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Loncor $LN.ca Announces Appointment of Peter Cowley as President and MINECON as Geological Consultants to Advance Ngayu Gold Project $ABX.ca $TECK.ca $RSG

Posted by AGORACOM at 5:37 PM on Monday, October 28th, 2019

Loncor Resources Inc. (“Loncor” or the “Company”) (TSX: “LN”; OTCQB: “LONCD”), a Canadian gold exploration company with significant projects in the Democratic Republic of the Congo (“DRC”) and which is supported by Barrick Gold Corporation (NYSE: “GOLD”; TSX: “ABX”) as joint venture partner and a second major gold producer, Resolute Mining Limited (ASX/LSE: “RSG”), as a 27% shareholder, is pleased to announce the appointment of Peter Cowley as President of the Company and Minecon Resources and Services Limited as geological consultants.

Peter Cowley History of Success in Africa

Mr. Cowley is a geologist with over 40 years’ experience in the minerals industry and a history of major exploration successes in Africa, including the DRC. Among his major accomplishments, Mr. Cowley was Chief Executive Officer and President of Banro Corporation from 2004 to 2008 where he led the exploration that delineated major gold resources at Twangiza and Namoya in the DRC. Prior to joining Banro, Mr. Cowley was Managing Director of Ashanti Exploration, where he led the exploration team in the discovery and development of the Geita mine in Tanzania. Prior to Ashanti, he was Technical Director of Cluff Resources which discovered and developed mines in Zimbabwe, Ghana and Tanzania. He holds an M.Sc from the Royal School of Mines, an MBA from the Strathclyde Business School and is a Fellow of the Institute of Materials, Minerals and Mining. He previously served as Chief Executive Officer and President of Loncor from 2009 to 2015, which will allow him to move rapidly in his new role.

Mr. Cowley commented: “Loncor has a major footprint in the Ngayu greenstone belt in northeastern DRC which has many geological similarities to the Geita and Moto belts which host world class operating gold mines in Tanzania and DRC, respectively, both in terms of size and profitability. Besides the Barrick Joint Venture where the Company has a free carried interest to the pre-feasibility study stage, Loncor has significant gold resources at its KGL-Somituri and Makapela properties where there is significant potential to increase this resource base. I am excited about the opportunity to join up again with Daniel Bansah and his team at MINECON who worked with me previously at Geita and Twangiza/Namoya, to unlock the full potential of the underexplored Ngayu greenstone belt of northeastern DRC.”

Loncor’s Chief Executive Officer, Arnold Kondrat, said: “We are thrilled to have Peter return with a team that has a history of finding gold in Africa, including the DRC. The current NI 43-101 compliant gold resources at our Makapela and KGL-Somituri properties (including Adumbi) at Ngayu, and the potential at our Yindi property, will provide us with an anchor for future development outside of our existing Joint Venture with Barrick Gold on our Ngayu gold project.”

MINECON Appointment

Minecon Resources and Services Limited (“MINECON”) (www.mineconrsl.com) has been appointed by Loncor as geological consultants to manage exploration and development programs at Loncor’s properties within the Ngayu Archean greenstone belt which are outside of Loncor’s Joint Venture with Barrick Gold. MINECON is a full-service mining engineering company headquartered in Ghana, Africa. MINECON works with companies throughout Africa, with a focus on Ghana and DRC mining projects, to support mineral exploration, mining operations, logistics, planning, engineering and geological studies. MINECON’s mining industry professionals have significant DRC-specific experience. The Company believes that the MINECON team, headed by Daniel Bansah (MSc Mineral Exploration) and supported by a team of geological professionals, will provide the needed technical skills and leadership to assist Loncor in advancing its gold properties up the value curve. MINECON will assist Loncor in the continued development of Loncor’s:

  • 100% owned Makapela gold prospect, which has an Indicated Mineral Resource of 614,200 ounces of gold (2.20 million tonnes grading 8.66 g/t Au) and an Inferred Mineral Resource of 549,600 ounces of gold (3.22 million tonnes grading 5.30 g/t Au).
  • 100% owned Yindi gold prospect, which has previously reported drill results including 14.79 metres at 5.11 g/t Au, 19.40 metres at 1.30 g/t Au and 6.20 metres at 4.57 g/t Au.
  • 71.25%-owned KGL-Somituri gold project, which was recently acquired by Loncor (see Loncor’s September 27, 2019 press release) and has an Inferred Mineral Resource of 1.675 million ounces of gold (20.78 million tonnes grading 2.5 g/t Au), with 71.25% of this resource being attributable to Loncor via its 71.25% interest in the KGL-Somituri project.

