VANCOUVER, British Columbia – October 9, 2019 – GREAT ATLANTIC RESOURCES CORP. (TSXV.GR) (the “Company” or “Great Atlantic”) is pleased to announce it has been approved for funding in the amount of $25,000 from the New Brunswick Department of Energy and Resource Development for its 2019 exploration program on the Glenelg Vanadium Property, located in southwest New Brunswick. The grant is funded under the New Brunswick Junior Mining Assistance Program (NBJMAP).
Company and reported historic bedrock grab samples from within the Glenelg Property from the layered Bocabec Gabbro Complex returned significant levels of vanadium and titanium. Historic grab bedrock samples are reported to return significant levels for gold, cobalt and bismuth.
Vanadium, titanium & iron mineralization in layered Bocabec Gabbro Complex.
Company & historic bedrock grab samples of 0.33% & 0.42% V2O5 & 27.5% TiO2.
Historic bedrock grab samples of 14 g/t Au, 1.28% Bi & 0.65% Co.
Great Atlantic is currently conducting exploration within the Glenelg Property consisting of prospecting, rock geochemical sampling and geophysical surveying. The Company is planning trenching and diamond drilling this fall at the property, the focus being exploration for vanadium and titanium within the Silurian Bocabec Gabbro Complex. The program will be partially funded by the $25,000 NBJMAP funding. Great Atlantic must incur at least $50,000 in total exploration expenditures during 2019 on the property to qualify for the NBJMAP funding.
A 2018 grab sample collected by the Company from a magnetic layer in the Bocabec Gabbro Complex returned 0.188% vanadium (0.33% V2O5), 10.3% TiO2 and 25.71% iron. This sample was collected within the southeast region of the property within the original mineral claims acquired by the Company. It was collected by a qualified person. This sample was analyzed by ALS Canada Ltd. by XRF Fusion.
Layered Bocabec Gabbro Complex
Another 2018 bedrock grab sample from the same southeast region of the property was reported to return 0.234% vanadium (0.42% V2O5), 7.34% titanium (12.2%TiO2) and 28.8% iron. This sample was collected by one of the Company’s option partners for the property. A 2013 sample from this region was reported to return 16.5% titanium (27.5% TiO2). These samples have not been verified by a Qualified Person.
Polymetallic veins are reported within the Glenelg Property. A grab sample collected during 2006 was reported to return 2.6 grams per tonne (g/t) gold and 0.65% cobalt. A 2013 grab sample from a sulfide vein was reported to return 14 g/t gold, 1.28% bismuth and 0.12% cobalt. Both samples are reported within the southeast region of the property, within the original mineral claims acquired by the Company. These samples have not been verified by a Qualified Person.
The Company acquired the Glenelg Property earlier in 2019 and recently expanded the property threefold to the current area of approximately 3,500 hectares (Company News Releases of May 6 and September 30, 2019). The recent mineral staking by the Company significantly expanded the the Glenelg Proeprty to the west-northwest, covering additional ground reported to be underlain by the Silurian Bocabec Gabbro Complex (intrusive complex including gabbro, granodiorite, diorite and granite), areas of reported magnetic anomalies and three gold occurrences (as rpeorted within the New Brunswick Department of Energy and Resource Development Mineral Occurrence files). Such magnetic anomalies are interpreted by Company management to be targets for vanadium and titanium bearing magnetite-rich rich layers within the Compex. A reported 1990 bedrock grab sample of quartz-sulfide breccia from one of the gold occurrences was repeorted to return 1.33 g/t gold.
The Glenelg Property is located immediately south of the Clarence Stream Gold Project of Galway Metals Inc. (TSXV.GWM). A portion of the northern boundary of the Glenelg Property borders Galway’s Clarence Stream Gold Project. Galway reported a NI 43-101 resource estimate for the project during 2017, reporting total Measured plus Indicated resources of 6,178,000 tonnes at 1.96 g/t gold (390,000 ounces of gold) and total Inferred resources of 3,409,000 tonnes at 2.53 g/t gold (277,000 ounces of gold). Galway reported a new gold discovery at the Clarence Stream Gold Project earlier this year with one hole reported to intersect 7.3 g/t gold over 36.7 meters core length (Galway News Release of February 13, 2019).
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.
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. Readers are warned that historic data referred to in this News Release have not been verified by a qualified person.
David Martin, P.Geo., a Qualified Person as defined by NI 43-101 and VP Exploration for Great Atlantic, 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, Antimony, Tungsten and Gold.
On Behalf of the board of directors
Mr. Christopher R. Anderson
“Always be positive, strive for solutions, and never give up”
President CEO Director
604-488-3900 – Dir
Please call 604-488-3900
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