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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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06/28Great Atlantic Increases Financing to $816,500 and Submits for Closing
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06/27Great Atlantic Resources Boosts Private Placement of Share Units to C$816,500
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Great Atlantic Resources Corp. Receives Additional Gold Assays for the Third Drill Hole and Gold Assays for the Fourth Hole and Fifth to Eighth Holes of the 2021 Diamond Drilling Program At Golden Promise Gold Property

04/12/2022 | 09:37am EDT

Great Atlantic Resources Corp. announced it has received additional gold assays for the third drill hole (GP-21-151) and gold assays for the fourth hole (GP-21-152) and fifth to eighth holes (GP-21-154 to GP-21-156) of the 2021 diamond drilling program at its Golden Promise Gold Property. Highlights from the recent gold assays include 4.02 grams /tonne (g/t) gold over 0.60 meters core length in GP-21-151 at the Jaclyn Main Zone and 30.6 g/t gold over 0.41 meters core length in GP-21-156 at the Jaclyn North Zone. Multiple gold bearing intervals occur in GP-21-151 based on these recent gold assays and previously reported gold assays. The Golden Promise Property is located within the central Newfoundland. Drill hole GP-21-151 is a definition hole within the western area of the Jaclyn Main Zone (JMZ). Drill core gold assays confirm multiple gold bearing intervals in this hole. The recent gold assays include a 0.60-meter core length sample returning 4.02 g/t gold. The Company previously reported gold assays for initial drill samples from this hole including three drill core samples exceeding 5 g/t gold of which one 0.40-meter core length quartz vein sample with visible gold returned 101.4 g/t gold (Company news release of February 14, 2022). Drill hole GP-21-152 is also a definition hole within the western area of the JMZ. A 0.68-meter core length sample (58.66-59.34 meters) from a quartz vein returned 0.559 g/t gold. Gold assays were also received for drill core samples from drill holes GP-21-154 to GP-21-156, completed at the Jaclyn North Zone (JNZ). The holes were drilled east of historic pre-Great Atlantic drill holes to explore along the projected strike of the JNZ. Drill holes GP-21-154 and GP-21-155 both intersected near-surface quartz veined zones with anomalous gold. A 0.71-meter core length sample (20.41-21.12 meters) from a quartz veined zone in GP-21-154 returned an anomalous value of 0.142 g/t gold. A 0.56-meter core length sample (46.44-47.00 meters) from greywacke with quartz veins in GP-21-155 returned an anomalous value of 0.188 g/t gold. Gold assays from drill hole GP-21-156 confirm near-surface anomalous and high-grade gold. A 0.74-meter core length sample (13.13-13.87 meters) returned 0.899 g/t gold. A 0.41-meter core length sample (22.11-22.52 meters) from a quartz vein with visible gold returned a high-grade assay of 30.6 g/t gold. Drill hole GP-21-156 was collared within a zone of abundant quartz vein float of which previous Great Atlantic float samples returned high grade gold values including four boulder samples exceeding 100 g/t gold. This northeast trending quartz boulder field is approximately 300 meters long (Company news releases of April 1, 2021). The combined 2020 ­ 2021 drilling (six holes) has extended the JNZ quartz vein system approximately 260 meters further east along strike. The three 2020 drill holes in this area of the JNZ intersected gold bearing quartz veins including the following samples (core length): GP-20-146: 1.37 g/t gold over 0.35 meters; GP-20-147: 1.28 g/t gold over 0.87 meters; GP-20-148: 3.88 g/t gold over 0.37 meters. Drill hole GP-20-148 was also drilled within the zone of gold bearing quartz vein boulders. The 2021 drilling program consisted of eight drill holes (848 total meters) at the Jaclyn Zone, located in the northern region of the Golden Promise Property. 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 JNZ. 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. Gold assays are still pending for drill core samples from hole GP-21-153. Gold assays were previously received for core samples from GP-21-149 and GP-21-150, both intersecting high-grade gold in quartz veins at the JMZ. Intercepts (core length) for both holes include: GP-21-149: 238.4 g/t gold over 0.40 meters (including visible gold). GP-21-150: 20.13 g/t gold over 0.50 meters and 75.58 g/t gold over 0.35 meters (including visible gold in both veins). Additional drilling is planned by the Company at the Jaclyn Zone during 2022.


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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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