HIGHLIGHTS INCLUDE:
15m @ 1.28g/t Au
from 5m
16m @ 1.38g/t Au from 30m
17m @
1.13g/t Au from 152m
16m
@ 1.05g/t Au from 154m,
and
35m @ 0.93g/t Au from
168m
DIAMOND DRILLING CONTINUES TO TEST 45 KM
PROSPECTIVE GEOLOGICAL TREND OF MOOSE RIVER CORRIDOR
RESOURCE EXTENSION DRILLING CONTINUING AT
FIFTEEN MILE STREAM AND COCHRANE
HILL DEVELOPMENT PROJECTS
STAKING OF 5,653 CLAIMS 880 KM2 IN
SOUTHWESTERN NOVA SCOTIA INCREASES
TOTAL EXPLORATION AREA TO OVER 1,200 KM2
VANCOUVER, Sept. 19, 2018 /CNW/ - Atlantic Gold
Corporation (TSX-V: AGB) ("Atlantic" or the "Company") is
pleased to provide an update on its exploration activities and to
announce assay results from diamond drilling completed at the 149
Prospect, located approximately 1 km east of the eastern limits of
the Fifteen Mile Stream deposits, within the prospective Moose
River Corridor.
149 Prospect
Prioritized as part of the Corridor Regional Program based on
favourable interpreted geological and geophysical information and
historical anomalous drill hole results, the 149 Prospect was
discovered by traverses of widely-spaced diamond drilling.
Encouraging initial results were followed-up and near surface
mineralization was intersected over a strike length of 350m (See News Release dated June 28, 2018).
Additional infill drilling has now been completed and the zone
of mineralization has been extended to over 475m in strike and is still open to the east. Two
zones of gold mineralization have been intersected: a shallow,
generally higher grade "core" zone which appears to be related to a
tight anticlinal structure and a deeper, thicker, but lower grade,
zone associated with the over-turned limb of a higher-level
overlying anticline.
The mineralization appears to dip approximately 60-75° north,
may be up to 25m in true thickness
and is covered by a modest 5m glacial
till cover. True width of the mineralization varies according to
the dip of the host stratigraphy and declination of the relevant
drill hole. Initial indications from drilling completed so far are
that true widths of mineralized intersections range from 65% to 95%
of down-hole widths.
Additional drilling is required to extend the higher grade
"core" zone to depth and to follow the deeper zone closer to
surface. Aeromagnetic interpretation also indicates potential for
similar geological settings to occur further to the east and
further reconnaissance-spaced drilling is required to test these
zones. Permitting has commenced to allow this work to proceed.
Significant drill results are included in Table 1.
TABLE 1
Significant Drill Results
(Gold
Assay (g/t Au) * Sample Length (m) ≥ 3.0g/t Au*m)
CORRIDOR REGIONAL PROGRAM
September 10, 2018
Hole
ID
|
Easting
|
Northing
|
Dip
|
Az.
|
Depth
(m)
|
Significant
Intervals
(≥0.5g/t Au up to 3m
internal dilution)
|
From
(m)
|
To
(m)
|
Width
(m)
|
Grade
(g/t
Au)
|
149
PROSPECT
|
FMS-18-349
|
14700
|
10175
|
-45
|
180
|
112
|
36
|
38
|
2
|
4.43
|
100
|
103
|
3
|
2.02
|
FMS-18-351
|
14400
|
10125
|
-45
|
180
|
61
|
5
|
20
|
15
|
1.28
|
29
|
43
|
14
|
1.15
|
51
|
55
|
4
|
0.84
|
FMS-18-352
|
14400
|
10150
|
-45
|
180
|
85
|
19
|
