Vancouver, British Columbia--(Newsfile Corp. - May 21, 2021) - Great Atlantic Resources (TSXV: GR) (FSE: PH02) has announced a non-brokered private placement. The company is looking to raise gross proceeds of up to $2,060,000 from the placement of both regular and flow-through units.
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Up to $1,360,000 will be raised from the placement of up to 2 million flow-through units priced at $0.68 per unit, with another $700,000 to be raised from the placement of up to 1,400,000 regular units priced at $0.50 per unit. Both units will consist of 1 share and 1 warrant, with the warrant exercisable at $0.75 for 36 months.
Subject to and concurrently with the completion of this private placement, Eric Sprott, through 2176423 Ontario Ltd., which is beneficially owned by Mr. Sprott, has agreed to be a back-end purchaser of common shares issued in connection with this private placement.
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 is particularly active in the central Newfoundland, where the company has several properties, with the Golden Promise Gold Property being the most advanced, highest priority and largest property.
The Jaclyn Zone, located within the northern region of the Golden Promise Property, hosts five gold bearing quartz veins systems, being the Jaclyn Main, Jaclyn North, Jaclyn South, Jaclyn East and Jaclyn West Zones.
The Jaclyn Main Zone has a NI 43-101 Resource Estimate of 119,000 ounces of gold. 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.
The company recently reported gold assays for prospecting rock samples and drill core samples from its Golden Promise Property, with all 3 drill holes from the 2020 program intersecting gold bearing veins, extending the Jaclyn North Zone quartz vein system approximately 260 meters east of historic drilling. Rock samples were collected during late 2020 from quartz float boulders east of the Jaclyn North Zone, where the quartz boulder field measures at least 300 meters long and 25 to 75 meters wide. Three quartz float samples from this boulder field returned 157.5, 26.7 and 17.4 g/t gold while seven float samples returned 1.49 to 6.72 g/t gold.
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