Great Atlantic Resources Options a 75% Interest in Kagoot Brook Cobalt Project to Explorex Resources, Exploration Program Planned for Summer 2018 - Video Available on Investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - June 1, 2018) - Great Atlantic Resources (TSXV: GR) (FSE: PH01) has optioned a 75% interest in its Kagoot Brook cobalt project to Explorex Resources (CSE: EX). Explorex is planning a comprehensive exploration this summer. The project, consisting of 7 claims covering 4,233 hectares, is located approximately 85 kilometres southwest of Bathurst along the southwest margin of the famous Bathurst Mining Camp in New Brunswick, Canada.
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The Kagoot Brook property is 100% owned by Great Atlantic, subject to an underlying agreement with a prospecting syndicate.
Explorex Resources is obligated to:
• Make a cash payment of $25,000 and issue 75,000 shares
• Issue shares valued at $50,000 on the 12-month anniversary
• Incur exploration expenses of $750,000 over a 4-year period, of which $100,000 is to be incurred in the 1st year
Upon earning 75% of the project, the parties will enter into a joint venture. The terms will provide for a pro-rata dilution such that should Great Atlantic's interest drop below 5%, it will revert to a 3% NSR. Explorex will retain the right to buyback 2 percentage points at $ 1 million for each 1%, or portion thereof. Should Great Atlantic seek to sell any portion of the remaining NSR, Explorex will retain a first right of refusal.
In 1983, the New Brunswick Government, released stream sediment sampling results with anomalous responses which led to the staking of the Kagoot Brook claims by Brunswick Mining and Smelting.
Brunswick Mining conducted extensive soil sampling commencing in 1984 and completed 4.6 kilometres of magnetic and 13.0 kilometres of VLF-EM geophysical surveys over the gridded area, as well as stream sediment silt samples. The VLF survey indicated 3 strong and 2 weak conductors within the property.
The trends are oriented near east—west and delineate three areas of major interest. The soil samples returned favourable results from the three areas with a strong association between copper, silver and cobalt with the VLF conductors. The silt sampling program returned strongly anomalous cobalt with values up to 6,000 parts per million with anomalous values in copper, lead, zinc and nickel.
Mike Sieb, President, Explorex Resources, stated: "The Kagoot Brook Project remains one of the most notable and untested cobalt surface occurrences in New Brunswick's Bathurst Mining Camp. We look forward to this summer's exploration program designed to determine the source of the enriched Cobalt mineralization."
Great Atlantic is actively building its portfolio of projects utilizing a Project Generation model, with a special focus on the critical elements that are prominent in Atlantic Canada, such as zinc, cobalt antimony, tungsten and gold.
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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