ATAC Resources Ltd. Announces Gold and Silver Results and the Staking of Additional Claims at its Rosy Gold Property in Yukon
VANCOUVER, July 25, 2018 /CNW/ - ATAC Resources Ltd. (TSX-V: ATC) ("ATAC" or the "Company") is pleased to announce encouraging gold and silver results from its Rosy property in southern Yukon. ATAC has also tripled the size of the property to 64 km2 by re-staking over 200 long-held claims, which opportunely lapsed, surrounding the core of the road accessible Red Mountain molybdenum deposit.
The Rosy property is 100% owned by ATAC, is royalty-free and available for option as the Company continues to focus on its Rackla Gold Property in north-central Yukon. Exploration by ATAC at Rosy was conducted in 2016 and 2017 to follow-up earlier discoveries and to evaluate strong stream and soil anomalies.
Highlights of 2016/2017 Rosy Exploration and Staking:
- Ten of 32 rock samples returned greater than 1 g/t gold;
- Grab samples from the R3 target returned 12.55, 6.52 and 5.20 g/t gold; and,
- Grab samples from the R4 target returned 1.69 and 1.47 g/t gold and 1,835 g/t silver.
"The Rosy project has produced significant gold and silver grades during early exploration," stated Graham Downs, President and CEO of ATAC. "The property straddles the recently built Red Mountain access road, is situated in an underexplored mineral district and hosts mineralization characteristic of many intrusion-related precious metal deposits found elsewhere in the same geological terrane, including Goldcorp's Coffee Deposit."
Rosy Property
The Rosy property comprises 353 contiguous mineral claims located on the Red Mountain access road, 77 km east-northeast of Whitehorse. The property hosts widespread gold-and-silver bearing veins that appear to be associated with Late Cretaceous intrusive activity. Mineralization on the Rosy property is indicative of the distal part of a large hydrothermal system, likely in a low-sulphidation epithermal setting.
The Rosy property hosts two main types of mineralization. The first occurs within quartz carbonate veins, while the second is found in altered intrusive rocks. Over 30 separate quartz-carbonate veins have been mapped on the property and occur with gouge zones, quartz-feldspar porphyry dykes and carbonate altered wall rocks. Historical mineral showings on the property include:
| R1 – | a 15 m to 20 m wide area of rusty orange soil containing quartz-carbonate vein float and minor amounts of altered intrusive rock. Samples of vein material returned values ranging from 2.14 to 4.42 g/t gold while samples of altered intrusive rock yielded 1.09 and 1.79 g/t gold. |
| R2 – | a 20 m wide area of orange-brown rusty soil containing scattered quartz-carbonate float, which has assayed up to 35.92 g/t gold. In 2008, five rock samples from R2 returned between 2.41 and 5.84 g/t gold. |
| R3 – | consisting of two samples taken approximately 200 m apart. The first sample was collected from a saddle on a ridge and yielded 1.45 g/t gold with 7.7 g/t silver. The other sample was found 200 m west of the ridge crest on a west facing talus slope and returned 0.536 g/t gold, 1.7 g/t silver. |
In 2016, ATAC conducted a two day prospecting and soil sampling program, collecting 32 rock samples and 115 soil samples. Three of the vein samples collected 350 m north of the R3 vein zone returned 12.55, 6.52, and 5.20 g/t gold with 93.10, 13.85, and 11.05 g/t silver, respectively. Two rock samples collected 295 m north of the R2 vein returned 5.86 and 2.57 g/t gold with 3.76 and 73.1 g/t silver, respectively.
In 2017, two rock samples of significance were collected from the property. The first sample was located northwest of R1 and returned 4.57 g/t gold and 83.9 g/t silver. The second rock sample was collected two kilometers northeast of the R1 vein and assayed 1.74 g/t gold and 30.0 g/t silver.
All occurrences and soil anomalies have seen limited exploration and require systematic follow-up work. The property hosts an extensive system of precious metal enriched veins and is expected to yield additional discoveries with thorough exploration.
The technical information in this news release has been approved by Heather Burrell, P.Geo., a geologist with Archer, Cathro & Associates (1981) Limited and a qualified person for the purposes of National Instrument 43-101.
About ATAC
ATAC is a Yukon-based exploration company focused on developing Canada's only Carlin-type gold district at the Rackla Gold Property. Work on the ~1,700 km2 property has resulted in an 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) and a positive Preliminary Economic Assessment for the Tiger Gold Deposit. ATAC and Barrick have partnered to explore the Rackla Gold Property's Orion Project, with Barrick having the option to earn up to 70% of Orion by spending $55 million in exploration. ATAC is well-financed with approximately $18 million in its treasury and is currently completing a $7 million exploration program at the Osiris and Rau Projects (which are not subject to Barrick's earn-in right), while concurrently working with Barrick to advance the Orion Project.
On behalf of Management and the Board of Directors
of ATAC Resources Ltd.
Graham Downs, President and CEO
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SOURCE ATAC Resources Ltd.
Contact
Matthew Keevil, VP, Corporate Affairs, ATAC Resources Ltd., T: 604-687-2522 ext. 260, mkeevil@atacresources.com