SOURCE: ATAC Resources Ltd.

ATAC Resources Ltd.

August 25, 2015 07:30 ET

ATAC Resources Ltd. Makes New Discovery of 47.24 m of 3.79 g/t Gold at the Anubis Cluster

VANCOUVER, BC--(Marketwired - August 25, 2015) - ATAC Resources Ltd. (TSX VENTURE: ATC) (the "Company" or "ATAC") is pleased to report a new gold discovery at the Anubis Cluster and diamond drill results from the Conrad Zone. Both sites are located within the Nadaleen Trend at the eastern end of ATAC's 100% owned, 1,700 sq/km Rackla Gold Project in central Yukon.

Highlights:

  • Rotary air blast ("RAB") drilling conducted 300 m west of the Anubis Zone intersected 47.24 m of 3.79 g/t gold (ARB-15-026) at what is now called the Orion target;
  • Gold mineralization in hole ARB-15-026 started at 15.24 m and was continuously mineralized to the bottom of the hole;
  • The Orion discovery hole is the only RAB hole in the area that was drilled north into an extensive and pyritic siltstone unit; and,
  • Diamond drilling at the Conrad Zone intersects 124.96 m of 3.02 g/t gold and confirms continuity of mineralization in the Upper and Middle Conrad Zones.

Anubis Cluster RAB Drilling

ATAC recently completed a six week RAB drilling program at the 18 sq/km Anubis Cluster located 10 km west of the Osiris cluster of gold zones. The 2015 RAB drilling program achieved its objective of cost effectively identifying bedrock sources of gold that are likely responsible for the adjacent surface geochemical anomalies. Numerous targets remain untested within the Anubis Cluster.

"The Orion discovery hole is the most significant drill intersection to date within the 18 sq/km Anubis Cluster of targets. This hole is particularly significant as it demonstrates the exploration potential of the 30 km long Nadaleen Trend which is developing into a major North American Carlin-type district," states Graham Downs, President and CEO of ATAC. "Our inaugural RAB drilling program has proven to be a very effective and low cost exploration tool that has allowed us to make meaningful progress under challenging market conditions. The RAB drill will continue to be integral in testing new and existing exploration targets and supporting future diamond drill programs."

 
Anubis Highlight RAB Drill Results
 
Zone/ Target  RAB
Drill Hole
 From
(m)
 To
(m)
 Interval*
(m)
 Gold
(g/t)
 Host Rock
Ana  ARB-15-021  4.57  7.62  3.05  1.48  Limestone
   incl.  6.10  7.62  1.52  2.32   
                   
Orion  ARB-15-022  44.20  48.77  4.57  2.86  Limestone
                   
Orion  ARB-15-025  25.91  30.48  4.57  1.34  Limestone
   and  32.00  33.53  1.53  1.20   
   and  38.10  41.15  3.05  1.34   
                   
Orion  ARB-15-026  15.24  62.48  47.24  3.79  Siltstone
   incl.  33.53  45.72  12.19  5.95   
                   
Orion  ARB-15-027  35.05  41.15  6.10  1.52  Limestone
   incl.  38.10  41.15  3.05  2.37   
                   
Orion  ARB-15-028  32.00  33.53  1.53  1.59  Limestone
                   
Orion  ARB-15-029  30.48  33.53  3.05  1.00  Limestone
             
* RAB drill hole intersections are drilled thicknesses. True widths are unknown.
 

Orion Target

The Orion target is located 300 m west of the Anubis discovery hole An-12-001 (8.51 m of 19.85 g/t gold) in an area of strongly anomalous gold in soil geochemical response that had not been previously 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. Five RAB holes were drilled from the same drill pad setup as ARB-15-026, but ARB-15-026 was the only hole oriented north to test the pyritic siltstone. ARB-15-026 bottomed in gold mineralization.

Mapping and prospecting in the Anubis area suggests that the pyritic siltstone that hosts the most significant mineralization at Orion is a regionally extensive unit and is in contact with the Anubis Fault for a strike length of over 1.5 km. An updated Orion target area map and RAB drill photo are available on ATAC's website at www.atacresources.com.

