VANCOUVER, BC, Sept. 2, 2021 /CNW/ - ATAC Resources Ltd.
("ATAC") (TSXV: ATC) is pleased to provide an update on 2021
exploration work at its wholly-owned 137.3
km2 Connaught property.
The road-accessible Connaught
property is located at the head of the Sixty Mile placer camp near
Dawson City, Yukon. The project demonstrates compelling
copper-molybdenum ± gold porphyry
potential and hosts 26 distinct
silver-lead-zinc-gold-copper epithermal veins.
The 2021 exploration program focused on evaluating the copper
porphyry potential.
2021 Connaught Exploration Highlights
- Rock grab samples from trenches returned up to 0.69% copper
within a quartz monzonite porphyry and 0.17% copper
in an intrusion breccia;
- Multiple trenches returned broad zones of highly anomalous
copper within a quartz monzonite porphyry in areas where copper
values are expected to be depleted due to surface leaching,
including 331 ppm copper over 93
m in Trench 21-A, and 548 ppm copper over
69 m in Trench 21-B;
- 9 out of 10 trenches revealed visual copper
mineralization (malachite, azurite, tenorite, and chalcopyrite)
within a 400 x 500 m area anomalous
for copper- and molybdenum-in-soil; and
- Induced Polarization (IP) and ground magnetic surveys revealed
strong geophysical anomalies that are co-incident with zones
of elevated copper- and molybdenum-in soil.
"We are extremely encouraged with the early exploration
results from Connaught, as they
strongly support the presence of a copper-molybdenum porphyry. The
copper values at surface are very impressive given the extent of
surface leaching in an unglaciated environment, and the soil and
trenching results compare favourably with surface values at similar
projects, such as the Casino deposit," stated President
and CEO, Graham Downs. "Porphyry
potential has long been recognized in this area, but systematic
exploration for this style of deposit has never been undertaken. We
look forward to receiving the remaining results so that we can
begin planning a maiden drill program targeting the porphyry next
season."
https://atacresources.com/assets/docs/2021.09.02_Figure_1_Connaught_Exploration_Overview.pdf
https://atacresources.com/assets/docs/2021.09.02_Figure_2_Connaught_Trench_Photo.pdf
2021 Exploration
Ten 100 m long trenches (21-A
through J) were completed in July across a pre-existing 1,100 x
500 m copper- and molybdenum-in-soil
anomaly, with 9 of 10 trenches returning visual copper
mineralization, including malachite, azurite, tenorite and/or
chalcopyrite. Partial assays for the first two trenches have been
received, in addition to highlight rock grab samples from 2
trenches. Assay results for a further 831
m of trenching and rock grab samples are pending.
Trench 21-A returned 331 ppm copper over 93 m including 807 ppm copper over
30 m within a quartz monzonite
porphyry. Highlight rock grab samples from trench 21-A returned
up to 0.69% copper. This trench was subsequently extended an
additional 100 m, with a 100 m cross trench dug. Both the extension and
cross trench revealed additional visual copper mineralization, and
results are pending.
Trench 21-B, located 150 m
northwest of trench 21-A, returned 548 ppm copper over
69 m, including 0.13% copper over
15 m in a quartz latite dyke, within
the broader quartz monzonite porphyry. Assays are pending for the
final 15 m of this trench.
Trench 21-D, located 300 m
northwest of trench 21-A, returned 0.21% Cu in a quartz
monzonite porphyry rock grab sample and 0.17% Cu in an
intrusion breccia rock grab sample. Assays are pending for the
entire 100 m long trench.
The Connaught property is in
unglaciated terrain and a copper-depleted leached cap is expected
in this environment, similar to Western Copper and Gold's Casino
project in central Yukon. Casino's
updated 2020 resource reports an average leached cap grade of 300
ppm copper, 0.25 g/t gold, 1.9 g/t silver (Roth et al., 2020).
An additional 2,229 soil samples were collected on claims
optioned in 2020 (see press release dated November 25, 2020), with results pending.
Approximately 39 km of IP and 113 km of ground magnetics were
recently completed, with preliminary inversions of the data
showing geophysical anomalies coincident with copper- and
molybdenum-in-soil anomalies and in areas of recently collected
soil samples. A property-wide LiDAR survey was also flown.
Historical drilling in 2003 that targeted epithermal veins
reported copper mineralization within a quartz monzonite porphyry;
however this material was not previously assayed. Core from 2003
drilling in the porphyry target area was located, reboxed, and
reviewed for copper mineralization, with multiple unsampled
intervals containing chalcopyrite, bornite, and molybdenite
identified. Approximately 350 m
of priority historical core was sawn and sent for assay, with
results pending.
Connaught Geology and Mineralization
The Connaught project lies
within the northeast-trending 150 km long Sixtymile-Pika fault
system which controlled Late Cretaceous magmatism, hydrothermal
activity and associated porphyry, skarn and epithermal
mineralization in Yukon
and Alaska. The property is
underlain by Carboniferous-to-Devonian gneiss, marble and
metavolcanic rocks and Permian schist rocks which are
intruded by the Late Cretaceous Prospector Mountain
Suite granodiorite, diorite and quartz monzonite.
The Late Cretaceous Prospector Mountain Suite rocks observed to
date include multiple phases of intrusive stocks, dykes and
breccias including: equigranular quartz monzonite, quartz monzonite
porphyry, quartz latite and intrusion breccia. Copper
mineralization observed to date includes disseminated and fracture
coated malachite-tenorite ± azurite within a quartz monzonite
porphyry, disseminated chalcopyrite-pyrite within an intrusion
breccia and disseminated malachite-tenorite within a quartz latite
dyke. The copper mineralized rocks at surface are intensely
weathered, are commonly stained orange, yellow and/or brown by iron
oxides and clays and are friable to the touch and are interpreted
as a copper depleted leached cap.
The style of mineralization, lithologies and alteration observed
to date are typical of copper-gold-molybdenum porphyry systems such
as Western Copper and Gold's Casino project in Yukon and Kenorland Minerals Tanacross project
in Alaska.
QA/QC
Analytical work was completed by ALS Minerals, with sample
preparation in Whitehorse,
Yukon and geochemical analyses in
North Vancouver, British Columbia.
Rock samples were analyzed for gold by the Au-AA24 procedure which
involves fire assay preparation using a 50 gram charge with an
atomic absorption spectroscopy finish. Multi-element data for 48
elements was determined for all samples by the ME-MS61 procedure,
which involves a four-acid digestion followed by inductively
coupled plasma atomic emission spectroscopy and inductively coupled
plasma mass spectrometry.
Rock grab samples referenced in this release represent highlight
results only, and include results from 2021 and previous seasons.
Below detection values for gold, copper, silver, lead and zinc have
been encountered in grab samples in these target areas.
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.
