SOURCE: ATAC Resources Ltd.

ATAC Resources Ltd.

June 14, 2016 07:30 ET

ATAC Resources Ltd. Announces Commencement of Drilling -- Rackla Gold Project, Yukon

VANCOUVER, BC--(Marketwired - June 14, 2016) - ATAC Resources Ltd. (TSX VENTURE: ATC) ("ATAC" or the "Company") announces the commencement of its Phase I drill and exploration program at the Rackla Gold Project, Yukon. Phase I work will focus on expanding two new gold discoveries made in 2015; the Orion target within the Nadeleen Trend and the Airstrip gold anomaly located along the Rau Trend.

2016 Phase I Exploration Objectives:

  • RAB drilling will follow up on the 2015 discovery hole at the Orion target which returned 3.79 g/t gold over 47.24 m*. This hole encountered near-surface gold mineralization at a downhole depth of 15.24 m and bottomed in gold mineralization with the last interval grading 2.56 g/t gold over 1.52 m;
  • Systematic prospecting, test pitting, trenching, and geological mapping of eleven high priority targets will occur at the 10 km2 Airstrip gold anomaly in preparation for drilling; and,
  • Soil sample coverage will be significantly extended along trend of the Airstrip gold-in-soil anomaly.

* Rotary Air Blast (RAB) drill hole intersections are drilled thicknesses. True widths are unknown.

"The late 2015 discovery of the near-surface Orion target is very significant as it was the only hole drilled north into what is now understood to be a very favourable and extensive host rock. With up to 30 holes planned for Phase I drilling at Orion, we will be able to test for extensions along strike and below the discovery hole where its last interval intersected multi-gram values of gold," states Graham Downs President and CEO of ATAC. "We are also excited to be back on site testing the largest gold-in-soil anomaly within the Rau Trend at Airstrip. With the additional proceeds from our recent flow-through financing, we are well positioned to transition into aggressive Phase II programs at Orion and Airstrip."

Orion Target - Nadaleen Trend

The Orion target was discovered late in 2015 and is located in the Anubis cluster of gold targets within the 30 km long Nadaleen Trend. Carlin-style gold mineralization at Orion occurs in both a debris flow-bearing fossiliferous limestone and a variably calcareous pyritic siltstone. The 2015 discovery hole (ARB-15-026) was the only hole oriented north to exclusively test the pyritic siltstone and returned 47.24 m of 3.79 g/t gold from 15.24 m to 62.48 m, bottoming in 1.52 m of 2.56 g/t gold.

Phase I follow-up at Orion will consist of approximately 20 to 30 RAB drill holes to test the extensive pyritic siltstone unit along strike and to the north of the 2015 discovery hole. Results of this program will be followed up with a Phase II diamond drill program if warranted. A figure showing the area of proposed 2016 RAB drilling at the Orion target is available on ATAC's website.

Airstrip Target - Rau Trend

The 10 km2 Airstrip gold anomaly was discovered in 2015 and is the largest gold-in-soil anomaly in the Rau Trend and is open to extension in all directions. The Airstrip anomaly is located approximately 4 km southeast of the Tiger Gold Deposit, and 3 km south of the Rackla Pluton which was responsible for the development of gold mineralization at the Tiger Deposit. At the Airstrip anomaly, gold is believed to be hosted in a favourable package of variably calcareous sedimentary rocks similar to that seen in a trench at the Bengal showing located at the western end of the Airstrip anomaly. Channel sampling at the Bengal showing in 2012 yielded numerous elevated gold results including 3.19 g/t gold over 1 m. The Bengal showing has never been drilled.

Eleven priority targets have been identified within the Airstrip anomaly for immediate follow up based on the clustering of strongly anomalous gold-in-soil values. Phase I follow-up includes targeted geologic mapping, test pitting, trenching, soil grid extension and prospecting. This work will be followed up with a Phase II RAB or diamond drill program if warranted. An updated Airstrip anomaly figure is available on ATAC's website.

For more detailed information on the 2016 exploration and drilling program at the Rackla Gold Project, please see ATAC's news release dated February 10, 2016.

The technical information in this news release has been approved by Julia Lane, P.Geo., VP Exploration for ATAC and a qualified person for the purposes of National Instrument 43-101.

About ATAC

ATAC is a Yukon-based exploration company focused on developing Canada's only Carlin-type gold district at its 100% owned Rackla Gold Project. Recent work on the 1,700 km2 project has resulted in a positive Preliminary Economic Assessment for the Tiger Gold Deposit, drilling of multiple high-grade Carlin-type gold zones and the identification of numerous early-stage gold exploration targets. The Rackla Gold Project has no underlying royalties or third-party interests. ATAC is well-financed with approximately $19 million in its treasury.

On behalf of Management and the Board of Directors
of ATAC Resources Ltd.

Graham Downs, President and CEO

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

Contact Information

  • For further information, please contact:
    Vanessa Pickering
    Manager, Corporate Communications
    ATAC Resources Ltd.
    T: 604-687-2522 ext. 260
    info@atacresources.com