North Atlantic Drills Intercepts at the FT Gold Project in Southern Mali Highlights Include:- 44 Metres at 1.95 gpt Au, - 32 Metres at 2.65 gpt Au, - 12 Metres at 8.99 gpt Au and, - 8 Metres at 7.10 gpt Au
Highlights Include:
- 44 Metres at 1.95 gpt Au,
- 32 Metres at 2.65 gpt Au,
- 12 Metres at 8.99 gpt Au and,
- 8 Metres at 7.10 gpt Au
TORONTO, ONTARIO -- (Marketwire) -- 06/30/10 -- North Atlantic Resources Ltd. (TSX VENTURE: NAC) ('North Atlantic' or 'the Company') is pleased to announce drill results from approximately 1,100 metres of drilling from the ongoing reverse circulation (RC) drill program at its 100% owned FT Gold Project ('FT') in Southern Mali. The reported holes are from two significant areas where gaps existed in the previous drilling and resource models.
The FT project is the Company's most advanced gold discovery with an initial NI 43-101 compliant resource calculation of 7,880,000 tonnes at a grade of 0.95 grams per tonne for 241,000 ounces of gold in the indicated category and 10,550,000 tonnes at a grade of 1.05 grams gold per tonne for 353,000 ounces of gold of inferred category. Property-wide exploration is currently underway at the FT project, and will consist of 6,000 metres of reverse circulation drilling ('RC'), auger drilling, and termite mound geochemical sampling.
HIGHLIGHTS
Of particular note are the results from the 'Village Gap' that include:
-- 44 metres at 1.95 gpt Au in hole 10FLRC-06 that also included 12 metres
at 2.13 gpt Au, 6 metres at 7.48 gpt Au and 4 metres at 1.74 gpt Au,
-- 72 metres at 1.38 gpt Au in hole 10FLRC-07 that also included 32 metres
at 2.65 gpt Au,
-- 50 metres at 1.43 gpt Au in hole 10FLRC-08 that also included 8 metres
at 7.10 gpt Au and
-- 26 metres at 4.35 gpt Au in hole 10FLRC-12A that also included 12 metres
at 8.99 gpt Au
In addition to the 'Village Gap', the second major area, the 'Plantation Gap', returned the following highlights:
-- 32 metres at 0.48 gpt Au in hole 10TKRC-01 that included 2 metres at
1.52 gpt Au and a second 10 metres at 1.05 gpt Au that included 2 metres
at 4.22 gpt Au,
-- 36 metres at 0.61 gpt Au in hole 10TKRC-04 that included 4 metres at
3.61 gpt Au
Results from the Village Gap area cover approximately 600 metres of strike infill drilling within the FT resource model. RC drilling in the Plantation Gap area covers approximately 700 metres of strike infill drilling within the FT resource model. The drilling represents near surface mineralization to a maximum vertical depth of approximately 75 metres. These results include oxide material from 35 to 40 metres vertical depth, and transition zone and sulphide material below approximately 40 metres. All drill hole inclinations are between -55 and -70 degrees and true width of the mineralization is 50% to 75% of the reported drill intercept depending on the drill angle. All assays results are reported as uncut values.
The results from this drilling program demonstrate the robust nature of the gold mineralization at FT. A core of higher grade gold mineralization also includes a broad zone of gold enrichment of up to 50 metres of core length (approximately 30 metres true width). This geometry should lend itself to flexible grade control and pit design for preliminary economic assessment at FT. This assay data will be incorporated into the existing North Atlantic database and used to plan the next phase of what is expected to be a combined RC and diamond drill program at FT in Q4 of 2010.
This drilling completes Phase 1 of 4 stages of a 6,000 metre drill program at FT. Phase 1 consisted of infill drilling to test gaps in the deposit model at FT. Phase 2 is designed to test Northwest and Southeast strike extensions of the FT deposit with a series of broadly spaced RC holes. Phase 3 is designed to test gold in soil anomalies which are parallel to sub parallel to the FT resource area. Phase 4 is reserved to test new targets developed form termite mound or auger drilling. The results from the ongoing drilling will be released within the next quarter.
