Atlantic Gold Reports First Drilling Results From the Plenty Prospect
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 25, 2017) -
High Grade Intercepts in Both Argillites and Quartz
Highlights Include: 13m @ 21.8 g/t From 32m (Including 1m @ 263 g/t)
16m @ 5.63 g/t From 43m (Including 1m @ 82.9 g/t)
7m @ 2.42 From 87m
Atlantic Gold Corp. (TSX VENTURE:AGB) ("Atlantic" or the "Company") is pleased to report assay results received from the first eight holes drilled at its Plenty prospect in Nova Scotia, Canada.
The Plenty prospect is located 300m south of the Company's Fifteen Mile Stream deposit where diamond drilling is presently underway to bring the resources at that deposit to measured and indicated status, thereby adding to the existing mine life at the Company's Moose River Consolidated Project. Plenty is one of several regional exploration targets selected for investigation, in parallel with Atlantic's ongoing resource definition drilling at Cochrane Hill and Fifteen Mile Stream
Drilling Results:
Results are tabulated below. Four diamond core holes were drilled on each of two sections 200m apart to investigate an east-west trend of modest historic mine workings. This target was drilled in the 1980s but sampling was exclusively focused on quartz veins and did not include disseminated-style mineralization identified at Fifteen Mile Stream. The mineralization trends east-west, dips steeply north and is hosted both within argillites and bedding-parallel quartz veins. Gold is visible in places. True width is approximately 65% of down-hole widths.
The accompanying cross sections and drill hole location plan can be viewed here:
http://media3.marketwire.com/docs/AGB123.pdf
Atlantic Gold Chairman and CEO Steven Dean commented, "These results support our view about the prospectivity of Nova Scotia's Meguma Terrane. We see the potential for a number of new deposits along the key mineralising trends, which may add to potential resources and ultimately mill feed for our central mill at Touquoy currently under construction. It is significant that these high grade intercepts are hosted in both the argillites and quartz veins. We plan to follow up these holes with additional drilling to enable us to fully assess the potential to establish a mineral resource at Plenty."
| Hole id | Easting | Northing | Dip | Az. | Depth (m) | Significant Intervals (≥0.5g/t Au and up to 3m internal dilution) | ||||||||||||
| From (m) | To (m) | Width (m) | Grade (g/t Au) | |||||||||||||||
| PL-16-001 | 12925 | 9840 | -60 | 175 | 140 | NSA* | ||||||||||||
| PL-16-002 | 12925 | 9820 | -60 | 175 | 121 | NSA* | ||||||||||||
| PL-16-003 | 12925 | 9800 | -60 | 175 | 101 | 32 | 45 | 13 | 21.8 | |||||||||
| (incl | 32 | 33 | 1 | 263) | ||||||||||||||
| and | 49 | 60 | 11 | 1.83 | ||||||||||||||
| PL-16-004 | 12925 | 9800 | -48 | 175 | 80 | 43 | 59 | 16 | 5.63 | |||||||||
| (incl. | 47 | 48 | 1 | 82.9) | ||||||||||||||
| PL-16-005 | 12725 | 9800 | -60 | 175 | 150.5 | 113 | 114 | 1 | 10.95 | |||||||||
| PL-16-006 | 12725 | 9780 | -60 | 175 | 131 | 87 | 94 | 7 | 2.42 | |||||||||
| and | 98 | 104 | 6 | 0.61 | ||||||||||||||
| PL-16-007 | 12725 | 9760 | -60 | 175 | 110 | 72 | 75 | 3 | 3.42 | |||||||||
| PL-16-008 | 12725 | 9760 | -45 | 175 | 110 | 44 | 45 | 1 | 4.27 | |||||||||
| *No significant assays. | ||||||||||||||||||
Technical Disclosure
All core drilled is assayed. All assays are conducted on 1m whole-sampled pulverized samples of sawn, half NQ core and, where mineralization is expected, assayed by total sample screen fire assay with 2x fines fire assays, and insertion of standards and blind blanks. In the hangingwall and footwall of expected mineralization samples are assayed by 50g charge fire assay with any mineralized samples (generally >0.5g/t), and adjacent samples as appropriate, returned for screen fire assay. Sample preparation and assaying is conducted at the Sudbury and Vancouver laboratories of ALS Canada Ltd, an entity having no other relationship with the Company. Core recovery is estimated for each metre and averages >98%. Standards and blanks assay results are acceptable.
True width of the mineralization is approximately 65% of the down-hole width.
The individual drill hole assay results underlying the mineralized intersections listed in the table above have been verified by detailed checking against the original assays sheets. The lengths and average grades of each intersection have also been checked against the drill hole assay logs.
Wally Bucknell, Director of Exploration to the Company and a Qualified Person as defined by National Instrument 43-101 ("NI 43-101") has reviewed and approved the contents of this news release.
Further updates will be provided in due course.
On behalf of the Board of Directors,
Steven Dean, Chairman and Chief Executive Officer
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.
Forward-Looking Statements:
This release contains certain "forward looking statements" and certain "forward-looking information" as defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. Forward-looking statements and information are not historical facts, are made as of the date of this press release, and include, but are not limited to, statements regarding discussions of future plans, guidance, projections, objectives, estimates and forecasts and statements as to management's expectations with respect to, among other things, the activities contemplated in this news release and the timing and receipt of requisite regulatory, and shareholder approvals in respect thereof. Forward-looking statements in this news release include, without limitation, statements related to proposed exploration and development programs, grade and tonnage of material and resource estimates. These forward looking statements involve numerous risks and uncertainties and actual results may vary. Important factors that may cause actual results to vary include without limitation, the timing and receipt of certain approvals, changes in commodity and power prices, changes in interest and currency exchange rates, risks inherent in exploration estimates and results, timing and success, inaccurate geological and metallurgical assumptions (including with respect to the size, grade and recoverability of mineral reserves and resources), changes in development or mining plans due to changes in logistical, technical or other factors, unanticipated operational difficulties (including failure of plant, equipment or processes to operate in accordance with specifications, cost escalation, unavailability of materials, equipment and third party contractors, delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters), political risk, social unrest, and changes in general economic conditions or conditions in the financial markets. In making the forward-looking statements in this press release, the Company has applied several material assumptions, including without limitation, the assumptions that: (1) market fundamentals will result in sustained gold demand and prices; (2) the receipt of any necessary approvals and consents in connection with the development of any properties; (3) the availability of financing on suitable terms for the development, construction and continued operation of any mineral properties; and (4) sustained commodity prices such that any properties put into operation remain economically viable. Information concerning mineral reserve and mineral resource estimates also may be considered forward-looking statements, as such information constitutes a prediction of what mineralization might be found to be present if and when a project is actually developed. Certain of the risks and assumptions are described in more detail in the Company's audited financial statements and MD&A for the year ended December 31, 2015 and for the quarter ended September 30, 2016 on the SEDAR website at www.sedar.com. The actual results or performance by the Company could differ materially from those expressed in, or implied by, any forward-looking statements relating to those matters. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition of the Company. Except as required by law, the Company is under no obligation, and expressly disclaim any obligation, to update, alter or otherwise revise any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.