VANCOUVER, BC, Nov. 2, 2021 /CNW/ - ATAC Resources Ltd. ("ATAC")
(TSXV: ATC) (OTC: ATADF) is pleased to provide an update on 2021
exploration work at its wholly-owned 137
km2 Connaught property near Dawson City, Yukon.
The road-accessible Connaught
property, located at the head of the Sixty Mile placer gold camp,
lies within the 150 km-long Sixtymile-Pika fault system that hosts
porphyry, skarn and epithermal mineralization in Yukon and Alaska. Connaught 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 previously
untested copper porphyry potential.
2021 Connaught Exploration Highlights
- Geophysical and geochemical surveys identify four target areas
for copper-molybdenum±gold porphyry potential along a 13 km
trend;
- Target Area A, a pre-existing copper-molybdenum-in-soil
anomaly underlying the 2021 trenching area, was extended
500 m to the east and 600 m to the north (total 2,000 x 1,100 m);
- Target Area B is a new 1,300 x 1,700 m copper±gold-in-soil anomaly located
2.5 km southeast of the 2021 trenching area coincident with a
magnetic "donut" feature and high resistivity;
- Target Area C is a new 2,100 x 400 m copper-molybdenum-in-soil anomaly
located 5 km west of the 2021 trenching area within a broad
magnetic high;
- Target Area D is a pre-existing 700 x 1,000 m copper-molybdenum-in-soil anomaly
located 9 km west of the 2021 trenching area within a broad
magnetic high;
- High chargeability anomalies indicative of the presence of
sulphides identified underneath 2021 trenches that returned highly
anomalous copper; and
- Strong gold-in-soil response, up to 0.43 g/t gold,
nearby a magnetite skarn outcrop.
"These very positive results from the 2021 geophysical and
geochemical surveys, combined with the trenching program, are a
major development in our understanding of the widespread nature of
mineralization and porphyry potential along a 13 km
trend," stated President and CEO, Graham Downs. "This year's work has
identified multiple compelling drill targets for 2022 across four
distinct target areas. We look forward to receiving the remaining
trenching results so we can refine our targeting and announce
details of a comprehensive porphyry-focused drill program for next
season."
Figure 1 – Copper-in-Soil
Figure 2 – Molybdenum-in-Soil
Figure 3 – Gold-in-Soil
Figure 4 – Total Magnetic Intensity
Figure 5 – IP Chargeability
Figure 6 – IP Resistivity
Assay results for 831 m of
trenching, 350 m of re-sampled
historical core, and 103 prospecting and trench highlight rock
samples remain outstanding and will be released when results are
received and compiled.
Updated maps showing the soil and geochemical results can be
found on ATAC's website at www.atacresources.com.
2021 Geochemistry and Geophysics Overview
A total of 2,229 soil samples were collected across the property
in 2021, primarily focused on claims optioned in 2020 (see press
release dated November 25, 2020) and
infill work around known anomalies. All soil assays have now been
received, with two new soil anomalies identified and expansion and
infill of a further two known anomalies.
A total of 39 km of induced polarization ("IP") and 113 km of
ground magnetic surveys were completed in July and August, with
data showing geophysical anomalies coincident with copper–,
molybdenum- and gold-in-soil anomalies.
The Prospector Mountain Suite intrusive rocks present as a
regional elongate (13 x 2 km) magnetic high. Geophysical data has
identified over 20 priority drill targets throughout this trend,
which are being evaluated for drilling in 2022.
Target Areas
Target Area A is a copper-molybdenum-in-soil anomaly
that was previously identified through soil sampling and formed the
basis of the 2021 trenching work. The anomaly was constrained by
historical claim boundaries and was open-ended on the east side and
to the north. Additional samples collected this year expanded the
anomaly area by approximately 500 m
to the east and 600 m to the north,
to a total size of 2,000 x 1,100
m.