29
|
10
|
0.91
|
FMS-18-353
|
14550
|
10125
|
-45
|
180
|
68
|
17
|
23
|
6
|
1.16
|
FMS-18-355
|
14625
|
10135
|
-45
|
180
|
100
|
75
|
93
|
18
|
0.91
|
FMS-18-356
|
14600
|
10150
|
-65
|
180
|
83
|
19
|
26
|
7
|
0.61
|
30
|
46
|
16
|
1.38
|
50
|
59
|
9
|
1.94
|
FMS-18-357
|
14600
|
10150
|
-45
|
180
|
136
|
96
|
114
|
18
|
0.53
|
FMS-18-358
|
14655
|
10175
|
-45
|
180
|
178
|
54
|
56
|
2
|
2.09
|
137
|
154
|
17
|
0.96
|
FMS-18-359
|
14650
|
10125
|
-45
|
180
|
109
|
48
|
58
|
10
|
0.54
|
63
|
72
|
9
|
1.70
|
FMS-18-360
|
14650
|
10212
|
-45
|
180
|
220
|
76
|
102
|
26
|
0.76
|
187
|
198
|
11
|
0.62
|
FMS-18-361
|
14650
|
10250
|
-45
|
180
|
175
|
107
|
116
|
9
|
0.75
|
152
|
169
|
17
|
1.13
|
FMS-18-362
|
14675
|
10250
|
-45
|
180
|
178
|
101
|
148
|
47
|
0.97
|
FMS-18-363
|
14700
|
10225
|
-45
|
180
|
247
|
50
|
51
|
1
|
4.92
|
90
|
110
|
20
|
0.81
|
115
|
121
|
6
|
1.37
|
210
|
225
|
15
|
0.86
|
FMS-18-364
|
14750
|
10200
|
-45
|
180
|
199
|
125
|
129
|
4
|
0.88
|
154
|
170
|
16
|
1.05
|
FMS-18-365
|
14750
|
10150
|
-45
|
180
|
145
|
62
|
67
|
5
|
1.12
|
71
|
74
|
3
|
1.55
|
FMS-18-366
|
14850
|
10200
|
-45
|
180
|
160
|
121
|
122
|
1
|
17.85
|
FMS-18-367
|
14850
|
10250
|
-45
|
180
|
226
|
70
|
91
|
21
|
0.78
|
157
|
162
|
5
|
1.24
|
168
|
203
|
35
|
0.93
|
FMS-18-368
|
14850
|
10150
|
-45
|
180
|
151
|
140
|
141
|
1
|
4.76
|
FMS-18-369
|
14750
|
10250
|
-45
|
180
|
253
|
96
|
118
|
22
|
0.58
|
126
|
130
|
4
|
0.75
|
220
|
234
|
14
|
0.86
|
FMS-18-370
|
14700
|
10125
|
-45
|
180
|
124
|
50
|
62
|
12
|
0.82
|
SELOAM
BROOK
|
SB-18-001
|
12400
|
9842
|
-48
|
175
|
232
|
195
|
199
|
4
|
5.50
|
198
|
199
|
1
|
20.70
|
SB-18-003
|
12201
|
10158
|
-45
|
175
|
202
|
94
|
95
|
1
|
22.50
|
189
|
196
|
7
|
0.62
|
SB-18-004
|
12201
|
9999
|
-45
|
175
|
160
|
104
|
109
|
5
|
0.66
|
SB-18-005
|
12180
|
9886
|
-45
|
175
|
250
|
19
|
23
|
4
|
3.91
|
110
|
120
|
10
|
0.72
|
SB-18-007
|
12003
|
10159
|
-50
|
175
|
220
|
72
|
73
|
1
|
8.98
|
SB-18-008
|
12005
|
10335
|
-45
|
175
|
187.15
|
100
|
103
|
3
|
1.00
|
SB-18-010
|
12000
|
10009
|
-45
|
175
|
166
|
75
|
78
|
3
|
1.03
|
|
Notes:
|
•
|
All assay results are
Fire Assays of 50g charge from 1kg pulverized sub-sample split from
~2mm crushed parent of sawn half 1m NQ core
|
•
|
! Mineralization to
the end of hole.
|
•
|
Table includes all
assay results which are deemed significant, with [Sample Length (m)
* Gold Assay (g/t Au) ≥ 3.0g/t Au*m]
|
The accompanying cross sections and drill plan can be viewed
here:
https://mma.prnewswire.com/media/746480/Atlantic_Gold_Corporation_Atlantic_Gold_Announces_Additional_Res.pdf
Corridor Regional Program
Atlantic's mineral properties within the Moose River Corridor,
totalling approximately 171 km2, are underlain by units
of the Meguma Supergroup which are the preferred host to the style
of mineralization being mined by the Company. These units also host
the Beaver Dam, Fifteen Mile
Stream and Cochrane Hill gold deposits, located within the
Corridor, which are currently incorporated in the Phase 2 Life of
Mine Expansion Pre-Feasibility Study announced in a news release
dated January 29, 2018.
