ATAC Resources Ltd. Provides 2015 Tiger Oxide Gold Deposit Update – Rackla Gold Project, Yukon
October 26, 2015
October 26, 2015 - Vancouver, B.C. - ATAC Resources Ltd. (TSX-V:ATC) (the “Company” or “ATAC”) announces that it has completed the 2015 work program at its Tiger Deposit which focused on completing optimization work recommended in the 2014 Preliminary Economic Assessment (“PEA”).
2015 field program completed at Tiger Gold Deposit
ATAC recently completed the 2015 field program at its Tiger Deposit. The objective of the 2015 program was to advance the project toward a future prefeasibility study decision. Eighteen diamond drill holes were completed for a total of approximately 1,400 metres. Fourteen shallow infill and expansion holes were completed with the goal of better defining the high-grade and near surface oxide portion of the deposit. In addition to the diamond drilling, 8 trenches totaling over 400 m were completed to test the near surface extension of the deposit. Results from the 2015 drilling and trenching program were comparable to adjacent holes from earlier work.
The remaining four 2015 diamond drill holes were completed to support further geotechnical studies aimed at steepening the PEA pit slope angles to potentially access known oxide gold mineralization below the current pit design. Two of these holes were fitted with vibrating wire piezometers to initiate ground water surveys for future studies and permitting. A small bulk sample was also collected and stored on-site in preparation for additional metallurgical or process studies.
“The Tiger Deposit is a unique at-surface, high-grade oxide gold deposit that will be an essential component to the future development of the Rackla Gold Project,” states Graham Downs, President and CEO of ATAC. “The completion of this year’s prefeasibility level work allows us to refine the current mine plan and gets us another step closer to having a road-accessible shovel-ready gold deposit.”
Key recommendations in the PEA included enhancing the project through further geotechnical, resource, infrastructure and mine plan studies. In view of the PEA recommendations and ongoing work, the Company is also evaluating the possibility of a year-round processing scenario accessed via an all-season road.
Moving to a year-round accessible, 100% agitated tank process has the potential to enhance the mine plan, improve recoveries and reduce project costs by:
- eliminating the heap-leach facility and associated conveyors;
- utilizing a more controllable and conventional agitated tank leach process;
- consolidating facilities closer to the pit to reduce the projects’ environmental footprint and haulage costs; and,
- improving access, operational logistics and project economics.
The Company has initiated a number of studies to support the PEA recommendations and investigate the newly envisioned year-round accessible agitated tank process. Tetra Tech EBA Inc., through their partnership with Nacho Nyak Dun (NELPCo), is conducting an all-season road and power line cost study. Knight Piésold Ltd. is providing a tailings and waste disposal trade-off study. Golder Associates Inc. is undertaking additional geotechnical testing and a revised pit-slope analysis. Archer, Cathro & Associates (1981) Limited is revising the geological model. Options for advancing the Tiger Deposit will be evaluated upon receipt and review of these studies.
A summary of the results from the PEA was announced on July 23, 2014. The report entitled “Preliminary Economic Assessment NI 43-101 Technical Report on the Tiger Gold Project Yukon Territory, Canada” can be viewed at www.sedar.com under the ATAC profile or on ATAC’s website at www.atacresources.com.
The technical information in this news release has been approved by Julia Lane, P.Geo., VP Exploration for ATAC and a qualified person for the purposes of National Instrument 43-101.
ATAC is developing Canada’s only Carlin-type gold district and additional mineral occurrences at its 100% owned, 1,700 sq/km, Rackla Gold Project in Yukon. Exploration on the project has resulted in a positive Preliminary Economic Assessment on the Tiger Gold Project, delineation of multiple high-grade Carlin-type gold zones, the discovery of significant silver-lead-zinc mineralization at Ocelot and the identification of numerous early-stage gold targets. The Rackla Gold Project has no underlying royalties or third-party interests. ATAC is well-financed with approximately $17 million in its treasury.
On behalf of Management and the Board of Directors
of ATAC Resources Ltd.
Graham Downs, President & CEO
For further information, please contact:
Vanessa Pickering, Manager, Corporate Communications
ATAC Resources Ltd.
T: 604-687-2522 ext. 260
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