ATAC Resources Ltd. Provides More Exploration Results from its Rau Gold Property
November 5, 2008
November 5, 2008 - ATAC Resources Ltd. (TSX-V:ATC) is pleased to announce assay results from the remaining 2008 diamond drill holes at its wholly owned Rau property in the Keno Hill District of central Yukon. Assays from drilling are encouraging and, together with results of surface exploration, indicate excellent size potential. The main gold zone is one of a series of thick sulphide-rich horizons vertically stacked near the crest of a broad anticline. The 2008 program included a total of 3423.21 m of drilling in 18 holes.
Highlights from previously unreleased holes include 46.42 m averaging 2.92 g/t gold from hole Rau-08-16 and 65 m grading 1.52 g/t gold from hole Rau-08-07. Significant intervals from all of the 2008 holes are shown in the attached table.
“The results from the Rau gold property demonstrate that we are exploring a very large and complex system of mineralization. ATAC has progressed quickly from a three hole program on a soil geochemical anomaly to a major gold discovery” says Graham Downs, CEO of ATAC Resources Ltd. “We are currently compiling and evaluating data from the 2008 programs at Rau and other ATAC projects, and are considering ways to best advance these projects in order to maximize value for our shareholders”.
The Rau gold discovery lies within a 6 km long anomalous trend that has been traced by soil geochemistry and helicopter-borne VTEM and magnetic surveys west-northwesterly from a high level, Late Cretaceous granitic stock. The anomalous trend generally coincides with the axis of a large anticline. The mineralizing fluids appear to have migrated out from the pluton along the length of the gently east-southeasterly plunging fold. The gold occurs with sulphide minerals that wholly or partially replace dolomitized limestone near the crest of the anticline. The sulphide minerals are locally concentrated beneath a series of altered volcanoclastic beds, which may have acted as impermeable caps. To date, three mineralized horizons have been identified, with the middle horizon producing the best assays. The main sulphide minerals are pyrite, arsenopyrite and pyrrhotite, while accessory minerals include bismuthinite, scheelite and sphalerite.
Most of the significant assay intervals are clustered in a 300 by 200 m zone at the west end of the drill area. The highest grade interval came from the most westerly hole (Rau-08-16). The mineralized horizon ranges from about 40 to 60 m in thickness within this zone and is open along strike in both directions. Gold values and sulphide abundance are highest near the fold axis and gradually decrease down the fold limbs until they terminate at a metamorphic front marking the boundary between dolomite and marble.
The uppermost horizon typically comprises medium to coarse grain, disseminated pyrite often with quartz, pyrrhotite and lesser arsenopyrite. Gold values are generally low in this horizon, but a number of short gold-bearing intervals were obtained, including 8.13 g/t gold over 3.05 m from hole Rau-08-11.
The middle horizon, or discovery horizon, contains the majority of the significant gold intervals and has the highest concentrations of arsenopyrite, bismuthinite and scheelite. The thickest intersection on this horizon graded 1.71 g/t gold over 78.54 m. Two holes (Rau-08-03 and -16) encountered strongly weathered wallrocks and mineralization which includes some limonite boxwork. Recovery in both of these holes was poor; therefore, the reported grades should not be relied upon. None of the five holes in the eastern part of the drill area reached the middle gold horizon.
The lowermost horizon consists of very coarse grain, massive pyrite with minor sphalerite. Only hole Rau-08-18 extended deep enough to reach this horizon and intersected 20.77 m of massive pyrite, which averaged 0.13 g/t gold, 24.36 g/t silver and 1.12% zinc. This discovery was made in the last hole of the program and future drill holes will have to extend further to test it and other possible horizons that could lie deeper in the section.
Core samples have been shipped to the University of British Columbia for geochronological, mineralogical, petrographic and geochemical studies. This work should better define the geological controls and establish pathfinder indicators that could lead to further discoveries.
All analyses referred to in this news release were performed at ALS Chemex in North Vancouver, BC. The samples were collected and handled in ways that ensure security, including chain of custody procedures. Blank and standard samples were randomly included in every batch of 20 core samples. Gold analyses involved fire assay followed by inductively coupled plasma with either atomic emission spectroscopy or atomic absorption spectroscopy. Analysis for other elements on drill core were done by inductively coupled plasma combined with either mass spectroscopy or atomic emission spectroscopy.
The technical information in this news release has been reviewed by Robert C. Carne, M.Sc., P.Geol., a qualified person for the purpose of National Instrument 43-101.
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.
SIGNIFICANT 2008 DRILL RESULTS AT THE RAU PROPERTY
ATAC RESOURCES LTD.
|†||Intervals shown are mineralized lengths of core; all cut across bedding but fold geometry is not well enough understood to reliably calculate true widths. Based on bedding to core angles true widths are estimated to be 75 to 90% of interval lengths.|
|*||Rau-08-03 and -16 encountered mineralization directly beneath talus cover and ended in mineralization. Rau-08-06 also encountered mineralization directly beneath talus cover. Rau-08-18 stopped in massive pyrite. None of these appears to have crossed the entire width of the mineralized zone.|
Forward Looking Statements
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