VANCOUVER,
Dec. 12, 2018
/CNW/ - ATAC Resources Ltd. (TSX-V:ATC) ("ATAC") announces
that Barrick Gold Corporation ("Barrick") has terminated its option
to acquire an interest in the Orion Project, located within ATAC's
100% owned Rackla Gold Property, Yukon.
"We would like to thank Barrick for its exceptional
collaboration and sharing its extensive knowledge of Carlin-style
systems with ATAC over the past two years," said President and CEO
Graham Downs. "Though early
results from the Orion Project may not meet the corporate
thresholds at Barrick, the project remains a highly-prospective
mineral asset in a top-tier jurisdiction. With over $10 million in working capital, ATAC remains well
positioned to continue exploration in 2019 across the Rackla
Property, including the Orion Project."
ATAC also announces the results from the 2018 exploration
program on the Orion Project which included 7,410 metres of diamond
drilling in 16 holes over a 15 km2 target
area.
"This year's drill campaign successfully identified the
principal regional-scale gold bearing structure at Orion," stated
Ed Cope, ATAC's Technical Advisor.
"The fact that high-grade gold was intersected in all four step-out
holes, across a very large area along the Anubis Fault, is a strong
testament to the strength of the underlying hydrothermal system.
The extensive Anubis Fault clearly warrants additional
drilling."
2018 Orion Exploration Highlights
- Gold mineralization associated with the Anubis Fault has
now been intersected in diamond drilling over a 2.5 km strike
length and to a depth of 540
m;
- BDO-18-017 intersected 7.61
m of 10.48 g/t gold 380 m
down dip of the Anubis discovery outcrop; and,
- BDO-18-018 returned 10.73
m of 7.20 g/t gold 285 m
east of the Anubis discovery.
2018 Orion Work Program
Exploration focused mainly within the Anubis fault
corridor. The 2018 drill program was designed to test three
high-level target concepts:
- Four holes tested for mineralization along the Anubis
Fault;
- Eight holes targeted structural intersections;
and,
- Four holes assessed discrete geophysical or geochemical
anomalies.
Drilling of Anubis Fault
ATAC's surface exploration had previously identified
high-grade gold mineralization on the Anubis Fault at the discovery
showing, including outcrop grab samples grading 139 g/t gold and
125 g/t gold. Drilling along 400 m of
the fault in 2012 and 2016 intersected 19.85 g/t gold over
8.51 m (AN-12-001), and 2.75 g/t gold
over 61.29 m (AN-16-010),
respectively. Mapping and geological modeling suggest the Anubis
Fault extends for at least 5.3 km.
In 2018, four widely-spaced drill holes tested the Anubis
Fault and identified high-grade gold mineralization along a 2.5 km
strike length. Targeting at depth indicates that gold
mineralization extends down the fault for at least 535 m. The majority of the structure has yet to
be systematically explored.
2018 Anubis Fault Drill Results
Drill Hole
|
From
(m)
|
To
(m)
|
Interval*
(m)
|
Gold
(g/t)
|
BDO-18-008
|
509.84
|
514.50
|
4.66
|
6.95
|
incl.
|
511.45
|
513.08
|
1.63
|
15.95
|
|
|
|
|
|
BDO-18-017
|
361.80
|
369.41
|
7.61
|
10.48
|
incl.
|
361.80
|
363.32
|
1.52
|
28.00
|
and incl.
|
367.89
|
369.41
|
1.52
|
13.55
|
|
|
|
|
|
BDO-18-018
|
166.73
|
177.46
|
10.73
|
7.20
|
incl.
|
169.77
|
171.50
|
1.73
|
13.15
|
|
|
|
|
|
BDO-18-019
|
135.94
|
138.72
|
2.78
|
9.49
|
*
|
The reported
intersections are drilled thicknesses and are believed to represent
approximately 70-100% true width.
|
Anubis Fault Long Section:
http://www.atacresources.com/assets/img/OrionLongSection.pdf
Orion Plan
View:
http://www.atacresources.com/assets/img/OrionPlanView.pdf
BDO-18-008 was drilled towards the
southwest targeting the Anubis Fault plane at depth below
AN-12-001. This hole intersected 4.66
m of 6.95 g/t Au including 1.63
m of 15.95 g/t Au within sheared, weakly silicified
mudstone approximately 535 m down dip
of AN-12-001. The step-out represents the deepest
intersection of mineralization to date on the Orion
Project.
