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VANCOUVER, BC , June 8, 2020 /CNW/ - ATAC Resources Ltd. (ATC.V) ("ATAC") is pleased to announce that it has begun initial exploration work at its recently optioned and road-accessible East Goldfield Property (the "Property"). The Property is located in the Goldfield Mining District (historic production of 4.2 million ounces at 18.55 g/t gold), ~8 km east of Waterton Global Resource Management's development stage Gemfield project (47.3 million tonnes of Measured and Indicated Mineral Resources at 1.03 g/t gold totaling 1,574,000 ounces gold).
East Goldfield is an early-stage high-sulphidation epithermal ("HSE") gold exploration project. It hosts the historical Tom Keane mine, where shallow reverse circulation drilling by a previous operator returned 22.86 m of 2.88 g/t gold and 44.20 m of 1.03 g/t gold.
Exploration in 2020 will focus on property-wide baseline data collection, including airborne surveys and initial ground-based geochemical and geological mapping.
Airborne hyperspectral and LIDAR surveys (currently ongoing)
Property-wide geochemical and hyperspectral soil sampling
Follow up prospecting, geological and alteration mapping
A broad west-northwest trending zone of HSE alteration was identified from Landsat 7 and ASTER spectral satellite data, which extends from the Gemfield deposit onto the East Goldfield Property. Due diligence fieldwork conducted by ATAC in February 2020 confirmed the presence of important proximal HSE alteration minerals, including alunite and vuggy quartz in rock samples collected within the alteration footprint of the satellite data.
"We are excited to begin systematic exploration on the East Goldfield Project and provide shareholders with exposure to an exciting grassroots opportunity in a proven gold mining district," commented Adam Coulter , ATAC's VP Exploration. "The airborne surveys and soil sampling program will provide us with a first glance at the alteration footprint around known mineralization at the Tom Keane mine and identify new targets across the property."
The airborne hyperspectral survey will provide high resolution information on the clay alteration footprint typically associated with HSE mineralization. The LIDAR survey will provide high resolution bare earth digital elevation data to assist with an initial structural interpretation. The follow up geochemical and hyperspectral soil sampling program will be designed and implemented to verify results from the airborne survey and vector in on priority targets. The airborne surveys and soil sampling will be completed by local Nevada -based contractors. No COVID-19 pandemic related disruptions are anticipated.
East Goldfield Option
The East Goldfield Property is currently under option from Silver Range Resources Ltd. Please see ATAC's February 25, 2020 news release for option earn-in details.
Exploration at the Rau Project is expected to begin in July. Updated exploration plans will be released closer to the start of the program.
The technical information in this news release has been approved by Adam Coulter , M.Sc., P.Geo., VP Exploration for ATAC and a qualified person for the purposes of National Instrument 43-101. Information concerning historical exploration, development and mining at East Goldfield is based on US Geological Survey Mineral Resource Data System records, as well as press releases, website summaries and NI 43-101 technical reports issued by Gemfield Resources LLC. and Metallic Ventures Gold Ltd. The data in these sources has not been independently verified.
ATAC is a Vancouver -based exploration company focused on advancing Yukon's premier precious and base metal district and grassroots exploration in Nevada . Work on its ~1,700 km2 Rackla Gold Property in Yukon has resulted in the Osiris Project Inferred Mineral Resource of 1,685,000 oz of gold at an average grade of 4.23 g/t (in 12.4 Mt), a positive Preliminary Economic Assessment for the Tiger Gold Deposit (Pre-tax NPV of $118.2M and IRR of 54.5%), and numerous early-stage gold and base metal discoveries. ATAC is well-financed with approximately $9 million in working capital.
On behalf of Management and the Board of Directors of ATAC Resources Ltd.
Graham Downs , President and CEO
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SOURCE ATAC Resources Ltd.
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