ATAC Resources (TSX:V.ATC, Stock Forum), a Vancouver-based exploration firm engaged in the acquisition, exploration and evaluation of Canadian mineral property interests, provided an overview on the company's 2014 exploration program at its wholly-owned Rackla Gold Project located in east-central Yukon.
According to the news release, phase one objectives include continuing to expand the western end of the Sunrise Zone toward the high-grade Osiris anticline with step out drilling resuming westward from the final 2013 holes.
Anubis area targets will be prepared for the second phase of drilling with an extensive excavator trenching and pitting with exploration work being carried out at the Anubis discovery where hole AN-12-001 intersected 19.85 g/t gold over 8.51 metres.
ATAC CEO, Graham Downs, commented, “Exploration in 2013 was very successful in identifying a new region of Carlin-type gold targets within a geochemical anomaly comparable in size to the Osiris cluster. We are very excited to return to these virtually untested priority targets.”
He then went on to explain, “The planned Sunrise Zone expansion drilling and Anubis area trenching programs will continue to prove the resource and district potential of the Rackla Gold Project.”
Then he concluded, “With the first phase Nadaleen Trend exploration program budgeted at approximately $5 million, ATAC will be in a very strong financial position with approximately $20 million remaining to conduct an aggressive second phase program based on initial results.”
ATAC was in the news recently when the company raised $6.8 million through a flow-through private placement.
Shares dipped 5.26% on the news to $1.08 per share.
Currently there are 114.9m outstanding shares with a market cap of $124.1 million.