North Atlantic Makes New Gold Discovery on Foulalaba Permit, Southern Mali - Intersection of 64 metres at 2.50 gpt Au,- Including 6 metres at 24.54 gpt Au in hole 10FLSRC-02
- Intersection of 64 metres at 2.50 gpt Au,
- Including 6 metres at 24.54 gpt Au in hole 10FLSRC-02
TORONTO, ONTARIO -- (Marketwire) -- 08/04/10 -- North Atlantic Resources Inc. (TSX VENTURE: NAC) ('North Atlantic' or 'the Company') is pleased to report drill highlights from an eight-hole, 772 metre reconnaissance program of reverse circulation (RC) drilling, 200 metres North of the Main Anomaly on its 100% owned FT Gold Project ('FT') in Southern Mali. These holes targeted an area of anomalous gold in saprolite identified from auger drilling in May and June of 2010. RC drill highlights include 4 metres at 2.29 gpt Au in hole 10FLSRC-01, 64 metres at 2.50 gpt Au, including 6 metres at 24.54 gpt Au in hole 10FLSRC-02. This new area of gold mineralization has been named Foulalaba South by Company personnel.
FOULALABA SOUTH
This exciting new discovery is located approximately 14 kilometres south of North Atlantic's FT Resource (see news releases dated June 30, 2010 and July 30, 2010). Foulalaba South represents an entirely new area of gold discovery, with the potential to add significantly to the established gold resources on the FT Property. The current drilling tested a 600 metre-long strike length of gold-bearing stratigraphy. Economic grades of gold occur within a broad zone of anomalous gold values up to as much as 75 metres wide. The strike of the zone is open to the north and southward toward the Main Anomaly. Mineralization and alteration identified from RC rock chips consist of moderate to intense silicification and/or quartz veins with/or without arsenopyrite and pyrite in metasediment.
MAIN ANOMALY
The Main Anomaly, immediately south of the Foulalaba South discovery, covers one of the strongest geochemical anomalies in the United Nations Development Programme sponsored survey of southern Mali. The location and amplitude of the Main Anomaly has been verified in two sampling programs completed by major mining companies in 1993 and 2001. The results of this previous work are documented in company reports filed with the government of Mali. One phase of rotary air blast drilling was completed on the anomaly in 2001 with drilling intersections of 5.84 gpt Au over 7 metres and 2.45 gpt Au over 8 metres. No follow up work was done until 2004 when North Atlantic Resources completed a 14-hole 1,261 metre RC program (see news release dated January 14, 2004). Since the discovery of the FT Resource area in 2004, no follow-up drilling has been undertaken at the main anomaly.
Scott Waldie, North Atlantic's President and CEO, said; 'A zone of north/south trending gold mineralization has not been encountered before on the FT Gold Project. All previous mineralization has been thought to occupy Northwest trending structural corridors. This discovery provides an encouraging new perspective for interpretation of geochemical results and future exploration targets. The Main Anomaly, and now Foulalaba South, appear to represent areas of structural and geological complexity at the juncture of Northwest, North, and Northeast trending structures. There has been no diamond drilling in this area, thus, controls to mineralization are not well understood at this time. Since structural complexity is often an indication of highly permissive geological controls for the formation of large gold deposits we are highly encouraged by the results of this drilling. A diamond drill program in combination with continued RC drilling will improve our understanding of these two significant gold targets. We look forward to learning more about Foulalaba South and the Main Anomaly with an expanded RC and diamond drilling program in Q4 2010!'
The drilling at Foulalaba South represents near surface mineralization to a maximum vertical depth of approximately 75 metres. These results include oxide and transition zone material from up to 55 metres drill indicated depth. All drill hole inclinations are -55 and azimuth 90 degrees, and true width of the mineralization is approximately 75% of the reported drill intercept. All assays results are reported as uncut values.
TABLE 1: Significant Assay Results - 'Foulalaba South (FS)' - 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)
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10FLSRC-01 56.0 98.0 42.0 0.44
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includes 78.0 82.0 4.0 2.29
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10FLSRC-02 0.0 64.0 64.0 2.50
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includes 18.0 24.0 6.0 24.54
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10FLSRC-03 24.0 46.0 22.0 0.46
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includes 30.0 32.0 2.0 1.06
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42.0 44.0 2.0 1.87
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56.0 64.0 8.0 0.15
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72.0 76.0 4.0 0.48
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88.0 92.0 4.0 0.12
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10FLSRC-04 0.0 4.0 4.0 0.16
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12.0 18.0 6.0 0.22
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66.0 76.0 10.0 0.16
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92.0 96.0 4.0 0.11
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10FLSRC-05 8.0 60.0 52.0 0.23
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70.0 90.0 20.0 0.19
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10FLSRC-06 32.0 42.0 10.0 0.14
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10FLSRC-07 10.0 18.0 8.0 0.22
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22.0 28.0 6.0 0.20
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32.0 40.0 8.0 0.18
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44.0 58.0 14.0 0.15
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10FLSRC-08 6.0 12.0 6.0 0.58
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28.0 32.0 4.0 0.43
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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 2: Significant Assay Results - 'Foulalaba South (FS)' - 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)
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10FLSRC-01 72.0 82.0 10.0 1.20
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includes 78.0 82.0 4.0 2.29
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10FLSRC-02 10.0 24.0 14.0 10.85
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includes 18.0 24.0 6.0 24.54
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10FLSRC-03 24.0 26.0 2.0 0.58
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72.0 74.0 2.0 0.67
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10FLSRC-08 8.0 12.0 4.0 0.73
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28.0 30.0 2.0 0.71
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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.
Qualified 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.
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
info@nac-tsx.com
www.nac-tsx.com