SOURCE: ATAC Resources Ltd.

ATAC Resources Ltd.

October 10, 2017 07:30 ET

ATAC Resources Ltd. Intersects Highest Grade Gold Mineralization at Sunrise in Step-Out Hole

VANCOUVER, BC--(Marketwired - October 10, 2017) - ATAC Resources Ltd. (TSX VENTURE: ATC) ("ATAC") is pleased to announce results of an additional ten diamond drill holes from the Sunrise, Conrad and Osiris Zones within ATAC's 100% owned Osiris Project at the Rackla Gold Property, Yukon. The Osiris Project is located wholly outside of the area currently under option to Barrick Gold Corporation, as announced on April 10, 2017.

Highlights

  • High-grade gold mineralization intersected at Sunrise, Conrad and Osiris;
  • Hole OS-17-249 returned two intersections of high-grade gold -- 15.24 m of 13.52 g/t gold and 10.42 m of 7.97 g/t gold -- and has extended the Sunrise Zone at depth;
  • Hole OS-17-244 intersected 12.19 m of 9.60 g/t gold and has added continuity to stratigraphically controlled mineralization at the Osiris Zone; and,
  • Hole OS-17-241 drilled within the 650 Fault corridor at the Conrad Zone intersected
    5.60 m of 14.46 g/t gold.

"These encouraging results from all three zones are the outcome of the team's dedication to science-based exploration. In particular, the team has combined advancements in 3D modeling with lithogeochemical interpretations to target higher grade fluid corridors resulting in high-grade gold intersections," states ATAC's Technical Advisor, Ed Cope. "The high gold grades and thicknesses intersected in the Sunrise Zone in holes OS-17-247 and OS-17-249, along with increasing grade at depth is exciting and provides excellent potential for future exploration success."

 
Sunrise Zone Diamond Drill Results
 
Drill Hole  From
(m)
 To
(m)
 Interval*
(m)
 Gold
(g/t)
 Gold**
(g x m)
                
OS-17-246  No significant intersections
                
OS-17-247  311.50  319.13  7.63  13.70  105
                
OS-17-249  329.18  339.60  10.42  7.97  83
incl.  332.23  336.84  4.61  14.97  69
and  344.42  359.66  15.24  13.52  206
incl.  347.47  356.62  9.15  21.50  197
* The reported intersections are drilled thicknesses and are believed to represent approximately 50 to 70% true widths.
** Gram metres are calculated by multiplying the gold grade (g/t) by the interval (m) and rounded to the nearest integer.
   

Sunrise Zone

The primary objective of the 2017 drilling at the Sunrise Zone was to systematically step-out from previously defined mineralization and to test the wide gaps between previous drill holes. The initial 2017 Sunrise holes successfully extended gold mineralization at depth. Hole OS-17-249 was drilled on the eastern side of the zone and returned intersections of 10.42 m of 7.97 g/t gold and 15.24 m of 13.52 g/t gold. Results from hole OS-17-249 included the highest grade intersection received to date at Sunrise. Results also show a bifurcation of the mineralized zone and an increase in the gold grade with depth in this area. The Sunrise Zone remains open to depth and along strike.

 
Conrad Zone Diamond Drill Results
 
Target Area  Drill Hole  From
(m)
 To
(m)
 Interval*
(m)
 Gold
(g/t)
 Gold**
(g x m)
                   
650 Fault  OS-17-241  106.68  143.26  36.58  2.10  77
   and  276.34  281.94  5.60  14.46  81
                   
650 Fault  OS-17-243  No significant intersections
                   
Middle Zone  OS-17-245  238.53  240.53  2.00  11.95  24
   and  282.13  300.23  18.10  2.56  46
                   
350 Fault  OS-17-248  269.75  277.37  7.62  2.65  20
   and  405.38  411.48  6.10  3.32  20
* The reported intersections are drilled thicknesses and are believed to represent approximately 60 to 100% true widths.
** Gram metres are calculated by multiplying the gold grade (g/t) by the interval (m) and rounded to the nearest integer.
   