Makapela, Yindi and KGL-Somituri are all located in the Ngayu gold belt and outside of Loncor’s existing Joint Venture with Barrick Gold on the Ngayu gold belt. Utilizing the expertise and experience of MINECON and under Peter Cowley’s leadership, Loncor seeks to aggressively expand its current gold resources as set out above. 

Audit Committee Clarification
The Company wishes to clarify that as a result of the resignation of a director of the Company, there was a vacancy on the Company’s audit committee from August 17, 2018 to June 17, 2019, such that during this period the audit committee was comprised of only two members and not three as required under National Instrument 52-110. This vacancy was filled on June 17, 2019. The Company’s audit committee is currently comprised of the following three independent directors of the Company: Zhengquan (Philip) Chen, William R. Wilson and Richard J. Lachcik. 

About Loncor Resources Inc.
Loncor is a Canadian gold exploration company focused on two projects in the DRC – the Ngayu and North Kivu projects. Both projects have historic gold production. Exploration at the Ngayu project is currently being undertaken by Loncor’s joint venture partner Barrick Gold (Congo) SARL (“Barrick”). The Ngayu project is 200 kilometres southwest of the Kibali gold mine, which is operated by Barrick and in 2018 produced approximately 800,000 ounces of gold. As per the joint venture agreement signed in January 2016, Barrick manages and funds exploration at the Ngayu project until the completion of a pre-feasibility study on any gold discovery meeting the investment criteria of Barrick. Subject to the DRC’s free carried interest requirements, Barrick would earn 65% of any discovery with Loncor holding the balance of 35%. Loncor will be required, from that point forward, to fund its pro-rata share in respect of the discovery in order to maintain its 35% interest or be diluted. 

Certain parcels of land within the Ngayu project surrounding and including the Makapela and Yindi prospects have been retained by Loncor and do not form part of the joint venture with Barrick. Barrick has certain pre-emptive rights over these two areas. Loncor’s Makapela prospect has an Indicated Mineral Resource of 614,200 ounces of gold (2.20 million tonnes grading 8.66 g/t Au) and an Inferred Mineral Resource of 549,600 ounces of gold (3.22 million tonnes grading 5.30 g/t Au). Loncor also recently acquired a 71.25% interest in the KGL-Somituri gold project in the Ngayu gold belt which has an Inferred Mineral Resource of 1.675 million ounces of gold (20.78 million tonnes grading 2.5 g/t Au), with 71.25% of this resource being attributable to Loncor via its 71.25% interest. 

Resolute Mining Limited owns 27% of the outstanding shares of Loncor and holds a pre-emptive right to maintain its pro rata equity ownership interest in Loncor following the completion by Loncor of any proposed equity offering. Newmont Goldcorp Corporation (NYSE: “NEM”; TSX: “NGT”) owns 7.8% of Loncor’s outstanding shares.

Additional information with respect to Loncor and its projects can be found on Loncor’s website at www.loncor.com.

Monarch Gold $MQR.ca Produces 3,572 Ounces of Gold and Generates $7.3 Million in Revenue in the Fourth Quarter $GDX.ca $ECR.ca $MZZ.ca $QMX.ca $IMG.ca $IAG $MUX

Posted by AGORACOM-JC at 8:31 AM on Wednesday, July 31st, 2019
  • Monarch produced 3,572 ounces of gold in the fourth quarter, up 169% from the third quarter and down 24% from the 4,695 ounces produced last year.
  • The increase was attributable to a rise in the production rate at the Camflo mill and the Beaufor mine combined with a higher grade of ore.

MONTREAL, July 31, 2019 – MONARCH GOLD CORPORATION (“Monarch” or the “Corporation”) (TSX: MQR) (OTCMKTS: MRQRF) (FRANKFURT: MR7) is pleased to report its production and corporate highlights for the fourth quarter ended June 30, 2019. Amounts are in Canadian dollars unless otherwise indicated.

Production highlights

  • Monarch produced 3,572 ounces of gold in the fourth quarter, up 169% from the third quarter and down 24% from the 4,695 ounces produced last year. The increase was attributable to a rise in the production rate at the Camflo mill and the Beaufor mine combined with a higher grade of ore.
  • The Corporation recorded revenues of $7.3 million in the fourth quarter from the sale of 2,666 ounces of gold at an average price of $1,764 per ounce (US $1,333) plus custom milling revenue, which was down 3.1% from the third quarter due to an increase in the tonnage milled from the Beaufor mine.
  • As at June 30, 2019, the Corporation had more than 1,100 ounces of gold in inventory.