Conrad Zone

One diamond drill hole was completed at the Conrad Zone in 2015. Hole OS-15-231 was specifically drilled to: (i) test a possible link between the Conrad Upper and Middle zones; (ii) determine the continuity of mineralization within the Upper and Middle zones; (iii) better understand the favourable near vertical contact zone between limestone and siltstone; and (iv) step out from Conrad Lower Zone mineralization discovered in hole OS-14-230 which returned 42.67 m of 3.03 g/t gold and 21.71 m of 3.15 g/t gold in 2014.

 
Conrad Drill Results
 
Conrad
Drill Hole
 From
(m)
 To
(m)
 Interval
(m)
 Gold
(g/t)
 Area
OS-15-231  26.82  46.63  19.81  1.71  Upper*
incl.  38.49  43.59  5.10  4.69  Upper*
                
and  96.93  107.59  10.66  1.78  Upper/Middle Connector*
                
and  227.99  240.44  12.45  2.52  Upper/Middle Connector*
                
and  357.54  482.50  124.96  3.02  Middle**
incl.  360.58  369.72  9.14  6.71  Middle**
incl.  433.73  443.00  9.27  8.71  Middle**
* The reported intersections are drilled thicknesses and are believed to represent approximately 30 to 60% true widths.
** The reported intersections are drilled thickness and are believed to represent approximately 30 to 100% true widths.
 

Hole OS-15-231 successfully demonstrated the potential for mineralization between the Upper and Middle Conrad Zone (10.66 m of 1.78 g/t gold and 12.45 m of 2.52 g/t gold). In addition, the hole indicates that both the limestone and siltstone are mineralized in the vicinity of the near vertical contact between the two rock units.

The Middle Zone was intersected as a broad mineralized interval that returned 124.96 m of 3.02 g/t gold. Higher grade intervals such as 9.27 m of 8.71 g/t gold, represent the intersection of the limestone/siltstone contact with flat lying mineralized faults.

Due to technical complications, the hole was lost within the mineralized limestone/siltstone contact corridor at 482.50 m, approximately 170 m short of the expected Lower Zone target.

"We are very encouraged by the discovery of significant new mineralization at the Orion target in the Anubis Cluster. The discovery demonstrates the considerable potential of the pyritic siltstone to host significant gold mineralization," states Julia Lane, VP Exploration of ATAC Resources. "While our 2015 drilling at the Conrad Zone was unsuccessful in reaching the anticipated Lower Zone target, we gained valuable geologic and mineralogical information that will continue to guide ATAC's three dimensional modelling of the Conrad Zone."

Rau Trend

Phase 2 exploration is currently ongoing within the Rau Trend and consists of: (i) regional sampling to follow-up on encouraging results from a widely-spaced sampling program (see ATAC news release dated January 23, 2013) and (ii) optimization work recommended in the Tiger Deposit Preliminary Economic Assessment (see ATAC news release dated July 23, 2014). The results from this phase will be released when available.

QA/QC

Diamond drill samples were forwarded to ALS Minerals in Whitehorse, Y.T. where they 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 Minerals 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-AA26 procedure that involves fire assay preparation using a 50 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.

RAB drilling is a very effective exploration tool, but does not provide the detailed level of geological and structural information as does diamond drilling. Accordingly, RAB drilling is primarily used as an early to intermediate stage exploration tool and the results cannot be used for the purposes of NI 43-101 mineral resource estimates.

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 Resources Ltd.

ATAC is developing Canada's only Carlin-type gold district and additional mineral occurrences at its 100% owned, 1,700 sq/km, Rackla Gold Project in Yukon. Exploration on the project has resulted in a positive Preliminary Economic Assessment on the Tiger oxide gold deposit, delineation of multiple high-grade Carlin-type gold zones, the discovery of significant silver-lead-zinc mineralization at Ocelot and the identification of numerous early-stage gold 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 & 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

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