Great Atlantic Acquires Cobalt Property in New Brunswick with Geochemical Anomalies up to 0.6% Cobalt and Defined Drill Targets - Video Available on Investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - January 11, 2018) - Great Atlantic Resources (TSXV: GR) (FSE: PH01) has acquired the Kagoot Brook Cobalt Property in New Brunswick, located approximately 85 kilometres southwest of Bathurst along the southwest margin of the famous Bathurst Mining Camp.
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Great Atlantic optioned the property from a local prospector and can earn 100% by making staggered payments of $140,000 in cash and 300,000 shares. The optionor is retaining a 2% royalty which the company may reduce to 1% by paying $500,000.
The company staked an additional 3,399 hectares thereby increasing the Kagoot Brook Cobalt Property to a total of 4,232 hectares, with the property easily accessible with logging roads transecting the property.
Historic cobalt stream and spring geochemical anomalies were reported by the New Brunswick Department of Natural Resources in the early 1980s, with four samples from two streams reporting values of 1259, 1261, 1297 and 1316 parts per million cobalt.
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 parts per million or 0.6% cobalt. Brunswick Mining and Smelting also reported anomalous copper, lead, zinc, silver and nickel stream silt samples and anomalous cobalt and copper soil samples within the Kagoot Brook Property.
Geological Survey of Canada 1986 airborne magnetic and 1996 airborne magnetic and electromagnetic surveys identified areas 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 induced polarization geophysics surveys, between 2012 and 2017, in this region of the property identified anomalies, further defining drill targets. These include chargeability anomalies and resistivity low anomalies, possibly caused by sulfide mineralization.
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.
Great Atlantic is also active on several other precious-base metal projects in New Brunswick and Newfoundland.
For more information, please visit the company's website www.greatatlanticresources.com. Investor Relations is handled by Kaye Wynn Consulting Inc. They can be reached at either 604-558-2630 or 888-280-8128, or email info@kayewynn.com.
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