“This was a solid quarter in terms of performance, especially given that we operated with approximately one-third the workforce we had last year,” said Jean-Marc Lacoste, President and Chief Executive Officer of Monarch. “This quarter also marks the suspension of our production activities at the Beaufor mine during the quarter, as of June 27, 2019, and at the Camflo mill on July 10, 2019. Given the current gold environment, our team is focusing on identifying new exploration targets at the Beaufor mine and preparing a drilling program on the most promising targets, while Camflo is currently undergoing maintenance work that should take place over a 90-day period.”

“Despite the fact that we have suspended our production activities, Monarch is in an excellent position to benefit from the current upward trend in gold prices. The Corporation has a large portfolio of high-quality mining assets that include two mills, six advanced gold projects with total measured and indicated resources of more than 3.1 million ounces of gold (see table at the end of this press release), a 14.2% interest in Unigold (TSXV: UGD), as well as a strong financial position. Our goal in the coming quarters will be to develop our flagship Wasamac project, which has an annual production potential of 142,000 ounces of gold over 11 years (see press release dated December 3, 2018), and to increase the value of our assets through partnerships and other transactions.”

Production statistics

  Three months
ended June 30,
2019
Three months
ended June 30,
2018
Twelve months
ended June 30,
2019
Twelve months
ended June 30,
2018
Beaufor mine     
Ore processed (tonnes) 27,648 30,523 96,212 98,394
Gold recovery (%) 98.24 98.70 98.17 98.76
Ounces produced 3,572 4,695 13,225 15,071
Ounces sold 2,666 4,589 12,534 14,856

Corporate highlights

  • On May 9, 2019, the Corporation acquired a block of 6.5 million shares of Unigold Inc. (TSXV: UGD) from an investor at an agreed price of $0.115 per share, for a total of $747,500, payable by the issuance of 3.25 million common shares of the Corporation at an agreed price of $0.23 each (see press release).
  • On June 10, 2019, the Corporation announced that it had been awarded the 2018 F. J. O’Connell trophy in the “Underground Operations − Less than 400,000 hours worked” category for the Beaufor mine by the Québec Mining Association at its annual conference held on June 5 and 6, 2019, in Entourage sur-le-Lac, Lac Beauport, in the Quebec City area (see press release).
  • On June 18, 2019, the Corporation announced the signature of binding letters of intent for the acquisition of an aggregate 100% interest in the Fayolle property from Hecla Quebec Inc., formerly known as Aurizon Mines Ltd. (NYSE: HL), and Typhoon Exploration Inc. (TSXV: TYP) (see press release).
  • On June 19, 2019, the Corporation announced that its wholly-owned subsidiary Louvem Mines Inc. had sold a 2% net smelter return (“NSR”) royalty on certain claims of the Chimo Mine property to Cartier Resources Inc. (TSXV: ECR) in consideration of a cash payment of $350,000 (see press release).
  • On July 25, 2019, the Corporation sold its portfolio of net smelter return (“NSR”) royalties on the Chimo property (owned by Chalice Gold Mines Ltd) for a cash payment of $350,000. Monarch held a portfolio of NSR royalties ranging from 0.50% to 2.50% on the Chimo property, which surrounds the Chimo Mine property.

The technical and scientific content of this press release has been reviewed and approved by Marc-André Lavergne, P.Eng., the Corporation’s qualified person under National Instrument 43‑101.

ABOUT MONARCH GOLD CORPORATION

Monarch Gold Corporation (TSX: MQR) is an emerging gold mining company focused on pursuing growth through its large portfolio of high-quality projects in the Abitibi mining camp in Quebec, Canada. The Corporation currently owns close to 300 km² of gold properties (see map), including the Wasamac deposit (measured and indicated resource of 2.6 million ounces of gold), the Croinor Gold (see video), McKenzie Break, Beaufor and Swanson advanced projects and the Camflo and Beacon mills, as well as other promising exploration projects. It also offers custom milling services out of its 1,600 tonne-per-day Camflo mill.

Forward-Looking Statements

The forward-looking statements in this press release involve known and unknown risks, uncertainties and other factors that may cause Monarch’s actual results, performance and achievements to be materially different from the results, performance or achievements expressed or implied therein. Neither TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX accepts responsibility for the adequacy or accuracy of this press release.