Scott Waldie, President and CEO of North Atlantic said, 'We are very encouraged by the results from the infill drilling at FT. These results indicate the potential for a considerable increase in resource grade and tonnage. From this drilling there is now significantly improved continuity from section to section in the higher-grade areas of the Village Gap and the Plantation Gap. These results now definitively link the northern half of the FT deposit with the southern portion which includes the Village Gap area. All of these attributes will contribute to improving the project economics as we work toward preliminary assessment of the economic potential at FT.'
In the tables below intersections are calculated down the drill holes using both a 0.1 gram per tonne (gpt) assay cut-off and a 0.4 gpt assay cut-off. The differing cut-off grades were selected to demonstrate the wide continuity of the mineralization and to reflect the potential bulk mining of the entire zone at a 0.1gpt cut-off. The 0.40 gpt cut-off table intersections demonstrate the higher grade continuity of the mineralization and reflect the potential for higher grade bulk mining potential of selected zones.
TABLE 1: Significant Assay Results - 'Village Gap' - 0.1 gram per tonne cut-off (Note 1)
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GOLD ASSAY
(grams per
HOLE NUMBER FROM (m) TO (m) LENGTH (m) tonne)
----------------------------------------------------------------------------
10FLRC-01A 48.0 76.0 28.0 2.20
----------------------------------------------------------------------------
includes 48.0 68.0 20.0 2.86
----------------------------------------------------------------------------
10FLRC-02 6.0 24.0 18.0 0.67
----------------------------------------------------------------------------
includes 12.0 14.0 2.0 1.54
----------------------------------------------------------------------------
10FLRC-02A 30.0 34.0 4.0 0.86
----------------------------------------------------------------------------
44.0 76.0 32.0 0.60
----------------------------------------------------------------------------
includes 50.0 56.0 6.0 1.34
----------------------------------------------------------------------------
10FLRC-03 0.0 22.0 22.0 0.39
----------------------------------------------------------------------------
10FLRC-03A 120.0 156.0 36.0 0.58
----------------------------------------------------------------------------
includes 128.0 134.0 6.0 1.65
----------------------------------------------------------------------------
10FLRC-04 0.0 22.0 22.0 1.59
----------------------------------------------------------------------------
includes 2.0 10.0 8.0 3.64
----------------------------------------------------------------------------
10FLRC-05 18.0 52.0 34.0 1.34
----------------------------------------------------------------------------
includes 18.0 24.0 6.0 3.48
----------------------------------------------------------------------------
28.0 36.0 8.0 1.55
----------------------------------------------------------------------------
40.0 44.0 4.0 1.40
----------------------------------------------------------------------------
10FLRC-06A 22.0 40.0 18.0 0.27
----------------------------------------------------------------------------
44.0 88.0 44.0 1.95
----------------------------------------------------------------------------
includes 46.0 58.0 12.0 2.13
----------------------------------------------------------------------------
62.0 68.0 6.0 7.48
----------------------------------------------------------------------------
82.0 86.0 4.0 1.74
----------------------------------------------------------------------------
10FLRC-07 0.0 72.0 72.0 1.38
----------------------------------------------------------------------------
includes 4.0 36.0 32.0 2.65
----------------------------------------------------------------------------
10FLRC-07A 70.0 76.0 6.0 0.87
----------------------------------------------------------------------------
includes 72.0 74.0 2.0 1.49
----------------------------------------------------------------------------
10FLRC-08 22.0 72.0 50.0 1.43
----------------------------------------------------------------------------
includes 30.0 38.0 8.0 7.10
----------------------------------------------------------------------------
10FLRC-08A 66.0 106.0 40.0 0.90
----------------------------------------------------------------------------
includes 70.0 86.0 16.0 1.47
----------------------------------------------------------------------------
100.0 102.0 2.0 1.12
----------------------------------------------------------------------------
10FLRC-09 2.0 38.0 36.0 0.80
----------------------------------------------------------------------------
includes 12.0 16.0 4.0 1.56
----------------------------------------------------------------------------
28.0 34.0 6.0 2.47
----------------------------------------------------------------------------
48.0 70.0 22.0 0.17
----------------------------------------------------------------------------
10FLRC-10 0.0 44.0 44.0 0.35
