Gold Exploration Underway
June 3, 2003
W. Douglas Eaton, President, is pleased to announce that the 2003 field program has begun on ATAC’s gold properties in Yukon Territory. The first property to receive work will be the Wildcard property in southeastern Yukon. This property was recently optioned from a local prospector who discovered a new gold occurrence in a ditch alongside the road leading from Watson Lake to North American Tungsten’s mine at Cantung. Initial work will consist of prospecting, hand trenching and soil geochemistry designed to better understand the size and grade potential of the discovery. Specimens collected by the prospector returned assays of 4.6 and 33.9 g/t gold. Assuming results for the preliminary evaluation are positive, this project could quickly proceed to more advanced exploration because of its excellent access.
On June 15 the crew is scheduled to mobilize to the Arn property in southwestern Yukon. This property lies 6 km south of the Alaska Highway and was the site of promising drill and prospecting discoveries in 2002. The exploration target is a 3500 m long zone, most of which is covered by thick talus, glacial moraines or creek gravel. The drill discovery (average 11.92 g/t gold over 12.67 m) lies near the eastern end of the zone and is marked by soil geochemical and geophysical anomalies. Approximately 1300 m to the west across a broad creek valley is another area of strong soil geochemical response (100 to 3510 ppb gold) that has not been systematically prospected. The western end of the zone was first recognized in fall 2002. It consists of two bedrock showings and widely spaced mineralized boulders. Hurried prospecting in this mostly grass and buckbrush covered area yielded highly encouraging results with several specimens assaying between 2 and 14 g/t gold.
Work at Arn will begin with grid soil sampling, hand trenching and thorough prospecting followed by drill site preparation. Assuming financing efforts currently underway are successful, this program is expected to be followed with renewed diamond drilling using drill equipment already on site. Permits have been granted for a drill program extending through summer into fall.
TEL: 604-688-2568 Tom Corcoran, Corporate Communications Mgr.
TOLL FREE: 1-866-886-2568