VANCOUVER, BC, Dec. 15, 2021 /CNW/ - ATAC Resources Ltd.
("ATAC") (TSXV: ATC) (OTCQB: ATADF) is pleased to provide an update
on grassroots exploration conducted in 2021 at its 64
km2 100%-owned Rosy Property, located 77 km east of
Whitehorse, Yukon. The road-accessible Rosy property hosts
numerous low-sulphidation epithermal quartz-carbonate veins with
gold and silver mineralization.
Rosy Exploration Highlights
- 2021 soil sampling extended the previous gold-in-soil
anomaly north by 500
m over a total area of 3.5 x 2.0 km;
- Soil samples returned values including 0.57 g/t gold, 0.25
g/t gold and 0.17 g/t gold; and
- Historical rock grab samples have returned up to 35.92 g/t
gold and 1,835 g/t silver.
"Grassroots work at Rosy this year has significantly expanded
the previously known gold-in-soil anomaly," stated
President and CEO, Graham Downs.
"While Rosy has seen only sporadic historical exploration, with
a limited portion of the property covered by geochemical surveys,
this work has already identified significant gold targets.
Follow-up exploration to further refine our targets and to better
evaluate the epithermal gold-silver potential at Rosy is clearly
warranted."
2021 Exploration Details
Exploration work at Rosy in 2021 consisted of a small soil
sampling program, with a total of 473 samples collected. This work
included broad regional contour sampling in under-explored portions
of the property as well as additional grid sampling along trend of
known anomalies.
A base-of-slope contour sample traverse north of the previously
defined gold-in-soil anomaly extended the target area by
500 m into the next valley (Figure
1). This contour sampling also extended the anomaly 1 km to the
north-east below an untested ridge. New soil samples in this area
returned from below detection to 0.17 g/t gold in soil, with
highlights from previous work returning up to 1.82 g/t gold in
soil.
Regional contour soil sampling further to the north encountered
sporadically elevated samples, including assays up to 0.57 g/t
gold in soil. Contour sampling in the southern portion of the
property returned multiple anomalous samples, with results
including 0.25 g/t gold in soil. Elevated levels of arsenic
were also noted in soil samples in this area, which is correlated
with mineralization elsewhere on the property.
Rosy Property Background
The Rosy Property is located 77 km east of Whitehorse and surrounds the Red Mountain
molybdenum deposit. The Red Mountain access road runs through the
core of the property, providing all-season access. The
property hosts widespread gold-and-silver bearing veins that are
likely associated with the nearby Late Cretaceous Boswell Pluton.
Mineralization on the Rosy property is indicative of the distal
part of a large hydrothermal system, likely in a low-sulphidation
epithermal setting.
The Rosy property hosts two main types of mineralization. The
first occurs within quartz carbonate veins, while the second is
found in altered intrusive rocks. Over 30 separate quartz-carbonate
veins have been mapped on the property and occur with gouge zones,
quartz-feldspar porphyry dykes and carbonate altered wall rocks.
Historical prospecting programs have returned highlight grab
samples including 35.92 g/t gold with 32.40 g/t silver, and 0.31
g/t gold with 1,835 g/t silver.
Three shallow diamond drill holes totalling 263 m were completed in 2010 by a previous
operator and did not return significant results. This is the
only recorded drilling on the Rosy property and numerous
geochemical and prospecting targets are undrilled.
QA/QC
Analytical work for soil samples 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 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.
Results referenced in this release represent highlight results
only, and include results from 2021 and previous years. Below
detection values for gold and silver have been encountered in soil
and rock 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 $6
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.