----------------------------------------------------------------------------
includes 8.0 10.0 2.0 1.36
----------------------------------------------------------------------------
30.0 32.0 2.0 2.12
----------------------------------------------------------------------------
10FLRC-11 0.0 20.0 20.0 0.33
----------------------------------------------------------------------------
includes 2.0 4.0 2.0 1.08
----------------------------------------------------------------------------
26.0 42.0 16.0 0.13
----------------------------------------------------------------------------
10FLRC-12 2.0 20.0 18.0 0.65
----------------------------------------------------------------------------
includes 4.0 10.0 6.0 1.58
----------------------------------------------------------------------------
30.0 54.0 24.0 0.28
----------------------------------------------------------------------------
includes 32.0 34.0 2.0 1.07
----------------------------------------------------------------------------
10FLRC-12A 4.0 30.0 26.0 4.35
----------------------------------------------------------------------------
includes 16.0 28.0 12.0 8.99
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54.0 90.0 36.0 0.29
----------------------------------------------------------------------------
10FLRC-13 44.0 52.0 8.0 0.23
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TABLE 2: Significant Assay Results - 'Plantation Gap' - 0.1 gram per tonne cut-off (Note 1)
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GOLD ASSAY
(grams per
HOLE NUMBER FROM (m) TO (m) LENGTH (m) tonne)
----------------------------------------------------------------------------
10TKRC-01 0.0 32.0 32.0 0.48
----------------------------------------------------------------------------
includes 24.0 26.0 2.0 1.52
----------------------------------------------------------------------------
40.0 46.0 6.0 1.27
----------------------------------------------------------------------------
includes 42.0 44.0 2.0 3.16
----------------------------------------------------------------------------
50.0 60.0 10.0 0.53
----------------------------------------------------------------------------
78.0 88.0 10.0 1.05
----------------------------------------------------------------------------
includes 80.0 82.0 2.0 4.22
----------------------------------------------------------------------------
10TKRC-02 2.0 14.0 12.0 0.20
----------------------------------------------------------------------------
18.0 32.0 14.0 0.22
----------------------------------------------------------------------------
40.0 66.0 26.0 0.50
----------------------------------------------------------------------------
includes 50.0 52.0 2.0 2.14
----------------------------------------------------------------------------
10TKRC-03 12.0 80.0 68.0 0.27
----------------------------------------------------------------------------
94.0 98.0 4.0 0.96
----------------------------------------------------------------------------
includes 96.0 98.0 2.0 1.15
----------------------------------------------------------------------------
10TKRC-04 42.0 78.0 36.0 0.61
----------------------------------------------------------------------------
includes 46.0 50.0 4.0 3.61
----------------------------------------------------------------------------
10TKRC-05 54.0 76.0 22.0 0.52
----------------------------------------------------------------------------
includes 64.0 66.0 2.0 1.77
----------------------------------------------------------------------------
84.0 86.0 2.0 1.30
----------------------------------------------------------------------------
10TKRC-06 42.0 64.0 22.0 0.31
----------------------------------------------------------------------------
10TKRC-07 0.0 12.0 12.0 0.22
----------------------------------------------------------------------------
30.0 38.0 8.0 1.11
----------------------------------------------------------------------------
includes 30.0 36.0 6.0 1.27
----------------------------------------------------------------------------
44.0 52.0 8.0 1.02
----------------------------------------------------------------------------
includes 46.0 48.0 2.0 2.37
----------------------------------------------------------------------------
58.0 72.0 14.0 0.17
----------------------------------------------------------------------------
Note 1: Intersections are calculated down the drill holes using a 0.1 gram per tonne (gpt) or 100 part per billion (ppb) assay cut-off and allowing a maximum of 4 metres of internal waste. Assays immediate following the internal waste must carry the waste interval to be included in a particular intersection. 'Includes' is calculated using a 1.0 gpt or 1000 ppb assay cut-off with the same internal waste criteria. 0.1 gpt or 100 ppb was chosen as a cut-off to show the wide continuity of the mineralization and to reflect the potential bulk mining of the entire zone. All drill hole inclinations are between -55 and -70 degrees and true width of the mineralization is 50%-75% of the reported drill intercept depending on the drill angle.
