VANCOUVER, BC, July 7, 2021 /CNW/ - ATAC Resources Ltd. ("ATAC")
(TSX-V: ATC) is pleased to provide an update on exploration
activities currently ongoing at its Yukon and Nevada properties.
Highlights
- Camp construction initiated at the Connaught Property,
Yukon, with geological staff
arriving next week and geophysical work to commence in late
July;
- Permitting completed, and drill pad and road construction
starting next week at the East Goldfield Property, Nevada, to prepare for +4,000m of RC drilling in August;
- Regional geochemical sampling in progress at the Rosy Property,
Yukon; and
- Prospecting and soil sampling at the Rackla Gold Property,
Yukon, completed in early
June.
"We are excited to have all of our exploration programs for
this season now underway, targeting discovery of gold, copper and
silver in Yukon and Nevada. In Yukon, we are particularly excited to follow
up on the untested potential for copper and gold
porphyry mineralization at the road-accessible Connaught Property,
where historical drill logs mention unsampled areas with bornite,
chalcopyrite and molybdenite." stated President and CEO,
Graham Downs. "In Nevada, recent prospecting at East Goldfield has identified brand new
high-grade gold targets in outcrop, which are being prepared for
drilling in August. With work being conducted at all of our
properties, we have strong potential for multiple new discoveries,
and expect to have continued newsflow throughout the year."
Connaught Property, Yukon
Exploration this season at ATAC's road-accessible Connaught
Property, 65 km west of Dawson
City, will focus on evaluation of copper-molybdenum±gold
porphyry potential. Crews recently arrived on site to begin
construction of an exploration camp, with geological staff arriving
in the coming days. A geophysical contractor will arrive later in
July to conduct induced polarization and ground magnetics
surveys.
Work in 2021 will include systematic soil sampling, prospecting
and mapping of the porphyry target area, and broad geophysical
survey coverage. Historical drill core will also be located,
re-logged and re-sampled to obtain data for sections described
as porphyry copper mineralization that were not originally
assayed.
https://atacresources.com/assets/docs/2021.07.07_Figure_1_Connaught.pdf
East Goldfield Property, Nevada
ATAC continues to prepare for a +4,000
m RC drill program scheduled to begin in August.
Drilling will include:
- Multiple holes close to the historical Tom Keane mine, where a previous operator
reported 22.86 m of 2.88 g/t
gold and 44.20 m of 1.03 g/t
gold in 2003; and
- Regional holes to test priority targets identified by
prospecting work, including chip sample results of 4.16 g/t gold
over 8 m in an area which has
not seen previous drilling.
ATAC's Notice of Work was recently approved by the Nevada Bureau
of Land Management. Contractors will commence construction of roads
and drill pads next week to prepare for the arrival of drill crews
and equipment in mid-August. Eleven additional claims were recently
staked to cover prospective ground adjacent to the property, and
crews will conduct further prospecting and geological mapping in
August.
https://atacresources.com/assets/docs/2021.07.07_Figure_2_East_Goldfield.pdf
Rosy Property, Yukon
ATAC's 61 km2 road-accessible Rosy Property is
located 77 km east of Whitehorse,
Yukon. The property hosts numerous
low-sulphidation epithermal gold-silver veins that are possibly
associated with the nearby Late Cretaceous Red Mountain molybdenum
deposit. Previous work conducted by ATAC has resulted in rock
samples grading up to 12.55 g/t gold and 93.1 g/t
silver, and identification of a large 2 x 2.5 km gold-in-soil
anomaly.
A one-day prospecting trip was completed in mid-June, with
results pending for 52 rock samples. Crews are now back on-site
completing a broad geochemical sampling program. A second phase of
prospecting and mapping is planned for early fall once results from
the initial work are received.
Rackla Gold Property, Yukon
A two-week program was completed in early June at the Rackla
Gold Property, including regional prospecting and soil sampling
focused on high grade copper and silver targets. Historical Tiger
Deposit core was also re-logged with previously unsampled areas
split and sent for assay. Results for this work will be used to
produce an updated geological model. Drilling at the Val target has
been deferred as ATAC is in the process of obtaining and reviewing
additional records of historical drilling in the area.
ATAC continues to advance opportunities to discuss concerns and
sensitivities regarding proposed road access to the Tiger Deposit
with the First Nation of Na-Cho Nyak
Dun and Yukon Government. While the COVID-19 pandemic in
Yukon continues to be a serious
concern to Yukon communities and
has limited opportunities for dialogue to-date, ATAC is hopeful the
situation will improve in the near future. ATAC recognizes the
significant impacts of COVID on Yukon communities and is committed to
conducting our operations in a respectful and safe manner.
While the company looks forward to a deeper and renewed dialogue
at the appropriate time, valid Class 3 and 4 exploration permits
remain in place for the Rackla Gold Property through 2024 and 2026,
allowing air supported advanced exploration activities to continue
as they have in prior seasons.
QA/QC
Information concerning historical exploration, development and
mining at East Goldfield is based
on US Geological Survey Mineral Resource Data System records, as
well as press releases, website summaries and NI 43-101 technical
reports issued by Metallic Ventures Gold Inc. The data in these
sources has not been independently verified.
The technical information in this news release has been approved
by Adam Coulter, M.Sc., P.Geo., VP
Exploration for ATAC and a qualified person for the purposes of
National Instrument 43-101.
About ATAC
ATAC is a Vancouver-based
exploration company focused on exploring for gold and copper in
Yukon and Nevada. Work on its ~1,700 km2
Rackla Gold Property in Yukon has
resulted in the 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),
the Tiger Deposit Measured & Indicated Mineral Resource of
464,000 oz of gold at an average grade of 3.19 g/t (in 4.5 Mt), a
positive Preliminary Economic Assessment for the Tiger Gold Deposit
(Pre-tax NPV of $118.2M and IRR of
54.5%), and numerous early-stage gold and base metal discoveries.
ATAC is well-financed with approximately $9
million in working capital.
On behalf of Management and the Board of Directors of ATAC
Resources Ltd.
Graham Downs, President and
CEO
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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 NEWS RELEASE.
SOURCE ATAC Resources Ltd.