ATAC Resources Ltd. Drilling Confirms Two New Gold Discoveries Along Nadaleen Trend, Osiris Area-Yukon
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/30/10 -- ATAC Resources Ltd. (TSX VENTURE: ATC) is pleased to announce final 2010 diamond drill results from the Osiris area, located along the Nadaleen Trend of the Company's wholly-owned 1,600 sq/km Rackla Gold Belt in central Yukon. Based on the results of the Osiris area drilling and new Nadaleen Fault discoveries at the Conrad and Eaton Showings, the Company has increased its proposed 2011 drill program to include a minimum of 40,000 m of diamond drilling utilizing up to eight drills.
The Nadaleen Trend is defined by a 25 km long, 5 km wide, east-west trending belt where stream sediment samples are highly anomalous for arsenic and/or thallium and mercury. Eight days of surface follow up and four weeks of reconnaissance drilling within a restricted eight sq/km area of the Nadaleen Trend revealed five significant areas of surface gold showings. Four of these targets were drilled, resulting in three confirmed gold discoveries at the Osiris, Conrad and Eaton Showings. The remaining 90% of the Nadaleen Trend will be aggressively explored in 2011. Highest gold grades are associated with intense decalcification or decarbonatization and clay alteration of limestone, and enhanced thallium content - all of which are signature characteristics of Carlin-type mineralization.
Osiris Showing
-- Four of six broadly spaced holes along a 300 m wide fence across the
south part of the Osiris gold-in-soil anomaly yielded significant gold
bearing intercepts.
-- Multiple intersections occur in some of the holes confirming the
Company's belief that the Osiris target consists of stacked gold-bearing
intervals within favourable limestone debris flow units that are linked
by feeder structures.
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From To Interval Au
Hole ID Dip/Azimuth (m) (m) (m) (g/t)
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OS-10-01(i) -50 degrees/270 degrees 7.62 16.38 8.76 1.81
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56.08 121.28 65.20 4.65
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includes 72.20 103.33 31.13 9.26
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OS-10-02 -50 degrees/270 degrees 14.07 49.15 35.08 2.31
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includes 33.07 45.57 12.50 5.29
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Bottomed in mineralization 138.60 143.25 4.65 2.48
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OS-10-03 -50 degrees/090 degrees 104.79 127.09 22.30 2.21
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includes 106.74 117.00 10.26 4.14
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OS-10-04 -50 degrees/090 degrees 1.52 18.28 16.76 2.03
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includes 13.63 18.28 4.65 5.77
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229.00 236.22 7.22 8.37
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OS-10-06 - 50 degrees/090 degrees 4.20 9.14 4.94 1.76
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(i) Previously released.
Reported intersections are drilled thicknesses. True widths are not known
as mineralization is controlled by both structure and bedding.
Drill hole OS-10-05 was collared outside the Osiris gold-in-soil anomaly and did not intersect mineralization.
Nadaleen Fault (Conrad and Eaton Showings)
Conrad Showing
One hole at the Conrad Showing (OS-10-08) and one hole at the Eaton Showing (OS-10-09) were drilled to test an intense alteration zone directly associated with the Nadaleen Fault, a regional east-west structure interpreted to be a possible feeder structure for the Osiris area mineralized zones.
-- Alteration associated with the structure is significantly more intense
than observed in the Osiris and Isis Showings, with host limestone
(Conrad) and calcareous sandstone (Eaton) exhibiting strong clay
alteration, decarbonatization and jasperoid alteration.
-- The Nadaleen Fault is at least 5 km long and has seen very limited
prospecting elsewhere on the property. Spring water precipitate samples
taken 4 km to the west of the Conrad-Eaton area graded 15.5% arsenic. A
mineralized mafic dyke occurs along this structure, a feature of feeder
structures in the Carlin Trend.
-- Mineralization along the Nadaleen Fault has been traced by prospecting
for 500 m. Four representative rock samples collected from a 250 m long
transect along the steep hillside graded 21.4, 21.9, 40.3 and 66.6 g/t
gold, while a continuous channel sample taken across a short hand trench
that partially exposed the zone assayed 14.89 g/t gold over 2.30 m.
A single short hole was drilled to test the Conrad Showing below the hand
trench:
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From To Interval Au
Hole ID Dip/Azimuth (m) (m) (m) (g/t)
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OS-10-08(i) -45 degrees/220 degrees 41.35 62.48 21.13 8.03
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includes 41.35 53.34 11.99 13.60
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(i) The reported intersection is the drilled thickness and is believed to
represent approximately 90% true thickness.
-- The Conrad discovery occurs at an elevation 500 m lower than the Osiris
gold discovery, confirming the significant vertical extent of multiple
stacked mineralizing systems.
