VANCOUVER, July 25, 2018 /CNW/ - ATAC Resources Ltd. (TSX-V:
ATC) ("ATAC" or the "Company") is pleased to announce encouraging
gold and silver results from its Rosy property in southern
Yukon. ATAC has also tripled the
size of the property to 64 km2 by re-staking over 200
long-held claims, which opportunely lapsed, surrounding the core of
the road accessible Red Mountain molybdenum deposit.
The Rosy property is 100% owned by ATAC, is royalty-free and
available for option as the Company continues to focus on its
Rackla Gold Property in north-central Yukon. Exploration by ATAC at Rosy was
conducted in 2016 and 2017 to follow-up earlier discoveries and to
evaluate strong stream and soil anomalies.
Highlights of 2016/2017 Rosy Exploration and Staking:
- Ten of 32 rock samples returned greater than 1 g/t gold;
- Grab samples from the R3 target returned 12.55, 6.52 and 5.20
g/t gold; and,
- Grab samples from the R4 target returned 1.69 and 1.47 g/t gold
and 1,835 g/t silver.
"The Rosy project has produced significant gold and silver
grades during early exploration," stated Graham Downs, President and CEO of ATAC. "The
property straddles the recently built Red Mountain access road, is
situated in an underexplored mineral district and hosts
mineralization characteristic of many intrusion-related precious
metal deposits found elsewhere in the same geological terrane,
including Goldcorp's Coffee Deposit."
Rosy Property
The Rosy property comprises 353 contiguous mineral claims
located on the Red Mountain access road, 77 km east-northeast of
Whitehorse. The property hosts
widespread gold-and-silver bearing veins that appear to be
associated with Late Cretaceous intrusive activity. Mineralization
on the Rosy property is indicative of the distal part of a large
hydrothermal system, likely in a low-sulphidation epithermal
setting.
The Rosy property hosts two main types of mineralization. The
first occurs within quartz carbonate veins, while the second is
found in altered intrusive rocks. Over 30 separate quartz-carbonate
veins have been mapped on the property and occur with gouge zones,
quartz-feldspar porphyry dykes and carbonate altered wall rocks.
Historical mineral showings on the property include:
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R1 –
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a 15 m to 20 m wide
area of rusty orange soil containing quartz-carbonate vein float
and minor amounts of altered intrusive rock. Samples of vein
material returned values ranging from 2.14 to 4.42 g/t gold while
samples of altered intrusive rock yielded 1.09 and 1.79 g/t
gold.
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R2 –
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a 20 m wide area of
orange-brown rusty soil containing scattered quartz-carbonate
float, which has assayed up to 35.92 g/t gold. In 2008, five rock
samples from R2 returned between 2.41 and 5.84 g/t gold.
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R3 –
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consisting of two
samples taken approximately 200 m apart. The first sample was
collected from a saddle on a ridge and yielded 1.45 g/t gold with
7.7 g/t silver. The other sample was found 200 m west of the ridge
crest on a west facing talus slope and returned 0.536 g/t gold, 1.7
g/t silver.
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In 2016, ATAC conducted a two day prospecting and soil sampling
program, collecting 32 rock samples and 115 soil samples. Three of
the vein samples collected 350 m
north of the R3 vein zone returned 12.55, 6.52, and 5.20 g/t gold
with 93.10, 13.85, and 11.05 g/t silver, respectively. Two rock
samples collected 295 m north of the
R2 vein returned 5.86 and 2.57 g/t gold with 3.76 and 73.1 g/t
silver, respectively.
In 2017, two rock samples of significance were collected from
the property. The first sample was located northwest of R1 and
returned 4.57 g/t gold and 83.9 g/t silver. The second rock sample
was collected two kilometers northeast of the R1 vein and assayed
1.74 g/t gold and 30.0 g/t silver.
All occurrences and soil anomalies have seen limited exploration
and require systematic follow-up work. The property hosts an
extensive system of precious metal enriched veins and is expected
to yield additional discoveries with thorough exploration.
The technical information in this news release has been approved
by Heather Burrell, P.Geo., a
geologist with Archer, Cathro & Associates (1981) Limited 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 Carlin-type gold district at the
Rackla Gold Property. Work on the ~1,700 km2 property
has resulted in an Osiris Project Inferred Mineral Resource of
1,685,000 oz of gold at an average grade of 4.23 g/t (in 12.4 Mt)
and a positive Preliminary Economic Assessment for the Tiger Gold
Deposit. ATAC and Barrick have 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 $18 million in its
treasury and is currently completing a $7
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 Orion Project.
On behalf of Management and the Board of Directors
of ATAC Resources Ltd.
Graham Downs, President and
CEO
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS NEWS RELEASE.
SOURCE ATAC Resources Ltd.