VANCOUVER, BC, June 8, 2020 /CNW/ - ATAC Resources Ltd.
(TSXV: ATC) ("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.
Program Summary
- 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.
Yukon Exploration
Exploration at the Rau Project is expected to begin in July.
Updated exploration plans will be released closer to the start of
the program.
QA/QC
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.
About ATAC
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
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.
SOURCE ATAC Resources Ltd.