Vancouver, British Columbia--(Newsfile Corp. - October 11, 2017) - Great Atlantic Resources (TSXV: GR) (FSE: PH01) has optioned its Porcupine property to Fort St. James Nickel. The Porcupine property, which cover approximately 1,280 hectares, is a precious metal — base metal — rare earth elements property, located in central New Brunswick, Canada.
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The property is approximately 95 kilometres and a one hour drive east from the town of Miramichi, population, the largest town in northeastern New Brunswick.
Silver and base metal bearing float and bedrock is reported in this region, with some boulders containing elevated gold. A trench on a 2 kilometre anomaly exposed 20 metres of mineralized zone up to 12% zinc, 18% lead, a 6 ounces per ton silver.
To earn a 100% interest in the property, Fort St. James Nickel must make the following staged payments over 4 years:
- $150,000 cash payments,
- 500,000 common shares,
- $425,000 in deemed value of common shares,
- and $1,000,000 in exploration expenditures over 4 years, with a minimum of $150,000 each year.
Great Atlantic will retain a 2.0% net smelter return royalty, of which Fort St. James may acquire 1% for $1 million.
Great Atlantic, with active drill programs, and several properties in New Brunswick and Newfoundland, is focused on gold, zinc, and tungsten.
The shares are trading at $0.14 and with 33.7 million shares outstanding, the company is capitalized at $4.7 million.
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 info@kayewynn.com.
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