VANCOUVER, BC, Aug. 19, 2020 /CNW/ - ATAC Resources Ltd. (TSX-V:
ATC) ("ATAC") is pleased to announce that it has optioned its Idaho
Creek Property to Makara Mining Corp. (CSE: MAKA) ("Makara"). The
Idaho Creek Property is located 14 km east of Western Copper and
Gold's Casino gold-copper porphyry deposit and adjacent to Makara's
Rude Creek gold project in central Yukon.
Grid soil sampling at the Idaho
property has outlined anomalous gold, silver, lead, arsenic and
zinc soil values in four main targets. The anomalous areas are up
to 1,200 by 600 m in size and
produced soil geochemical values ranging up to 6,550 ppb Au, 122
ppm Ag, 6,180 ppm Pb, 2,620 ppm As, 2,300 ppm Zn and 1,110 ppm
Sb.
Property Option Terms
Makara can acquire a 100% interest in the Idaho Creek Property
by making aggregate cash payments of C$150,000 and issuing ATAC an aggregate of
750,000 shares by July 1, 2024 and
completing C$2,000,000 in work
expenditures by December 1, 2024.
A one-time milestone payment of C$1.00 per gold equivalent ounce will be paid to
ATAC if a mineral resource is identified on the property.
ATAC will also retain a 2% net smelter return on the property, one
half of which can be purchased by Makara for C$1,000,000.
QA/QC
The technical information in this news release has been approved
by Adam Coulter, M.Sc., P.Geo.,
Project Geologist 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 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 $10 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.