North Atlantic Resources Ltd.

North Atlantic Resources Ltd.

June 11, 2007 11:54 ET

North Atlantic Resources Ltd.: Updated Resource Estimate for the FT Gold Deposit, Mali

TORONTO, ONTARIO--(Marketwire - June 11, 2007) - North Atlantic Resources Ltd. ("the Company") (TSX:NAC) reports:

The Company has, since December 5, 2006, added 4,700 meters in 19 diamond drill holes to the drill hole data base for the FT gold deposit, and updated its estimate of the gold resource and its geologic model. The updated resource includes 241,000 ounces of gold at a grade of 0.95 grams gold per tonne in the Indicated category, and 353,000 ounces of gold at a grade of 1.05 grams gold per tonne in the Inferred category.

This updated resource estimate was prepared by H. Andrew Daniels, P.Geo., an independent Qualified Person as defined by National Instrument 43-101. The estimate is based on assayed intervals from 104 diamond drill holes and 150 reverse circulation drill holes, most of which penetrated the gold occurrence at less than 150 meters below surface.

Seven mineralized zones were modeled; four at the Tiekoumala segment, and three at the Foulalaba segment. The assay wire frame of the modeled zones was constructed on a minimum true width of two meters and cut-off grade of 0.2 grams of gold per tonne. Resource blocks within the assay wire frame are based on a cut off grade of 0.50 grams of gold per tonne. The following table sets out the current resource estimate.

North Atlantic Resources Ltd.
Resource Estimate, FT Gold Project, Mali
Indicated Resource Inferred Resource
Tonnes Grade Tonnes Grade
(grams (grams
gold Contained gold Contained
per ounces per ounces
tonne) gold tonne) gold
--------------------------------------------- ----------------------------
Tiekoumala Oxide 1,040,000 1.01 34,000 190,000 0.87 5,000
--------------------------------------------- ----------------------------
Sulphide 6,840,000 0.94 207,000 1,180,000 0.87 33,000
--------------------------------------------- ----------------------------

--------------------------------------------- ----------------------------
Foulalaba Oxide 770,000 1.20 30,000
--------------------------------------------- ----------------------------
Sulphide 8,410,000 1.06 285,000
--------------------------------------------- ----------------------------

--------------------------------------------- ----------------------------
Total 7,880,000 0.95 241,000 10,550,000 1.05 353,000
--------------------------------------------- ----------------------------

Description of the deposit

The FT gold deposit is within a steeply dipping shear zone through Proterozoic quartzofeldspathic gneiss. The shear zone is intersected by drill holes along a still-open strike length of 2.1 kilometers and a width of up to 200 meters. Its north half, the Tiekoumala segment, strikes northwest. The south half, the Foulalaba segment, strikes north. The shear zone is distinctive by its planar foliation within chaotically banded gneiss, by its greater abundance of quartz and biotite, and by the presence of muscovite, garnet, kyanite, sillimanite, several sulphide mineral phases, and native gold.

Future drilling and expansion of the ore resource

Future drilling is planned to expand the FT gold resource along strike and down dip, and to evaluate the nature, distribution, and significance of the higher grade parts of the deposit.

The drilling at the FT gold deposit was completed by the professional staff of West African Drilling Services. The drill core samples were both HQ and NQ size and were cut in half by a diamond saw on site. Half of the core from one meter long samples was shipped to the Analabs Morila facility, and ALS Chemex, Vancouver and analyzed for gold by fire assay-AA on a 50 gram sample charge. Selected check samples have also been analyzed by bulk screen metallics method on a 1,000 gram sample pulp at ALS Chemex in Vancouver. Two meter long intervals of RC samples were split on site and sent to Analabs Morila facility and analyzed for gold by fire assay-AA on a 50 gram sample charge. The Company inserts a standard, duplicate, and blank in each batch of 20 samples analyzed to monitor laboratory accuracy and precision.

The contents of this release have been reviewed, and the resource estimate for the FT project, as set out above, was prepared by, H. Andrew Daniels, P. Geo. an independent Qualified Person as defined by National Instrument 43-101.

The Company has 8 gold projects comprising 1,361 square kilometers of mineral rights in Mali. Since 2002, the Company has made gold discoveries at the Kantela project (2004), FT project (2005), and Massala project (2006). The FT gold project is the Company's most advanced gold project.

The Company also has three uranium exploration permits in the neighboring Republic of Niger. In addition, the Company's wholly-owned subsidiary, Selier Energy Ltd., has acquired the 20,000 square kilometer Macina oil and gas exploration permit in central Mali and, is preparing an appropriate plan for the financing and exploration of the project.

North Atlantic has 22,190,408 common shares issued and outstanding (26,002,525 shares on a fully diluted basis).

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The statements in this press release that are not historical facts contain forward looking information. These statements address future events involving known and unknown risks and uncertainties that could cause actual results to vary materially from projected results. These risks and uncertainties include those described in the Company's Annual Information Form and MD&A.

This press release has been prepared by North Atlantic Resources Ltd. and no regulatory authority has approved or disapproved the information contained herein.

Contact Information

  • North Atlantic Resources Ltd.
    Jon North, P.Geo.
    President and CEO
    (416) 703-6348
    North Atlantic Resources Ltd.
    Nathalie Roy
    Corporate Affairs
    (416) 703-6348
    (416) 703-6507 (FAX)