www.monarquesgold.com

Table 1 – Monarch Gold: Measured and Indicated Resource
    
  Tonnes (metric) Grade
(g/t Au)
Ounces
Wasamac property1    
Measured Resources 3.99 M 2.52 323,300
Indicated Resources 25.87 M 2.72 2,264,500
Total 29.86 M 2.70 2,587,900
Croinor Gold mine2    
Measured Resources 80,100 8.44 21,700
Indicated Resources 724,500 9.20 214,300
Total 804,600 9.12 236,000
Swanson property3    
Indicated Resources (pit constrained) 1,694,000 1.80 98,100
Indicated Resources (underground) 58,100 3.17 5,900
Total 1,752,100 1.85 104,100
McKenzie Break property4    
Indicated Resources (pit constrained) 939,860 1.59 48,133
Indicated Resources (underground) 281,739 5.90 53,448
Total 1,221,599 2.58 101,581
Beaufor Mine5    
Measured Resources 74,400 6.71 16,100
Indicated Resources 271,700 7.93 69,300
Total 346,200 7.67 85,400
Simkar Gold property6    
Measured Resources 33,570 4.71 5,079
Indicated Resources 208,470 5.66 37,905
Total 242,040 5.52 42,984
TOTAL COMBINED Measured and Indicated Resources    3,157,865
 
1 Source: Technical Report on the Wasamac Project, Rouyn-Noranda, Québec, Canada, Tudorel Ciuculescu, M.Sc., P.Geo., October 25, 2017, Roscoe Postle Associates Inc.
2 Source: Monarques prefeasibility study (January 19, 2018) and resource estimate (January 8, 2016)
3 Source: NI 43‐101 Technical Report on the Swanson Project, June 20, 2018, Christine Beausoleil, P.Geo., and Alain Carrier, P.Geo., M.Sc., of InnovExplo Inc.
4 Source: NI 43‐101 Technical Report on the McKenzie Break Project, April 17, 2018, Alain-Jean Beauregard, P.Geo., and Daniel Gaudreault, Eng., of Geologica Groupe-Conseil Inc. and Christian D’Amours, P.Geo., of GeoPointCom Inc.
5 Source: NI-43-101 Technical Report on the Mineral Resource and Mineral Reserve Estimates of the Beaufor Mine as at September 30, 2017, Val-d’Or, Québec, Canada, Carl Pelletier, P. Geo. and Laurent Roy, Eng.
6 Source: MRB et Associés (January 2015)

View original content to download multimedia:http://www.prnewswire.com/news-releases/monarch-gold-produces-3-572-ounces-of-gold-and-generates-7-3-million-in-revenue-in-the-fourth-quarter-300893693.html

SOURCE Monarch Gold Corporation

$GGX.ca Gold Intersects 107 g/t Gold and 880 g/t Silver over 6.90 Meters Diamond Drilling Program at COD Vein – On the Gold Drop Property – Southern British Columbia $TUSK.ca $GZD.ca $K.ca

Posted by AGORACOM at 5:30 PM on Friday, January 18th, 2019
https://s3.amazonaws.com/s3.agoracom.com/public/companies/logos/564602/hub/ggx_large.png
  • 107.5 g/t gold and 880 g/t silver over 6.90 meters core length
  • High-grade quartz vein intersection is near-surface, near high grade intersections of COD18-45, 46 and 67 indicating high grade ore shoot.
  • COD18-67: 129 g/t gold and 1,154 g/t silver over 7.28 meters

VANCOUVER, BC / ACCESSWIRE / January 18, 2019 / GGX Gold Corp. (TSX-v: GGX), (OTCQB: GGXXF), (FRA: 3SR2) (the “Company” or “GGX“) is pleased to announce it has received drill core analytical results for the final four drill holes (COD18-68 to COD18-71) of the November 2018 diamond drilling program at its Gold Drop Property near Greenwood, southern British Columbia. Drill hole COD18-70 intersected near-surface high-grade gold and silver with significant tellurium in the southwest part of the COD quartz vein. This high-grade intersection is in close-proximity to high-grade intersections in drill holes COD18-45, 46 and 67 indicating a high grade ore shoot. The mineralized COD vein system has been traced by drilling and / or trenching for approximately 400 meters strike length and is open to the northeast, at depth and possibly to the southwest. Highlights for COD18-70 include:

  • 107.5 g/t gold and 880 g/t silver over 6.90 meters core length (multiple samples greater than the upper 500 g/t analytical limit for tellurium).
  • High-grade quartz vein intersection is near-surface (18 to 24 meters vertical depth), near high grade intersections of COD18-45, 46 and 67 indicating high grade ore shoot.
  • Part of exploratory shallow drilling designed to define high-grade mineralization and expand the understanding of controls on mineralization.

(To view the full-size image, please click here)

The November 2018 diamond drilling program (11 drill holes: COD18-61 to COD18-71) tested the southwest region of the COD vein in an area of high-grade gold and silver mineralization. The COD vein is located within the Gold Drop Southwest Zone. Prior 2018 drill holes in this part of the COD vein intersected near-surface high-grade gold and silver mineralization. The COD vein strikes approximately northeast-southwest.


