The Glenelg Vanadium Property is located within southwest New Brunswick. It was acquired during 2019 through an option agreement. A bedrock grab sample collected by Great Atlantic Resources Corp. during 2018 from the layered Bobabec Gabbro Complex returned 0.188% vanadium (0.33% V2O5), 10.3% TiO2 and 25.71% iron. This sample was collected by a Qualified Person in the southern region of the property, being subsequently analyzed by ALS Canada Ltd. by XRF Fusion. The northern boundary of the Glenelg Property borders the Clarence Stream Gold Project of Galway Metals Inc. (TSXV.GWM).
The Glenelg property has seen little exploration. Company management cannot find evidence of historical drilling within the property. The property is reported to be underlain by the Silurian Bocabec Gabbro Complex (gabbro, minor granodiorite, diorite and granite).
Historic bedrock grab samples are reported to return significant levels for gold, cobalt and bismuth. A grab sample collected during 2006 was reported to return 2.6 grams per tonne (g/t) gold and 0.65% cobalt. Another grab sample was reported to return greater than 1% copper and 0.15% cobalt. A 2013 grab sample from a sulfide vein was reported to return 14 g/t gold, 1.28% bismuth and 0.12% cobalt. Another 2013 grab sample from the Bocabec Gabbro Occurrence was reported to return 0.237% vanadium (0.42% V2O5), 16.5% titanium (27.5% TiO2) and greater than 30% iron. Readers are warned that this historic data has not been verified by a qualified person.
Layered Bobabec Gabbro Complex – 2018 Great Atlantic Resources Bedrock Sample
returned 0.33% V2O5, 10.3% TiO2 & 25.7% Fe
The Glenelg Vanadium Property is located within southwest New Brunswick approximately 20 kilometers east of the town of St. Stephen and approximately 15 kilometers northwest of the Company’s Mascarene Property which hosts multiple mineral occurrences with cobalt, copper, nickel, zinc, lead, gold and / or silver. The Glenelg Vanadium Property covers an area of approximately 1,185 hectares.
Under the terms of the agreement, Great Atlantic may earn in a 100-per-cent interest in the property by making certain staged cash payments to the optionor over a five-year period as follows: (i) $10,000 in cash deposit (paid); (ii) $15,000 in cash on or before the first anniversary of the approval date; (iii) $30,000 in cash on or before the second anniversary of the approval date; (iv) $30,000 in cash on or before the third anniversary of the approval date; and (v) $40,000 on or before the fourth anniversary of the approval date; and (vi) $50,000 on or before the fifth anniversary of the approval date.
In the event Great Atlantic exercises the Option and acquires a 100% right, title and interest in and to the Property, the Optionor shall thereafter be entitled to a 2.0% net smelter return, payable upon the commencement of Commercial Production.
Optionee shall have the right to purchase one-half (50%) of the NSR Royalty from Optionor at any time by payment to Optionor of $1,000,000, leaving Optionor with a 1.0% remaining NSR Royalty or in stages example $500,000 for ½ of a percentage
Readers are warned that mineralization at the Clarence Stream Gold Project and the Company’s Mascarene Property are not necessarily indicative of mineralization within the Glenelg Vanadium Property.