VANCOUVER, BC, Oct. 22, 2020 /CNW/ - ATAC Resources Ltd.
(TSXV: ATC) ("ATAC") is pleased to announce that its 2020
exploration program at the Rau Project was completed earlier this
month. The Rau Project is located at the western end of its 1,700
km2 Rackla Gold Property in east-central
Yukon.
The 2020 exploration program consisted of two phases and began
in mid-July. The phase one program included Rotary Air Blast
("RAB") scout drilling, detailed geological and structural mapping
and prospecting. This initial work was highly successful, resulting
in the discovery of a new orogenic gold system at the Airstrip
target. See ATAC's news release dated September 14, 2020 for additional
information.
The phase two program utilized two diamond drills to follow up
on previous RAB drilling and prospecting discoveries at the
Airstrip target. A total of 1,876 m
of diamond drilling was completed in 6 holes. Diamond drilling
included twinning and extending RAB holes ASR-16-006 (1.43 g/t
gold over 13.71 m), ASR-20-018
(0.51 g/t gold over 36.58 m)
and ASR-16-004 (0.66 g/t gold over 22.86
m).
RAB drilling continued as part of the phase two program and was
used to test kilometre-scale step-outs at Airstrip and evaluate
other early-stage geochemical anomalies. The combined phase one and
two RAB drilling consisted of an aggregate 1,565 m in 25 holes. Trail building and excavator
trenching was also carried out across the Airstrip target, with
rock samples collected from multiple new vein exposures.
Significant delays are being experienced in analytical
turnaround times due in large part to the COVID-19 global pandemic
and related assay lab staffing issues. Remaining results from the
2020 exploration and drilling program will be announced once ATAC
has received and compiled its results.
Tiger Tote Road Update
In 2018 the Yukon Government and the First Nation of Na-Cho Nyäk
Dun issued a decision document under the Yukon Environmental and
Socio-economic Assessment Act allowing the Tiger Tote
Road to proceed on certain terms and conditions. (See ATAC news
release dated March 5, 2018 for
additional information). Since then, ATAC has developed and
submitted an application to amend its existing Mining Land Use
Approval to include the proposed road, and it has submitted a
supporting access management plan. ATAC has expressed
concerns to the Yukon Government regarding various delays and
actions associated with government's processing of the application
(and land use planning). The Yukon Government recently
notified ATAC that government consultation with the First Nation of
Na-Cho Nyäk Dun regarding the application has now been completed
and that a decision can be expected soon. ATAC will provide further
updates as and when additional information becomes available.
The technical information in this news release has been approved
by Adam Coulter, M.Sc., P.Geo., the
Vice President of Exploration for ATAC and a qualified person for
the purposes of National Instrument 43-101.
About ATAC
ATAC is a Vancouver-based
exploration company focused on advancing Yukon's premier precious and base metal
district and grassroots exploration in Nevada. Work on its ~1,700 km2
Rackla Gold Property in Yukon has
resulted in the 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),
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 $7 million in working capital.
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.