VANCOUVER, BC, Aug. 23, 2021 /CNW/ - ATAC Resources Ltd.
("ATAC") (TSXV: ATC) is pleased to announce that drilling has
commenced at its road-accessible East Goldfield Property, located
in the Goldfield Mining District of Nevada, approximately 8 km east of Waterton
Global Resource Management's fully permitted and shovel-ready
Gemfield project.
The Goldfield Mining District comprises one of the largest and
richest high-sulphidation epithermal gold deposit clusters in
North America. Located within the
Walker Lane structural belt, it has a reported historic production
of 4.2 million ounces at 18.55 g/t gold.
East Goldfield Drill Program Highlights
- Reverse Circulation drilling at the Tom Keane mine to validate
and step out on historical holes which include 22.86 m of 2.88 g/t gold and 44.20 m of 1.03 g/t gold as reported by a
previous operator;
- Regional holes planned 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;
- Over 4,000 m of drilling
planned in 15 holes, with additional drilling to be added
depending on drill production; and
- Follow-up prospecting at numerous untested targets identified
by recent geochemical and hyperspectral surveys.
"The East Goldfield property
has incredible potential to host significant high-sulphidation gold
mineralization. Drilling at the historical Tom Keane mine nearly
two decades ago returned excellent near-surface results," stated
President and CEO, Graham Downs.
"Additionally, preliminary geochemical sampling and prospecting
conducted by ATAC in 2021 has identified a high-grade showing in
outcrop that has never been drill tested. We're very excited to
have a drill turning on this project, testing the numerous
compelling targets identified across the property."
East Goldfield Geology and Mineralization
The Goldfield Mining District is situated within the northwest
trending Walker Lane structural belt where gold mineralization is
dominantly constrained by a set of west-northwest strike-slip
faults and orthogonal northeast striking normal faults.
The Property is underlain by favorable volcanic rocks referred
to as the Goldfield dacite and
Milltown andesite; the main host
rocks of the nearby Gemfield project. These rocks are unconformably
overlain by a volcanic breccia, called the Landslide unit. Gold
mineralization is structurally and stratigraphically controlled and
is associated with resistant vuggy residual quartz, and dickite,
pyrophyllite and alunite alteration of brecciated host volcanic
rocks.
The Property is under option from Silver Range Resources Ltd.
ATAC can earn up to a 100% interest in the Property under a
two-stage earn-in agreement. For more information, see ATAC news
release dated February 25, 2020.
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 $8
million in working capital.
On behalf of ATAC Resources Ltd.
Graham Downs, President and
CEO
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 NEWS RELEASE.
SOURCE ATAC Resources Ltd.