HIGHLIGHTS INCLUDE:
149 GOLD
DEPOSIT
|
31m @ 1.84g/t Au
from 80m
|
33m @ 1.16g/t Au
from 40m
|
30m @ 1.11g/t Au
from 69m
|
34m @ 0.92g/t Au
from 18m
|
20m @ 1.53g/t Au
from 131m
|
15m @ 1.72g/t Au
from 75m
|
15m @ 1.20g/t Au
from 44m
|
VANCOUVER, Jan. 22, 2019 /CNW/ - Atlantic Gold
Corporation (TSX-V: AGB) ("Atlantic" or the "Company") is
pleased to provide an update of drill results for recently
completed programs of diamond drilling to further define gold
mineralization in the Limb and Axis Zones of the 149 Gold Deposit,
recently discovered as part of the Corridor Regional Program.
Atlantic's producing Touquoy Gold Mine and future satellite
development deposits at Beaver Dam
and Fifteen Mile Stream lie within the Moose River Corridor, a
geologically prospective 45km trend underlain by the Moose River
Formation, a unit composed of a sequence of folded argillite and
greywacke which hosts the known gold mineralization.
The 149 Deposit was discovered by traverses of widely-spaced
diamond drilling testing favorable interpreted geological and
geophysical targets and historical anomalous drill hole results as
part of the "Phase 4 Corridor Regional Program" which was initiated
in 2018 to evaluate the under-explored and geologically prospective
Moose River Corridor. Encouraging initial results were followed-up
and shallow mineralization was intersected over a strike length of
350m. (See News Release dated
June 28, 2018).
Additional infill drilling identified two zones of gold
mineralization: a shallow, generally higher grade "Axis Zone" in
the core of a tight anticlinal fold which dips 60-75° to the north
and a thicker, but lower grade, "Limb Zone" on the over-turned limb
of the anticline. The mineralized zones were extended to over
475m in strike length and were still
open to the east. (See News Release dated September 19, 2018).
In November-December 2018,
additional drilling was completed to extend the higher grade "Axis
Zone" to depth and to follow the "Limb Zone" closer to surface. A
total of 2,497m of diamond drilling
was completed in 21 drill holes. Results for 13 of these holes have
been received with significant results reported in Table 1 below;
additional results will be provided when received.
Visual mineralization (carbonate alteration, pyrrhotite banding,
minor quartz veining and specks of visible gold) was intersected in
targeted zones and is consistent with the style of mineralization
that previously returned significant gold grades.
Assay results received to date confirm that the lower grade,
disseminated Limb Zone mineralization extends to surface but also
is open at depth. Narrow zones of higher-grade argillite hosted
gold mineralization do occur within the thicker disseminated
mineralization.
Results also confirm that the Axis Zone mineralization continues
from surface to depths of approximately 125m vertical and is open at depth. The argillite
hosted disseminated mineralization within the Axis Zone is also
accompanied by high-grade intersections associated with broad zones
of anomalous pyrrhotite and carbonate alteration, but generally
devoid of the quartz veining seen in the Fifteen Mile Stream
deposits.
The mineralized zone has been traced over approximately
500m, with closely spaced
25m fences of diamond drilling over a
strike length of 300m between Section
14400E to 14700E and further wider spaced drilling which has
intersected mineralization over an additional 200m to Section 14900E. Airborne geophysical data
suggests the structure continues to the east; to date insufficient
drilling has been completed to determine the eastward extent of the
149 Deposit mineralization.
Additional infill drilling will be required to better evaluate
the eastern end of this zone and to continue to test the down dip
extension of the mineralization. Planning has commenced for this
program, likely to commence in early February.
Aeromagnetic interpretation also indicates the potential for
similar geological settings to be repeated further to the east and
additional reconnaissance-spaced drilling will be undertaken to
test these zones.
