SOURCE: ATAC Resources Ltd.

ATAC Resources Ltd.

June 05, 2017 08:30 ET

ATAC Resources Ltd. Commences Drilling on the Rackla Gold Property, Yukon

VANCOUVER, BC--(Marketwired - June 05, 2017) - ATAC Resources Ltd. (TSX VENTURE: ATC) ("ATAC") announces the commencement of diamond drilling at the Carlin-type Conrad gold Zone within its wholly-owned Osiris Project at the 1,742 km2 Rackla Gold Property, Yukon.

As a result of the recently announced Barrick Gold Corporation ("Barrick") earn-in agreement, the Rackla Gold Property has been divided into the following three projects:

  • the Osiris Project, located at the east end of the property, covers 302 km2 and hosts the Osiris, Conrad, Ibis and Sunrise drill-confirmed Carlin-type gold discoveries;
  • the Rau Project, located at the west end of the property, covers 660 km2 and hosts the Tiger Gold Deposit in addition to numerous other early-stage carbonate-replacement style gold and base metal targets; and,
  • the Orion Project, located in the central portion of the property, covers 780 km2 and is the only project subject to the Barrick earn-in agreement. The Orion Project hosts the Orion and Anubis drill-confirmed Carlin-type gold discoveries in addition to eight other early stage Carlin-type gold prospects.

ATAC's previously announced $10 million property-wide exploration program of approximately 15,000 m of diamond and rotary air blast ("RAB") drilling targeting high-grade gold zones will continue within the Osiris and Rau Projects. Two diamond drills are currently testing the 350 and 650 fault areas at the Conrad Zone. One of the two drills will be remobilized to the Osiris Zone after completing the initial holes at Conrad. Funds originally allocated for the Orion Project area have been reallocated to the Osiris and Rau Projects. Please see ATAC news release dated January 17, 2017 for additional exploration program details.

Concurrent to ATAC's exploration program, Barrick will be conducting early-stage exploration on the Orion Project. The Orion Project is subject to an earn-in agreement under which Barrick has the option to earn up to a 70% interest by spending $55 million on exploration. (see ATAC news release dated April 10, 2017). Barrick's estimated 2017 budget for the Orion Project is $4.9 million.

2017 Osiris and Rau Project Objectives (wholly-owned by ATAC)

  • Diamond drilling to expand high-grade Carlin-type gold structures at the Conrad and Osiris zones;
  • Shallow drilling of the Sunrise and Ibis zones;
  • Diamond drilling of the newly discovered Tiger East anomaly and other untested oxide and sulphide mineralization to increase the gold resources within the Tiger Gold Deposit; and,
  • Detailed mapping, prospecting and potential drilling of multiple Tier 1 geochemical anomalies within the Osiris and Rau Projects.

2017 Orion Project Objectives (subject to the Barrick earn-in agreement)

  • Grassroots target delineation through detailed mapping, prospecting and trenching in addition to rock, soil and stream sediment sampling;
  • RAB drilling with possible follow-up diamond drilling; and,
  • Regional scale HeliFALCON™ airborne gravity gradiometry and magnetic geophysical surveys.

Graham Downs, ATAC's President and CEO says, "We are excited to embark upon ATAC's largest exploration program on the Rackla Gold Property in over four years. ATAC will conduct advanced-stage drilling on its wholly-owned Osiris and Rau Projects while Barrick focuses on systematically exploring the Orion Project. With this two-pronged exploration approach, we are able to evaluate significant portions of the Rackla Gold Property while continuing to advance existing high-grade gold zones."

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 the Rackla Gold Property. 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. ATAC and Barrick recently partnered to explore the Rackla Gold Property's Orion Project, with Barrick having the option to earn up to 70% of Orion by spending $55 million in exploration. ATAC is well-financed with approximately $22 million in its treasury and has begun a $10 million, ~15,000 m drilling exploration program at the Osiris and Rau projects in 2017 (which are not subject to Barrick's earn-in right), while concurrently working with Barrick to advance the Orion Project.

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