HIGHLIGHTS INCLUDE:
Egerton Maclean: 11m @ 2.22g/t from 24m, 23m @ 1.04g/t from 7m and
24m @ 1.25g/t from 156m.
Hudson: 23m @ 2.32g/t from 14m, 23m @ 1.86g/t from 48m (incl 1m @ 21.50g/t),
11m @ 3.33g/t from 61m
Plenty: 9m @ 2.20g/t from 118m, 9m @ 3.15g/t from 93 (incl 1m @ 25.10g/t from 99m)
Plenty to Egerton Maclean Gap: 7m @ 1.99 g/t from 50m
and 10m @ 0.91g/t from 23m.
Infilling, and Identifying Extensions to Known Mineralization at Fifteen Mile Stream
VANCOUVER, Jan. 17, 2018 /CNW/ - Atlantic Gold Corporation
(TSX-V: AGB) ("Atlantic" or the "Company") is pleased to report further assay results received from the Phase 3 Resource
Expansion drilling program at the Fifteen Mile Stream gold deposit.
Fifteen Mile Stream is located approximately 57km northeast of the central processing facility
at Touquoy and is readily accessible by highway. Fifteen Mile Stream's current measured and
indicated mineral resources stand at 10.59 million tonnes at 1.33 g/t Au for 452,000 oz. at 0.35g/t cut-off grade. Inferred
mineral resources amount to 6.64 million tonnes at 1.12 g/t Au for 240,000 oz. at 0.35g/t cut-off grade (see Company announcement
July 21, 2017)1.
The objectives of the Phase 3 Resource Expansion drilling program are to:
|
i.
|
identify additional gold resources immediately peripheral to those
resources previously defined at Fifteen Mile Stream and Cochrane Hill;
|
ii.
|
at Cochrane Hill and at Fifteen Mile Stream – particularly at the Hudson
and Plenty zones, upgrade previously defined inferred resources to measured and indicated categories; and
|
iii.
|
seek additional new resources within the 350m gap between the Plenty and
Egerton MacLean zones at Fifteen Mile Stream.
|
1 The Mineral Resource
estimate for Fifteen Mile Stream is quoted at a cut-off grade of 0.35g/t. It has an effective date of July 20, 2017 and
was prepared as part of a technical report in accordance with NI 43-101 by Mr. Neil Schofield, a principal of FSSI
(Australia) Pty Ltd, released on September 1, 2017 on SEDAR.
|
Up until the end of 2017 a total of 185 holes for 21,000m have been drilled at Fifteen Mile
Stream, with the first drilling for 2018 having just re-commenced. Holes are generally drilled on 25m x 20m centres, although first-pass drilling along the 350m gap between Plenty and Egerton MacLean holes have been drilled on 50m-spaced
sections.
Assay results have now been received from a further 71 holes, with just over half of all assays expected from this program
having now been received. Although these assayed holes are widely distributed along the trend of the mineralized anticline it is
apparent that:
a)
|
drilling on 25m infill sections at Hudson confirms shallow continuous
mineralization between the existing 50m-spaced sections (eg. 23m @ 2.32g/t from 14m).
|
b)
|
infill drilling on 25m-spaced sections at the western end of Egerton
MacLean continues to confirm continuity of shallow mineralization (eg. 11m @ 2.22g/t from 24m) between previous
50m-spaced sections; and
|
c)
|
Plenty represents a near-surface, northerly dipping, tabular zone of gold
mineralization defined by intersections of both moderate grades over many metres (eg. 9m @ 2.2g/t) and high grades over
more isolated, narrow intervals (eg. 1m @ 55.8g/t). Further drilling is now being undertaken to better define the
controls and distribution of the mineralization here.
|
d)
|
In the gap zone between Egerton Maclean and Plenty the Plenty
mineralization appears to be traceable eastwards, at least in the shallow levels so far tested and for which assays are
so far in hand. We await the receipt of further assays for this zone.
|
The accompanying cross sections and drilling progress plan can be viewed here: http://files.newswire.ca/1485/AtlanticGold_map.pdf
Assay results are tabulated below:
Hole id
|
Easting
|
Northing
|
Dip
|
Az.
