VANCOUVER, BC, Sept. 14, 2020 /CNW/ - ATAC Resources Ltd.
(TSX-V: ATC) ("ATAC") is pleased to announce that 2020 phase one
exploration work has identified an orogenic gold system at its
Airstrip target. The ~11.5 km2 Airstrip target is
part of the Rau Project, located at the western end of its 1,700
km2 Rackla Gold Property in east-central
Yukon.
2020 Exploration Update:
- Phase one, Rotary Air Blast (RAB) scout drilling, mapping, and
prospecting program is complete and phase two RAB and diamond drill
program is underway;
- Widely spaced RAB drilling encountered broad intervals of
mineralization (ASR-20-018 with 36.58
m of 0.51 g/t gold, ending in mineralization) as well as
higher-grade intersects (ASR-20-014 with 1.53 m of 3.11 g/t gold);
- Outcrop and subcrop rock sampling returned values up to 6.39
g/t gold, demonstrating high-grade potential;
- RAB drilling to date has identified gold mineralization over a
1,000 m by 500
m area, and across a vertical extent of 300 m; and
- Results of detailed mapping and prospecting work suggest the
Airstrip target is an orogenic gold system.
"The identification of an orogenic gold system at the Airstrip
target is very exciting. These types of systems have the potential
to host significant bulk-tonnage gold deposits, and this is the
first identification of this style of mineralization in the area,"
commented President and CEO Graham
Downs. "The first ever diamond drill program at Airstrip is
underway, starting by twinning and extending scout holes that ended
in gold mineralization. The Airstrip anomaly stretches over 6 km in
length, and we've only systematically evaluated a fraction of that
to date. While diamond drilling tests priority targets, RAB
drilling will continue to evaluate the target at the kilometer
scale."
Phase One Program Summary
The phase one exploration program included 12 RAB holes totaling
650 m, prospecting, mapping,
trenching and trail building focused on better defining gold
mineralization at the largely overburden covered Airstrip target in
preparation for phase two diamond drilling. Trail building and
excavator trenching has exposed outcrop and subcrop across parts of
the anomaly, with rock samples returning up to 6.39 g/t
gold.
Highlights from 2016 and 2020 RAB scout drilling at the Airstrip
target are shown below:
Hole
Name
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Gold
(g/t)
|
ASR-16-004*
|
50.29
|
73.15
|
22.86
|
0.66
|
ASR-16-005*
|
10.67
|
12.19
|
1.52
|
3.68
|
ASR-16-006*
|
10.67
|
12.19
|
1.52
|
6.00
|
and
|
51.82
|
65.53
|
13.71
|
1.43
|
|
|
|
|
|
ASR-20-014
|
32.00
|
33.53
|
1.53
|
3.11
|
ASR-20-017
|
51.82
|
64.01
|
12.19
|
0.22
|
ASR-20-018
|
39.62
|
76.20
|
36.58
|
0.51
|
ASR-20-019
|
12.19
|
35.05
|
22.86
|
0.32
|
incl.
|
24.38
|
25.91
|
1.53
|
1.63
|
*
Previously reported 2016 RAB hole
|
Additional maps, figures and a video interview describing the
mineralization at the Airstrip target are available on ATAC's
website: www.atacresources.com
Airstrip Target
The Airstrip target hosts an ~11.5 km2 gold-in-soil
anomaly with values ranging from detection limit up to 2,360 ppb
gold. The target area is underlain by phyllite with lesser amounts
of quartzite, and mafic to intermediate volcanic and volcaniclastic
rocks of the Devonian-Mississippian Earn Group.
Gold mineralization encountered to date occurs within broad
zones of highly deformed quartz-carbonate ± sericite veins and is
disseminated within the phyllite host rock. The veins contain
variable amounts of pyrite and arsenopyrite with trace pyrrhotite
and are typically oxidized near surface.
The overall structural geometry of the area mimics the larger
regional trends of the Dawson Thrust Fault with east-southeast to
west-northwest trending folds that are upright to overturned to the
north. At least three generations of veins exist and likely formed
during brittle-ductile deformation at greenschist facies
metamorphic pressures and temperatures. The observations made to
date would suggest the Airstrip target is a Phanerozoic orogenic
gold system (e.g. Moose River Gold
Mines, Canada and
Fosterville Mine, Australia).
Phase Two Program
The phase two program is underway with two diamond drills and
one RAB drill. The first diamond drill holes will twin and extend
2016 RAB holes ASR-16-006 (1.43 g/t gold over 13.71 m) and ASR-16-004 (0.66 g/t gold
over 22.86 m). Both holes
ended in mineralization approximately 70 m down-hole due to drill limitations.
Subsequent diamond drill holes will target new areas of bedrock
mineralization and key structures identified by 2020 phase one
work, including twinning and extending ASR-20-018 (36.58 m of 0.51 g/t gold ending in
mineralization) and ASR-20-019 (22.86
m of 0.32 g/t gold, nearby a 6.39 g/t subcrop rock
sample). Step out drilling will be completed as warranted to
test continuity of vein sets along strike.
RAB drilling is targeting kilometer-scale step-outs across the
Airstrip gold-in-soil anomaly, as well as high-priority regional
targets elsewhere on the Rau Project. Drilling is anticipated to
continue with all three drills through the end of September, as
weather permits.
QA/QC
RAB and rock samples were forwarded to ALS Minerals in
Whitehorse for sample preparation.
RAB samples were fine crushed to 70% passing 2 millimeters before a
250 gram split was pulverized to better than 85% passing 75
microns. Rock samples were fine crushed to 90% passing 2 mm before
a 1000 gram split was pulverized to better than 85% passing 75
microns. Pulps were then analyzed at ALS Minerals in North Vancouver where gold determinations were
carried out. Gold analyses were by the Au-AA24 procedure that
involves fire assay preparation using a 50 gram charge with an
atomic absorption spectroscopy finish.
All prospecting rock samples reported in this release represent
highlight results only. Low or below detection values for gold were
encountered in unreported rock samples.
2020 RAB holes ASR-20-010, -011, -013, -015, and -016 returned
weakly anomalous gold, but no significant results. RAB hole
ASR-20-012 failed due to drilling complications and was re-drilled
in ASR-20-013.
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 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.