VANCOUVER, BC, March 14,
2023 /CNW/ - ATAC Resources Ltd. ("ATAC") (TSXV: ATC)
(OTCQB: ATADF) announces that it has extended the effective period
of a Letter of Intent, including the exclusivity provisions, with
Hecla Mining Company from March 15,
2023 to the earlier of: (i) the date a definitive agreement
is executed, or (ii) April 14,
2023.
The extension is to allow for the completion of ongoing due
diligence work by both companies and the completion of a definitive
and binding agreement in connection with the proposed transaction.
No other amendments to the Letter of Intent have been made.
For further details on the proposed transaction, please see
ATAC's news release dated February 21,
2023.
About ATAC
ATAC is a Canadian exploration company focused on exploring for
gold and copper in Yukon, BC and
Nevada. Work on its ~1,700
km2 Rackla Gold Property in Yukon has resulted in the Osiris Deposit
Indicated Resource of 732,000 oz of gold at 4.12 g/t (in 5.5 Mt)
and Inferred Resource of 1,044,000 oz of gold at 3.47 g/t (in 9.4
Mt), the Tiger Deposit Measured & Indicated Resource of 464,000
oz of gold at an average grade of 3.19 g/t (in 4.5 Mt), a positive
Preliminary Economic Assessment for the Tiger Gold Deposit (Pre-tax
NPV of $118.2M and IRR of 54.5%), and
numerous early-stage gold and base metal discoveries. ATAC is
well-financed with approximately $4.5
million in working capital.
The technical information in this news release has been approved
by Andrew Carne, M.Eng., P.Eng., VP
Corporate & Project Development for ATAC and a qualified person
for the purposes of National Instrument 43-101.
On behalf of ATAC Resources Ltd.
Graham Downs, President, CEO, and
Director
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.
Cautionary note regarding forward-looking statements:
This press release may contain "forward-looking information"
within the meaning of applicable securities laws. Readers are
cautioned to not place undue reliance on forward-looking
information. Actual results and developments may differ
materially from those contemplated by these statements. The
statements in this press release are made as of the date of this
press release. The Company undertakes no obligation to update
forward-looking information, except as required by securities
laws.
Cautionary Note to U.S. Investors concerning estimates of
Measured, Indicated, and Inferred Resources:
The mineral resource estimates included in this press release
have been prepared in accordance with Canadian National Instrument
43-101 – Standards of Disclosure for Mineral Projects. The
United States Securities and Exchange Commission (the "SEC") has
adopted amendments to its disclosure rules to modernize the mineral
property disclosure requirements. U.S. investors are
cautioned that the disclosure the Company provides on its mineral
properties in this news release may be different from the
disclosure that an issuer subject to SEC reporting requirements
would otherwise be required to provide. Therefore, the
information contained in this news release containing descriptions
of the Company's mineral properties may not be comparable to
similar information made public by U.S. companies subject to
reporting and disclosure requirements under the U.S. federal
securities laws and the rules and regulations thereunder.
Additional information about the Tiger Deposit PEA is
summarized in ATAC's February 27,
2020 technical report titled "Technical Report and
Preliminary Economic Assessment for the Tiger Deposit, Rackla Gold
Project, Yukon, Canada", which can
be viewed at www.sedar.com under the ATAC profile or on the ATAC
website at www.atacresources.com. Additional information about the
Osiris Resource Estimate is summarized in ATAC's July 28, 2022 technical report titled "Technical
Report and Estimate of Mineral Resources for the Osiris Project,
Yukon, Canada", which can be
viewed at www.sedar.com under the ATAC profile
or on the ATAC website at www.atacresources.com.
SOURCE ATAC Resources Ltd.