Great Atlantic Resources Closes Share for Debt Financing FOCUSED ON EXPLORING ATLANTIC CANADA (TSXV : GR) VANCOUVER, British Columbia – May 13, 2013 – GREAT ATLANTIC RESOURCES CORP. (TSXV.GR) is pleased to announce that it has closed a share for … Continue reading
About Great Atlantic Resources Corp.
Great Atlantic Resources Corp. is focused on exploring Atlantic Canada, which is a sovereign risk-free, resource-rich domain. (New Brunswick was recently rated as the #1 region in the world to do mining in by the Fraser Institute in March of 2012.) Great Atlantic Resources Corp. is sourcing and advancing several projects under a Project Generation model, addressing a wide range of specialty and traditional commodities such as Graphite, Tungsten, Antimony, base metals and precious metals.
Exploration Projects Under Development
Focused on 2013
West Gore Project - Antimony & Gold
The property is located 45 kilometres north-east of Halifax and is comprised of 12, 40 acre claims totalling 480 acres. The West Gore antimony/gold mineralization was discovered in 1880 as float and was discovered in bedrock in 1883 when a NW trending fissure vein with abundant stibnite was found. Two shafts were sunk on what is known as the Main vein. In 1887 a second vein – the Brook or Berggren Vein – was discovered 350 meters to the southwest of the Main Vein and in 1899 the Flowers Vein was discovered 220 meters northeast of the Main Vein.The Main and Berggren veins are within the optioned ground while the Flowers is 200 meters north of the claim boundary. Production from the mine was primarily from the Main Vein with between 70 and 80,000 tons of ore averaging 4.1% Sb and 0.1 opt (3gpt) Au being milled. Concentrates were shipped from the mine to Swansea, Wales. It is estimated that 4,959 tons of Sb concentrate and 6,995 oz of gold were produced between the period of 1883 and 1917.
Keymet Project - Silver and Base Metals
Great Atlantic Resources Corp. acquired a 100% interest in the Keymet property located 24 kilometres NNW of Bathurst, New Brunswick. The property covers 6,400 acres and is named after a small past producing mine located on the property which produced a total of 56,000 tons @ 0.25% Cu, 2.44% Pb, 2.59% Zn and 0.99 opt Ag between 1954 and 1956. a shaft was sunk to the 366 meter level with drifts established on the 45, 91, and 137 meter levels. Production ceased in 1956 when a fire destroyed the mine buildings. Based on historic geophysical and geochemical data, there is good evidence that a series of three and possibly four, parallel vein systems occur on the property. Exploration planned for the Keymet claim group will include re-establishment of the geochemical/geophysical grids and locating the historic anomalies on the ground. Confirmation of the soil anomalies with follow up trenching, has identified several drill targets. The plan for these targets is to drill them in Q4 2011.
South Quarry Project - Tungsten
The South Quarry Showing is located in a rock quarry on the east side of the Baie d’Espoir Highway, approximately 7 km south of Berry Hill Pond. The mineralization occurs in leucocratic granite veins hosted by metagreywacke and limestone of the Davidsville Group. The limestone locally contains pyrrhotite both on surface exposures and in drill core. The veins consist of quartz, plagioclase, microcline and muscovite and vary from 2 to 25 cm in width. They appear greisenized and small flecks of fluorite occur locally. The scheelite forms grayish white patches in the veins and fluoresces a bright blue. Euhedral crystals and small patches of pyrite, pyrrhotite and minor arsenopyrite also occur (Blackwood and Green, 1982). Much of the previous exploration work on the area was conducted by Kidd Creek Mines in the early 1980’s. This work consisted of geological mapping, prospecting with a UV lamp, till and soil geochemistry, backhoe trenching, glacial studies, line cutting, ground magnetics and VLF-EM, bulldozer stripping of the South Quarry prospect, trenching, diamond drilling, geological mapping, core logging, and assaying (Robertson, 1986). Scheelite-bearing cobbles and boulders were found in the area in three backhoe trenches, along roadcuts of the highway and along a bush road. The granite veins are probably related to the Middle Ridge Granite of Devonian age. The showing consists of a swarm of scheelite-bearing veins which occur over an area of at least 200 m by 300 m. Where veins have been exposed by stripping, a 200 m long cross section of the vein swarm revealed veins up to 1.5 m wide and grading 0.3 to 0.4 % WO3.
Shear Gold Mine & District - Antimony, Gold & Copper
Great Atlantic Resources acquired by staking a 100% interest two claim blocks – the Shear Mine and Sand Brook – which constitute a contiguous land position of 4400 acres. The claims have historical assays from shafts of up to 17.14 g/t Au and 60 g/t Ag. During the summer exploration program, the company made a new copper discovery immediately south of the Shear claims which assayed up to 4.84% Cu. On the basis of this discovery, a new block of claims totalling 1640 acres was staked at East Long Lake. Follow up mapping and prospecting is slated to begin in the near future on the new copper zone.
MacDougall Project - Antimony & Gold
Great Atlantic Resources Corp. (TSXV.GR) is pleased to announce that it has signed a definitive agreement with a New Brunswick resident to acquire the MacDougal Road Antimony property located in western New Brunswick.