The "Phase 4 Corridor Regional Program" was initiated late April
to evaluate the under-explored and geologically prospective 45 km
trend which extends northeast from its Touquoy gold deposit at the
company's Moose River Consolidated Gold Mine ("MRC"), to the
Beaver Dam gold deposit and
through to the Fifteen Mile Stream gold deposits in the northeast.
This trend is underlain by the Moose River Formation, a geological
unit comprised of a sequence of folded argillites and greywacke
which host the gold mineralization at the Touquoy, Beaver Dam and Fifteen Mile Stream deposits.
In detail, the mineralization is related to the axial planar region
of anticlines, primarily in the argillic units. The Phase 4
Corridor Regional Program will comprise a total of up to 100,000
metres of diamond drilling distributed throughout the
Touquoy-Beaver Dam-Fifteen Mile Stream Corridor.
The objective of the program is to explore prospective areas
between the three known deposits along this trend and discover new
areas of gold mineralization which could result in the definition
of additional gold mineral resources for incorporation into the
Company's growth strategy. Historically this area has had very
little exploration, owing largely to the fact that the economic
viability of the three known deposits had not previously been
properly assessed and in part due to extensive glacial overburden
masking bedrock exposures. Although the planned program is regional
in nature, the Company will strategically locate drill traverses
using proprietary airborne geophysical survey data, its knowledge
of the mineralization styles gained from previous exploration and
resource definition of the three thematic deposits, and other
interpretive methods.
It was this approach that led to the early discovery of the 149
Prospect. Drilling has also been completed at a second priority
target, Seloam Brook, an area to the west of Fifteen Mile Stream
where geological interpretation suggests a continuation of the host
lithologies and potential mineralization to the west from the
Fifteen Mile Stream Deposits. Anomalous gold mineralization,
including some significant intersections, has been located in
several holes in favourable locations, highlighting the potential
for additional discoveries in this area. Follow-up in this area
will be determined on a priority basis as the results of the
Corridor Regional Program become available.
Three diamond drill rigs are currently working to complete the
initial phase of the Corridor Regional Program, comprising sixteen
1-2 km spaced traverses, totalling approximately 32,000m of diamond drilling; more than
10,000m of drilling has been
completed to date.
Resource Expansion Drill Program – Additional Extension
Drilling - Fifteen Mile Stream & Cochrane Hill Resource
Development Projects
The Phase 3 Resource Expansion Drill Program, which was
completed at both Fifteen Mile Stream and Cochrane Hill between
September 2017 to February 2018, successfully identified additional
gold resources immediately peripheral to mineral resources
previously defined (See News Releases dated March 15, 2018 and April
4, 2018). Compilation and interpretation of the results has
indicated there may be potential to extend the mineral resources
along strike and at depth, particularly at the Egerton-MacLean and
Cochrane Hill deposits. To continue to evaluate the potential and
to define additional resources to be incorporated in a future
updated mineral resource estimation, small drilling programs will
be completed at both locations. Drilling has commenced at
Egerton-MacLean (2 drills) and will commence at Cochrane Hill early
October as drills become available.
Regional Land Acquisition – Southwestern Nova Scotia
In August, Atlantic expanded its exploration property holdings
substantially with the acquisition, by staking, of an additional
5,653 claims covering an area of 880.3 km2, bringing the
Company's total exploration properties to 7,746 claims totalling
1206 km2.
The Company's geologists believe that the areas acquired in the
southwestern region of Nova Scotia
have unexplored potential to host gold deposits similar in style to
those contained in the Moose River Corridor. Preliminary data
compilation and interpretation has commenced; current plans are
that only limited field work will be completed before year-end,
with an extensive exploration program planned for early 2019.
Technical Disclosure
All assays reported are 50g charge fire assays of 1kg pulverized
sub-sample split from -2mm crushed parent of sawn half 1m NQ core, with 1-in-10 duplicate assays of the
same pulp. Due to the regional nature of this program, Company
standards and blind blanks were not routinely inserted; routine
insertion of standards and blanks has re-commenced for current
drilling. Sample preparation and assaying is conducted at the
Sudbury and Vancouver laboratories of ALS Canada Ltd, an
entity having no other relationship with the Company. ALS employ a
standard routine of duplicate and check assays and reference
standards. Core recovery is estimated for each metre and averages
96%.
