Atlantic Gold Corporation
TSX VENTURE : AGB
ASX : AGB

Atlantic Gold Corporation

January 14, 2015 08:00 ET

Atlantic Gold Announces First Assay Results from Beaver Dam Drill Program

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 14, 2015) - Atlantic Gold Corporation (TSX VENTURE:AGB) (ASX:AGB) ("Atlantic" or the "Company") is pleased to announce assay results from the first nine holes of its 36-hole, 7,826m resource delineation diamond drilling program recently completed at the Company's Beaver Dam Gold Project in Nova Scotia.

The drilling was directed to defining resource extensions over 500m strike length on 50m-spaced sections (700E to 1,200E) beneath the resources drilled by the previous owner, Acadian Mining Corporation, now a wholly owned subsidiary of the Company. The drilling is therefore expected to extend the known mineralization to depth and identify additional in-pit resources. Geotechnical data for pit design are also being documented for a series of specified drill holes which are currently in progress.

Assay results for the first nine holes are presented in the table below. Accompanying cross-sections on 700E, 750E, 800E and 850E as well as the drill plan, which highlights drill hole collar locations, can be located on the Company's website (www.atlanticgoldcorporation.com):

Hole East North Dip Grid Az. Depth Best Assays*
From (m) To
(m)
Width (m) Grade (g/t Au)
BD14-154 700 1135 -60° 180° 161 94 112 18 4.1
includes 110 111 1 353
116 120 4 0.82
BD14-155 750 1095 -60° 180° 173 47 74 27 1.00
78 91 13 1.28
BD14-156 750 1120 -60° 180° 158 89 96 7 3.81
BD14-157 750 1140 -60° 180° 170 110 116 6 0.57
BD14-158 850 1100 -60° 180° 140 88 96 8 3.13
104 110 6 1.18
BD14-159A 800 1105 -60° 180° 122 75 76 1 6.42
83 88 5 14.7
99 104 5 0.89
BD14-160 850 1125 -60° 180° 170 100 104 4 3.91
120 132 12 1.93
145 148 3 6.4
BD14-161 850 1150 -60° 180° 194 153 165 12 2.0
BD14-163 900 1160 -60° 180° 221 167 178 11 0.98

*0.5g/t cut-off, max 3m internal dilution. 50.0g/t top cut for composite interval calculations over 1m.

All assays are on 1m samples of half NQ core sawn and sampled with formally randomized selection of halves, by total sample screen fire assay with 2x fines fire assays, and insertion of standards and blind blanks. Sample preparation and assaying is conducted at the Sudbury and Vancouver laboratories of ALS Canada Ltd, an entity having no other relationship with the Company. Core recovery is estimated for each metre and averages >98%. Standards and blanks assay results were acceptable.

True width of the mineralization is approximately 75% of the down-hole width.

Results are generally in line with expectations and provide encouragement that this drilling program will enable identification of additional in-pit resources.

The individual drill hole assay results underlying the mineralized intercepts listed in the table above have been verified by detailed checking against the original assays sheets. The lengths and average grades of each intercept have also been checked against the drill hole assay logs.

Neil Schofield MS - Applied Earth Sciences, MAusIMM, MAIG, an independent consultant to the Company, and a Qualified Person as defined by National Instrument 43-101 ("NI 43-101"), has reviewed and approved the contents of this news release.

On behalf of the Board of Directors,

Steven Dean, Chairman and Chief Executive Officer

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 release.

Forward-Looking Statements:

This release contains certain "forward looking statements" and certain "forward-looking information" as defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. Forward-looking statements and information are not historical facts, are made as of the date of this press release, and include, but are not limited to, statements regarding discussions of future plans, guidance, projections, objectives, estimates and forecasts and statements as to management's expectations with respect to, among other things, the transactions contemplated in this news release and the timing and receipt of requisite regulatory, court and shareholder approvals in respect thereof. These forward looking statements involve numerous risks and uncertainties and actual results may vary. Important factors that may cause actual results to vary include without limitation, certain transactions, the successful completion of the transaction, the timing and receipt of certain approvals, changes in commodity and power prices, changes in interest and currency exchange rates, risks inherent in exploration results, timing and success, inaccurate geological and metallurgical assumptions (including with respect to the size, grade and recoverability of mineral reserves and resources), changes in development or mining plans due to changes in logistical, technical or other factors, unanticipated operational difficulties (including failure of plant, equipment or processes to operate in accordance with specifications, cost escalation, unavailability of materials, equipment and third party contractors, delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters), political risk, social unrest, and changes in general economic conditions or conditions in the financial markets.

In making the forward-looking statements in this press release, the Company has applied several material assumptions, including without limitation, the assumptions that: (1) the receipt of necessary consents and approvals and satisfaction of all conditions precedent for the closing of the transaction in a timely manner; (2) market fundamentals will result in sustained gold demand and prices; (3) the receipt of any necessary approvals and consents in connection with the development of any properties; (4) the availability of financing on suitable terms for the development, construction and continued operation of any mineral properties; and (5) sustained commodity prices such that any properties put into operation remain economically viable. Information concerning mineral reserve and mineral resource estimates also may be considered forward-looking statements, as such information constitutes a prediction of what mineralization might be found to be present if and when a project is actually developed. Certain of the risks and assumptions are described in more detail in the Company's audited financial statements and MD&A for the year ended December 31, 2013 and the quarter ended September 30, 2014 on the SEDAR website at www.sedar.com. The actual results or performance by the Company could differ materially from those expressed in, or implied by, any forward-looking statements relating to those matters. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition of the Company. Except as required by law, we are under no obligation, and expressly disclaim any obligation, to update, alter or otherwise revise any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Contact Information

  • Atlantic Gold Corporation
    John Morgan
    President and COO
    +1 604 689-5564

    Atlantic Gold Corporation
    Wally Bucknell
    Director
    +61 2 9410 0993