(To view the full-size image, please click here)

Intersections exceeding 1 g/t gold for drill holes COD18-68 to COD18-71 are listed in the table below. Since true widths cannot be accurately determined from the information available the core lengths (meters) are reported.

Hole ID From (m) To (m) Length (m) Au (g/t) Ag (g/t) Te (g/t) Description
COD18-68 19.49 22.25 2.76 8.77 85.4 56.3 Quartz vein and wall rock
COD18-68 incl. 20.86 22.35 1.39 14.47 131.8 87.9 Quartz vein and wall rock
COD18-69 19.75 20.42 0.67 1.24 9.59 6.55 quartz band
COD18-69 26.72 34.18 7.46 5.76 67.9 61.2 Quartz veins & wall rock; local quartz breccia
COD18-69 incl. 27.30 28.10 0.80 9.77 95 110 Quartz vein
COD18-69 incl. 31.20 31.60 0.40 70.9 569 278 Quartz vein with massive sulfide band
COD18-70 22.57 29.47 6.90 107.5 880 Quartz vein with tellurides
COD18-70 incl. 23.3 24.15 0.85 541 4532 >500 Quartz vein with tellurides
COD18-71 28.50 30.30 1.80 1.57 11.7 8.4 Alteration zone
Note: 1-meter core loss in COD18-70 between 22.57 – 29.47m.

All November 2018 drill holes were collared within 25 meters of prior 2018 drill holes COD18-45 and COD-46, the objective to define the high-grade mineralization in this part of the COD vein and to provide information on the controls on mineralization. Drill holes COD18-45 and COD18-46, drilled to the west at 45 and 50 degree-dips, intersected near-surface, high grade gold and silver mineralization in the COD vein (News Releases of August 15 and 22, 2018). Drill holes COD18-67and COD18-70, part of the November 2018 program, intersected high grade gold and silver mineralization in the same area. These holes were drilled slightly northeast at dips of 50 degrees (COD18-67) and 54 degrees (COD18-70) to intersect the COD vein at a shallower angle and test the continuity of the quartz veining and high-grade mineralization. Highlights of these four holes include (core length):

  • COD18-45: 50.1 g/t gold and 375 g/t silver over 2.05 meters
    (including 167.5 g/t gold, 1,370 g/t silver & >500 g/t tellurium over 0.46 meters).
  • COD18-46: 54.9 g/t gold and 379 g/t silver over 1.47 meters
    (including 223 g/t gold, 1,535 g/t silver & > 500 g/t tellurium over a 0.30 meters).
  • COD18-67: 129 g/t gold and 1,154 g/t silver over 7.28 meters
    (multiple samples exceeding upper 500 g/t analytical limit for tellurium).
  • COD18-70: 107.5 g/t gold and 880 g/t silver over 6.90 meters
    (multiple samples exceeding upper 500 g/t analytical limit for tellurium).
  • The close-spaced intersections of COD18-45, 46, 67 and 70 all occur within 18-25 meters vertical depth indicating a high-grade ore shoot.

Analytical results for drill holes COD18-61 to COD18-64 were reported in the Company’s News Release of January 9, 2018, the highlight being 28.0 g/t gold, 424.7 g/t silver and 150.4 g/t tellurium over 1.17 meters core length in COD18-63. Analytical results for drill holes COD18-64 to COD18-67 were reported in the Company’s News Release of January 11, 2019, the highlight being the intersection of 129 g/t gold and 1,154 g/t silver over 7.28 meters core length in COD18-67.

Holes COD18-61 to COD18-66 were drilled to the west and slightly northwest at dips of 45 to 60 degrees to intersect the approximately northeast striking vein(s). Holes COD18-67 to COD18-71 were drilled at dips of 45 to 60 degrees slightly northeast to intersect the vein(s) at a shallower angle, the objective being to test the continuity of the quartz veining and mineralization. Although drill holes COD18-67 and COD18-70 were not drilled perpendicular to the strike of the COD vein, they still show the exceptional high-grade nature of the vein, possibly being, or leading to, a “motherlode”-style feeder system. As the Company continues reminding of the old saying “we drill for structure and we drift for grade”, both holes indicate how potential drifting may encounter the vein in case a potential production decision can be made in the future. Drilling along veins at slight angles helps in locating possible “ore shoots” and gaining a structural understanding of its vertical and horizontal orientations/extensions for targeted follow-up drilling.

