Douglas Eaton, President, is pleased to announce that ATAC has negotiated an agreement with War Eagle Mining Company Inc., whereby ATAC can earn a 40% interest in the Pike gold property, subject to regulatory acceptance. Upon earn-in ATAC will hold 40%, War Eagle 30% and Strategic Metals Ltd. 30%.
The Pike property hosts quartz-carbonate vein float containing up to 30% coarse visible gold, often accompanied by brannerite (an uranium-thorium mineral). The apparent source of the gold rich vein material is a suspected fault which is marked by magnetic, VLF and chargeability anomalies. The fault cuts hematitic argillite about 100 m west of a Proterozoic age breccia body containing Olympic Dam type copper-gold-iron oxide mineralization. Although hand trenching has not been able to identify a bedrock source for the gold rich float because of deep unstable talus, it has narrowed the probable source to an area that coincides with the geophysical anomalies. The property has not been drilled and this will be the purpose of the 2003 program beginning in early June.
To earn its 40% property interest, ATAC must make $350,000 in exploration expenditures with $100,000 to be advanced by March 31 and the remaining $250,000 by April 30. ATAC will also issue War Eagle 200,000 of its shares.
TEL: 604-688-2568 Tom Corcoran, Corporate Communications Manager