Great Atlantic options Mount Raymond project to Slam

Executive Summary

• Great Atlantic Resources Corp. has entered into an arm's-length option agreement with Slam Exploration Ltd. to earn a 100% interest in the Mount Raymond South mineral claim in New Brunswick.
• Slam Exploration must complete specific cash payments, share issuances, and exploration expenditures over a three-year period to fully earn the property.
• Upon earning the interest, Great Atlantic retains a 2% Net Smelter Return (NSR) royalty, which Slam has the right to buy back 50% of for $1 million prior to commercial production.

Key Details

• Transaction Structure: Option agreement granting Slam Exploration Ltd. the right to earn a 100% interest in the Mount Raymond South mineral claim.
• Property Location: Northern New Brunswick, Canada.
• Property Size: Approximately 175 hectares.
• Earn-In Requirements (3-Year Period):
  • Aggregate cash payments totaling $82,500.
  • Issuance of 675,000 common shares to Great Atlantic Resources.
  • Minimum qualifying exploration expenditures of $200,000.
• Payment Schedule: Staged cash payments and share issuances are due upon TSX Venture Exchange approval and on each of the first, second, and third anniversaries of the agreement.
• Royalty Terms:
  • Great Atlantic retains a 2% NSR royalty after Slam earns 100% interest.
  • Slam has the right to purchase one-half (1%) of the NSR royalty for $1 million at any time prior to commercial production.
• Historical Geological Data (Unverified by Great Atlantic):
  • A 2011 diamond drill hole intersected 1.65 meters of semi-massive to massive sulphides (pyrrhotite) with chalcopyrite veinlets within gabbro.
  • Reported intercept: 0.43% copper, 0.12% nickel, and 0.11% cobalt over 1.65 meters.
  • Additional samples from the same hole reported 0.18% cobalt and 0.12% vanadium over one-meter core lengths.
  • Mineralization reported near surface (within 120 meters vertical depth).
• Qualified Person: David Martin, PGeo, Vice-President of Exploration for Great Atlantic, approved the technical information.

Notable Quotes

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