ATAC Resources Ltd. Provides 2008 Exploration Update
June 10, 2008
June 10, 2008 — ATAC Resources Ltd. (TSX-V:ATC) is pleased to announce that crews have been mobilized to begin 2008 field exploration. This overview summarizes planned drilling and exploration activities at the Company’s various properties in Yukon Territory.
There are currently five diamond drill programs planned in the next few months at projects, where ATAC has large direct or indirect interests.
Northern Freegold Resources Ltd. has the optional right to earn a 100% interest in ATAC’s Golden Revenue, Nitro, Sey and Nit properties. Northern Freegold recently announced results from their first 2008 diamond drill hole at the Nucleus Zone, located on ATAC’s Golden Revenue property, which intersected 3.25 m (10.66 feet) of 100.69 g/t (2.94 oz/ton) gold within 37.80 m (124.02 feet) of 10.41 g/t (0.30 oz/ton) gold. To earn its interest, Northern Freegold must incrementally issue 1,900,000 of its common shares to ATAC and make cash payments totalling $150,000 to ATAC, on or before May 1, 2009. If earn-in is completed, ATAC will hold a 1% net smelter return royalty.
The Rau property is 100% owned by ATAC. It is located 55 km northeast of the Keno Hill Silver District within the Tintina Gold Belt. Soil sampling in 2007 identified an area of highly anomalous gold values, which measures approximately 600 by 300 m and is open to extension along strike. A diamond drill program designed to begin testing this anomaly commenced on June 8. The program will comprise eight to ten holes totalling about 1100 m. Magnetic and VTEM geophysical surveys and additional soil sampling will also be carried out, along strike of the defined anomaly.
The Wau property directly adjoins the eastern side of the Rau property and is under option to Yankee Hat Minerals Ltd. (see ATAC’s April 10, 2008 news release for agreement details). Numerous, strong magnetic anomalies and VTEM conductors were identified by surveys that were done on the property in 2007. These geophysical targets largely coincide with areas of high tungsten-in-soil geochemical values. An aggressive diamond drill program funded by Yankee Hat is scheduled to be conducted in conjunction with the Rau drilling. The Wau phase of this drill program is designed to include another eight to ten holes totalling approximately 1100 m.
ATAC can earn a 100% interest in the Hopeful property, which lies about 110 km east of Dawson City in central Yukon. It is favourably situated within the Tintina Gold Belt, with the Keno Hill Silver District 80 km to the east, the Brewery Creek gold deposits 35 km to the west and the Mike Lake property, where Dynamite Resources Ltd. is following up a recent discovery hole (0.61% copper and 1.38 g/t gold over 89.3 m) 43 km to the northwest. Previous exploration at the Hopeful property in 1984 and 1988 produced encouraging results from 14 diamond drill holes, which tested two sub-parallel quartz-tourmaline greisen veins. An assay from those holes reportedly averaged 3026 g/t silver over 3.2 m. The zone has been traced for a length of 260 m and to a depth of 75 m, and it is open to extension in three directions. The best results came from the deepest holes. ATAC has designed a diamond drilling program that will test downdip and along strike of the previous greisen vein intersections. The program will involve six to eight holes totalling approximately 900 m. Drilling is scheduled to begin in mid-July.
The Hartless Joe property is under option to a private company; Ferus Resources Ltd. (see ATAC’s March 20, 2008 news release for agreement details). The property hosts low sulphidation gold- and silver-rich quartz veins, breccias and stratabound zones. Mineralized specimens of quartz veined material taken from talus slopes often grade from 2 to 10 g/t gold and 30 to 70 g/t silver and occasionally return bonanza-type values to 251 g/t (7.32 oz/ton) gold and 5780 g/t (168.6 oz/ton) silver. A three hole drill program funded by Ferus is planned on the property to test a VTEM conductor and two IP chargeability anomalies located near the main showing and the largest soil geochemical anomalies. Drilling should begin in July.
A multi-component exploration program is planned for the Connaught (“CN”) silver property located within the Sixtymile Placer Gold Camp, 65 km due west of Dawson City in western Yukon. Klondike Silver Corp. will complete its 50% interest earn-in obligations with funds already advanced to ATAC. Upon earn-in, a 50-50 joint venture with ATAC will be formed. The CN property is road accessible and hosts an extensive system of silver-lead-gold veins. Exploration at this high grade vein target is modelled after the highly productive Keno Hill Silver District located 250 km to the east. The 2008 program will include a comprehensive excavator trenching program designed to delineate specific targets for large-scale bulk sampling and/or diamond drilling in 2009.
Work intended to identify future drill targets is also scheduled at the Arn property (VTEM and prospecting) and the Rosy property (soil geochemistry, prospecting and hand trenching). Funding for these projects will be provided by optioning parties. ATAC is continuously generating new exploration targets and will evaluate many recently staked and unstaked targets over the coming months.
The technical information in this news release, with the exception of the Nucleus Zone drill results, has been reviewed by Robert C. Carne, M.Sc., P.Geol., a qualified person for the purpose of National Instrument 43-101.
The technical information regarding the Nucleus Zone drill results has been reviewed and approved by Susan P. Craig, P. Geo., a qualified person for the purpose of National Instrument 43-101 and President of Northern Freegold Resources Ltd.
For additional information concerning ATAC Resources Ltd. or its various exploration projects please visit ATAC’s website at www.atacresources.com or contact:
Graham Downs, CEO
ATAC Resources Ltd.
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