Douglas A Currie, P. Geo., General Manager-Exploration and a
Qualified Person as defined by National Instrument 43-101 ("NI
43-101") has reviewed and approved the contents of this news
release.
Further updates will be provided in due course and as new
information comes to hand.
On behalf of the Board of Directors,
Steven Dean,
Chairman and Chief Executive Officer
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.
About Atlantic:
Atlantic is a well-financed, growth-oriented gold development
group with a long term strategy to build a mid-tier gold production
company focused on manageable, executable projects in
mining-friendly jurisdictions.
Atlantic is focused on growing gold production in
Nova Scotia beginning with its MRC
phase one open pit gold mine which declared commercial production
in March 2018, and its phase two Life
of Mine Expansion which will ramp up gold production to + 200,000
ounces per year at industry lowest quartile cash and
all-in-sustaining-costs (as stated in the Company's news releases
dated January 19, 2018 and
January 29, 2018).
Atlantic is committed to the highest standards of
environmental and social responsibility and continually invests in
people and technology to manage risks, maximize outcomes and
returns to all stakeholders.
Forward-Looking Statements:
This release contains certain "forward looking statements"
and certain "forward-looking information" as defined under
applicable Canadian and U.S. securities laws. Forward-looking
statements and information can generally be identified by the use
of forward-looking terminology such as "may", "will", "expect",
"intend", "estimate", "anticipate", "believe", "continue", "plans"
or similar terminology. Forward-looking statements and information
are not historical facts, are made as of the date of this press
release, and include, but are not limited to, statements regarding
discussions of future plans, guidance, projections, objectives,
estimates and forecasts and statements as to management's
expectations with respect to, among other things, the activities
contemplated in this news release and the timing and receipt of
requisite regulatory, and shareholder approvals in respect thereof.
Forward-looking statements in this news release include, without
limitation, statements related to proposed exploration and
development programs, grade and tonnage of material and resource
estimates. These forward-looking statements involve numerous risks
and uncertainties and actual results may vary. Important factors
that may cause actual results to vary include without limitation,
the timing and receipt of certain approvals, changes in commodity
and power prices, changes in interest and currency exchange rates,
risks inherent in exploration estimates and results, timing and
success, inaccurate geological and metallurgical assumptions
(including with respect to the size, grade and recoverability of
mineral reserves and resources), changes in development or mining
plans due to changes in logistical, technical or other factors,
unanticipated operational difficulties (including failure of plant,
equipment or processes to operate in accordance with
specifications, cost escalation, unavailability of materials,
equipment and third party contractors, delays in the receipt of
government approvals, industrial disturbances or other job action,
and unanticipated events related to health, safety and
environmental matters), political risk, social unrest, and changes
in general economic conditions or conditions in the financial
markets. In making the forward-looking statements in this press
release, the Company has applied several material assumptions,
including without limitation, the assumptions that: (1) market
fundamentals will result in sustained gold demand and prices; (2)
the receipt of any necessary approvals and consents in connection
with the development of any properties; (3) the availability of
financing on suitable terms for the development, construction and
continued operation of any mineral properties; and (4) sustained
commodity prices such that any properties put into operation remain
economically viable. Information concerning mineral reserve and
mineral resource estimates also may be considered forward-looking
statements, as such information constitutes a prediction of what
mineralization might be found to be present if and when a project
is actually developed. Certain of the risks and assumptions are
described in more detail in the Company's audited financial
statements and MD&A for the year ended December 31, 2017 and for the quarter ended
June 30, 2018 on the Company's SEDAR
profile at www.sedar.com. The actual results or performance by the
Company could differ materially from those expressed in, or implied
by, any forward-looking statements relating to those matters.
Accordingly, no assurances can be given that any of the events
anticipated by the forward-looking statements will transpire or
occur, or if any of them do so, what impact they will have on the
results of operations or financial condition of the Company. Except
as required by law, the Company is under no obligation, and
expressly disclaim any obligation, to update, alter or otherwise
revise any forward-looking statement, whether written or oral, that
may be made from time to time, whether as a result of new
information, future events or otherwise, except as may be required
under applicable securities laws.
SOURCE Atlantic Gold Corporation