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ATAC Resources Drills 26.12 Metres of 6.08 g/t Gold at Osiris Zone: Isis East Discovery Hole Intersects 38.10 Metres of 3.33 ...

Date : 11/02/2011 @ 8:30AM
Source : Marketwired
Stock : Atac Resources Ltd. (ATC)
Quote : 0.64  0.02 (3.23%) @ 3:39PM
Atac Resources Ltd. share price Chart

ATAC Resources Drills 26.12 Metres of 6.08 g/t Gold at Osiris Zone: Isis East Discovery Hole Intersects 38.10 Metres of 3.33 ...

Atac Resources Ltd. (TSXV:ATC)
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ATAC Resources Ltd. (TSX VENTURE:ATC) is pleased to announce assay results for 18 diamond drill holes from the Osiris Zone and the newly discovered Isis East Zone, located within the Nadaleen Trend of the Company's wholly-owned 1,600 sq/km Rackla Gold Project in central Yukon.

Osiris Zone

The drill holes at the Osiris Zone have tested two distinct settings for Carlin-type gold mineralization, the steeply dipping Osiris Shear structure and near surface stratabound mineralization. Significant assays from the Osiris Zone drilling are tabulated below:


OSIRIS ZONE ASSAY RESULTS                                                   
                                                                            
----------------------------------------------------------------------------
                                Interval                                    
Hole ID      From (m)   To (m)       (m)  Au (g/t) Comments(i)              
----------------------------------------------------------------------------
OS-11-039       73.46    91.95     18.49      3.49 Osiris Shear/Oxidized    
----------------------------------------------------------------------------
  including     85.65    91.95      6.30      7.64                          
----------------------------------------------------------------------------
  and          152.70   155.75      3.05      4.76 Osiris Shear             
----------------------------------------------------------------------------
OS-11-047       91.50    97.23      5.73      3.46 Osiris Shear             
----------------------------------------------------------------------------
OS-11-049        1.87    28.60     26.73      1.83 Stratabound/Oxidized     
----------------------------------------------------------------------------
OS-11-052      106.07   121.31     15.24      3.40 Osiris Shear/Oxidized    
----------------------------------------------------------------------------
OS-11-053        0.41    31.39     30.98      3.09 Stratabound/Oxidized     
----------------------------------------------------------------------------
  including      7.60    28.15     20.55      4.09                          
----------------------------------------------------------------------------
OS-11-055        1.42    27.54     26.12      6.08 Stratabound/Oxidized     
----------------------------------------------------------------------------
OS-11-057        1.75    23.77     22.02      4.14 Stratabound/Oxidized     
----------------------------------------------------------------------------
  including      3.96    14.63     10.67      7.18                          
----------------------------------------------------------------------------
  and          179.22   183.79      4.57      3.73 Osiris Shear             
----------------------------------------------------------------------------
  and          226.70   233.05      6.35      3.85 Osiris Shear             
----------------------------------------------------------------------------
OS-11-061        3.96    26.82     22.86      2.77 Stratabound/Oxidized     
----------------------------------------------------------------------------
  including      3.96    13.11      9.15      3.78                          
----------------------------------------------------------------------------
  and          390.98   395.63      4.65      4.59                          
----------------------------------------------------------------------------

--  Based on the character of the mineralization and the limited drilling,
    it is not possible to determine the true width of the intersections at
    this time. 
--  (i) denotes visibly oxidized or partially oxidized intervals. 

The 50 to 100 m wide Osiris Shear structure parallels bedding along the west limb of the Osiris anticline, near the contact between reactive silty limestone beds and an overlying dolostone unit. Definition drilling of the Osiris Shear structure has now been traced an additional 450 m horizontally for a total of 1 km and a further 200 m vertically for a total of 500 m. Results summarized in this news release are from holes drilled to partially test approximately one third of the known strike length of the Osiris Shear structure. Holes drilled along the structure toward the North Osiris trench (see news release dated August 30, 2011) have all intersected levels of alteration and arsenic mineralization characteristic for gold mineralization in this system. Assays for the remaining 18 holes from the Osiris Zone will be released when received and compiled.

Near surface stratabound mineralization has been traced by drilling over a 50 by 150 m area in the moderately south dipping eastern limb of the Osiris anticline, perpendicular to the Osiris Shear structure, where silty limestone and limestone debris flow units are partially replaced by silica sinter and realgar. The mineralized zone is open to expansion along strike to the east and down the dip to the south. Previously reported intersections of this style of mineralization include 35.08 m of 2.31 g/t gold in hole OS-10-002 (see News Release dated November 30, 2010).

Partial to complete oxidation is present up to 90 m vertically from surface in both the shear hosted and stratabound mineralization. Metallurgical testing has not been carried out on material from the Osiris Zone.

Holes OS-11-035 and OS-11-037 intersected the Osiris Shear structure above the favourable limestone units and did not intersect significant mineralization. Hole OS-11-056 was drilled away from the Osiris Shear to complete a structural cross section. Holes OS-11-041, 044 and 048 did not intersect significant mineralization. Maps showing the drilling locations and a longitudinal section showing mineralized zones projected to section along the Osiris Shear structure can be found on ATAC's web site www.atacresources.com.