BDO-18-017 intersected 7.61 m of 10.48 g/t gold within a broader
70 m wide interval of intermittently
sheared and altered mudstone in the hanging wall of the Anubis
Fault. This mineralized interval is a 390
m undercut of mineralization intersected in
AN-12-001.
BDO-18-018 targeted shallow
mineralization along the Anubis Fault 285
m east of AN-12-001. This hole intersected
10.73 m of 7.20 g/t gold
within a decalcified and silicified interval of calcareous
mudstone.
BDO-18-019 tested the Anubis Fault 2.3
km northwest of AN-12-001 beneath the Dorado target, where hand pit
samples collected in 2013 returned 4.64 g/t gold and 3.98 g/t gold.
This hole intersected 2.78 m of
9.49 g/t Au within strongly sheared mudstone approximately
170 m down dip of the mineralized pit
samples.
Drilling of Structural Intersections
Geologic modeling of data collected during the 2017
stratigraphic drill campaign identified three faults that were all
projected to intersect with the Anubis Fault in proximity to
favourable stratigraphy.
Holes BDO-18-005, 006, 007, 009, 011, 015, 016 and 020
were drilled targeting these areas. None of these eight drill
holes intersected the modeled structural targets. Moderate to
intense alteration and pathfinder element response was encountered
in several of these holes providing evidence for hydrothermal fluid
transport in the area, however, no significant gold mineralization
was intersected.
The 2018 program provided valuable information about
structural orientation and stratigraphy at depth that will be
incorporated into ongoing geological modelling. The projected fault
intersections still remain priority targets for future
work.
Drilling of Geophysical and Geochemical
Anomalies
Four holes tested targets identified by geophysical and
geochemical surveys, but none encountered significant gold
mineralization.
BDO-18-010 targeted a discrete pathfinder element
geochemical anomaly located within the Anubis fault corridor.
Drilling failed to explain the anomaly.
BDO-18-012 and 013 targeted areas of anomalous
gravitational response adjacent to the Anubis Fault. Hole 012 was
abandoned before reaching its target depth, while hole 013 did not
intersect significant mineralization.
BDO-18-014 targeted a conceptual regional scale fault,
which was suggested by mapping and geophysics to terminate the
Anubis fault corridor. The key pathfinder arsenic minerals realgar
and orpiment were observed throughout the hole, and strong
cataclastic fault textures were observed at depth.
Please see ATAC's website
www.atacresources.com for updated Orion Project
figures.
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.
QA/QC
Diamond drill samples were forwarded to ALS Minerals in
Whitehorse, Y.T., where they were
fine crushed before a 250 gram split was pulverized to better than
85% passing 75 microns. Pulps were then analyzed at ALS Minerals in
North Vancouver, B.C. where gold
determinations were carried out. Splits of the pulverized fraction
were dissolved using a four acid digestion and analyzed for 49
elements using inductively coupled plasma (ICP) together with mass
spectrometry (MS) and atomic emission spectroscopy (AES). Gold
analyses were by the Au-ICP21 procedure that involves fire assay
preparation using a 30 gram charge with an atomic emission
spectrometry (AES) finish. Over limit gold analysis were run with
Au-GRA21 that involves fire assay with a gravimetric
finish.
Rigorous procedures are in place regarding sample
collection, chain of custody and data entry. Certified assay
standards, duplicate samples and blanks are routinely inserted into
the sample stream of diamond drill samples to ensure integrity of
the assay process. All diamond drill samples included in this news
release have passed the QA/QC procedures as described
above.
True widths of pre-2018 diamond drill results are
estimated to be between 30%-100% true width.
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 is well-financed with approximately $10 million in treasury.
On behalf of Management and the Board of Directors
of ATAC Resources Ltd.
Graham Downs, President and
CEO
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SOURCE ATAC Resources Ltd.