zinc, 2.44% lead, 0.25% copper and 33.94 g/t silver. The historic Keymet Mine is located within the northwest region of the property. Much of the previous work by Great Atlantic has been focused on the area northwest of the historic Keymet Mine. The Company has located gold bearing float and gold bearing bedrock and polymetallic veins containing high grade zinc, copper and silver this this region . The Company recently completed a 10-hole diamond drilling program in this region of which analytical results are pending. Access to the Keymet Property is excellent with paved roads transecting the property, including a provincial highway.

© S&P Capital IQ 2021
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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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