|
Depth
(m)
|
Significant Intervals
(≥0.5g/t Au and up to 3m internal
dilution)
|
From
(m)
|
To
(m)
|
Width
(m)
|
Grade
(g/t Au)
|
EGERTON MACLEAN
|
FMS-17-206^
|
13250
|
10000
|
-45
|
175
|
121
|
12
|
28
|
16
|
1.10
|
and
|
|
|
|
|
|
83
|
91
|
9
|
1.00
|
FMS-17-244
|
13250
|
9960
|
-45
|
175
|
101
|
26
|
37
|
11
|
1.03
|
FMS-17-262
|
13525
|
10320
|
-60
|
175
|
250
|
114
|
115
|
1
|
7.60
|
and
|
|
|
|
|
|
191
|
206
|
15
|
0.89
|
and
|
|
|
|
|
|
249
|
250
|
1
|
5.06!
|
FMS-17-263^
|
13550
|
10320
|
-60
|
175
|
251
|
184
|
195
|
11
|
0.81
|
and
|
|
|
|
|
|
199
|
207
|
8
|
1.13
|
FMS-17-265
|
13375
|
10130
|
-75
|
175
|
140
|
15
|
19
|
4
|
4.71
|
and
|
|
|
|
|
|
31
|
32
|
1
|
4.59
|
and
|
|
|
|
|
|
37
|
38
|
1
|
3.45
|
and
|
|
|
|
|
|
90
|
91
|
1
|
22.90
|
FMS-17-266
|
13600
|
10320
|
-70
|
175
|
251
|
159
|
160
|
1
|
45.0
|
and
|
|
|
|
|
|
194
|
199
|
5
|
0.70
|
and
|
|
|
|
|
|
206
|
215
|
9
|
0.79
|
and
|
|
|
|
|
|
223
|
235
|
12
|
0.83
|
FMS-17-267
|
13375
|
10130
|
-50
|
175
|
40
|
|
|
|
NSA
|
FMS-17-268^
|
13675
|
10120
|
-60
|
175
|
71
|
18
|
24
|
6
|
0.77
|
FMS-17-269
|
13375
|
10050
|
-45
|
175
|
52*
|
28
|
41
|
13
|
0.77
|
and
|
|
|
|
|
|
47
|
52
|
5
|
2.12!
|
FMS-17-272
|
13575
|
10100
|
-45
|
175
|
112
|
7
|
30
|
23
|
1.04
|
and
|
|
|
|
|
|
43
|
44
|
1
|
8.20
|
and
|
|
|
|
|
|
51
|
63
|
12
|
1.29
|
FMS-17-273^
|
13575
|
10280
|
-60
|
175
|
200
|
156
|
180
|
24
|
1.25
|
FMS-17-276^
|
13375
|
10030
|
-45
|
175
|
80
|
24
|
35
|
11
|
2.22
|
FMS-17-278^
|
13325
|
10025
|
-45
|
175
|
100
|
16
|
19
|
3
|
1.05
|
and
|
|
|
|
|
|
25
|
38
|
13
|
0.80
|
and
|
|
|
|
|
|
42
|
45
|
3
|
1.63
|
and
|
|
|
|
|
|
51
|
57
|
6
|
0.56
|
FMS-17-279^
|
13300
|
10000
|
-45
|
175
|
92
|
18
|
25
|
7
|
4.30
|
and
|
|
|
|
|
|
30
|
31
|
1
|
4.47
|
and
|
|
|
|
|
|
44
|
45
|
1
|
5.75
|
and
|
|
|
|
|
|
62
|
68
|
6
|
0.58
|
|
HUDSON
|
FMS-17-215^
|
12250
|
10000
|
-45
|
175
|
152
|
62
|
63
|
1
|
4.76
|
and
|
|
|
|
|
|
89
|
94
|
5
|
1.19
|
FMS-17-216
|
12375
|
10020
|
-45
|
175
|
61
|
14
|
37
|
23
|
2.32
|
and
|
|
|
|
|
|
42
|
50
|
8
|
0.80
|
and
|
|
|
|
|
|
58
|
61
|
3
|
0.97!
|
FMS-17-217^
|
12300
|
10080
|
-45
|
175
|
200
|
42
|
46
|
4
|
0.56
|
and
|
|
|
|
|
|
78
|
92
|
14
|
0.94
|
and
|
|
|
|
|
|
116
|
122
|
6
|
0.85
|
FMS-17-218
|
12375
|
10040
|
-45
|
175
|
82
|
26
|
37
|
11
|
0.42
|
and
|
|
|
|
|
|
41
|
51
|
10
|
1.94
|
and
|
|
|
|
|
|
55
|
64
|
9
|
1.03
|
and
|
|
|
|
|
|
69
|
75
|
6
|
0.65
|
FMS-17-219
|
12375
|
10060
|
-45
|
175
|
91
|
15
|
25
|
10
|
0.91
|
and
|
|
|
|
|
|
40
|
42
|
2
|
2.77
|
and
|
|
|
|
|
|
48
|
71
|
23
|
1.86
|
incl.
