Great Atlantic Acquires South Quarry Tungsten Property With Drill Ready Targets


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TSX.V:GR
09/18/2012 [ACCESSWIRE]

FOCUSED ON EXPLORING ATLANTIC CANADA

(TSXV : GR)

VANCOUVER, British Columbia - September 18, 2012 - GREAT ATLANTIC RESOURCES CORP. (TSXV.GR) is pleased to announce it has signed a Letter of Intent with a local prospector to acquire the South Quarry Tungsten property. The property is situated along the Bay d'Espoir Highway, 85 kilometres south of Bishops Falls Nfld. and comprised of 8,900 acres.

The Property

The South Quarry prospect is comprised of two separate occurrences - the South Quarry which consists of scheelite bearing quartz-feldspar(pegmatite) veins and the Camp Ten showing which is stratiform scheelite in thin calc-silicate horizons within metagreywacke.

Exploration work in the area was primarily carried out by Kidd Creek Mines during the period 1983 to 1986. They conducted extensive ground magnetic, VLF-EM and IP surveys as well as till geochemistry, glacial studies, mapping, UV prospecting, stripping/trenching and 1,068 meters of diamond drilling on the two target areas. Since that time, little exploration work has been done in the area.

The showings are hosted by interbedded greenschist facies metagreywacke, phyllite and limestone of the middle Ordovician Davidsville Group. These sediments are intruded by the Silurian-Devonian Middle Ridge Granite to the SE and the Third Berry Hill Pond Granite to the NE. Regional gravity work suggests that the Middle Ridge Granite extends to the southwest, beneath the occurrences, at a few hundred meters depth. The Third Berry Hill Pond Granite, which is a peraluminous "tungsten specialized" granite, is considered to be an apophysis of the Middle Ridge Granite.

The South Quarry prospect consists of an extensive swarm of steeply dipping scheelite-bearing greisenized quartz feldspar veins which cross cut the metagreywacke/phyllite/limestone horizons over an area of at least 200 x 300 meters. These veins strike, on average, 135 degrees. Kidd Creek stripped an area approximatley 200 meters long, exposing veins up to 1.5 meters thick, spaced 2 to 5 meters apart. The veins themselves host WO3 (tungsten trioxide) mineralization over the 200 meters of exposure. Systematic channel sampling/assaying has not been carried out on the stripped area however. This target is ready for drilling and a program oriented to intersect the vein system at depths of 50 meters and 100 meters along the strike of the veins is warranted.

Several distinct zones of anomalous tungsten in till have been found on other areas of the property, each with a corresponding scheelite float train which indicates the presence of multiple bedrock tungsten sources. Two South Quarry style occurrences that were uncovered by Kidd Creek occur 900 and 2000 meters to the NNE of the South Quarry, where steeply dipping scheelite +quartz+feldspar veins striking 120 deg are estimated be mineralized in WO3. No channel sampling has yet been done on this target.

The Camp Ten area is underlain by shallow dipping, interbedded metagreywacke/phyllite and limestone of the Davidsville Group. Mineralization here occurs as disseminated scheelite in calc-silicate horizons (altered limestone) up to 17 cm thick. A diamond drill hole intersected 42 of these scheelite-bearing horizons over a 142 meter interval with WO3 mineralization. Of interest here is the fact that the calc-silicate beds are locally cut by quartz feldspar veins similar to those found at the South Quarry but these veins are apparently low grade. It was observed that there is a decrease in scheelite content of the calc-silicate beds where they are crossed by the quartz veins which implies that the stratiform scheelite is primary and the vein hosted scheelite results from the movement of stratiform scheelite into later quartz veins. The presence of scheelite rather than wolframite in the quartz feldspar veins would tend to confirm that the vein tungsten is secondary rather than primary. The scheelite bearing calc silicate beds are essentially skarns which have developed by contact metasomatism associated with the intrusion of the Middle Ridge Granite or a buried satellite pluton similar to the Third Berry Hill Pond Granite. Drilling at the South Quarry has shown that there are considerable thicknesses of limestone of up to 30 meters width, some of which contain comparatively high grade stratiform scheelite. The Camp Ten showings indicate numerous mineralized horizons within these same limestone beds. Future exploration will focus on these beds through drilling to find their contact with the granite where skarn development would be most intense.

Readers are warned that "historical records" referred to in this release have been examined but not verified by a "Qualified Person". Further work is required to verify that the historical assays referred to in this release are accurate.

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 can acquire a 100% undivided interest by making cash payments of $130,000 over three years and issue 850,000 shares over three years. Upon TSX approval of a definitive agreement, GR will issue 150,000 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/

Read Disclaimer: http://greatatlanticresources.com/legal-disclaimer/

Facebook: http://facebook.com/GreatAtlanticResources | Twitter: @GreatAtlRes |

Suite 888 - 888 Dunsmuir Street Vancouver, B.C., V6C 3K4

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