Vancouver, British Columbia (FSCwire) - GREAT ATLANTIC RESOURCES CORP. (TSXV.GR) (the “Company” or “Great Atlantic”) is pleased to announce that its Optionee Explorex Resources Inc is in receipt of a Work Permit from the New Brunswick Dept. of Energy and Resource Development to conduct an exploration program consisting of a detailed geophysical survey, possible trenching and drilling.

 

The Kagoot Brook project (“Project”) consists of 3 mineral claims, totalling 4,233 hectares located in north central New Brunswick, 85 km southwest of Bathurst along the southwest margin of the famous Bathurst Mining Camp.  In 1984, Brunswick Mining and Smelting (“Brunswick Mining”), following up on highly anomalous, >1,000 ppm cobalt, stream silt samples collected by the New Brunswick Government, performed a detailed sampling campaign in the vicinity (New Brunswick Assessment Report 473161) revealing one of the most notable stream silt cobalt anomalies in New Brunswick.

 

Kagoot Brook Project’s Key Highlights:

 

• 6,000 ppm cobalt (0.6% Co) reported from stream silt sample;

 

• Areas of highly anomalous stream sediment samples coincident with geophysical conductors;

 

• No drilling has ever been conducted; and

 

• Permitted comprehensive exploration program for this summer.

 

“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” states Mike Sieb, President, Explorex Resources Inc.

 

Option Agreement

 

The Kagoot Brook property is 100% owned by Great Atlantic and is subject to an underlying agreement with a prospecting syndicate.  The agreement to acquire a 75% interest in the Project is subject to the following terms:

 

• Cash payment of $25,000 and issuance of 75,000 shares upon signing a definitive agreement (Paid and Issued);

 

• Issue $50,000 in shares on the 12-month anniversary of the definitive agreement; the number of shares to be issued will be based on the 10 day VWAP immediately prior to the anniversary date; and

 

• Explorex will incur a total expenditure of $750,000 (including all underlying payments) over a period of 4 years; of which $100,000 will be a firm commitment on or before the first anniversary of the definitive agreement.

 

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.

 

For additional details on the Kagoot Brook Project refer to Company news release dated February 14, 2018 or visit the Company’s website at www.greatatlanticresources.com

 

David Martin, P.Geo., a Qualified Person as defined by NI 43-101, is responsible for the technical information contained in this News Release.

 

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, Zinc, Cobalt, Antimony, Tungsten and Gold.

 

On Behalf of the board of directors

 

“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

To view the original release, please click here

Source: Great Atlantic Resources Corp. (TSX Venture:GR, FWB:PH01)

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