North Atlantic Resources Ltd.
TSX : NAC

North Atlantic Resources Ltd.

March 04, 2008 10:55 ET

North Atlantic Resources Ltd.: Drilling Results From the Kourouba Gold Project, Mali

RC drilling intersects 10 meters of 5.75 grams gold per tonne

TORONTO, ONTARIO--(Marketwire - March 4, 2008) - North Atlantic Resources Ltd. ("the Company") (TSX:NAC) reports on drilling results at the Company's Kourouba gold project.

The Kourouba gold project (Kourouba) was acquired in February, 2007. The project is located in southern Mali, 150 kilometers southeast of the capital, Bamako, and 150 kilometres northwest of the Company's most advanced gold project the FT Gold Project.

In December 2007, the Company completed 16 reverse circulation (RC) drill holes (1,534 meters) over a strike length of 700 meters. The purpose of the this RC drill program was to extend gold zones intersected in June 2007, which included intersections of 42 meters grading 1.22 grams gold per tonne (07 KRRC-27) and 14 meters grading 1.76 grams gold per tonne (07 KRRC-30) (Press release June 25, 2007). The drilling was also designed to test a number of coincident resistivity and chargeability anomalies defined by a November, 2007 induced polarization survey (IP) conducted by Insight Geophysics Inc. of Oakville, Ontario. The RC drill holes were, on average, 90 meters long, inclined at -55 degrees and drilled east.

The results of this RC drill program include intersections of 40 meters grading 1.06 grams gold per tonne (07 KRRC-44), 10 meters of 5.75 grams gold per tonne (07 KRRC-48), and 12 meters grading 1.81 grams gold per tonne (07 KRRC-49). The drilling also verified that a number of the IP resistivity/chargeability anomalies correlate well with gold in drill holes.

The following table sets out the results of the reverse circulation drilling. Only composite drilling intersections greater than 0.5 grams gold per tonne are listed in the table. The attached map illustrates the results of the drilling superimposed upon the soil geochemical anomalies and resistivity/chargeability data.

To view the Kourouba Gold Project, Southern Mali map, please visit the following link: http://media3.marketwire.com/docs/narmap1.pdf.



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Grams gold
Drill Hole Total Length From (m) To (m) Width (m) per tonne
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07 KRRC-43 128 16 26 10 0.95
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07 KRRC-44 120 16 56 40 1.06
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including 16 38 22 1.13
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and 46 56 10 1.63
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07 KRRC-45 90 NSV
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07 KRRC-46 90 28 34 6 2.69
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07 KRRC-47 90 NSV
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07 KRRC-48 90 58 68 10 5.75
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07 KRRC-49 90 16 28 12 1.81
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07 KRRC-50 90 NSV
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07 KRRC-51 106 NSV
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07 KRRC-52 90 12 14 2 1.10
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07 KRRC-53 90 34 36 2 1.13
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07 KRRC-54 90 NSV
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07 KRRC-55 90 NSV
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07 KRRC-56 90 16 22 6 0.94
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07 KRRC-57 90 44 48 4 1.57
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07 KRRC-58 90 10 24 14 1.12
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Follow up pitting in the vicinity of relatively high grade drilling intersections described above and in the June 25, 2007 press release is planned for the second quarter, 2008. The pits will evaluate the surface expression of the gold zones above the drill hole intersections leading to a better understanding of the geology of the gold zones.

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

The drilling at the Kourouba gold project was completed by the professional staff of West African Drilling Services. Two meter long intervals of RC samples were split on site and sent to the SGS Analabs laboratory in Morilla and analyzed for gold by fire assay-AA on a 50 gram pulp of each sample. The Company inserts a standard, duplicate, and blank in each batch of 20 samples to monitor laboratory accuracy and precision.

North Atlantic Resources Ltd. has 7 gold projects comprising 1,151 square kilometres of mineral rights in Mali. Since 2002, the Company has made gold discoveries at the Kantela project (2004), FT project (2005), and Massala project (2006). The 100% owned Ft Gold Project ("FT") is at an advanced stage of exploration. In June 2007, the Company announced an updated resource estimate for the FT gold deposit in southern Mali. The new resource estimate incorporated the results of an additional 4,700 meters in 19 diamond drill holes. The updated resource includes 241,000 ounces of gold at a grade of 0.95 grams gold per tonne in the Indicated category, and 353,000 ounces of gold at a grade of 1.05 grams gold per tonne in the Inferred category. This new resource figure is a substantial improvement over the previous estimate. The Company is now conducting exploration and resource modeling for the further delineation and expansion of this resource.

On February 6th, 2008, North Atlantic Resources Ltd. and Orezone Resources Inc. announced the formation of a new uranium exploration company, Brighton Energy Ltd., which would have a combined land holding of 4,000 square kilometres in the heart of Niger's uranium producing region. Each company will hold a 50% interest in the new entity. Management of the Company believes this is an excellent opportunity to pursue the strategy of capitalizing on the uranium exploration potential in Niger.

North Atlantic has 22,190,408 common shares issued and outstanding (26,932,525 shares on a fully diluted basis).

Explore www.nac-tsx.com often to view project maps and project details.

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

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Statements relating to the estimated or expected future production and operating results and costs and financial condition of North Atlantic Resources Ltd., planned work at the Company's projects and the expected results of such work are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as the following: expects, plans, anticipates, believes, intends, estimates, projects, assumes, potential and similar expressions. Forward-looking statements also include reference to events or conditions that will, would, may, could or should occur. Information concerning exploration results and mineral reserve and resource estimates may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. These forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable at the time they are made, are inherently subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from logistical, technical or other factors; the possibility that results of work will not fulfill projections/expectations and realize the perceived potential of the Company's projects; uncertainties involved in the interpretation of drilling results and other tests and the estimation of gold reserves and resources; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of environmental issues at the Company's projects; the possibility of cost overruns or unanticipated expenses in work programs; the need to obtain permits and comply with environmental laws and regulations and other government requirements; fluctuations in the price of gold and other risks and uncertainties, including those described in the Company's Annual Information Form filed with SEDAR in Canada (available at www.sedar.com) for the year ended December 31, 2006.

Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management or its independent professional consultants on the date the statements are made.

Contact Information

  • North Atlantic Resources Ltd.
    Scott Waldie
    President and CEO
    (416) 703-6348
    or
    North Atlantic Resources Ltd.
    Nathalie Roy
    Corporate Affairs
    (416) 703-6348
    (416) 703-6507 (FAX)
    Email: info@nac-tsx.com
    Website: www.nac-tsx.com