Edge83
6 years ago
ATAC ANNOUNCES 1,685,000 OZ GOLD IN ITS MAIDEN INFERRED MINERAL RESOURCE ESTIMATE FOR THE OSIRIS PROJECT, YUKON
June 18th, 2018
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June 18, 2018 – ATAC Resources Ltd. (TSX-V:ATC) (“ATAC”) is pleased to announce a maiden Mineral Resource estimate for its Osiris Project at the Rackla Gold Property, Yukon.The Osiris Project is 100%-owned by ATAC and is located outside of the area currently under option to Barrick Gold Corporation (“Barrick”). The resource estimate for the Osiris Project was completed by Mine Development Associates (“MDA”) of Reno, Nevada.
Osiris Project Resource Highlights:
Inferred Mineral Resource of 1,685,000 ounces gold at an average grade of 4.23 g/t (in 12.4 Mt), including a pit-constrained Mineral Resource containing 1,055,000 ounces of gold at 4.08 g/t (in 8.0 Mt);
Globally competitive discovery cost of CDN $32/oz of gold*; and,
All zones outcrop at surface and remain open in multiple directions; a 10,000 metre drill program is currently underway to increase the Osiris resources.
“Defining a maiden resource with over one million pit-constrained ounces is a major development for the company and highlights the emerging high-grade open-pit potential. With only 78,614 metres used to define the resource we achieved an excellent discovery rate of over 21 ounces of gold for every metre drilled.” states ATAC’s President and CEO, Graham Downs. “Expansion drilling is in full-swing with two drills focused on step-out drilling at the eastern end of the Conrad Zone. A total of five drills are now operating between Barrick’s Orion Project earn-in and ATAC’s Osiris Project, representing our largest drill campaign since 2012.”
Click to View Complete Infographic
Osiris Project – Total Inferred Mineral Resource Estimate Summary1,2
Gold Cut-Off
Tonnes
Grade (Au g/t)
Gold (oz)
Pit-Constrained
1.30 g/t
8,045,000
4.08
1,055,000
Underground-Constrained
2.60 g/t
4,335,000
4.52
630,000
TOTAL
12,380,000
4.23
1,685,000
1 CIM definition standards were used for the Mineral Resource.The Qualified Person is Steven Ristorcelli, C.P.G. of MDA.
2 Numbers may not add due to rounding.Mineral resources that are not mineral reserves do not have demonstrated economic viability.
“With the announcement of this maiden resource, it appears that the early stage Osiris Project may have the potential to follow a ‘life-cycle’ path similar to many of the large producing Carlin-deposit mines in Nevada. Many of these mines started life with an initial open pit followed by underground mining,” states Ed Cope, ATAC’s Technical Advisor. “In many cases, the initial discoveries expanded dramatically with additional exploration and were commonly followed by the discovery of more, and often larger, deposits resulting in the great mining camps of the Nevada trends. Classic examples are represented by the original Carlin mine, Goldstrike, Cortez and Getchell-Turquoise Ridge, to name a few.”
About the Osiris Project
The Osiris Project is located at the eastern end of the Rackla Gold Property and hosts numerous Carlin-type gold zones and targets. The Conrad, Sunrise, Osiris and Ibis zones included in the resource estimate occur as replacement bodies with both structural and stratigraphic control.All zones are open in multiple directions. Please see the table below for resources by zone.
Step-out drilling is underway with two drills at the eastern end of the Conrad Zone near drill hole OS-17-238, which intersected 12.50 m of 20.78 g/t gold. Drilling will begin shortly at the Sunrise Zone with a focus on stepping out from mineralization intersected in drill hole OS-17-249, which returned the highest-grade mineralized intercept to date, with 15.24 m of 13.52 g/t gold and 10.42 m of 7.97 g/t gold. The Sunrise Zone is located on a ridge-top and has only been tested for a 300 m strike length and a vertical depth of 350 m.