Conrad Zone

Drilling at the Conrad Zone in 2017 was focused on targeting cross-faults such as the 350 and 650 Faults that are thought to be part of the hydrothermal plumbing system that introduced gold mineralization into Conrad. Results of the drilling completed to date suggest that both the 350 and 650 Faults play a significant role in the mineralizing system at Conrad.

Strong fluid alteration characteristics were observed in association with high-grade mineralization in hole OS-17-241 which intersected 5.60 m of 14.46 g/t gold, at the faulted contact between the limestone and siltstone units in association with the 650 Fault corridor. This confirmed that the cross-faulting created permeability networks that allowed for the transport of mineralizing fluids from depth. Broader intersections of mineralization, as found in hole OS-17-245 which returned 18.10 m of 2.56 g/t gold, are the result of lateral migration of the mineralization fluids away from the fault corridors along favourable horizons within host rocks. The Conrad Zone remains open in all directions.

 
Osiris Zone Diamond Drill Results
 
Drill Hole  From
(m)
 To
(m)
 Interval*
(m)
 Gold
(g/t)
 Gold**
(g x m)
                
OS-17-240  246.07  255.27  9.20  3.28  30
                
OS-17-242  111.79  118.80  7.01  3.11  22
                
OS-17-244  118.26  130.45  12.19  9.60  117
and  148.74  154.84  6.10  3.80  23
and  176.17  189.92  13.75  1.64  23
and  206.65  217.20  10.55  2.50  26
* The reported intersections are drilled thicknesses and are believed to represent approximately 70 to 100% true widths.
** Gram metres are calculated by multiplying the gold grade (g/t) by the interval (m) and rounded to the nearest integer.
   

Osiris Zone

Osiris Zone drilling in 2017 was aimed at outlining continuity of mineralization on the northern portion of the zone where wide-spaced drilling in 2011 only initially outlined the mineralized trends. The 2017 Osiris drill results released to date confirm good continuity of the mineralization along the western limb of the Osiris Anticline. Mineralization appears to be most strongly developed near stratigraphic boundaries where mineralizing fluid-flow can become focused. This focused fluid-flow is demonstrated in OS-17-244 where 12.19 m of 9.60 g/t gold was intersected at the stratigraphic contact between the limestone and mudstone units.

Results from an additional 11 holes from the Osiris Project are still pending.

Technical information including cross-sections and plan maps for the Osiris, Conrad and Sunrise Zones, can be found on ATAC's website at www.atacresources.com and at Corebox.

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.

QA/QC

All drill core assaying is completed at ALS Canada Ltd. All samples were fine crushed before a 250 gram split was pulverized to better than 85% passing 75 microns. The pulverizing circuit was cleaned with quartz sand twice between samples. Pulps were then analyzed at ALS in North Vancouver, B.C. where gold determinations were carried out. Splits of the pulverized fraction were dissolved using a multi acid digestion and analyzed for 49 elements using inductively coupled plasma (ICP) together with mass spectrometry (MS) and atomic emission spectroscopy (AES). Gold analyses were by the Au-AA25 procedure that involves fire assay preparation using a 30 gram charge with an atomic absorption spectroscopy (AAS) finish. Mercury analyses were digested with aqua regia and analyzed by inductively coupled plasma mass spectrometry (ICP-MS).

Rigorous procedures are in place regarding sample collection, chain of custody and data entry. Certified assay standards, duplicate samples and blanks are routinely inserted into the sample stream of diamond drill samples to ensure integrity of the assay process. All diamond drill samples included in this news release have passed the QA/QC procedures as described above. All assay intervals presented in this news release are uncut.

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 property 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 Gold Corporation 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 $14 million in its treasury and recently completed a budgeted $10 million exploration program at the Osiris and Rau Projects (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