Vancouver, British Columbia--(Newsfile Corp. - February 15, 2018) - Great Atlantic Resources (TSXV: GR) (FSE: PH01) has executed a Letter of Intent to option a 75% interest in its Kagoot Brook cobalt project to Explorex Resources (TSXV:EX). The project, consisting of 7 claims covering 4,233 hectares, is located approximately 85 kilometres southwest of Bathurst, New Brunswick, along the southwest margin of the famous Bathurst Mining Camp.
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Upon signing a definitive agreement, Explorex Resources is obligated to:
Make a cash payment of $25,000 and issue shares valued at $75,000
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 Explorex earning 75% of the project, the parties will enter into a joint venture.
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. From this work 2 zones were delineated for follow up, with recently completed regional geophysics further refining the geological setting and targeting additional areas of interest. No sources of the geochemical anomalies are known on the property and no drilling has ever been conducted.
Great Atlantic is also active on several other precious-base metal projects 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 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 email@example.com.
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