Great Atlantic Acquires Claims Adjacent to and surrounding the producing Beaver Brook Antimony Mine
(via Thenewswire.ca)
VANCOUVER, British Columbia - September 20, 2012 - GREAT ATLANTIC RESOURCES CORP. (TSXV.GR) is pleased to announce it has signed a Letter of Intent with a group of local prospectors to acquire the Beaver Brook property. The claims comprising 5,562 contiguous acres lie immediately west and adjacent to the Beaver Brook Antimony (Sb) Mine located in central Newfoundland. This mine is owned by a subsidiary of Hunan Nonferrous Metals Corporation, the largest antimony company in the world. The mine is an underground operation which mills 450 tonnes/day in a floatation plant to produce an antimony concentrate grading approximately 63% Sb. The antimony concentrate is then trucked to Halifax for shipping to China.
The Property
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.
The Great Atlantic ground has undergone very little historic exploration activity. There is a prominent antimony in silt anomaly in a brook which drains the Hunan Line extension but this has not been followed up with a work program. The work program proposed for the Beaver Brook claims would include prospecting, detailed silt sampling and follow-up soil sampling of prospective targets in preparation for a drill program.
The style of mineralization at the Hunan Line Deposits are comparable to the antimony deposits of Hunan Province, China. The Beaver Brook Antimony Mine together with the Hunan deposits once held 60% of the world's antimony reserves. It is significant to note that both the Beaver Brook and the Chinese deposits contain significant amounts of gold in the higher temperature zones which are towards the source intrusion. There are indications that a narrow, discontinuous silicified zone at the contact between greywackes and the siltstone is mineralized in gold. In this model, it is likely that gold will be found at depth, below the Sb zones, or towards the Mt Peyton Intrusive Suite north and west of the Hunan Line deposits.
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 payments of $75,000 over three years starting at the end of year one and issuing 950,000 shares over four years. Upon TSX approval of a definitive agreement, GR will issue 150,000 shares. Exploration commitments of $300,000 are required over a three year term.
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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