TABLE 3: Significant Assay Results - 'Village Gap' - 0.4 gram per tonne cut-off (Note 2)
----------------------------------------------------------------------------
GOLD ASSAY
(grams per
HOLE NUMBER FROM (m) TO (m) LENGTH (m) tonne)
----------------------------------------------------------------------------
10FLRC-01A 48.0 72.0 24.0 2.53
----------------------------------------------------------------------------
includes 48.0 68.0 20.0 2.86
----------------------------------------------------------------------------
10FLRC-02 6.0 22.0 16.0 0.71
----------------------------------------------------------------------------
includes 12.0 14.0 2.0 1.54
----------------------------------------------------------------------------
10FLRC-02A 48.0 68.0 20.0 0.84
----------------------------------------------------------------------------
includes 50.0 56.0 6.0 1.34
----------------------------------------------------------------------------
10FLRC-03 6.0 18.0 12.0 0.55
----------------------------------------------------------------------------
10FLRC-03A 126.0 146.0 20.0 0.85
----------------------------------------------------------------------------
includes 128.0 134.0 6.0 1.65
----------------------------------------------------------------------------
10FLRC-04 0.0 22.0 22.0 1.59
----------------------------------------------------------------------------
includes 2.0 10.0 8.0 3.64
----------------------------------------------------------------------------
10FLRC-05 18.0 46.0 28.0 1.59
----------------------------------------------------------------------------
includes 18.0 24.0 6.0 3.48
----------------------------------------------------------------------------
28.0 36.0 8.0 1.55
----------------------------------------------------------------------------
40.0 44.0 4.0 1.40
----------------------------------------------------------------------------
10FLRC-06A 46.0 86.0 40.0 2.13
----------------------------------------------------------------------------
includes 46.0 58.0 12.0 2.13
----------------------------------------------------------------------------
62.0 68.0 6.0 7.48
----------------------------------------------------------------------------
82.0 86.0 4.0 1.74
----------------------------------------------------------------------------
10FLRC-07 4.0 60.0 56.0 1.74
----------------------------------------------------------------------------
includes 4.0 36.0 32.0 2.65
----------------------------------------------------------------------------
10FLRC-07A 70.0 76.0 6.0 0.87
----------------------------------------------------------------------------
includes 72.0 74.0 2.0 1.49
----------------------------------------------------------------------------
10FLRC-08 26.0 48.0 22.0 2.87
----------------------------------------------------------------------------
includes 30.0 38.0 8.0 7.10
----------------------------------------------------------------------------
10FLRC-08A 66.0 104.0 38.0 0.93
----------------------------------------------------------------------------
includes 70.0 86.0 16.0 1.47
----------------------------------------------------------------------------
100.0 102.0 2.0 1.12
----------------------------------------------------------------------------
10FLRC-09 10.0 18.0 8.0 1.07
----------------------------------------------------------------------------
includes 12.0 16.0 4.0 1.56
----------------------------------------------------------------------------
24.0 38.0 14.0 1.31
----------------------------------------------------------------------------
includes 28.0 34.0 6.0 2.47
----------------------------------------------------------------------------
10FLRC-11 2.0 8.0 6.0 0.77
----------------------------------------------------------------------------
includes 2.0 4.0 2.0 1.08
----------------------------------------------------------------------------
10FLRC-12 4.0 10.0 6.0 1.58
----------------------------------------------------------------------------
10FLRC-12A 8.0 30.0 22.0 5.12
----------------------------------------------------------------------------
includes 16.0 28.0 12.0 8.99
----------------------------------------------------------------------------
40.0 44.0 4.0 0.69
----------------------------------------------------------------------------
68.0 78.0 10.0 0.45
----------------------------------------------------------------------------
TABLE 4: Significant Assay Results - 'Plantation Gap' - 0.4 gram per tonne cut-off (Note 2)
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GOLD ASSAY
(grams per
HOLE NUMBER FROM (m) TO (m) LENGTH (m) tonne)
----------------------------------------------------------------------------
10TKRC-01 6.0 10.0 4.0 0.79
----------------------------------------------------------------------------
18.0 30.0 12.0 0.81
----------------------------------------------------------------------------
includes 24.0 26.0 2.0 1.52