Excellent potential for new discoveries exists at the 302 km2 Osiris Project. Additional mapping, prospecting and rotary air-blast drilling will be conducted throughout the Osiris Project to test for extensions or new areas of mineralization.
http://www.atacresources.com/news/news-releases/atac-announces-1-685-000-oz-gold-in-its-maiden-inferred-mineral-resource-estimate-for-the-osiris-project-yukon
~Nautical~
7 years ago
$ATADF
According to Macquarie Research:
https://www.docdroid.net/NCAdvXH
April 11, 2017
ATAC Resources
Rating: Outperform
12-month target: C$ 0.70
12-month TSR %: +66.7
Target up & upgrade to Outperform on Barrick JV
Event
- On Apr/10, after market open, ATC announced an equity earn-in deal with Barrick Gold (ABX CN, C$25.64, Outperform, TP: C$28.00, Michael Siperco) to earn up to 70%, by spending C$55m (two option stages), on the middle ~45% of its Rackla Gold Belt, Yukon, Canada. ABX also made a private placement of C$8.3m, increasing its ATC interest to 19.9%. Appendix A for key deal terms.
Impact
- We like the ABX deal for a number of reasons as follows.
- The ABX validation of the Rackla Gold Belt is huge. For any Doubting Thomas’ out there that questioned whether ATC had a bona fide Canadian Carlin gold setting, that question has been put to rest. We see Tier One +20moz potential in the belt as a key reason ABX has made the deal.
- It brings the project full time “in the field” Carlin expertise for the first time. We think insights that ABX personnel will bring to bear, including VP NA Discoveries, Kevin Creel, could be key to unlocking new targets and assessing the Orion JV. We also think the ABX toolkit will accelerate the discovery process including potentially using regional sampling for thermochronology to vector into the “Carlin temperature window”.
- Only the middle 780sq km of the Rackla Gold Belt subject to earn-in option (45% of belt). ATC maintains 100% of the resource potential at Conrad/Osiris & the Rau Trend. This allows ATC to create value through the drill bit on its 100% controlled areas & we expect C$10m deployed in 2017. We expect ABX to spend C$3m in the earn-in’s first year & focus on the permissive Paleozoic host rocks at the Orion & Anubis cluster of gold occurrences.
- The first strategic investment by ABX in a long time brings more focus on ATC. We note that explorers with strategic investments tend to perform well in the subsequent 12mo period after the investment by a senior [LINK].
- Now valued on a single case Sum-of-Parts NAV (prev scenario probability weighted) – impact -C$0.07 NAVPS. We value a 1mozAu potential Conrad resource at US$50/oz & Tiger on a DCF basis & three land package sections (Osiris/Rau/Orion JV) on an EV/ha basis. Given ABX’s Orion JV interest we value it at $1000/ha, with the other properties at $600/oz - Fig 2 for NAV build-up.
Earnings and target price revision
- 2017E EPS now -1c (was -2c). Target price increased to C$0.70 (was C$0.60) on target price multiple increase to 0.5x (was 0.4x) via strategic validation.
Price catalyst
- 12-month price target: C$0.70 based on a Sum of Parts methodology.
- Catalyst: Drilling results (mid 2017)
Action and recommendation
- We have upgraded ATC to an Outperform (was Neutral) and have increased our target price from C$0.70 (was C$0.60).
Read more at http://www.stockhouse.com/companies/bullboard?symbol=v.atc&postid=26141090#4lAKtrDcgT0vQTpE.99
$tock~$crooge!!
8 years ago
ATAC RESOURCES LTD. PROVIDES 2015 TIGER OXIDE GOLD DEPOSIT UPDATE – RACKLA GOLD PROJECT, YUKON
October 26th, 2015
October 26, 2015 - Vancouver, B.C. - ATAC Resources Ltd. (TSX-V:ATC) (the “Company” or “ATAC”) announces that it has completed the 2015 work program at its Tiger Deposit which focused on completing optimization work recommended in the 2014 Preliminary Economic Assessment (“PEA”).