Eaton Showing
Drill hole OS-10-09 tested a strong alteration zone exposed in a creek cut located approximately 300 m east of the Conrad Showing and 100 m south of the Nadaleen Fault.
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From To Interval Au
Hole ID Dip/Azimuth (m) (m) (m) (g/t)
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OS-10-09(i) -50 degrees/340 degrees 104.47 144.23 39.76 1.61
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includes 108.20 117.84 9.64 3.36
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(i) Reported intersections are drilled thicknesses. True widths are not
known as mineralization is controlled by both structure and bedding.
-- The mineralized intercept occurs within highly altered and silicified or
jasperoid altered calcareous sandstone, a different host rock than
identified in the other discovery areas.
-- The entire 5 km length of the Nadaleen structure is now considered a
priority drill target.
Isis Showing
The Isis Showing occurs with a limestone debris flow unit that lies approximately 200 m stratigraphically above the Osiris Horizon. Three areas of gold showings and/or gold-in-soil anomalies occur along 2 km of strike length. One reconnaissance drill hole at the west end of the target intersected a 230 m zone of decalcified limestone, with concentrations of orpiment and realgar (arsenic sulphides) and fine grained pyrite.
-- The intercept was geochemically anomalous with weak gold grades
throughout.
-- The remaining 2 km strike length of the Isis Horizon will be
sequentially drill tested in 2011.
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From To Interval Au
Hole ID Dip/Azimuth (m) (m) (m) (g/t)
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OS-10-07 -50 degrees/085 degrees 32.00 49.00 17.00 0.92
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77.72 80.77 3.05 1.49
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Reported intersections are drilled thicknesses. True widths are not known
as mineralization is controlled by both structure and bedding.
A map showing the drill plan and generalized drill sections for all 2010 drill holes is located on the Company's website at www.atacresources.com/s/NewsReleases.asp?ReportID=431383.
'The Osiris area gold discoveries are very exciting as they are the product of only a four week long prospecting to reconnaissance drill program. Results confirm, that the characteristic alteration, style, type and gold grade of Carlin-type mineralization occur in Yukon; a first for Canada,' states Graham Downs, ATAC's CEO. 'First pass exploration has been completed on only ten percent of the highly prospective 25 km Nadaleen Trend. Next year's project design and logistics are currently underway in preparation for a greatly accelerated exploration program for this area and the remaining part of the 185 km long Rackla Gold Belt on the Company's 100% owned Rau Gold Project.'
ATAC Resources Ltd. will host a conference call and webcast to discuss the final results from the Osiris area on December 1, 2010 at 5:30 am PST.
Live Dial-In Information
Toronto and International: 416-340-2216
North America (Toll Free): 866-226-1792
Europe (Toll Free): 800-9559-6849
(i) Participant webcast: http://www.investorcalendar.com/IC/CEPage.asp?ID=162663
Replay Call Information
Toronto and International: 905-694-9451 passcode: 3114588
North America (Toll Free): 800-408-3053 passcode: 3114588
The conference call replay will be available from 9:00 am PST on December 1, 2010 until December 14, 2010 at 11:59 pm.
(i) Please note that you will only be able to partake in the Questions and Answers portion by dialing into the conference call.
Gold determinations were carried out at ALS Chemex in North Vancouver, B.C. where samples were fine crushed before a 250 gram split was pulverized to better than 85% passing 75 microns. The pulverizing circuit was cleaned with quartz sand twice between samples. Splits of the pulverized fraction were routinely dissolved in aqua regia and analyzed for 49 elements using inductively coupled plasma (ICP) together with mass spectrometry (MS) or atomic emission spectroscopy (AES). Gold analyses were by the Au-AA26 procedure that involves fire assay preparation using a 50 gram charge with an atomic absorption spectroscopy finish.
Rigorous procedures are in place regarding sample collection, chain of custody and data entry. Certified assay standards, duplicate samples and blanks are routinely inserted into the sample stream to ensure integrity of the assay process.
The technical information in this news release has been reviewed by Robert C. Carne, M.Sc., P.Geo., a qualified person for the purpose of National Instrument 43-101.
ATAC is a well funded junior mining company focused on its wholly-owned 1600 sq/km Rau Gold Project - Canada's only Carlin-type gold discovery. For additional information concerning ATAC Resources Ltd., please visit ATAC's website at www.atacresources.com.
On behalf of the Board,
Graham Downs, CEO
This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results.
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:
ATAC Resources Ltd.
Graham Downs
CEO
604-687-2522
graham@nordacres.com
ATAC Resources Ltd.
Vanessa Pickering
Manager, Corporate Communications
604-687-2522 ext. 60
vpickering@nordacres.com
www.atacresources.com