ATAC Resources Ltd. Announces 2012 Exploration and Drilling Plans for its Rackla Gold Project, Yukon
March 1, 2012
March 1, 2012 - Vancouver, BC - (TSX-V:ATC) ATAC Resources Ltd. (“ATAC”) is pleased to outline its 2012 exploration and drilling plan for its 100% owned, 1,600 sq/km Rackla Gold Project, which hosts Canada’s only Carlin-Type gold discoveries.
The 2012 exploration and drilling program will focus on the continued expansion and definition of the Conrad, Osiris, Isis and Isis East gold discoveries within the Nadaleen Trend. All the gold zones identified to date are distinct and each has the potential for significant expansion and, given their proximity to each other, demonstrate the gold endowment potential characteristic of Carlin Type deposits. The 2012 program will also include additional work on several high-priority property-wide Carlin-Type targets identified in 2011 which appear to be similar to the Conrad, Osiris and Isis East Zones and the Tiger Deposit.
A summary of the 2012 program is detailed below.
2012 Exploration Plans:
- 30,000 metres of diamond drilling (using six drill rigs) commencing in early June with the majority of drilling to be focused on the Nadaleen Trend where four zones of Carlin-Type mineralization have been confirmed to date;
- Expansion and definition diamond drilling on the Conrad, Osiris, Isis and Isis East Zones;
- Scout drill testing of structural targets along the Nadaleen feeder fault and other structures that exhibit surface pathfinder element signatures;
- Auger drilling to begin in April at the Pyramid target to identify the bedrock source of a 500 by 200 m gold pathfinder arsenic/thallium soil geochemical anomaly coincident with abundant orpiment and realgar cobbles and boulders in glacial till;
- Optional early season drilling at the Ocelot silver-lead-zinc discovery within the Rau Trend pending results of spring geophysical surveys; and
- Follow up prospecting, geological mapping and detailed soil sampling of 15 high priority gold and pathfinder geochemical anomalies identified in 2011 along the 185 km long Rackla Gold Project claim block.
The 2012 diamond drilling program will target the four drill confirmed Carlin-Type gold discoveries within the Nadaleen Trend at the east end of the Project. Six drills will begin definition and expansion drilling at the Conrad, Osiris, Isis East and Isis Zones in early June.
Three of the six drills are allocated to further expand and define the Conrad Zone discovery area. The Conrad Zone is characterized by multiple stacked, continuous tabular zones of gold mineralization related to the nearby Nadaleen feeder fault system. It has a current drill confirmed strike length of 475 m and extends to a depth of 490 m. Significant diamond drill results from 2011 drilling at the Conrad Zone include 82.29 m grading 4.08 g/t gold (OS-11-010) and 41.15 m grading 7.33 g/t gold (OS-11-058).
One diamond drill will be used to expand gold mineralization at the Osiris Zone where stratabound gold mineralization is hosted by limestone in the apex and both limbs of a moderately plunging anticline. Drilling will continue testing the steeply dipping western limb of the Osiris limestone unit towards the projected intersection with the Nadaleen feeder fault where the structural setting is similar to the higher grade Conrad Zone. The east limb of the Osiris limestone unit contains an untested 150 by 200 m gold-in-soil geochemical anomaly where a five metre hand trench channel sample returned 25.76 g/t gold. Highlights from 2011 drilling at the Osiris Zone include 32.01 m grading 4.25 g/t gold (OS-11-031) and 26.12 m grading 6.08 g/t gold (OS-11-055).
The Isis East Zone is a new gold discovery located 500 m south of the Osiris Zone in a fault repeat of the Osiris limestone unit. Two holes intersected this zone in late 2011. Hole OS-11-040 intersected 38.10 m of 3.33 g/t gold and OS-11-073 intersected 51.82 m of 3.13 g/t gold. These holes were drilled 75 m apart and lie within a large 450 by 100 m gold-in-soil geochemical anomaly. Two diamond drills will initially test this zone which remains open in all directions.
The Isis Zone is located 800 m northwest of the Isis East zone and is situated in the same unit as the Isis East zone. This zone is marked by a 600 by 200 m gold-in-soil anomaly with associated grab samples from talus that graded from <0.01 to 23.9 g/t gold. Detailed mapping, prospecting and mechanized trenching will be carried out in early 2012 to better define drill targets for later in the year.
Regional stream sediment sampling and follow up grid soil sampling conducted in 2011 identified the Pyramid and Dale gold pathfinder arsenic/thallium anomalies 20 and 10 km west of the Osiris area gold zones. Prospecting at the Pyramid identified a glacially dispersed 150 by 80 m orpiment/realgar (arsenic sulphides) cobble field within a larger 500 by 200 m arsenic/thallium soil anomaly. Follow up drilling of the Pyramid target intersected encouraging alteration and anomalous gold. Approximately 50 auger drill holes will be completed in March 2012 in order to vector in on the bedrock source of the extensive arsenic float train and potential gold mineralization.
Deep-seated, long-lived faults are the plumbing conduits for Carlin-Type mineralizing fluids. Gold is deposited where these faults intersect reactive limestone units. In the Osiris area, the Nadaleen Fault has been identified as a long-lived feeder structure by isotopic age dating and clay mineral alteration studies. Gold mineralization at the Osiris and Conrad Zones is related to this structure. Over 1,700 silt and 12,000 soil samples were collected from the 185 km long Rackla Gold Project in 2011. Geological mapping and satellite surveys identified numerous other fault structures elsewhere on the Project that correspond to pathfinder element geochemical anomalies. Fifteen priority targets have been identified for focussed follow-up work in 2012 in order to develop drill targets from these new areas of interest.
The Rau Trend lies at the western end of the Rackla Gold Project and hosts the Tiger Gold Deposit as well as the 2011 Ocelot silver-lead-zinc discovery. Several areas of untested gold, gold-pathfinder and silver-lead-zinc geochemical anomalies will receive focussed follow up work in 2012.
Given the high in situ oxide gold grades in the Tiger Zone, ATAC will review different approaches for further development of this discovery in 2012, to maximize its value to the Company and its shareholders.
The Ocelot silver-lead-zinc discovery has received a total of 19 diamond drill holes which defined a mineralized zone measuring 230 by 150 m. Drill hole OC-11-010 from 2011 intersected 63.44 m of 73.81 g/t silver, 2.44% lead and 8.18% zinc. In March 2012, geophysical surveys will be conducted over and along the trend of the Ocelot discovery. Pending favourable results from this survey, a small diamond drill program (1,500 to 3,000 m) will commence in April to evaluate the potential for additional mineralization.
The technical information in this news release has been reviewed by Robert C. Carne, M.Sc., P.Geo., a qualified person for the purposes of National Instrument 43-101.
ATAC is a well-funded, Yukon-based exploration company focused on developing Canada’s only Carlin-type gold discovery at its 100% owned, Rackla Gold Project. For additional information concerning ATAC Resources Ltd., please visit our website at www.atacresources.com.
On behalf of the Board
Graham Downs, CEO
ATAC Resources Ltd.
For further information, please contact:
Vanessa Pickering, Manager, Corporate Communications
ATAC Resources Ltd.
T: 604-687-2522 ext. 60
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This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors