North Atlantic Resources Ltd.

North Atlantic Resources Ltd.

December 07, 2010 09:06 ET

North Atlantic Mobilizes Rig for Drill Program at the FT Project, Mali

Plans to Drill Up to 20,000 Metres at FT

TORONTO, ONTARIO--(Marketwire - Dec. 7, 2010) - North Atlantic Resources Ltd. (the "Company" or "North Atlantic") (TSX VENTURE:NAC) is pleased to report that it has commenced an extensive drill program at its 100% owned FT Project ("FT") in the Republic of Mali, West Africa. Drilling of up to 20,000 metres of combined core drilling, reverse circulation ("RC"), and air core ("AC") drilling is planned to test geochemical anomalies for gold at FT (see press release dated November 22, 2010). The drill rig has been mobilized to the property and diamond drilling is expected to commence on or about Wednesday December 8, 2010 at the Foulalaba zone ("Foulalaba").

The area referred to as Foulalaba is located 14 kilometres south of the FT resource and is coincident with the new discovery area announced in our press release dated August 4, 2010. RC drill highlights from Foulalaba include: 64 metres at 2.50 grams per tonne Au, including 6 metres at 24.54 grams per tonne Au in RC hole 10FLSRC-02, and 4 metres at 2.29 grams per tonne Au in RC hole 10FLSRC-01. The anomalous region covers an area more than 1.5 by 2 kilometres in size.

Up to 15,000 metres of the planned 20,000 metre drill program will be allocated between three target areas at the FT Project: the Foulalaba Zone, and the FT Zone's Southwest and Northwest Anomalies, Contingency drill footage of up to 5,000 metres for strategic drilling of new targets and expansion of existing drill targets is reserved pending results from drilling, ongoing geochemical sampling, and geological mapping. Assay results will be released as they become available.

Scott Waldie, North Atlantic's President and CEO stated, "North Atlantic's exploration team, led by Ambogo Guindo, M.Sc. a veteran with over 35 years exploration experience in the West African region, and H. Andrew Daniels, P. Geo., are setting the stage for the most aggressive exploration program at FT since the discovery of the FT resource in 2004."

The FT resource is the Company's most advanced gold discovery with an initial NI 43‐101 compliant resource calculation of 7,880,000 tonnes at a grade of 0.95 grams gold per tonne containing 241,000 ounces of gold in the Indicated mineral resource category and 10,550,000 tonnes at a grade of 1.05 grams gold per tonne containing 353,000 ounces of gold in the Inferred mineral resource category.

About North Atlantic

North Atlantic is a mineral exploration and development company focused on exploring for gold in the Republic of Mali, West Africa. Our four main projects are the FT, Kantela, Diokeba, and Dalakan Projects. In recent years, we have made significant gold discoveries on the FT Project located in Southern Mali, and the Kantela Project located in Western Mali. North Atlantic has 56,071,124 common shares issued and outstanding (82,710,017 shares on a fully diluted basis). Please visit our website to for more information about our projects.

This news release may contain forward‐looking statements that are based North Atlantic Resources Ltd.'s expectations, estimates and projections regarding its business and the economic environment in which it operates. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward‐looking statements and readers should not place undue reliance on such statements. Statements speak only as of the date on which they are made, and the Company undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.

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.

Contact Information

  • North Atlantic Resource Ltd.
    Scott Waldie
    President & CEO
    (416) 703-6348