----------------------------------------------------------------------------
42.0 46.0 4.0 1.85
----------------------------------------------------------------------------
includes 42.0 44.0 2.0 3.16
----------------------------------------------------------------------------
50.0 56.0 6.0 0.62
----------------------------------------------------------------------------
10TKRC-02 40.0 52.0 12.0 0.76
----------------------------------------------------------------------------
includes 50.0 52.0 2.0 2.14
----------------------------------------------------------------------------
10TKRC-03 94.0 98.0 4.0 0.96
----------------------------------------------------------------------------
10TKRC-04 42.0 50.0 8.0 2.17
----------------------------------------------------------------------------
includes 46.0 50.0 4.0 3.61
----------------------------------------------------------------------------
10TKRC-05 64.0 74.0 10.0 0.75
----------------------------------------------------------------------------
includes 64.0 66.0 2.0 1.77
----------------------------------------------------------------------------
10TKRC-06 44.0 52.0 8.0 0.50
----------------------------------------------------------------------------
10TKRC-07 30.0 38.0 8.0 1.11
----------------------------------------------------------------------------
includes 30.0 36.0 6.0 1.27
----------------------------------------------------------------------------
Note 2: Intersections are calculated down the drill holes using a 0.4 gram per tonne (gpt) or 400 part per billion (ppb) assay cut-off and allowing a maximum of 4 metres of internal waste. Assays immediate following the internal waste must carry the waste interval to be included in a particular intersection. 'Includes' is calculated using a 1.0 gpt or 1000 ppb assay cut-off with the same internal waste criteria. 0.4 gpt or 400 ppb was chosen as a second cut-off to show the higher grade continuity of the mineralization and to reflect the potential higher grade bulk mining of selected zones. All drill hole inclinations are between -55 and -70 degrees and true width of the mineralization is 50%-75% of the reported drill intercept depending on the drill angle.
Please follow the links provided to see drill hole locations and a resource plan map: http://media3.marketwire.com/docs/PR_Plan_Jun10_Plantation%20Gap1.pdf, http://media3.marketwire.com/docs/PR_Plan_Jun10_Village%20Gap1.pdf. For additional maps and information please see the North Atlantic website.
Qualifying Person
The results of North Atlantic's drilling program have been reviewed, verified and compiled by H. Andrew Daniels, P. Geo, a qualified person as defined by National Instrument 43-101. Mr. Daniels has over 25 years of mineral exploration and mining experience, is a Licensed Professional Geologist in the Province of Ontario and a member in good standing.
To ensure reliable sample results North Atlantic has a rigorous QA/QC program in place that monitors the chain-of-custody of samples and includes the insertion of blanks, duplicates, and certified reference standards in each batch of samples. RC chips are logged and a representative sample is retained in a secured facility for verification purposes. Sample preparation (crushing and pulverizing) is performed at an independent local laboratory. Prepared samples are direct-shipped to a local independent laboratory for analysis using a FA50-AAS (Fire Assay on 50 gram sample with an Atomic Absorption finish).
About North Atlantic
North Atlantic is a Canadian gold exploration and development company with more than eight years experience in the Republic of Mali, West Africa ('Mali'), one of the world's fastest growing gold producing regions. The Company has made three important gold discoveries in Mali including the FT Gold Project which is the Company's most advanced discovery. North Atlantic's current plans are to expand the resource base at FT while continuing to develop its other gold projects. Currently, North Atlantic is completing a 6,000 metre reverse circulation drill program at FT.
This press release has been prepared by North Atlantic Resources Ltd.
Forward Looking Statement
This news release contains certain statements that may be deemed 'forward-looking statements'. All statements in this release, other than statements of historical fact, that address events or developments that the Company expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words 'expects', 'plans', 'anticipates', 'believes', 'intends', 'estimates', 'projects', 'potential' and similar expressions, or that events or conditions 'will', 'would', 'may', 'could' or 'should' occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward- looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
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 release.
Contacts:
North Atlantic Resources Ltd.
Scott Waldie
President and CEO
(416) 703-6348
Email: info@nac-tsx.com
Website: www.nac-tsx.com