Great Atlantic Acquires Cobalt - Copper - Nickel - Gold Property 17.5% Cu, 0.52% Co, 0.38% Ni and 21.8 g/t Au Southwest New Brunswick
Vancouver, British Columbia (FSCwire) - GREAT ATLANTIC RESOURCES CORP. (TSXV.GR) (the “Company” or “Great Atlantic”) is pleased to announce it has acquired the Mascarene Cobalt-Copper-Nickel-Gold Property in southwest New Brunswick through an option agreement with two private New Brunswick companies. Great Atlantic can acquire 100-per-cent interest in the property by means of cash payments. Historic rock rubble samples from historic workings include reported values of up to 17.5% Cu, 0.52% Co, 0.38% Ni and 21.8 g/t Au. Great Atlantic has also expanded the property through claim staking. The property covers an area of approximately 2,080 hectares.
The Mascarene Property is reported to contain multiple copper +/- nickel, cobalt, gold occurrences with historic pits / shafts dating back to the 1800s (N.B. Dept. of Energy and Resource Development Assessment Reports and Mineral Occurrence Database files). Sulfide bearing veins are reported at some of these sites. Mafic intrusive (gabbro) is reported at some sites. Magnetic geophysics anomalies occur within the property, some over 5km long. Great Atlantic is targeting these anomalies as potential sources of mafic intrusive hosted copper-cobalt-nickel mineralization.
Historic 2004, 2011 and 2012 grab samples from the property are reported to contain significant levels of copper, cobalt, nickel and / or gold (source: N.B. Dept. of Energy and Resource Development Assessment Reports). These include samples from the mine dump adjacent to the historic Oliver Cameron shaft, of which at least 13 samples are reported to exceed 1% Cu (up to 7.73% Cu reported) while also reported to return up to 0.52% Co, 0.38% Ni and 4.67 g/t Au. The Oliver Cameron workings are located in the eastern region of the property. Two rubble samples reported at the near-by historic Oliver shaft were reported to return 15.6% Cu and 0.993 g/t Au; and 17.5% Cu and 21.8 g/t Au. Grab samples from a pit in this east region were reported to return up to 0.45% Cu, 0.31% Co and 0.30% Ni. Samples from the area of the historic Wheal Louisiana workings in the southern region of the property were reported to return up to 3.44% Cu and 4.79 g/t Au and reported to contain anomalous amounts for cobalt (up to 0.13% Co reported) and nickel (up to 0.15% Ni reported). Mafic intrusions are reported at the Wheal Louisiana site. A qualified person has not verified this data due to winter conditions at the time of the property acquisition.
A 2002 airborne magnetic survey conducted by the New Brunswick government identified magnetic anomalies within the property. Great Atlantic management speculate these anomalies to be associated to a buried mafic intrusion(s). David Martin, VP Exploration for Great Atlantic states “the magnetic anomalies are a target for mafic intrusive hosted copper-nickel-cobalt deposits. Reported shallow vein-type mineralization at historic workings over magnetic anomalies may be indicative of deeper mafic intrusive hosted copper-cobalt-nickel mineralized bodies.” Of note the Mascarene property is located approximately 30 km southeast of the St. Stephen Ni-Cu-Co Property, with reported mineralization in both gabbro, metasediment and at the contact of gabbro and metasediments (source: ABE Resources Inc. website). Readers are warned that mineralization at the St. Stephen Ni-Co-Co Property is not necessarily indicative of the mineralization on the Great Atlantic’s Mascarne Property.
Source: N.B. Dept. of Energy and Resource Development Assessment Report No. 477530 (Stevens, 2013) (To view the graphic in its original size, please click here)
Readers are warned that historic data referred to in this News Release have not been verified by a qualified person due to winter conditions at the time of the property acquisition. Great Atlantic has not conducted any sampling on the property.
The Mascarene Property is located approximately 6km southwest of the town of Saint George. Access is excellent with paved provincial roads transecting or in close proximity to the property.
Under the agreement, Great Atlantic may earn in a 100-per-cent interest in the property by making certain staged cash payments to the optionor over a five-year period as follows: (i) $15,000 in cash within 10 business days of the TSX Venture Exchange approval of the transaction; (ii) $25,000 in cash on or before the first anniversary of the approval date; (iii) $30,000 in cash on or before the second and third anniversary of the approval date; (iv) $50,000 in cash on or before the fourth and fifth anniversary of the approval date; for an aggregate total of $200,000.
The optionor will retain a 2.0-per-cent new smelter return royalty which Great Atlantic may buy down one-half (50 per cent) of the NSR royalty by paying $500,000 per ½ percent, leaving the optionor with a 1.0-per-cent NSR royalty.
David Martin, P.Geo., a Qualified Persons 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
Kaye Wynn Consulting Inc.: 604-558-2630, Toll Free –888-280-8128
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
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Source: Great Atlantic Resources Corp. (TSX Venture:GR, FWB:PH01)
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