Table 1
Significant Drill
Results
(Gold Assay (g/t Au) * Sample Length (m) ≥3.0g/t
Au * m)
149 GOLD DEPOSIT
January 10, 2019
Hole
ID
|
Easting
|
Northing
|
Dip
|
Az.
|
Depth
(m)
|
Significant
Intervals**
|
Target
Zone
|
From
(m)
|
To
(m)
|
Width
(m)
|
Grade
(g/t
Au)
|
FMS-18-420
|
14500
|
10110
|
-45
|
180
|
122
|
74
|
75
|
1
|
3.87
|
Limb
|
83
|
99
|
16
|
0.60
|
Limb
|
FMS-18-422
|
14475
|
10135
|
-50
|
180
|
152
|
18
|
52
|
34
|
0.92
|
Axis
|
132
|
140
|
8
|
0.65
|
Limb
|
FMS-18-424
|
14450
|
10140
|
-45
|
180
|
152
|
18
|
29
|
11
|
1.19
|
Axis
|
37
|
40
|
3
|
1.44
|
Axis
|
44
|
59
|
15
|
1.20
|
Axis
|
136
|
144
|
8
|
0.84
|
Limb
|
FMS-18-426
|
14600
|
10150
|
-55
|
180
|
140
|
18
|
22
|
4
|
1.02
|
Axis
|
34
|
43
|
9
|
0.59
|
Axis
|
135
|
140
|
5
|
0.88!
|
Limb
|
FMS-18-429
|
14500
|
10080
|
-45
|
180
|
92
|
26
|
42
|
16
|
0.79
|
Limb
|
50
|
51
|
1
|
4.54
|
Limb
|
FMS-18-433
|
14625
|
10145
|
-55
|
180
|
167
|
131
|
151
|
20
|
1.53
|
Limb
|
FMS-18-434
|
14575
|
10175
|
-65
|
180
|
125
|
28
|
34
|
6
|
0.53
|
Axis
|
42
|
63
|
21
|
0.84
|
Axis
|
69
|
99
|
30
|
1.11
|
Axis
|
FMS-18-435
|
14550
|
10155
|
-75
|
180
|
125
|
35
|
50
|
15
|
0.73
|
Axis
|
74
|
97
|
23
|
0.94
|
Axis
|
FMS-18-436
|
14525
|
10158
|
-58
|
180
|
125
|
40
|
73
|
33
|
1.16
|
Axis
|
FMS-18-437
|
14600
|
10165
|
-72
|
180
|
137
|
49
|
52
|
3
|
1.90
|
Axis
|
58
|
64
|
6
|
1.53
|
Axis
|
71
|
73
|
2
|
2.09
|
Axis
|
80
|
111
|
31
|
1.84
|
Axis
|
FMS-18-438
|
14625
|
10165
|
-75
|
180
|
110
|
38
|
44
|
6
|
0.77
|
Axis
|
48
|
62
|
14
|
1.09
|
Axis
|
75
|
90
|
15
|
1.72
|
Axis
|
Notes:
- All assay results
are Fire Assays of 50g charge from 1kg pulverized sub-sample split
from ~2mm crushed parent of sawn half 1m NQ core
- ! Mineralization to
the end of hole.
- Table includes all
assay results which are deemed significant, with [Sample Length (m)
* Gold Assay (g/t Au) ≥ 3.0g/t Au*m]
- True width of the
mineralization varies according to the dip of the host stratigraphy
and declination of the relevant drill hole. For intersections
quoted above, true width averages approximately 65-95% of the
down-hole width.
- **Significant
Intervals are the calculation of the average assay results across
the given width for samples which are ≥ 0.5g/t Au, with no more
than 3m length (3 x 1m-length samples) where the assay values are
<0.5g/t Au.
|
The accompanying drill plans and cross sections can be viewed
here:
https://mma.prnewswire.com/media/811290/149_Deposit_Plans___Sections.pdf
Technical Disclosure
All assays reported are 50g charge fire assays of 1kg pulverized
sub-sample split from -2mm crushed parent of sawn half 1m NQ core, with 1-in-10 duplicate assays of the
same pulp. Certified standards prepared by a third-party laboratory
and blind blanks are routinely inserted. Sample preparation and
assaying are conducted at the Sudbury and Vancouver laboratories of ALS Canada Ltd, an
entity having no other relationship with the Company. ALS employ a
standard routine of duplicate and check assays and reference
standards. Standards, blind blanks, and duplicate assay results are
within an acceptable range of tolerance. Core recovery is estimated
for each meter and averages 96%.
