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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 Gold Assays for Drill Core Samples from the Fifth Drill Hole (GP-21-153) of the 2021 Diamond Drilling Program At Golden Promise Gold Property, Located Within the Central Newfoundland Gold Belt

05/16/2022 | 11:35am EDT

GREAT ATLANTIC RESOURCES CORP. announced it has received gold assays for drill core samples from the fifth drill hole (GP-21-153) 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. 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. 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. Great Atlantic previously reported gold assays for drill holes GP-21-149 to GP-21-152 and holes GP-21-154 to GP-21-156. High grade gold was intersected in quartz veins in four of these holes. Intercepts (core length) for these drill 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); GP-21-151: 56.8 g/t gold over 0.75 meters (including visible gold); GP-21-156: 30.6 g/t gold over 0.41 meters (including visible gold). The Company confirmed high-grade gold at the JMZ during its initial 2019 drilling, including near-surface intercepts (core length) of 113.07 g/t gold over 0.55 meters, 61.35 g/t gold over 2.04 meters and 15.8 g/t gold over 2.70 meters plus the interval of multiple gold bearing veins in GP-19-140 averaging 2.30 g/t gold over 25.25 meters. The drilling intercepts (2019 and 2021 drill holes) reported in this news release are core lengths and not true widths. Due to multiple reported quartz veins in the west part of the JMZ, different apparent vein orientations, and a slight reported change in the strike of the JMZ in this part of the zone, more information is required to estimate the true thickness of these vein intercepts. The drilling programs were managed by a Qualified Person.


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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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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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