VANCOUVER, BC, Nov. 25, 2020 /CNW/ - ATAC Resources Ltd. (TSXV:
ATC) (US-OTC: ATADF) ("ATAC") is pleased to announce results from
2020 exploration work at its wholly owned 137.3 km2
Connaught project, which has
recently been expanded through staking and the optioning of two
adjacent properties.
The Connaught project is road
accessible and located at the head of the Sixty Mile placer camp
near Dawson City, Yukon. The project hosts 26 distinct
silver-lead-zinc-gold-copper veins that grade from background
up to 4,050 g/t silver, 79.41% lead, 7.24% zinc, 10.90 g/t gold
and 1.98% copper, and demonstrates compelling early-stage
copper-molybdenum-gold porphyry potential.
2020 Connaught Highlights
- Prospecting returns up to 1,730 g/t silver, 5.35% lead, 0.33
g/t gold and 0.34% copper in rock from a newly identified 1.5 km
long silver-lead-zinc soil anomaly more than 2.5 km from any
previously known mineralization;
- Property expanded through staking and two option agreements to
consolidate ground prospective for copper-molybdenum-gold
porphyry mineralization; and
- Soil sampling returns highest gold values to date, with up
to 2.14 g/t gold-in-soil, and expands existing
silver-lead-zinc-gold-copper anomalies.
"We are very excited by this season's work at Connaught, and the promising potential for a
copper-molybdenum-gold porphyry. Porphyry potential has long been
recognized in this area, but systematic exploration for this style
of deposit has never been undertaken," stated President and CEO,
Graham Downs. "With this
consolidation of a highly fragmented area into one property, we are
well positioned to cohesively explore both the porphyry potential
and the high-grade distal vein system."
2020 Exploration Results
Follow up work on anomalous ridge soil samples approximately
2.5 km south of any known mineralization returned 1,730
g/t silver, 5.35% lead, 0.33 g/t gold and 0.34% copper within
galena-arsenopyrite-tetrahedrite bearing quartz veins. Broad 200 x
50 m soil lines were completed over
the area and identified a new ~1.5 km long northeast-trending
silver-lead-zinc soil anomaly.
Soil sampling in the northeast part of the project extended an
existing silver-lead-zinc-copper-gold soil anomaly an additional
2 km to the east. One of the soil samples returned 2.14 g/t
gold-in-soil, the highest gold value in any soil sample on the
property. A nearby grab sample collected in 2019 returned 2.57
g/t gold, 157 g/t silver and 1.07% lead.
https://www.atacresources.com/assets/img/Figure_1_Connaught_Highlights.pdf
Porphyry Potential
The Connaught project lies
within the northeast-trending 150 km long Sixtymile-Pika fault
system which controlled Late Cretaceous magmatism, hydrothermal
activity and associated porphyry, skarn and epithermal
mineralization in Yukon and
Alaska. The property is underlain
by Carboniferous-to-Devonian gneiss, marble and metavolcanic rocks
and Permian schist rocks which are intruded by the Late
Cretaceous Prospector Mountain Suite granodiorite, diorite and
quartz monzonite.
The Prospector Mountain Suite rocks are locally associated with
significant copper and molybdenum soil anomalies and are part of a
localized magnetic high. The rocks, soil geochemistry and
geophysical signature display remarkable similarities to the
nearby Taurus copper-molybdenum-gold porphyry deposit in
Alaska.
https://www.atacresources.com/assets/img/Figure_2_Copper-in-Soil.pdf
https://www.atacresources.com/assets/img/Figure_3_Molybdenum-in-Soil.pdf
Project Expansion & Consolidation
The Connaught project area has
historically been a highly fragmented land package, particularly in
the area with elevated porphyry potential. Through staking, and
optioning of the Black Bear and Mag properties, ATAC has
consolidated the land package in this area, allowing for systematic
and cohesive exploration. A total of 41 new claims were acquired
through staking and are owned 100%. A total of 74 claims were
acquired through the option agreements, with terms as outlined
below.
https://www.atacresources.com/assets/img/Figure_4_Land_Tenure.pdf
Black Bear Option Terms
ATAC can acquire a 100% interest in the 13.2 km2
Black Bear property from a private owner by making aggregate cash
payments of $100,000 and aggregate
issuance of 200,000 shares on or before February 28, 2026. Following completion of the
option, the property will remain subject to a 2% net smelter return
royalty interest for conventional mining, and a 5% net smelter
return royalty for small-scale high grade mining. One half (1%) of
the conventional royalty can be purchased by ATAC for $500,000.
Mag Option Terms
ATAC can acquire a 100% interest in the 2.1 km2 Mag
property from a private owner by making aggregate cash payments of
$70,000 and aggregate issuance of
120,000 shares on or before December 31,
2022. Following completion of the option, the property will
remain subject to a 1% net smelter return royalty interest for
conventional mining, and a 10% net smelter return royalty for
small-scale high grade mining. The conventional royalty can be
purchased by ATAC for $250,000.
QA/QC
Analytical work was completed by ALS Minerals, with sample
preparation in Whitehorse,
Yukon and geochemical analyses in
North Vancouver, British Columbia.
Soil samples were analyzed for gold by the Au-ICP21 procedure which
involves fire assay fusion and an inductively coupled plasma atomic
emission spectrometry finish. Rock samples were analyzed for gold
by the Au-AA24 procedure which involves fire assay preparation
using a 50 gram charge with an atomic absorption spectroscopy
finish. Initial multi-element data for 51 elements was determined
for all samples by the ME-MS41 procedure, which involves an aqua
regia digestion followed by inductively coupled plasma atomic
emission spectroscopy and inductively coupled plasma mass
spectrometry. Over limit values for silver, lead, zinc and copper
were determined by the Ag/Pb/Zn/Cu-OG46 method which utilizes an
aqua regia digestion followed by an inductively coupled plasma
atomic emission spectroscopy finish. Over limit values for silver
determined by the Ag-OG46 method were re-analyzed using the
Ag-GRA21 method which involves fire assay preparation using a 30
gram charge and a gravimetric finish. Over limit values for lead
determined by the Pb-OG46 method were re-analyzed using the
Pb-VOL70 method which involves a four acid digestion followed by
titration.
Prospecting grab samples referenced in this release represent
highlight results only, and include results from 2020 and previous
seasons. Below detection values for gold, copper, silver, lead and
zinc have been encountered in grab samples in these target
areas.
The technical information in this news release has been approved
by Adam Coulter, M.Sc., P.Geo., VP
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 $6 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.