Geophysical surveys show that Target Area A is situated within a
broad magnetic high surrounding a central magnetic low underlying
the trenches, potentially indicative of a magnetite destructive
zone – a porphyry alteration indicator. Moderate chargeability and
low resistivity are observed immediately underneath the trenching
area, indicative of sulphides at depth. An area of strong
chargeability is observed about 900 m
SW of the trenches, potentially indicative of a higher abundance of
sulphides.
Target Area B is a 1,300 x 1,700 m copper±gold-in-soil anomaly located 2.5
km southeast of the 2021 trenching area. The target area shows
moderate copper-in-soil anomalism and elevated to strong
gold-in-soil response on the east side of the anomaly with values
up to 0.10 g/t gold-in-soil. The anomaly has sporadic
molybdenum-in-soil anomalism, with more significant response on the
northern edge of the target area.
Geophysical surveys at Target Area B revealed a coincident
circular magnetic high feature surrounded by a magnetic low – a
"donut"-shaped magnetic feature typical of many porphyry systems.
The IP response shows a resistivity high in the middle of the
anomaly potentially indicative of a potassic core surrounded by a
chargeability high indicative of a pyrite shell in the sericitic
alteration zone.
Target Area C is a 2,100 x 400 m copper- molybdenum-in-soil anomaly located
5 km west of the 2021 trenching area. The core zone of coincident
copper and molybdenum anomaly is located within a broader 2,700 x
1,300 m molybdenum-in-soil anomaly
with more sporadic copper anomalism.
Geophysical surveys at Target Area C show it is situated within
a broad magnetic high and displays a magnetic low in the middle of
the anomaly – possibly indicative of magnetite destruction. No IP
work has been completed in this area to-date.
Target Area D is a 700 x 1,000 m
copper-molybdenum-silver-lead-zinc-in-soil anomaly located 9 km
west of the 2021 trenching area. This target area is located within
a broad 1,600 x 1,200 m magnetic
high. No IP work has been completed in this area to-date.
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.
Soil samples were analyzed for gold by the Au-ICP21 procedure which
involves fire assay preparation using a 30 gram charge with an
inductively coupled plasma – atomic emission
spectrometry 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.
Soil sample values referenced in this release represent
highlight results only, and include results from 2021 and previous
seasons. Below detection values for gold, copper, molybdenum,
silver, lead and zinc have been encountered in soil 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 $7
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.
Cautionary note regarding forward-looking statements:
This press release may contain "forward-looking information"
within the meaning of applicable securities laws. Readers are
cautioned to not place undue reliance on forward-looking
information. Actual results and developments may differ
materially from those contemplated by these statements. The
statements in this press release are made as of the date of this
press release. The Company undertakes no obligation to update
forward-looking information, except as required by securities
laws.
Cautionary Note to U.S. Investors concerning estimates of
Measured, Indicated, and Inferred Resources:
The mineral resource estimates included in this press release
have been prepared in accordance with Canadian National Instrument
43-101 – Standards of Disclosure for Mineral Projects. The
United States Securities and Exchange Commission (the "SEC") has
adopted amendments to its disclosure rules to modernize the mineral
property disclosure requirements. U.S. investors are
cautioned that the disclosure the Company provides on its mineral
properties in this news release may be different from the
disclosure that an issuer subject to SEC reporting requirements
would otherwise be required to provide. Therefore, the
information contained in this news release containing descriptions
of the Company's mineral properties may not be comparable to
similar information made public by U.S. companies subject to
reporting and disclosure requirements under the U.S. federal
securities laws and the rules and regulations thereunder.
Additional information about the Tiger Deposit PEA is
summarized in ATAC's February 27,
2020 technical report titled "Technical Report and
Preliminary Economic Assessment for the Tiger Deposit, Rackla Gold
Project, Yukon, Canada", which can
be viewed at www.sedar.com under the ATAC profile or on the ATAC
website at www.atacresources.com. Additional information about the
Osiris Resource Estimate is summarized in ATAC's July 2, 2018 technical report titled "Technical
Report and Estimate of Mineral Resources for the Osiris Project,
Yukon, Canada," which can also be
viewed at www.sedar.com
SOURCE ATAC Resources Ltd.