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Great Atlantic Resources (TSXV:GR) announced a non-brokered private placement

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The company is looking to raise gross proceeds of up to $2 million from the placement of up to 4 million units priced at $0.50 per unit. The units consist of 1 share and 1 warrant, with each warrant exercisable at $0.75 for 36 months.

Additional Information:

Company: Great Atlantic Resources
Website: http://www.GreatAtlanticResources.com
Stock Symbol: TSXV: GR
Date Published: Sep 2, 2020
Transcript: Available

Video Transcript:

I’m Cassandra Bolinski for Investmentpitch Media

Great Atlantic Resources has announced a non-brokered private placement.

The company is looking to raise gross proceeds of up to $2 million from the placement of up to 4 million units priced at $0.50 per unit.

The units consist of 1 share and 1 warrant, with each warrant exercisable at $0.75 for 36 months.

The shares are trading at $0.63.

Great Atlantic, with a number of properties in the Atlantic provinces, is utilizing a Project Generation model, with a special focus on critical elements which are prominent in Atlantic Canada, such as Antimony, Tungsten and Gold.

The company intends to use approximately $1,100,000 of the proceeds on the upcoming drilling and exploration work on its Golden Promise property in Newfoundland, exploration work on its other assets in Newfoundland and New Brunswick, as well as for general working capital.

The Golden Promise Property and nearby Southwest Golden Property are located within the central Newfoundland gold belt.

Recent significant gold discoveries in this region of the Exploits Subzone include those of Sokoman Minerals Corp. at the Moosehead Gold Project 40 kilometers to the east, and Marathon Gold Corp. at the Valentine Lake Gold Camp 55 kilometers to the southwest.

Viewers are cautioned that mineralization at the Moosehead Property and Valentine Lake Gold Camp is not necessarily indicative of mineralization on the Golden Promise Property.

The company has a permit for up to 25 diamond drill holes at the Jaclyn Zone, specifically the Jaclyn Main Zone and Jaclyn North Zone, both of which host gold bearing quartz vein systems.

The Jaclyn Zone is located within the northern region of the Golden Promise Property and hosts five gold bearing quartz veins systems, being the Jaclyn Main, Jaclyn North, Jaclyn South, Jaclyn East and Jaclyn West Zones.

Planned 2020 drilling will test east of the Jaclyn North Zone along its projected strike in areas of quartz boulders containing high grade gold and will include in-fill drill holes at the Jaclyn Main Zone in an area of quartz veins containing high grade gold.

The Phase 2 drilling permit allows for a series of drill holes east of the Jaclyn North Zone along its projected strike including areas of quartz boulders containing high grade gold.

The Jaclyn North Zone is located approximately 250 meters north of the Jaclyn Main Zone.

During 2017 Great Atlantic excavated high-grade quartz boulders in trenches east of the Jaclyn North Zone along its projected strike.

Assays of quartz boulder samples excavated during 2017 east of the Jaclyn North Zone included 163.9, 208.5 and 332.6 grams per tonne gold.

In December 2018, Great Atlantic reported a NI 43-101 mineral resource estimate for the Jaclyn Main Zone.

Based on the combined hypothetical mining and processing costs and the assumed price of gold, US$1,300 at that time, a pit-constrained cutoff grade of 0.6 grams per tonne was adopted.

For the underground portion of the resource a cutoff of 1.5 grams per tonne was assumed.

The cutoff grade for the total resource is the weighted average of the pit-constrained and underground cutoff grades, resulting in a total Inferred Resource of 106,400 ounces capped and 119,900 ounces uncapped, using a weighted average cutoff of 1.1 grams per tonne.

Because part of the vein is near surface the resource estimate was constrained by a conceptual open pit to demonstrate reasonable prospects of eventual economic extraction.

All resources were classified as inferred because of the relatively wide spacing of drill holes through most of the zone.

For more information, please visit the company’s website www.GreatAtlanticResources.com, contact Christopher R. Anderson, President & CEO, at 604-488-3900 or email office@GreatAtlanticResources.com.

I’m Cassandra Bolinski for Investmentpitch Media