Speerville Project - Antimony & Gold
Great Atlantic Resources Corp. is pleased to announce that it has acquired by staking, 7,800 acres known as the Speerville Property in Carleton County, western New Brunswick. The lands are adjacent to the Company’s recently acquired MacDougall Road Antimony property.
Christmas Island Project - Graphite & Gold
Graphite samples were taken from graphite showings on the newly optioned lands and were tested in 2006. Of the four samples taken , three samples were taken from graphite schist on the property and one sample was taken from the George River Marble along strike from the property. There is a historic graphite mine just to the south, dating from approximately a hundred years ago. Graphite mining of that time concentrated on the high grade, vein graphite, often found at sheared lithologic contacts between schist and carbonates. There is a good possibility that the more economically attractive disseminated flake graphite mineralization will be found within the George River Marbles that traverse the property. Also the distinctive geophysical anomaly occurring the property may indicate the presence of additional graphite or other conductive minerals. Greenlight is currently reviewing all the previous work and reports associated with the property as well as reviewing the local geology and will be commencing a phase one work program immediately.
- Large contiguous 5,760 acres claim block hosting multiple near surface target areas, for Gold, Copper & Graphite. Numerous IP and geochemical anomalies, the longest of which is greater than a kilometre in length.
- Includes Gold (up to 5oz/t) and Graphite (up to 20% graphite in shear zones) showings identified from trenching &(up to 4% disseminated)
- Excellent infrastructure with road access to the property
Golden Grove Deposit - Graphite
The 100 % owned Golden Grove Graphite deposit is located 24 kilometres northeast of Saint John, NB. The Deposit has been known since the mid 1930’s and has assayed up to 31.74% graphite. Previous drilling blocked out approximately 25,000 tons of 22.37% graphitic carbon but no work has been carried out on the property since 1987. Graphite is a conductive, chemically inert mineral that is a key component to almost all batteries, fuel cells, brake pads, and is also a critical component in both the metallurgical and electrical industries. Graphite is similar to rare earths minerals in that they are largely monopolized by China. Current and planned production of high quality graphite is only a small fraction of the projected requirements of the battery and automotive industries. This suggests that the price of high quality graphite will at least maintain its current price of approximately $2,400 per tonne, and possibly approach that of syntheticgraphite which currently sells for in excess of $19,000 per tonne.
Tomahawk Project - Manganese
The Tomahawk Ridge manganese prospect, covering 52 claims over 2,080 acres in NE New Brunswick, was discovered in 1976 and Noranda subsequently acquired the project in 1979 but no further work was conducted. Great Atlantic Resources Corp. recently acquired 100% interest in the project and a program including trenching and evntual drilling is in the early planning stages. 9.67% Mn, 9.33% Fe.
Beaver Brook Project - Antimony
The Beaver Brook deposit lie within an ENE trending greywacke horizon of the Ordovician Davidsville Group in close proximity to The Mount Peyton Intrusive Complex. The stibnite veins occur as fracture controlled, essentially mono-mineralic veins, which are developed where E-W trending faults cross cut the Davidsville greywacke. To date, three antimony bearing fracture zones have been identified; the Szechuan, the Hunan and the Xingchang. These are collectively known as the Hunan Line deposits. This line which parallels stratigraphy extends onto the Great Atlantic claims which lie 2,000 meters west of the Xingchang showing.
Projects Under Joint Venture
Porcupine Project - Heavy Rare Earth Elements & Base Metals
The Company acquired a 100% undivided interest in the Porcupine-Upper Miramichi Rare Earth Property in New Brunswick. The primary target is the various rare earth elements (REE) that were discovered in soil samples on the property in 2007. Soil assays for REE's include Samarium (Sm), were reported with grades of up to 218 ppm (g/t) and Dysprosium (Dy) with grades of up to 98.6 ppm (g/t), Neodymium (Nd) with grades of up to 1190 ppm (g/t), Ytterbium (Yb) with grades of up to 31.3 ppm (g/t) and Yttrium (Y) with grades of up to 472 ppm (g/t). Reported assays for Heavy REE's include Terbium (Tb) with grades up to 20.3 ppm (g/t) and Ytterbium (Yb) with grades up to 31.3 ppm (g/t) while reported light rare earth metals include Cerium (Ce) with grades up to 459 ppm (g/t) and Lanthanum (La) with grades up to 1,300 ppm (g/t). The Company is currenlty conducting an initial mapping and prospecting program over the property.
Otter Lake - Tungsten & Gold
The Company holds a 50% option agreement on the Otter Lake property in New Brunswick with Portage Minerals Inc. and Rockport Mining Corp. The 4,160 acre property is 15 km east of the Mt Pleasant Zinc, Indium, Tungsten, Molybdenum, Bismuth deposit. Four significant Au, Ag, W, Mo and Bi showings occur and trench samples have Au assays of 1 g/t to 20.1 g/t including up to 0.32% Bi and 4.46% W. A base metal/silver discovery made subsequent to the gold discovery on the property assayed up to 596 g/t Ag, 1.4% Cu, 6.95% Pb, 4.5% Zn. Recently, Greenlight acquired by staking a further 2,400 acres adjacent to this property increasing Great Atlantic Resources Corp.’s contiguous land position to 6,560 acres. The newly acquired 100% owned lands have historical assays from shafts of up to 17.14 g/t Au and subsequent sampling returned 9.6 g/t Au and 60 g/t Ag.