North Atlantic Resources Ltd.

North Atlantic Resources Ltd.

September 21, 2005 13:58 ET

North Atlantic Resources Ltd.: Delineation Drilling Starts At The FT Gold Project In Southern Mali

TORONTO, ONTARIO--(CCNMatthews - Sept. 21, 2005) - Dr. Jon North, President and CEO of North Atlantic Resources Ltd. (TSX:NAC)("the Company") reports:

In May and August 2005, the Company announced the results of Phase 1 and 2 exploration drilling from anomaly "M" at the Foulalaba/Tiekoumala (FT) gold project in southern Mali (see press releases dated May 3 and August 15, 2005). A series of long, high grade drilling intersections have been reported including 16 meters grading 9.32 grams per tonne gold. The mineralized zone at anomaly M has been intersected over a strike length of 1.8 kilometers and has been intersected at a maximum vertical depth of approximately 75 meters. The zone is open in all directions. Drilling was halted in August due to onset of the annual rainy season.

The next phase of drilling will begin immediately and will consist of approximately 25,000 meters of reverse circulation (RC) drilling and 5,000 meters of diamond drilling. The drill holes will be spaced 50 meters apart and will intersect the zone at vertical depths of 50, 100, and 150 meters. The current program will begin with a series of diamond drill holes to test the zone at vertical depths of 100 to 150 meters in areas where the location and strike direction of the zone are accurately known from previously drilled RC holes. In October, two reverse circulation rigs will be employed to routinely test the width and grade of the zone at 50 and 100 meter vertical depths.

It is expected that the Phase 3 drilling will be completed late in 2005 or early 2006. Results of the drilling will be released in batches of approximately 5,000 meters of drilling over the coming months. Upon completion of the drilling, and contingent upon the results, the drilling database will be submitted to an independent consultant for the calculation of a resource estimate.

The budget for the next phase of drilling at the FT gold project is approximately CAD$2.5 million.

Dr. Jon North, the President and CEO of North Atlantic Resources reported that "This program is the most intensive drilling program that we have undertaken since we started exploring for gold in the Republic of Mali in 2002, and represents the transition of our corporate activity from exploration to delineation. Our geological staff have prepared a comprehensive drilling program to evaluate the mineralized zone at the FT gold project to a vertical depth of 150 meters and we are optimistic that this work will establish the near surface size and grade of the gold zone in the next six months".

The FT gold project comprises 557 square km of mineral rights and is the priority project for the Company. The drilling will be completed by the professional staff of West African Drilling Services.

The Company's current land holdings consist of 1,331 square km of mineral rights (279,476 acres) in five gold projects in the Republic of Mali.

The technical information contained in this release and the technical work is being supervised by Jon North, Ph.D., P. Geo., who is a Qualified Person as defined by National Instrument 43-101.

North Atlantic Resources Ltd. is engaged in the research, area selection, acquisition, and exploration of gold deposits in the Republic of Mali, west Africa.

North Atlantic has 19,081,068 common shares issued and outstanding (20,341,068 shares on a fully diluted basis).

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This press release has been prepared by North Atlantic Resources Ltd. and no regulatory authority has approved or disapproved the information contained herein.

Contact Information

  • North Atlantic Resources Ltd.
    Jon North, P.Geo.
    President and CEO
    (416) 703-6348
    North Atlantic Resources Ltd.
    Nathalie Roy
    Corporate Affairs
    (416) 703-6348
    (416) 703-6507 (FAX)