VANCOUVER, BC, Feb. 22, 2022 /CNW/ - ATAC Resources Ltd.
("ATAC") (TSXV: ATC) (OTCQB: ATADF) announces the results of 2021
exploration work at its East Goldfield Property in Nevada and a decision to discontinue the
property option.
A total of 4,124 m of reverse
circulation drilling was completed at the East Goldfield property. Drilling was
primarily conducted around known mineralization at the historical
Tom Keane mine. Additional drilling outside of the Tom Keane area
tested new surface discoveries at depth.
Although 2021 drilling intersected anomalous gold in all holes
and results demonstrate a broad mineralized system, drilling was
not able to reproduce historical highlights and surface gold grades
were not replicated at depth. A table of mineralized drill
intersections is provided below.
Hole
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Gold
(g/t)
|
EG -21-001
|
181.36
|
182.88
|
1.52
|
2.00
|
EG -21-004
|
99.06
|
129.54
|
30.48
|
0.20
|
EG -21-005
|
56.39
|
74.68
|
18.29
|
0.11
|
EG -21-006
|
89.92
|
137.16
|
47.24
|
0.11
|
EG -21-007
|
219.46
|
220.98
|
1.52
|
2.51
|
EG
-21-010
|
62.48
|
144.78
|
82.30
|
0.31
|
incl.
|
70.10
|
79.25
|
9.15
|
1.03
|
EG -21-013
|
185.93
|
220.98
|
35.05
|
0.11
|
"While we are disappointed with the results at East Goldfield, we had a very positive
experience working in Nevada and
were able to complete our exploration program under
budget," stated President and CEO, Graham Downs. "Our goal was to rapidly
evaluate the property by drilling to determine if it met our
exploration thresholds, and unfortunately the grades weren't what
we were hoping for. We remain committed to working in Nevada and are currently evaluating additional
project opportunities."
Based on these results, ATAC has notified Silver Range Resources
Ltd. of its decision to terminate the option agreement for the
East Goldfield property.
Figure 1 – Drill Plan Map
QA/QC
RC samples splits were forwarded to ALS Minerals in Reno, Nevada, with sample preparation
completed in Reno, Nevada,
Carson City, Nevada, Guadalajara, Mexico, Zacatecas, Mexico and Hermosilla, Mexico. Samples were fine crushed to 70%
passing 2 millimeters before a 250 gram split was pulverized to
better than 85% passing 75 microns. Pulps were then analyzed at ALS
Minerals in Reno, Nevada and
North Vancouver, British Columbia
where gold and multi-element analysis was completed. Gold analysis
were by the Au-ICP21 procedure which involves fire assay fusion
with a 50 g charge and an inductively coupled plasma – atomic
emission spectroscopy finish. Multi-element data for 48 elements
was determined by the ME-MS61 procedure, which involves a four acid
digestion followed by inductively coupled plasma – mass
spectrometry and inductively coupled plasma – atomic emission
spectroscopy.
Rigorous procedures were in place regarding sample collection,
chain of custody and data entry. Certified assay standards,
duplicate samples and blanks were routinely inserted into the
sample stream to ensure integrity of the assay process. All samples
included in this news release have passed the QA/QC procedures as
described above.
All results reported in this release represent highlight results
only. Low or below detection values for gold were encountered in
unreported drill intervals.
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.
About ATAC
ATAC is a Vancouver-based
exploration company focused on exploring for gold and copper in
Yukon, BC and 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),
the Tiger Deposit Measured & Indicated Mineral Resource of
464,000 oz of gold at an average grade of 3.19 g/t (in 4.5 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 over $5
million in working capital.
On behalf 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 RELEASE.
Cautionary note regarding forward-looking statements:
This press release may contain "forward-looking information"
within the meaning of applicable securities laws. Readers are
cautioned to not place undue reliance on forward-looking
information. Actual results and developments may differ
materially from those contemplated by these statements. The
statements in this press release are made as of the date of this
press release. The Company undertakes no obligation to update
forward-looking information, except as required by securities
laws.
Cautionary Note to U.S. Investors concerning estimates of
Measured, Indicated, and Inferred Resources:
The mineral resource estimates included in this press release
have been prepared in accordance with Canadian National Instrument
43-101 – Standards of Disclosure for Mineral Projects. The
United States Securities and Exchange Commission (the "SEC") has
adopted amendments to its disclosure rules to modernize the mineral
Property disclosure requirements. U.S. investors are
cautioned that the disclosure the Company provides on its mineral
properties in this news release may be different from the
disclosure that an issuer subject to SEC reporting requirements
would otherwise be required to provide. Therefore, the
information contained in this news release containing descriptions
of the Company's mineral properties may not be comparable to
similar information made public by U.S. companies subject to
reporting and disclosure requirements under the U.S. federal
securities laws and the rules and regulations thereunder.
Additional information about the Tiger Deposit PEA is
summarized in ATAC's February 27,
2020 technical report titled "Technical Report and
Preliminary Economic Assessment for the Tiger Deposit, Rackla Gold
Project, Yukon, Canada", which can
be viewed at www.sedar.com under the ATAC profile or on the ATAC
website at www.atacresources.com. Additional information about the
Osiris Resource Estimate is summarized in ATAC's July 2, 2018 technical report titled "Technical
Report and Estimate of Mineral Resources for the Osiris Project,
Yukon, Canada," which can also be
viewed at www.sedar.com
SOURCE ATAC Resources Ltd.