ATAC Announces Optioning of Hopeful Property
June 14, 2007
June 14, 2007 — ATAC Resources Ltd. (TSX-V: ATC) (“ATAC”) is pleased to announce that it has entered into an option agreement to acquire the Hopeful silver prospect. The Hopeful prospect is located in mountainous terrain about 110 km east of Dawson City in central Yukon. It lies within one of the most productive parts of the Tintina Precious Metal Belt, with the Brewery Creek gold deposits 35 km to the west and the Keno Hill silver deposits 80 km to the east. The veins that comprise the Keno Hill deposits form the second most productive silver district in Canada. Collectively they have yielded a total of 6,657,235 kg (214,035,599 million ounces) of silver (Cathro, 2006; Geoscience Canada).
Noranda Exploration discovered the Hopeful prospect in the early 1980s and drilled the main argentiferous quartz-tourmaline greisen zone in 1984 with 10 holes totalling 883 m. Danra Resources optioned the property and drilled four more holes totalling 609 m in 1988. No additional work was done and the claims were allowed to expire. ATAC optioned the claims that comprise the core of the current property from two arm’s-length prospectors who had restaked the argentiferous greisen. The property now consists of 64 claims encompassing about 1300 hectares.
The silver-rich zone lies along the contact between a Cretaceous age syenite stock and surrounding Ordovician age quartzites, shales and carbonate sedimentary rocks. The zone is 10 to 30 m thick and consists of quartz-tourmaline greisen veins flanked by kaolinite-hematite-limonite talc altered wallrocks. The mineralized veins strike 65 degrees north and dips 70 degrees toward the south.
Diamond drilling has tested the zone for a 260 m length along strike and to a depth of 50 to 90 m below surface. All of the holes produced significant silver assays with the best results coming from beneath a 30 to 40 m thick layer of near surface oxidization and leaching. Particularly noteworthy intersects include: 4172.5 g/t (121.7 opt) across 2.10 m in hole 88-1; 751.5 g/t (21.9 opt) across 4.3 m in hole 84-6; and, 781.7 g/t (22.8 opt) across 2.03 m in hole 84-10. The mineralized veins are tourmaline-rich but contain few sulphides. The main silver mineral is jamesonite (Yukon Minfile Occurrence and Danra Resources Assessment Reports).
The Hopeful prospect has received little systematic geochemical or geophysical exploration and there is good potential for additional discoveries. Furthermore, the main silver zone remains open to extension along strike and to depth. ATAC expects to have a crew on site by mid July.
Under the terms of the option agreement, ATAC can earn a 100% interest in the Hopeful property, subject to a 2% net smelter return royalty (25% of which can be purchased at any time for $1,000,000), by making cash payments totalling $300,000 over three years.
“We are very excited to acquire the Hopeful prospect and look forward to exploring the known vein and the multitude of nearby, untested and newly staked targets” stated Graham Downs, CEO of ATAC.
The work will be done by Archer, Cathro & Associates (1981) Limited under supervision of Bill Wengzynowski, P. Eng., who is the qualified person for NI 43-101 purposes.
For further information concerning ATAC Resources Ltd. or its various exploration projects please contact:
Graham Downs, CEO
ATAC Resources Ltd.
ATAC RESOURCES LTD.
Per: Robert C. Carne, President
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