The drill core was split with half core samples securely packaged and delivered to ALS Canada Ltd. in Vancouver, BC. The core samples were analyzed for gold by Fire Assay-Atomic Absorption and for 48 elements (including silver and tellurium) by Four Acid – ICP-MS. Samples exceeding 100 g/t gold were re-analyzed for gold by Fire Assay – Gravimetric Finish. Samples exceeding 100 g/t silver were re-analyzed for silver by Four Acid – ICP-AES. Samples exceeding 1,500 g/t silver by Four Acid – ICP-AES were re-analyzed for silver by Fire Assay – Gravimetric Finish. Quality control (QC) samples were inserted at regular intervals.


(To view the full-size image, please click here)


(To view the full-size image, please click here)

Gold and silver bearing quartz veins occur in multiple regions on the Gold Drop property with high grade gold reported (samples exceeding 1 oz. / ton gold reported).

Historic gold and silver production occurred at the Gold Drop, North Star, Amandy and Roderick Dhu vein systems.

David Martin, P.Geo., a Qualified Person as defined by NI 43-101, is responsible for the technical information contained in this News Release.

To view the Original News release with pictures please go to the website or contact the company.

On Behalf of the Board of Directors,
Barry Brown, Director
604-488-3900
[email protected]

Investor Relations:
Mr. Jack Singh, 604-488-3900 [email protected]

” We don’t have to do this, we get to do this ”
The Crew

$GR.ca Great Atlantic Drilling Intersects 7.89% Zinc EQ over 34.3 Meters 100% Owned Keymet Base Metal – Precious Metal Project $SIC.ca $LAB.ca

Posted by AGORACOM at 9:18 AM on Friday, January 18th, 2019
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  • Drill results for holes 10 – 22 completed during 2018 exploration
  • Drilling conducted 1.5 km northwest of the historic Keymet Mine
  • Ky-18-14: 7.89% zinc equivalent over 34.3 m

GREAT ATLANTIC RESOURCES CORP. (TSXV.GR) (the “Company” or “Great Atlantic”) is pleased to announce it has received drill core analytical results for 13 holes (Ky-18-10 to Ky-18-22) completed during the 2018 diamond drilling program at its Keymet Base Metal – Precious Metal Property, located near Bathurst, northeast New Brunswick. The program was conducted in the northwest region of the property approximately 1.5 km northwest of the historic Keymet Mine. Highlights include (core length):

  • Ky-18-14: 7.89% zinc equivalent over 34.3 meters (From 46.20 m to 80.50 m)
  • Ky-18-10: 10.91% zinc equivalent over 3.27 meters (From 85.03m to 88.30 m)
  • Elmtree 12 vein: System traced to approximately 145 meters depth, open at depth
  • Elmtree 12 vein: Strike length of approximately 110 meters and open along strike

Vein with semi-massive sulfides in Drill Hole Ky-18-14 at Elmtree 12 Vein System

The 2018 drilling program (13 holes totalling 1,484 meters) was conducted in the northwest region of the Keymet property. Eleven drill holes (Ky-18-10 to Ky-18-18, Ky-18-21 and Ky-18-22) tested the Elmtree 12 vein system as in-fill drilling and along strike with some holes testing deeper than previous drilling. Company management speculate the Elmtree 12 vein system to be striking approximately north-south and sub-vertical. Great Atlantic had previously drilled six holes in the Elmtree 12 vein system during 2015 and 2017, intersecting zinc, copper, lead and silver bearing polymetallic veins (News Releases of February 23, 2016, December 20, 2017 and March 2, 2018). Two drill holes (Ky-18-19 and Ky-18-20) tested the continuation of another base metal and silver bearing vein southwest of the Elmtree 12 vein system. This vein was discovered during 2017 drilling (Ky-17-8: 18.8% Zn, 3.5% Cu and 576 g/t Ag over 1.27 meters core length – News Release of March 2, 2018).

Sulfide Bearing Veins in Drill Hole Ky-18-14 at Elmtree 12 Vein System

Intersections from 2015, 2017 and 2018 diamond drilling programs in the area of the Elmtree 12 vein system include the following (core length):

Hole ID From (m) To (m) Length (m) Zn Equiv.
(%)
Zn (%) Cu (%) Pb (%) Ag
(g/t)
Au
(g/t)
2015 Diamond Drill Holes:
Ky-15-3 30.10 32.20 2.10
3.28
Ky-15-3 60.80 62.60 1.80 22.77 16.68 1.11 0.44 152
Ky-15-4 90.07 94.35 4.28 10.44 8.68 0.29 0.2 44.8
2017 Diamond Drill Holes:

Ky-17-5 81.00 81.80 0.80 20.24 13.65 1.20 0.45 166
Ky-17-6 119.45 131.50 12.05 8.31 3.54 0.92 0.28 115.6
Ky-17-6 incl. 119.45 124.40 4.95 16.05 7.67 1.57 0.48 209.3
Ky-17-6 148.80 149.75 0.95




