Great Atlantic Resources (TSXV: GR) acquired, through an option agreement and by staking, the Glenelg vanadium property located in southwest New Brunswick, Canada.
In a press release, Great Atlantic said that recent bedrock grab samples from the property from a layered intrusion returned significant levels of vanadium, specifically 0.33 & 0.42% V2O5.
Located approximately 5 kilometres southeast of the Clarence Stream gold project of Galway Metals (TSXV: GWM) and 20 kilometers east of the town of St. Stephen, the property is reported to be underlain by the Silurian Bocabec Gabbro Complex, which contains gabbro, minor granodiorite, diorite and granite.
The 1,185-hectare site is also located 15 kilometers northwest of the Mascarene property, which is also owned by Great Atlantic and hosts multiple mineral occurrences with cobalt, copper, nickel, zinc, lead, gold and /or silver.
Under the terms of the agreement, Great Atlantic has to make certain staged cash payments to the optionor over a five-year period in order to obtain a 100%-interest in Glenelg. These payments total $175,000. Once this happens, the optionor will be entitled to a 2% net smelter return, payable upon the commencement of commercial production.