Isis East Discovery

Initial drilling was also done to test a gold-in-soil geochemical anomaly overlying where the Isis carbonate sequence is cut by the Osiris Shear structure. The Isis carbonate sequence is interpreted to be a thrust fault repeat of the Osiris carbonate sequence. Therefore, the Osiris carbonate sequence may be present at depth below the Isis East showing and it may be similarly mineralized where it is intersected by the Osiris Shear structure. Results of the Isis East drilling are tabulated below.


ISIS EAST ZONE ASSAY RESULTS                                                
                                                                            
----------------------------------------------------------------------------
                                Interval                                    
Hole ID      From (m)   To (m)       (m)  Au (g/t) Comments(i)              
----------------------------------------------------------------------------
OS-11-038       39.01    48.16      9.15      2.76 Osiris Shear/Oxidized    
----------------------------------------------------------------------------
OS-11-040       95.40   133.50     38.10      3.33 Osiris Shear             
----------------------------------------------------------------------------
  including    110.64   125.88     15.24      6.77                          
----------------------------------------------------------------------------
OS-11-046       12.80    20.00      7.20      1.79 Osiris Shear/Oxidized    
----------------------------------------------------------------------------

--  Based on the character of the mineralization and the limited drilling,
    it is not possible to determine the true width of the intersections at
    this time. 
--  (i)  denotes visibly oxidized or partially oxidized intervals 

Hole OS-11-043 cut the Osiris Shear structure above the favourable carbonate rocks and did not intersect significant mineralization.

Amon Target

Eight holes were drilled on the Amon target located approximately 2 km west of the Osiris Zone. Each hole intersected moderate to strong arsenic mineralization (orpiment and realgar) within and peripheral to an east-trending fault that cuts dolostone in the upper part of the Isis carbonate sequence along a 200 m strike length. Anomalous gold values accompany the arsenic mineralization. Drilling in 2012 will test the fault zone at a greater depth where it is projected to intersect favourable limestone sequences at the base of the Isis carbonate unit.

2011 Drilling Program

The 2011 field program at the Rackla Gold Project has now been concluded and field crews demobilized. A total of 118 diamond drill holes were completed on the project during the 2011 program for a total of 32,500 m metres. Twenty-nine holes (5,900 m) were drilled within the Rau Trend and eighty-nine holes (26,600 m) within the Nadaleen Trend. A summary of the 2011 drill program is tabulated below. Assay results for the remaining 50 drill holes will be released once received and compiled.


----------------------------------------------------------------------------
                            Total Holes       Holes                         
Trend          Target/Zone         2011    Reported   Comments              
----------------------------------------------------------------------------
Nadaleen       Osiris                37          19   Definition Drilling   
----------------------------------------------------------------------------
Nadaleen       Conrad                29          18   Definition Drilling   
----------------------------------------------------------------------------
Nadaleen       Isis East              6           4   Scout Drilling        
----------------------------------------------------------------------------
Nadaleen       Isis                   1           0   Scout Drilling        
----------------------------------------------------------------------------
Nadaleen       Amon                   8           8   Scout Drilling        
----------------------------------------------------------------------------
Nadaleen       Pyramid                5           0   Scout Drilling        
----------------------------------------------------------------------------
Nadaleen       Dale                   2           0   Scout Drilling        
----------------------------------------------------------------------------
Nadaleen       Ptah                   1           0   Scout Drilling        
----------------------------------------------------------------------------
                                                      Silver-Lead-Zinc      
Rau            Ocelot                19          19   Discovery             
----------------------------------------------------------------------------
Rau            Now                    3           0   Scout Drilling        
----------------------------------------------------------------------------
Rau            Puma                   2           0   Scout Drilling        
----------------------------------------------------------------------------
Rau            Cheetah                3           0   Scout Drilling        
----------------------------------------------------------------------------
Rau            Kathy                  2           0   Scout Drilling        
----------------------------------------------------------------------------
                                    118          68                         
----------------------------------------------------------------------------

QA/QC

Samples were forwarded to ALS Minerals in Whitehorse, Y.T. or North Vancouver, B.C. where they were fine crushed before a 250 gram split was pulverized to better than 85% passing 75 microns. The pulverizing circuit was cleaned with quartz sand twice between samples. Pulps were then analyzed at ALS Minerals in North Vancouver where gold determinations were carried out and splits of the pulverized fraction were routinely dissolved in aqua regia and analyzed for 49 elements using inductively coupled plasma (ICP) together with mass spectrometry (MS) or atomic emission spectroscopy (AES). Gold analyses were by the Au-AA26 procedure that involves fire assay preparation using a 50 gram charge with an atomic absorption spectroscopy finish. Mercury analyses are performed using atomic absorption spectroscopy (AAS).

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 to ensure integrity of the assay process.

The technical information in this news release has been reviewed by Robert C. Carne, M.Sc., P.Geo., a qualified person for the purpose of National Instrument 43-101.

About ATAC

ATAC is a well-funded, Yukon-based exploration company focused on developing Canada's only Carlin-type gold discovery at its 100% owned, Rackla Gold Project. For additional information concerning ATAC Resources Ltd., please visit our website at www.atacresources.com.

On behalf of the Board,

Graham Downs, CEO

ATAC Resources Ltd.

This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors.

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 release.

Contacts: ATAC Resources Ltd. Vanessa Pickering Manager, Corporate Communications 604-687-2522 ext. 60vpickering@nordacres.comwww.atacresources.com



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