Douglas A Currie, P. Geo., General Manager-Exploration, a
Qualified Person (QP) as defined by National Instrument 43-101 ("NI
43-101"), has reviewed and approved the contents of this news
release.
Further updates will be provided in due course and as new
information comes to hand.
On behalf of the Board of Directors,
Steven Dean
Chairman and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accept responsibility for the adequacy or
accuracy of this release.
About Atlantic:
Atlantic is a well-financed, growth-oriented gold development
group with a long term strategy to build a mid-tier gold production
company focused on manageable, executable projects in
mining-friendly jurisdictions.
Atlantic is focused on growing gold production in
Nova Scotia beginning with its MRC
phase one open-pit gold mine which declared commercial production
in March 2018, and its phase two Life
of Mine Expansion at industry lowest decile cash and
all-in-sustaining-costs (as stated in the Company's news releases
dated January 16, 2019 and
January 29, 2018).
Atlantic is committed to the highest standards of
environmental and social responsibility and continually invests in
people and technology to manage risks, maximize outcomes and
returns to all stakeholders.
Forward-Looking Statements:
This release contains certain "forward looking statements"
and certain "forward-looking information" as defined under
applicable Canadian and U.S. securities laws. Forward-looking
statements and information can generally be identified by the use
of forward-looking terminology such as "may", "will", "expect",
"intend", "estimate", "anticipate", "believe", "continue", "plans"
or similar terminology. Forward-looking statements and information
are not historical facts, are made as of the date of this press
release, and include, but are not limited to, statements regarding
discussions of future plans, guidance, projections, objectives,
estimates and forecasts and statements as to management's
expectations with respect to, among other things, the activities
contemplated in this news release and the timing and receipt of
requisite regulatory, and shareholder approvals in respect thereof.
Forward looking information, including future oriented financial
information (such as guidance) provide investors an improved
ability to evaluate the underlying performance of the
Company. Forward-looking statements in this news release
include, without limitation, statements related to proposed
exploration and development programs, grade and tonnage of material
and resource estimates. These forward-looking statements involve
numerous risks and uncertainties and actual results may vary.
Important factors that may cause actual results to vary include
without limitation, the timing and receipt of certain approvals,
changes in commodity and power prices, changes in interest and
currency exchange rates, risks inherent in exploration estimates
and results, timing and success, inaccurate geological and
metallurgical assumptions (including with respect to the size,
grade and recoverability of mineral reserves and resources),
changes in development or mining plans due to changes in
logistical, technical or other factors, unanticipated operational
difficulties (including failure of plant, equipment or processes to
operate in accordance with specifications, cost escalation,
unavailability of materials, equipment and third party contractors,
delays in the receipt of government approvals, industrial
disturbances or other job action, and unanticipated events related
to health, safety and environmental matters), political risk,
social unrest, and changes in general economic conditions or
conditions in the financial markets. In making the forward-looking
statements in this press release, the Company has applied several
material assumptions, including without limitation, the assumptions
that: (1) market fundamentals will result in sustained gold demand
and prices; (2) the receipt of any necessary approvals and consents
in connection with the development of any properties; (3) the
availability of financing on suitable terms for the development,
construction and continued operation of any mineral properties; and
(4) sustained commodity prices such that any properties put into
operation remain economically viable. Information concerning
mineral reserve and mineral resource estimates also may be
considered forward-looking statements, as such information
constitutes a prediction of what mineralization might be found to
be present if and when a project is actually developed. Certain of
the risks and assumptions are described in more detail in the
Company's audited financial statements and MD&A for the year
ended December 31, 2017 and for the
quarter ended September 30, 2018 on
the Company's SEDAR profile at www.sedar.com. The actual results or
performance by the Company could differ materially from those
expressed in, or implied by, any forward-looking statements
relating to those matters. Accordingly, no assurances can be given
that any of the events anticipated by the forward-looking
statements will transpire or occur, or if any of them do so, what
impact they will have on the results of operations or financial
condition of the Company. Except as required by law, the Company is
under no obligation, and expressly disclaim any obligation, to
update, alter or otherwise revise any forward-looking statement,
whether written or oral, that may be made from time to time,
whether as a result of new information, future events or otherwise,
except as may be required under applicable securities laws
SOURCE Atlantic Gold Corporation