2015 field program completed at Tiger Gold Deposit
ATAC recently completed the 2015 field program at its Tiger Deposit. The objective of the 2015 program was to advance the project toward a future prefeasibility study decision. Eighteen diamond drill holes were completed for a total of approximately 1,400 metres. Fourteen shallow infill and expansion holes were completed with the goal of better defining the high-grade and near surface oxide portion of the deposit. In addition to the diamond drilling, 8 trenches totaling over 400 m were completed to test the near surface extension of the deposit. Results from the 2015 drilling and trenching program were comparable to adjacent holes from earlier work.
The remaining four 2015 diamond drill holes were completed to support further geotechnical studies aimed at steepening the PEA pit slope angles to potentially access known oxide gold mineralization below the current pit design. Two of these holes were fitted with vibrating wire piezometers to initiate ground water surveys for future studies and permitting. A small bulk sample was also collected and stored on-site in preparation for additional metallurgical or process studies.
“The Tiger Deposit is a unique at-surface, high-grade oxide gold deposit that will be an essential component to the future development of the Rackla Gold Project,” states Graham Downs, President and CEO of ATAC. “The completion of this year’s prefeasibility level work allows us to refine the current mine plan and gets us another step closer to having a road-accessible shovel-ready gold deposit.”
Ongoing work
Key recommendations in the PEA included enhancing the project through further geotechnical, resource, infrastructure and mine plan studies. In view of the PEA recommendations and ongoing work, the Company is also evaluating the possibility of a year-round processing scenario accessed via an all-season road.
Moving to a year-round accessible, 100% agitated tank process has the potential to enhance the mine plan, improve recoveries and reduce project costs by:
eliminating the heap-leach facility and associated conveyors;
utilizing a more controllable and conventional agitated tank leach process;
consolidating facilities closer to the pit to reduce the projects’ environmental footprint and haulage costs; and,
improving access, operational logistics and project economics.
The Company has initiated a number of studies to support the PEA recommendations and investigate the newly envisioned year-round accessible agitated tank process. Tetra Tech EBA Inc., through their partnership with Nacho Nyak Dun (NELPCo), is conducting an all-season road and power line cost study. Knight Piésold Ltd. is providing a tailings and waste disposal trade-off study. Golder Associates Inc. is undertaking additional geotechnical testing and a revised pit-slope analysis. Archer, Cathro & Associates (1981) Limited is revising the geological model. Options for advancing the Tiger Deposit will be evaluated upon receipt and review of these studies.
A summary of the results from the PEA was announced on July 23, 2014. The report entitled “Preliminary Economic Assessment NI 43-101 Technical Report on the Tiger Gold Project Yukon Territory, Canada” can be viewed at www.sedar.com under the ATAC profile or on ATAC’s website at www.atacresources.com.
The technical information in this news release has been approved by Julia Lane, P.Geo., VP Exploration for ATAC and a qualified person for the purposes of National Instrument 43-101.
About ATAC
ATAC is developing Canada’s only Carlin-type gold district and additional mineral occurrences at its 100% owned, 1,700 sq/km, Rackla Gold Project in Yukon. Exploration on the project has resulted in a positive Preliminary Economic Assessment on the Tiger Gold Project, delineation of multiple high-grade Carlin-type gold zones, the discovery of significant silver-lead-zinc mineralization at Ocelot and the identification of numerous early-stage gold targets. The Rackla Gold Project has no underlying royalties or third-party interests. ATAC is well-financed with approximately $17 million in its treasury.
On behalf of Management and the Board of Directors of ATAC Resources Ltd.
Graham Downs, President & CEO For further information, please contact:
Vanessa Pickering, Manager, Corporate Communications
ATAC Resources Ltd.
T: 604-687-2522 ext. 260
info@atacresources.com
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.
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