VANCOUVER , Feb. 28, 2019 /CNW/ - ATAC Resources Ltd. (ATC.V) ("ATAC") is pleased to announce the Phase One exploration program at its Rau Project, located at the western end of its 1,700 km2 Rackla Gold Property in east-central Yukon .
The Phase One program will follow-up on high-grade gold, copper and silver results from 2018, as well as additional opportunities proximal to the Rackla Pluton. Work will include:
- ground geophysical surveys;
- prospecting, hand pitting and mapping;
- additional regional soil sampling; and,
- follow-up drilling of priority targets.
"The Rau Project is an emerging 20 km long polymetallic district hosting numerous early-stage precious and base metal targets, anchored by the demonstrated economics of our Tiger Deposit," commented President and CEO Graham Downs . "While the majority of exploration to date has focused on Tiger and similar carbonate-replacement gold targets, the recent re-evaluation of project data highlights the significant exploration potential for new discoveries of intrusive-related mineralization. The strength of prospecting results at two skarn targets, including 6.07 g/t gold with 7.41% copper at Bobcat, and 7,080 g/t silver and 3.27 g/t gold at Spotlight, provides compelling evidence for this interpretation."
2019 Phase One Exploration Plans
The exploration program will begin with ground induced polarization and magnetic geophysical surveys over an area that is centered on the Rackla Pluton, and encompasses the Bobcat and other nearby skarn targets. This work will improve the resolution of existing airborne magnetic data, and define areas of anomalous subsurface chargeability. Data collected from concurrent mapping and prospecting will refine these targets for follow-up drilling. A detailed investigation will also be conducted along the 2.2 km long gold-in-soil anomaly identified in 2018, trending west of Spotlight.
ATAC has been successful in identifying new targets through soil sampling with follow-up prospecting and hand pitting. The majority of targets discovered to date have been identified in this manner, yet significant portions of the property remain unsampled. This program will see continued use of this systematic approach, with a focus on prospective untested ground proximal to the intrusion.
Rau Target Map: https://www.atacresources.com/assets/docs/RauGold-in-SoilwHL.pdf
The Bobcat target is a high-grade, gold-copper skarn target interpreted to be associated with the emplacement of the Rackla Pluton, located 1.5 km to the west. Bobcat is located along the western side of an open ended 2.5 km2 gold +/- copper, silver, and tin soil geochemical anomaly. Prospecting and hand pitting conducted in a limited area has identified strongly-altered carbonate hosting angular cobbles of tremolite skarn that returned high grade gold +/- copper results.
Highlight Bobcat sample results are presented below. These samples are interpreted to be locally derived due to their angular nature and setting within the zone of alteration.
Insignificant copper reported.
Please see ATAC's website for Bobcat figures (www.atacresources.com).
The Spotlight skarn target is located 6.5 km north of Bobcat. It was discovered in 2017 through contour soil sampling. Limited follow-up prospecting work has resulted in the collection of high-grade grab samples, including 7,080 g/t silver and 3.27 g/t gold. Additional soil sampling has defined a 2.2 km long gold and silver anomaly, which remains open to the north, east and west.
Significant hornfels, marble alteration and abundant tremolite development observed throughout the Spotlight area indicate high fluid flow, likely from a nearby intrusive system. These observations are further supported by the development of gold-copper-tungsten skarn mineralization at the historic Blue Lite occurrence located 1 km south of Spotlight.
Please see ATAC's website for Spotlight figures (www.atacresources.com).
Osiris and Orion Projects
In 2018, ATAC announced its maiden inferred resource of 1,685,000 ounces gold, at an average grade of 4.23 g/t (in 12.4 Mt), for its Osiris Project, at the eastern end of the Rackla Gold Property. A successful follow-up expansion drill program was conducted, extending mineralization in multiple directions at the Osiris, Conrad and Sunrise zones. Rotary air blast (RAB) drilling approximately 1,000 m southwest of Conrad identified a new high-grade gold discovery of 6.10 m of 3.38 g/t gold from surface. The Orion Project was concurrently explored, identifying structurally-controlled gold mineralization along a 2.5 km strike length associated with the Anubis Fault.
While Phase One of ATAC's 2019 program will be conducted at the Rau Project, both Osiris and Orion remain high quality assets. The Company remains committed to these projects and is currently evaluating funding mechanisms that minimize share dilution to meaningfully advance them.
Tiger Tote Road
In March 2018 , ATAC received a joint Decision Document from the Yukon Government and the First Nation of Na-Cho Nyak Dun stating conditional approval of the 65 km, private, all-season tote road to the Tiger Gold Deposit. Sub-regional land use planning is currently being conducted throughout the Beaver River Watershed area, which encompasses the tote road and final permits are anticipated to be received following completion of this process.
Prospecting grab samples referenced in this release represent highlight results only, and include results from 2018 and previous seasons. Below detection values for gold, copper, and silver have been encountered in grab samples in these target areas.
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.
ATAC is a Yukon -based exploration company focused on developing Canada's only Carlin-type gold district and intrusion-related polymetallic targets at the Rackla Gold Property. Work on the ~1,700 km2 property 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, and numerous early-stage gold and base metal discoveries. ATAC is well-financed with approximately $10 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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