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Great Atlantic Resources Corp (3)
Symbol GR
Shares Issued 9,054,464
Close 2020-06-16 C$ 0.42
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Great Atlantic makes 2020 payments for N.B. properties

2020-06-16 11:03 ET - News Release

Mr. Christopher Anderson reports

GREAT ATLANTIC RESOURCES HAS COMPLETED OPTION PAYMENTS ON THREE NEW BRUNSWICK PROPERTIES

Great Atlantic Resources Corp. has made 2020 option payments to vendors for three New Brunswick properties. These are the Kagoot Brook cobalt property, Glenelg vanadium property and Mascarene (polymetallic) property. Great Atlantic can acquire 100 per cent in all three properties. Other New Brunswick properties including Keymet, Porcupine, Mount Raymond and McDougall Road are 100 per cent owned by Great Atlantic.

Kagoot Brook cobalt property

Great Atlantic optioned the Kagoot Brook cobalt property during 2018 (see company news release of Jan. 10, 2018), located in north-central New Brunswick. Great Atlantic has made the 2020 (second anniversary) cash payment to the vendor for the property. Great Atlantic can acquire 100-per-cent interest in the property. Since entering into the option agreement, Great Atlantic has expanded the Kagoot Brook cobalt property to the current approximate 4,233-hectare area. The property covers reported cobalt stream silt geochemical anomalies, some reported to be highly anomalous (reported up to 6,000 parts per million cobalt or 0.6 per cent cobalt). The property is located approximately 85 kilometres southwest of Bathurst along the southwest margin of the famous Bathurst mining camp. Great Atlantic has optioned the Kagoot Brook cobalt property to Explorex Resources Inc. whereby Explorex can acquire a 75-per-cent interest in the property (see company news release of Feb. 14, 2018).

Follow-up stream silt sampling programs was conducted by Explorex during 2018 on the Kagoot Brook property. It was reported the silt sample results from the 2018 program also revealed a significant concentration of and a strong relationship of cobalt with manganese and associated base metals (nickel, copper, lead and zinc) (see Explorex news release of Nov. 5, 2018).

Glenelg vanadium property

Great Atlantic optioned the Glenelg vanadium property during 2019 (see company news release of May 6, 2019), located in southwest New Brunswick. Great Atlantic has made the 2020 (first anniversary) cash payment to the vendors for the property. Great Atlantic can acquire 100-per-cent interest in the property. Since entering into the option agreement, Great Atlantic has expanded the Glenelg vanadium property to the current approximate 3,500-hectare area.

The Glenelg vanadium property hosts vanadium and titanium mineralization, occurring within the Bocabec gabbro complex. A 2018 outcrop grab sample collected by the company from a magnetic layer in the Bocabec gabbro complex returned 0.188 per cent vanadium (0.33 per cent vanadium(V) oxide), 10.3 per cent titanium dioxide and 25.71 per cent iron (see company news release of May 6, 2019). This sample was collected by a qualified person and analyzed by ALS Canada Ltd. by XRF fusion. The area of this outcrop has not been tested by drilling. The 2019 drilling program did not test this target area due to wet late-fall conditions. Another 2018 bedrock grab sample from the same area was reported to return 0.234 per cent vanadium (0.42 per cent V2O5), 7.34 per cent titanium (12.2 per cent TiO2) and 28.8 per cent iron. This sample was collected by one of the company's option partners for the property. This sample has not been verified by a qualified person.

Polymetallic veins are reported within the Glenelg vanadium property. A grab sample collected during 2006 was reported to return 2.6 grams per tonne gold and 0.65 per cent cobalt. A 2013 grab sample from a sulphide vein was reported to return 14 g/t gold, 1.28 per cent bismuth and 0.12 per cent cobalt. These samples have not been verified by a qualified person.

Mascarene property

Great Atlantic optioned the Mascarene property during early 2018 (see company news release of Feb. 13, 2018), located in southwest New Brunswick. Great Atlantic has made the 2020 (second anniversary) cash payment to the vendors for the property. Great Atlantic can acquire 100-per-cent interest in the property. Since entering into the option agreement, Great Atlantic has expanded the Mascarene property to the current approximate 2,080-hectare area.

The Mascarene property is reported to contain multiple mineral occurrences with cobalt, copper, nickel, zinc, lead, gold and/or silver, some with historic workings dating back to the 1800s. The company verified zinc-lead-silver and gold-copper-nickel-cobalt mineralization in rubble near historic workings at two reported mineral occurrences during 2018 (see company news release of Oct. 17, 2018). Rock grab samples collected by the company during 2018 from rubble at the reported Simpson prospects occurrence returned 12.35 per cent zinc, 4.34 per cent lead and 41 g/t silver, and 12.6 per cent zinc. Rock grab samples collected by the company during 2018 from rubble at the Oliver-Cameron mine occurrence returned 1.84 per cent to 5.02 per cent copper, and up to 2.01 g/t gold, 0.22 per cent nickel and 0.14 per cent cobalt. A qualified person supervised the 2018 program and verified the sample data. The company has not verified other reported mineral occurrences within the property.

David Martin, PGeo, a qualified person as defined by National Instrument 43-101 and vice-president of exploration for Great Atlantic, is responsible for the technical information contained in this news release.

The company has also closed the final tranche of its non-brokered private placement previously announced on May 25, 2020. The final tranche consisted of 238,095 flow-through shares at a price of 42 cents per share for gross proceeds of $100,000. Each flow-through share consists of one common share that qualifies as a flow-through share as defined in Subsection 66(15) of the Income Tax Act. The net proceeds from the offering will be used for exploration expenses on the company's mineral properties in Atlantic Canada. All securities issued in connection with the offering will be subject to a hold period expiring Oct. 10, 2020.

Christopher Anderson, a director and/or officer of the company, participated in the offering constituting a related party transaction pursuant to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company relied on Section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101 as the fair market value of the transaction did not exceed 25 per cent of the company's market capitalization.

About Great Atlantic Resources Corp.

Great Atlantic 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 No. 1 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.

We seek Safe Harbor.

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