VANCOUVER, Jan. 17, 2018 /CNW/ - ATAC Resources Ltd.
(TSX-V:ATC) ("ATAC") is pleased to announce a summary of the
comprehensive 2017 exploration program on the Orion Project,
located within the Rackla Gold Property, Yukon. The Orion Project comprises the central
portion of ATAC's Rackla Gold Property and is subject to a
$55 million earn-in agreement with
Barrick Gold Corporation ("Barrick") (see ATAC news release dated
April 10, 2017).
As part of the earn-in requirements, Barrick must spend
$10 million on exploration at the
Orion Project by December 31, 2019.
Expenditures by Barrick in 2017 were ~$4 million.
The primary objective of Barrick's first exploration program was
to systematically establish a surface and sub-surface geologic and
structural framework for identifying favourable rocks. The
following work was completed on the Orion Project in 2017 to
support this objective:
- Detailed mapping, prospecting and trenching;
- Extensive rock, soil and stream sediment sampling;
- Diamond and rotary air blast "RAB" drilling; and,
- Ground based gravity survey and Lidar terrain mapping.
"Barrick's systematic and geoscience driven 2017 exploration
program at the Orion Project was very successful in quickly
establishing a better geological understanding of the large land
package of Orion," states Ed Cope,
ATAC's Technical Advisor. "The presence of robust Carlin-type
alteration identified in diamond drill holes well away from any
surface geochemical anomalies demonstrates that favourable
environments for the development of gold mineralization are more
extensive than previously understood. 2018 will be an exciting year
as Barrick focuses on targeting gold
mineralization."
Mapping and Prospecting
A substantial component of the 2017 exploration program was the
initiation of both regional-scale and target delineation geological
mapping. The mapping teams, made up of Barrick and ATAC geologists,
systematically mapped approximately 300 km² of the eastern section
of the Orion Project area between June and September 2017. The mapping resulted in a
detailed classification of the Paleozoic stratigraphy and a refined
understanding of the complex structural environment. The resulting
data will be used to target favourable host rocks during future
drill campaigns. An updated Orion Project map can be found on
ATAC's website.
Diamond Drilling
Four stratigraphic diamond drill holes totalling 2,503 m were positioned specifically outside
known mineralization and pathfinder soil geochemical anomalies in
order to obtain an unaltered view of the Orion area stratigraphy.
Drill data including lithology, structure, alteration and
mineralogy was used in combination with major and trace element
geochemistry to characterise the stratigraphic setting of the
geologic units. Although drilling occurred outside of the known
mineralization and pathfinder footprint, favourable Carlin-type
observations included:
- anomalous gold and elevated pathfinder elements (As, Sb, Hg and
Tl) in holes three and four highlighting the prospective nature of
both of the Anubis and Northern faults along their westward mapped
extensions; and,
- several debris flow packages and turbidite sequences identified
in holes two, three and four confirming important slope facies
environments exist throughout the Paleozoic sequence at Orion.
RAB Drilling
Thirty-two holes totalling 1,532 m
were completed on the Orion Project in 2017. The RAB drilling
tested the stratigraphy, alteration and the mineralizing potential
of bedrock within overburden covered areas. The Pyramid target area
was a particular focus of the RAB drilling as little was known
about the geological environment as it is located in an area of low
relief and significant surface cover.
Rock, Soil and Stream Sediment Sampling
An extensive rock, soil and stream sediment sampling program was
undertaken in 2017. This sampling program expanded coverage over
known Paleozoic stratigraphy that had not previously been assessed.
As part of the program, representative samples were collected for
the purposes of geochemical classification of lithology and the
identification of alteration suites. This data will be compiled
into the existing database to assist in the overall understanding
of the geologic setting and gold potential of the
district.
Gravity Survey and Lidar
A ~50 km² ground-based gravity survey was conducted between the
Anubis and Pyramid target areas. The gravity survey was performed
to assist in the identification of structures and characterization
of rocks within covered terrain. A fixed-wing based Lidar survey
was also conducted to provide better ground control and to improve
the identification of geologic contacts and structures below
treeline. Preliminary interpretation of results from the gravity
survey indicate good consistency with the regionally mapped
geologic units while posing some alternative structural geometries
of buried units within the Anubis Fault corridor.
Anubis Cluster and Previous Exploration by ATAC
Prior to Barrick's involvement on the Orion Project, ATAC
discovered Carlin-type gold mineralization at the Anubis Zone in
2012 through follow-up of an 18 km² arsenic-in-soil
anomaly. Between 2012 and 2016 ATAC completed ~5,000 m of
diamond drilling within the Anubis Cluster and highlights include
8.51 m of 19.85 g/t gold from the
Anubis Zone and 61.29 m of 2.75 g/t
gold from the Orion Zone. Nine other prospecting discoveries within
the Anubis Cluster (Ana, Corona, Columba, Dale, Dorado, Draco,
Hydra, Lyra and Zodiac) have received only cursory follow-up since
their discovery in 2012.
The technical information in this news release has been approved
by Julia Lane, P.Geo., Vice
President of Exploration for ATAC and a qualified person for the
purposes of National Instrument 43-101.
About ATAC
ATAC is a Yukon-based
exploration company focused on developing Canada's only known Carlin-type gold district
at the Rackla Gold Property. Recent work on the ~1,700
km2 property has resulted in a positive Preliminary
Economic Assessment for the Tiger Gold Deposit, drilling of
multiple high-grade Carlin-type gold zones and the identification
of numerous early-stage gold exploration targets. ATAC and Barrick
Gold Corporation recently partnered to explore the Rackla Gold
Property's Orion Project, with Barrick having the option to earn up
to 70% of Orion by spending $55
million in exploration. ATAC is well-financed with
approximately $13 million in its
treasury and recently completed an approximately $10 million exploration program at the Osiris and
Rau Projects (which are not subject to Barrick's earn-in right),
while concurrently working with Barrick to advance the 780
km2 Orion Project.
On behalf of Management and the Board of Directors
of ATAC Resources Ltd.
Graham Downs, President and
CEO
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ACCURACY OF THIS NEWS RELEASE.
SOURCE ATAC Resources Ltd.