ATAC Announces Additional Gold and Copper Results and Expansion of Catch Property, Yukon
April 26, 2022
April 26, 2022 - Vancouver, BC - ATAC Resources Ltd. ("ATAC") (TSX-V: ATC, OTCQB: ATADF) is pleased to announce additional hand trench sampling and prospecting results from 2021 exploration at the Catch property ("the Property") in Yukon. ATAC also announces that based on the encouraging results, an additional 66 claims have been staked to expand the property to a total of 29 km2.
- Large, discovery-stage project in an area with no previous exploration, where preliminary sampling has identified extensive copper-gold mineralization;
- Trench 7 returned 25 m of 0.27 g/t gold with 0.15% copper;
- Grab sample from trench 8 returned 7.45 g/t Au and 1.57% Cu, located 300 m from the main trenching area;
- Property expanded by 66 claims to cover additional areas with anomalous geochemical and geophysical response; and,
- 2022 exploration will include prospecting, mapping, ground magnetics and an induced polarization survey to prepare for drill targeting.
"Catch continues to return very encouraging copper and gold grades across a very broad area," stated President and CEO, Graham Downs. "Based on the promising results so far, we have staked additional prospective ground around the initial property. We look forward to getting crews on the ground in June to advance this project to drill stage as quickly as possible."
Property Geology and Mineralization
The Property lies within the Quesnel Terrane and is juxtaposed against the Stikine Terrane by the 1,000+ km long, deep seated, crustal scale strike-slip Teslin-Thibert fault approximately 3 km west of the Property boundary. The Quesnel and Stikine Terranes are characterized by similar Late Triassic to early Jurassic volcanic-plutonic arc complexes that are well-endowed with copper-gold-molybdenum porphyry deposits (ex. Mt. Milligan, KSM, Red Chris, Mt. Polley, Highland Valley Copper, etc.).
The Property is underlain by augite phyric basalt of the Semenof Formation, centered on a 7 x 3 km regional magnetic high. Bedrock exhibits strong propylitic alteration and intense localized oxidation, brecciation and malachite staining.
The geology, alteration and mineralization observed throughout the Property are all indicative of a nearby copper-gold±molybdenum bearing porphyry system.
The property is under option from a Yukon prospector, and ATAC can earn up to a 100% interest in the property. For more information, see ATAC news release dated January 25, 2022.
Results reported in this release are from samples collected by the Property vendor and have not been independently verified by ATAC. Analytical work for these samples was completed by Bureau Veritas, with sample preparation in Whitehorse, Yukon and geochemical analysis in Vancouver, British Columbia. All samples were analyzed for 36 elements using the AQ201 method which involves aqua regia digestion of a 15 g charge followed by analysis with inductively coupled plasma atomic emission spectrometry and inductively couple plasma mass spectroscopy. Over limit values for copper were determined by the AQ370 method which involves an aqua regia digestion followed by inductively coupled plasma atomic emission spectroscopy.
Results referenced in this release represent highlight results only and include results from 2021 and previous years. Below detection values for gold, copper, molybdenum, 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.
ATAC Resources is a well-financed Canadian exploration company focusing on exploring for gold and copper in Yukon, BC, 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 $9 million in working capital.
On behalf of ATAC Resources Ltd.
Graham Downs, President and CEO
For further information, please contact:
Andrew Carne, M.Eng., P.Eng., VP Corporate and Project Development
ATAC Resources Ltd.
T: 604-688-0111 ext. 106
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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