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GREAT ATLANTIC RESOURCES CORP. (TSXV.GR) (the “Company” or “Great Atlantic”) is pleased to announce it has acquired the Kagoot Brook Cobalt Property in north-central New Brunswick by means of an option agreement with a local prospector and additional mineral claim staking.
GREAT ATLANTIC RESOURCES CORP. (TSXV.GR) (the “Company” or “Great Atlantic”) is pleased to announce it has acquired the Kagoot Brook Cobalt Property in north-central New Brunswick by means of an option agreement with a local prospector and additional mineral claim staking. Great Atlantic can acquire 100% interest in the property by means of cash and share payments. The property covers reported historic cobalt geochemical anomalies, some reported as highly anomalous (reported up to 6,000 ppm Co or 0.6% Co). The property is located approximately 85 km southwest of Bathurst along the southwest margin of the famous Bathurst Mining Camp.
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Under the Agreement, Great Atlantic may earn-in a 100% interest in the Property by making certain staged cash payments and share payments of common shares in the capital of Great Atlantic to the Optionor over a four year period as follows: (i) $15,000 in cash and 150,000 common shares within ten (10) business days of the TSXV approval of the Transaction (the “Approval Date”); (ii) $15,000 in cash and 150,000 common shares on or before the first anniversary of the Approval Date; (iii) $30,000 in cash on or before the second anniversary of the Approval Date; (iv) $30,000 in cash on or before the third anniversary of the Approval Date; and (v) $50,000 on or before the fourth anniversary of the Approval Date.
The Optionor will retain a 2.0% new smelter return royalty (the “NSR Royalty”) which Great Atlantic may buy down one-half (50%) of the NSR Royalty by paying $500,000, leaving the Optionor with a 1.0% NSR Royalty.
Great Atlantic has also staked an additional 3399 hectares bring the total hectares of the Kagoot Brook Cobalt Property to 4232 hectares.
EM Conductivity (1996 airborne survey) and IP Survey Lines (2012, 2014 & 2017)
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Historic cobalt geochemical anomalies are reported within the Kagoot Brook Cobalt Property. Cobalt stream and spring sediment anomalies were reported by the New Brunswick Dept. of Natural Resources in the early 1980s within the property with four samples from two streams reported to return highly anomalous values of 1259, 1261, 1297 and 1316 parts per million (ppm) cobalt (reported analysis by Hot Nitric Acid Extraction – Atomic Absorption (A.A.) at N.B government laboratory). Anomalous stream silt samples were later reported by Brunswick Mining and Smelting in the mid-1980s in the same area including multiple samples reported to exceed 1,000 ppm cobalt (including one sample reported to return 6,000 ppm cobalt or 0.6% Co). Brunswick Mining and Smelting also reported anomalous copper, lead, zinc, silver and nickel stream silt samples and anomalous cobalt (reported up to 880 ppm or 0.088% Co) and copper soil samples within the Kagoot Brook Property. The soil and stream silt samples were reported to be analyzed at the Noranda Exploration laboratory in Bathurst, New Brunswick (soil samples by A.A.; stream silt analytical method not specified). The source of these geochemical anomalies has not been identified.
Geophysics anomalies are reported within the Kagoot Brook Cobalt Property, representing immediate drill targets. Geological Survey of Canada 1986 airborne magnetic and 1996 airborne magnetic and electromagnetic (EM) surveys identified an area(s) of high conductivity and coincident magnetic anomalies in the east-central region of the property in the general area of geochemical anomalies, defining drill targets. More recent (2012-2017) induced polarization (IP) geophysics surveys by Vickers Geophysics Inc. in this region of the property identified anomalies, further defining drill targets. These include chargeability anomalies and resistivity low anomalies. A possible cause of such IP geophysics anomalies is sulfide mineralization.
Resistivity Anomalies – IP Geophysics Surveys
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The Kagoot Brook copper occurrence, reported by the New Brunswick Department of Energy and Resource Development in the northwest region of the Kagoot Brook Property, represents another exploration target on the property. At this occurrence, trace copper sulfide mineralization (chalcopyrite) is reported to occur in altered tuffaceous volcanic rocks (source: New Brunswick Department of Energy and Resource Development Mineral Occurrence Database).
The Kagoot Brook Property occurs within the Miramichi terrane which trends northeast-southwest through New Brunswick. The Miramichi terrane hosts numerous volcanogenic massive sulfide deposits in northeast New Brunswick in the famous Bathurst Camp. Many of these deposits were mined. Volcanic rocks are reported locally in the Kagoot Brook Property.
The Kagoot Brook Property currently covers an area of approximately 4,232 hectares. Access to the property is excellent with logging roads transecting the property.
Readers are warned that historical data referred to in this News Release have not verified by a qualified person due to winter conditions on the property. Further work is required to verify that historical data referred to in this News Release are accurate.
David Martin, P.Geo., a Qualified Person as defined by NI 43-101, is responsible for the technical information contained in this News Release. Mr. Martin is the VP Exploration for Great Atlantic Resources Corp.
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.
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
Investor Relations:
Kaye Wynn Consulting Inc.: 604-558-2630, Toll Free –888-280-8128
E-mail: info@kayewynn.com
This press release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are
based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include exploitation and exploration successes, continued availability of financing, and general economic, market or business conditions.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Great Atlantic Resource Corp
888 Dunsmuir Street – Suite 888, Vancouver, B.C., V6C 3K4
Source: www.fscwire.com
