SOURCE: ATAC Resources Ltd.

ATAC Resources Ltd.

August 22, 2016 07:30 ET

ATAC Resources Ltd. Begins Phase II Diamond Drilling Program at Its Orion Gold Target, Rackla Gold Project, Yukon

VANCOUVER, BC--(Marketwired - August 22, 2016) - ATAC Resources Ltd. (TSX VENTURE: ATC) ("ATAC") announces that Phase II of its 2016 drill campaign at the Orion gold target has commenced. The Orion target is located within the Nadaleen Trend at the eastern end of ATAC's 100% owned Rackla Gold Project, Yukon Territory.

Phase I of the 2016 Orion drill program consisted of rotary air blast (RAB) drilling in the vicinity of the Anubis Fault and crosscutting structures. Initial 2016 RAB drill results are inconclusive based on the high volumes of water encountered and the corresponding losses in sample material volume and quality.

The Phase II Orion diamond drilling program will re-test a number of 2016 RAB drill targets to provide improved geological information and sample quality. The diamond drill program will also be used to test the Anubis Fault and crosscutting structures at depths beyond the limits of the earlier RAB drilling.

"RAB drilling in 2015 proved to be an effective tool for quickly and cost effectively localizing the source of gold mineralization in bedrock. However, the volume of groundwater encountered in the 2016 RAB drilling was unexpected and the Phase I RAB drill results are not considered to be either accurate or reliable," stated Julia Lane, ATAC's Vice-President of Exploration.

Orion Target

The Orion target is located 300 m west of the Anubis zone discovery hole AN-12-001 (8.51 m of 19.85 g/t gold) within an area of strongly anomalous gold + pathfinder elements in soil geochemical response that has not been previously diamond drill tested. Mineralization at Orion occurs in both a debris flow-bearing fossiliferous limestone and a variably calcareous pyritic siltstone, but is most prevalent in a highly deformed and fractured structural setting in the hanging wall pyritic siltstone assemblage where a secondary cross fault intersects the Anubis Fault. RAB drilling in 2015 led to the discovery of 47.24 m of 3.79 g/t gold in hole ARB-15-026 which bottomed in gold mineralization.

The technical information in this news release has been approved by Julia Lane, P.Geo., Vice-President of 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 $17 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