West Gore Antimony and Gold Mine Acquired by Great Atlantic
(via Thenewswire.ca)
FOCUSED ON EXPLORING ATLANTIC CANADA
(TSXV : GR)
VANCOUVER, British Columbia - September 11, 2012 - GREAT ATLANTIC RESOURCES CORP. (TSXV.GR) is pleased to announce it has signed a Letter of Intent with Elk Exploration Ltd. to acquire the West Gore Antimony (Sb) / Gold (Au) Mine. The property is located 45 kilometres north-east of Halifax and is comprised of 12, 40 acre claims totalling 480 acres.
We consider this a strategic Antimony asset in our continued pursuit of key Antimony opportunities in Atlantic Canada. Over the last several years the price of Antimony has risen significantly. If China is successful at continuing to reduce exports and shut down illegal mining, then we may see a further and considerable impact on the global supply of Antimony. We believe positioning Great Atlantic Resources in this region that continues to host major producing and past-producing Antimony mines, puts us on the path to build shareholder value over the long term..
C Anderson President
The Property
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.
The antimony occurs in close spaced quartz carbonate lenses15 to 18 meters in diameter and 15 to 60 cm thick within three, NW trending, shear zones that strike 287 deg T and dip to the southwest at 80 to 85 degrees. The lenses form an easterly plunging sheet approximately 120 x 120 meters with the long axis following east dipping schistocity. The fissures cut across Halifax formation slate and greywacke and have been traced for 600 meters (Main Vein) and 250 meters (Berggren Vein) along strike. The Main Vein shaft is reported to extend to 260 meters depth in good ore. Mineralization is comprised of stibnite, native antimony, native gold, arsenopyrite and pyrite.
The property underwent a period of serious exploration between 1984 and 1987 when Dominion Explorers carried out ground magnetometer, IP and VLF surveys followed up by two episodes of diamond drilling in 1985 (19 holes totalling 2115 meters) and in 1987 (6 holes totalling 998 meters).The 1985 drilling tested all the known vein systems both on and off the current claim block while the 1987 drilling tested the Berggren Vein. This work outlined a southeast plunging mineralized zone 150 meters by 200 meters terminated on the SE by a drag folded quartzite bed but open to the NW. A review of historical drill data has revealed significant intersections with elevated Au and Sb values that are open along strike warranting further investigation.
Previous reports on West Gore give evidence that there are several other veins yet to be discovered on the property. Rich Sb float has been found on the ridge between the Main and Berggren veins. One and a half kilometers southeast of the mine, more than a ton of antimony ore was picked up along the trace of the veins. Antimony ore was also reported southwest of the Berggren shaft. There are also several areas of Fe-oxide in swampy areas that may represent the weathered out portions of pyrite within the fissure veins.
Patrick Forseille, P. Geo., a Qualified Person as defined by NI 43-101 is responsible for the technical information contained in this release.
The Deal
Under the terms of the letter of intent, GR, as operator, can acquire a 100% undivided interest by making cash option payments of $70,000 over three years and issue 60,000 shares. Upon TSX approval of a definitive agreement, GR will issue 50,000 shares.
About Great Atlantic Resources Inc.:
Great Atlantic Resources Corp. is a Canadian exploration company focused on the discovery and development of mineral deposits in Atlantic Canada which is a sovereign risk free domain. Recently New Brunswick was announced as the number one mining region in the world. Great Atlantic has assembled the A-team of explorers in the region with decades of experience and known track records for discoveries. Currently the company is propelling forward under a project generation model with a focus on Antimony, Tungsten and Gold.
On Behalf of the board of directors
"Chris Anderson"
Christopher R Anderson,
CEO - President 604 488-3900
Read about Great Atlantic Resources Corp.: http://greatatlanticresources.com/corporate-overview/
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