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Great Atlantic conducts 2019 summer exploration program at Pilley's Island, Newfoundland

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The 2019 summer program was conducted in the southwest region of the Pilley’s Island Property in areas of reported copper and zinc mineralization, reported altered volcanic rocks and reported massive pyrite intervals in some historic drill holes.

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Company: Great Atlantic Resources
Website: http://www.greatatlanticresources.com
Stock Symbol: TSXV: GR
Date Published: Sep 9, 2019
Transcript: Available

Video Transcript:

I’m Fiona Forbes for Investmentpitch Media

Great Atlantic Resources recently conducted an exploration program, which focussed on prospecting and geochemical sampling, at its Pilley’s Island Base Metal – Precious Metal Property in Newfoundland.

The property, located in north-central Newfoundland, covers an area of 4,600 hectares, which is more than 95% of Pilley’s Island.

The property, which is adjacent to tide water, is located within a mining friendly district, with excellent access and infrastructure, including power and government maintained roads.

The 2019 summer program was conducted in the southwest region of the Pilley’s Island Property in areas of reported copper and zinc mineralization, reported altered volcanic rocks and reported massive pyrite intervals in some historic drill holes.

Samples collected will be analyzed for base metal and precious metal content.

Historic 1994 diamond drill holes in the southwest region of the property reportedly intersected significant levels of copper and/or zinc, including reported intersections of 9.10% zinc and 0.69% copper over 0.42 meters, 1.94% zinc over 0.40 meters, and 0.41 % copper over 14.14 meters.

The company reported significant base metal and precious metal results during 2017 for work in the south-central region of the property at the Bull Road showing.

A trench was excavated in 2017 at this showing exposing sulfide mineralization over a northwest-southeast length of approximately 130 meters with a width varying between 1 - 7 meters.

The Bull Road Showing is a polylithic slump breccia of volcanogenic massive sulphide mineralization containing massive sulphide clasts up to greater than a meter in length.

Sample results from this trench, which were released in late 2017, included highlights such as 15.4% zinc, 6.6% lead, 4.7% copper, 111.5 grams per tonne silver, and 1 gram per tonne gold over 1.05 meters

The property hosts the historic Pilley’s Island Mine, which operated during the 1890s and early 1900s.

The Newfoundland and Labrador Department of Natural Resources reports historic estimated proven reserves of 1,159,000 tonnes grading 1.23% copper, or 627,373 tons at 2.34% copper in their Mineral Occurrence Database.

David Martin, VP Exploration, stated: “These historical estimates of reserves are not reliable. The historical estimates are only relevant to the extent of identifying an area on the property for research and possible future exploration. The key assumptions, parameters, and methods used to prepare the historical estimates are not known. A qualified person has not done sufficient work to classify the historical estimates as current resources or current reserves. A qualified person would need to complete sufficient work following CIM Best Practice Guidelines to upgrade or verify the historical estimates as current mineral resources or mineral reserves. This would almost certainly require additional exploration in the way of diamond drilling, trenching and / or underground work and corresponding sampling all of which must follow CIM Exploration Best Practice Guidelines.”

Great Atlantic Resources is focused on the discovery and development of mineral assets in the resource-rich and sovereign risk-free realm of Atlantic Canada, one of the best mining regions of the world, where it has a number of projects.

The company, utilizing a Project Generation model, has a special focus on antimony, tungsten and gold, elements that are prominent in Atlantic Canada.

The shares are trading at $0.41

For more information, please visit the company’s website www.greatatlanticresources.com or contact investor relations at 604-488-3900.

I’m Fiona Forbes for Investmentpitch Media