- Published: 17 August 2017
- Written by Editor
ATAC Resources Ltd. Intersects 67.06 m of 3.35 g/t Gold at the Conrad Zone, Osiris Project - Yukon
|Target Area||Drill Hole||
|350 Fault||and incl.||510.19||525.33||15.14||7.25|
|350 Fault||OS-17-235||No significant intersections|
* The reported intersections are drilled thicknesses and are believed to represent approximately 60 to 100% true widths.
"The identification of a new area of high-grade gold mineralization and the confirmation that the 350 Faults play an important role in the localization of high-grade Carlin-type gold mineralization at Conrad are key developments for future drill targeting," states Graham Downs, ATAC's President and CEO. "With five drills turning across the entire Rackla Gold Property, we anticipate significant new information and a steady flow of news over the coming months that will further shape what we believe is one of the most exciting gold exploration projects in North America."
The 350 and 650 Fault areas distinctly bracket a surficial zone of highly elevated arsenic-in-soil response on the western and eastern sides of the Conrad Zone, respectively. Drilling prior to 2017 did not adequately test these areas due to the sub-parallel orientation of the northerly trending faults relative to previous drilling.
The first phase of 2017 drilling at the Osiris Project targeted the 350 Fault zone at Conrad. Hole OS-17-232 intersected mineralization in proximity to the vertical 350 Fault beneath the north-dipping Nadaleen Fault and returned 12.19 m of 5.97 g/t gold including a higher-grade interval of 7.54 m of 8.59 g/t gold. This intersection from OS-17-232 is hosted in the Conrad limestone unit and represents a previously unknown area of mineralization. This mineralized intercept occurs within a broader zone of anomalous gold and pathfinder geochemical response that extends over a 70 m length in the hole. This suggests that a larger zone of mineralizing fluid flow exists in this area of the limestone, opening up a promising new area for exploration.
Further to the south, hole OS-17-233 intersected 67.06 m of 3.35 g/t gold at the contact between the Conrad limestone and overlying siltstone in proximity to the 350 Faults. The upper intersection in OS-17-233 of 36.58 m of 3.65 g/t gold and 33.53 m of 3.49 g/t gold returned from OS-17-234 both occur within the hinge area of the anticline that hosts the Conrad Upper Zone.
The preliminary drilling of the 350 Fault zone suggests that it is made up of a series of faults in a northerly trending zone approximately 80 m wide. These faults offset the favourable siltstone-limestone contact area approximately 100 m to the north. Additional drilling of this fault zone is planned to further assess the possible role it plays in localizing gold mineralization at Conrad.
Carlin-type gold mineralization at the Conrad Zone has been traced for approximately 800 m along strike and to approximately 800 m in depth. Mineralization is found within several structural and stratigraphic settings at the Conrad Upper, Middle and Lower zones and was defined through wide-spaced drilling between 2010 to 2015. Mineralization at the Conrad Zone remains open in all directions.
At the time of this release, a total of 6,800 m of diamond drilling has been completed at the Osiris Project. Two drills continue to test the Conrad, Osiris and Sunrise Zones.
Please see ATAC's website www.atacresources.com, for an updated Conrad Zone plan map.
Rau Project Exploration Update
ATAC has completed a detailed mapping, prospecting and rock sampling program at the Rau Project to follow-up and characterize multiple oxide carbonate-replacement gold and base metal gold skarn discoveries along trend of the Tiger Gold Deposit. Results from this reconnaissance program will be used for follow-up soil sampling, mapping and prospecting in preparation for future drilling.
Drilling at the Tiger Deposit in 2017 was designed to better define sulphide mineralization for possible inclusion in future economic studies based on higher than expected sulphide recoveries presented in the 2016 Preliminary Economic Assessment (PEA) (see ATAC news release dated May 31, 2016). Previous exploration had focused on the oxidized part of the Tiger Deposit. Drilling at the Tiger East anomaly, 150 m east of the proposed PEA pit, is testing below an area where 10 of 21 composite float grab samples of oxidized material taken in 2016 returned assay values between 1.15 and 18.30 g/t gold.
Orion Project Exploration Update (Barrick Gold Corporation Earn-In)
Within the middle portion of the Rackla Gold Property, Barrick Gold Corporation is completing detailed mapping and prospecting on the Orion Project with a focus on the detailed classification of the Paleozoic stratigraphy and emphasis on structural characterization of the project area. Rotary air blast (RAB) and diamond drilling is currently ongoing to complement the surface work, particularly in areas of bedrock cover. A ground-based gravity survey will also be completed on the Orion Project area this exploration season.
The technical information in this news release has been approved by Julia Lane, P.Geo., Vice President of Exploration for ATAC and a qualified person for the purposes of National Instrument 43-101.
Diamond drill samples were forwarded to ALS Minerals in Whitehorse, Y.T. or North Vancouver, B.C. 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-AA25 procedure that involves fire assay preparation using a 30 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.
ATAC is a Yukon-based exploration company focused on developing Canada's only Carlin-type gold district at the Rackla Gold Property. Recent work on the ~1,700 km2 property has resulted in a positive Preliminary Economic Assessment for the Tiger Gold Deposit, drilling of multiple high-grade Carlin-type gold zones and the identification of numerous early-stage gold exploration targets. ATAC and Barrick recently partnered to explore the Rackla Gold Property's Orion Project, with Barrick having the option to earn up to 70% of Orion by spending $55 million in exploration. ATAC is well-financed with approximately $18 million in its treasury and is currently completing a $10 million exploration program at the Osiris and Rau Projects (which are not subject to Barrick's earn-in right), while concurrently working with Barrick to advance the Orion Project.
On behalf of Management and the Board of Directors
of ATAC Resources Ltd.
Graham Downs, President and 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.
For further information, please contact:
Manager, Corporate Communications
ATAC Resources Ltd.
T: 604-687-2522 ext. 260