4.9
Ky-17-6 164 183.96 19.96 0.64
Ky-17-8 31.00 32.27 1.27 39.90 18.8 3.55 1.16 576
Ky-17-9 45.75 47.13 1.38 6.29 4.29 0.29 0.23 55.4
2018 Diamond Drill Holes:
Ky-18-10 85.03 88.30 3.27 10.91 7.91 0.53 0.21 77.2
Ky-18-10 incl. 85.74 86.74 1.00 25.59 16.80 1.60 0.55 223
Ky-18-11 108.70 109.40 0.70 4.95 3.89 0.11 0.14 33.9
Ky-18-12 78.82 84.55 5.73 7.88 4.07 1.19 0.23 39.2
Ky-18-12 incl. 78.82 79.64 0.82 14.03 10.90 1.07 0.09 24.8
Ky-18-12 incl. 83.35 84.55 1.20 21.65 8.90 3.81 0.60 157
Ky-18-13 80.00 81.00 1.00
1.76
Ky-18-14 46.20 80.50 34.30 7.89 3.29 0.88 0.26 112.6
Ky-18-14 incl. 46.20 49.20 3.00 56.23 9.04 9.19 2.16 1158
Ky-18-14 incl. 62.48 63.00 0.52 18.49 15.45 0.96 0.13 32
Ky-18-14 incl. 67.00 67.60 0.60 13.59 13.05 0.09 0.05 14
Ky-18-14 incl. 76.00 80.50 4.50 14.27 12.08 0.31 0.30 59.8
Ky-18-16 77.20 77.72 0.52 33.48 4.47 7.85 0.72 478
Ky-18-17 10.43 11.00 0.57 11.72 6.37 0.10 6.08 14.5
Ky-18-17 67.00 67.50 0.50 7.23 6.05 0.21 0.15 27.5
Ky-18-18 72.50 73.50 1.00 2.74 2.04 0.09 0.11 19.6
Ky-18-19 13.02 13.72 0.70
1.05
Ky-18-20 32.00 32.28 0.28 10.75 2.39 1.82 0.87 164
Ky-18-21 145.50 147.00 1.50 8.26 2.31 0.89 0.81 156.6

Zinc equivalent (% Zn Equiv.) values for drill hole intersections are based on the following metal prices (as of January 16, 2019): Zinc US$2,467 / tonne (US$1.119 / lb.), Lead US$1,953 / tonne (US$0.886 / lb.), Copper US$5,881 / tonne (US$2.668 / lb.) and Silver US$15.605 per troy ounce. Metal recoveries of 100% were applied in the zinc equivalent calculations. The zinc equivalent calculation is as follows: Zn Equiv. = 100 x ((Ag Price in grams x Ag Grade) + (Pb Price x 2204.6 x Pb Grade (%) / 100) + (Cu Price x 2204.6 x Cu Grade (%) / 100) + (Zn Price x 2204.6 x Zn Grade (%) / 100)) / Zn Price x 2204.6.

Drill holes Ky-18-10 to Ky-18-13 were in-fill holes drilled east to slightly southeast at 45 to 57 degree dips. Drill holes Ky-18-14, Ky-18-21 and Ky-18-22 were collared closer to the vein system and at steeper dips (78-83 degrees) to intersect the vein system at a shallower angle to test continuity of mineralization along dip, locate possible ore shoots and gain a structural understanding of the vein’s vertical and horizontal orientations / extensions for targeted follow-up drilling. Hole Ky-18-21, drilled under Ky-18-14, tested the zone deeper. The mineralized intersection at 145.5-147 meters in this hole is the deepest intersection by the Company in the Elmtree 12 vein system and indicates the system is open at depth at this location. This interval also returned anomalous values for cobalt, including 0.07% Co over 1.0 meter core length.

The meta-sediments in the lower half of Ky-18-22 are intruded my mafic dykes, possibly cutting the vein system.

Drill holes Ky-18-15 and Ky-18-16 tested the extension of the Elmtree 12 vein system to the north. Ky-18-15 was drilled slightly northwest (approximate 55 degree dip). Ky-18-16 was drilled slightly southwest (approximate 73 degree dip). The metal rich intersection in Ky-18-16 indicates the mineralized system is open to the north at slightly deeper levels.

Drill holes Ky-18-17 and Ky-18-18 tested the Elmtree 12 vein system south of previous Company drilling. Mineralized veins and / or alteration was intersected in both holes, indicating the mineralized system to be open to the south.

Drill holes Ky-18-19 and Ky-18-20 were located southwest of the known extent of the Elmtree 12 vein system. These holes tested the extension of the high grade vein intersected in 2017 hole Ky-17-8. Ky-18-19 was drilled slightly northwest at an approximate 66 degree dip to intersect the vein deeper. Hole Ky-18-19 did not confirm the down-dip extension of the mineralized vein. Hole Ky-18-20 was drilled southwest at an approximate 55 degree dip. This hole intersected a near-surface narrow copper, lead, zinc and silver bearing zone (approximate 26 meters vertical depth) approximately 10 meters south of the high grade vein intersection of hole Ky-17-8.

Drill core from the 2018 program was geologically logged and sampled at a secure location in Miramichi, New Brunswick. Drill core samples were submitted to ALS Canada for gold analysis (Fire Assay-AA) and for 33 element analysis (including copper, lead, zinc and silver) by Four Acid and ICP-AES. Samples exceeding 1,500 g/t silver were re-analyzed for silver by Fire Assay-Gravimetric Finish. Quality Control samples were included as part of the sample submission. A Qualified Person verified the 2015, 2017 and 2018 exploration data for Great Atlantic. The Qualified Person managed these exploration programs at the Keymet Property.

Historic Keymet Mine (1950s)

The Company’s focus since acquiring the Keymet Property has been the northwest region of the property in the area of reported polymetallic veins with most work in the area of the Elmtree 12 copper-lead-zinc-silver bearing vein system. At least seven vein occurrences with lead, zinc and +/- copper, silver and gold are reported in this region of the property in addition to the polymetallic veins reported at the historic Keymet Mine (source: New Brunswick Dept. of Energy and Resource Development Mineral Occurrence Database). The Keymet Mine operated during the mid-1950s, producing copper, lead, zinc and silver. Production at this mine was terminated due to a fire at the site.

Significant precious metal – base metal deposits are reported within 4 km of the Keymet Property. The Elmtree gold deposits are located within 3 km west-southwest of the Keymet Property. The historic Nigadoo River Mine is located approximately 4 km south of the Keymet Property. Polymetallic massive sulfide veins were mined at the Nigadoo River Mine during the 1960s and 1970s with copper, lead, zinc and silver being produced. The N.B Dept. of Energy and Resource Development Mineral Occurrence Database reports shaft depth and production totals at this historic mine. Production during 1967-1971 is reported as 1.126 million tonnes at 2.2% Pb, 2.1% Zn, 0.24% Cu and 92.57 g/t Ag. Production during 1973-1977 (after a 2 year closure) is reported to be 0.733 million tonnes (only partial metal grades reported). The shaft is reported to at least 470 meter deep.

The Nash Creek Zinc Project of Callinex Mines Inc. is located approximately 15 kilometers northwest of the Keymet Property. Callinex Mines Inc. recently filed a 43-101 Technical Report (effective date March 21, 2018) which was completed by Tetra Tech Canada Inc. The report includes updated mineral resource estimates for the Nash Creek Zinc Project (Hickey and Hayes Zones) using a 1.5% Zn Equiv. cut-off. This included 13,592,000 tonnes indicated estimated resources at 2.68% Zn, 0.58% Pb and 17.8 g/t Ag; and 5,929,000 tonnes inferred estimated resources at 2.68% Zn, 0.47% Pb and 13.9 g/t Ag (source: Callinex Mines Inc. Website).

Readers are warned that mineralization at the Elmtree gold deposits, historic Nigadoo River Mine and Nash Creek Zinc Project is not necessarily indicative of mineralization on the Keymet Property.

Access to the Keymet Property is excellent with paved roads transecting the property, including a provincial highway. The property covers an area of approximately 3,400 hectares and is 100% owned by the Company.

Readers are warned that historical records referred to in this News Release have been examined but not verified by a Qualified Person. Further work is required to verify that historical records referred to in this News Release are accurate.

David Martin, P.Geo., a Qualified Person as defined by NI 43-101 and VP Exploration for Great Atlantic, is responsible for the technical information contained in this News Release.

On Behalf of the board of directors

“Christopher R Anderson

Mr. Christopher R Anderson ” Always be positive, strive for solutions, and never give up “
President CEO Director
604-488-3900 – Dir

About Great Atlantic Resources Corp.: Great Atlantic Resources Corp. is a Canadian exploration company focused on the discovery and development of mineral assets in the resource-rich and sovereign risk-free realm of Atlantic Canada, one of the number one mining regions of the world. Great Atlantic is currently surging forward building the company utilizing a Project Generation model, with a special focus on the most critical elements on the planet that are prominent in Atlantic Canada, Antimony, Tungsten and Gold.