|
|
|
|
|
|
57
|
58
|
1
|
21.50
|
and
|
|
|
|
|
|
81
|
86
|
5
|
1.38
|
FMS-17-221^
|
12375
|
10080
|
-45
|
175
|
112
|
27
|
42
|
15
|
0.77
|
and
|
|
|
|
|
|
47
|
56
|
9
|
0.76
|
and
|
|
|
|
|
|
62
|
63
|
1
|
6.77
|
and
|
|
|
|
|
|
81
|
87
|
6
|
4.09
|
FMS-17-222^
|
12375
|
10100
|
-45
|
175
|
130
|
61
|
68
|
7
|
1.88
|
and
|
|
|
|
|
|
99
|
103
|
4
|
3.03
|
FMS-17-223^
|
12325
|
10040
|
-45
|
175
|
92
|
29
|
30
|
1
|
4.82
|
and
|
|
|
|
|
|
89
|
92
|
3
|
1.08!
|
FMS-17-225^
|
12325
|
10060
|
-45
|
175
|
110
|
48
|
57
|
9
|
1.20
|
and
|
|
|
|
|
|
67
|
72
|
5
|
0.64
|
FMS-17-226
|
12325
|
10080
|
-45
|
175
|
131
|
46
|
47
|
1
|
7.04
|
and
|
|
|
|
|
|
70
|
73
|
3
|
1.36
|
FMS-17-227^
|
12425
|
10120
|
-45
|
175
|
142
|
89
|
95
|
6
|
1.78
|
and
|
|
|
|
|
|
100
|
120
|
20
|
0.91
|
FMS-17-228
|
12325
|
10020
|
-45
|
175
|
71
|
32
|
33
|
1
|
12.85
|
FMS-17-229^
|
12300
|
10020
|
-45
|
175
|
62
|
|
|
|
NSA
|
FMS-17-231
|
12325
|
10140
|
-45
|
175
|
196
|
139
|
144
|
5
|
1.58
|
FMS-17-233^
|
12400
|
10000
|
-60
|
175
|
50
|
19
|
22
|
3
|
1.95
|
and
|
|
|
|
|
|
30
|
37
|
7
|
0.96
|
FMS-17-234^
|
12400
|
10100
|
-60
|
175
|
131
|
71
|
74
|
3
|
2.02
|
and
|
|
|
|
|
|
105
|
116
|
11
|
1.73
|
FMS-17-236^
|
12450
|
10100
|
-60
|
175
|
140
|
25
|
29
|
4
|
7.39
|
and
|
|
|
|
|
|
50
|
53
|
3
|
1.24
|
and
|
|
|
|
|
|
59
|
63
|
4
|
2.53
|
and
|
|
|
|
|
|
92
|
104
|
12
|
1.40
|
FMS-17-238^
|
12350
|
10100
|
-60
|
175
|
170
|
111
|
117
|
6
|
2.29
|
FMS-17-239^
|
12350
|
10120
|
-60
|
175
|
191
|
95
|
98
|
3
|
1.35
|
FMS-17-241^
|
12425
|
10100
|
-45
|
175
|
119
|
94
|
100
|
6
|
1.32
|
FMS-17-243^
|
12425
|
10080
|
-45
|
175
|
101
|
4
|
5
|
1
|
7.21
|
and
|
|
|
|
|
|
53
|
54
|
1
|
4.96
|
and
|
|
|
|
|
|
61
|
72
|
11
|
3.33
|
and
|
|
|
|
|
|
78
|
86
|
8
|
1.94
|
FMS-17-246^
|
12425
|
10060
|
-45
|
175
|
82
|
5
|
6
|
1
|
4.23
|
and
|
|
|
|
|
|
16
|
21
|
5
|
1.99
|
and
|
|
|
|
|
|
46
|
47
|
1
|
6.43
|
and
|
|
|
|
|
|
59
|
67
|
8
|
0.97
|
FMS-17-249^
|
12425
|
10040
|
-45
|
175
|
70
|
5
|
10
|
5
|
1.98
|
and
|
|
|
|
|
|
28
|
29
|
1
|
12.10
|
and
|
|
|
|
|
|
41
|
53
|
12
|
1.52
|
|
PLENTY
|
PL-17-022^
|
12850
|
9840
|
-60
|
175
|
170
|
118
|
127
|
9
|
2.20
|
and
|
|
|
|
|
|
137
|
142
|
5
|
0.54
|
PL-17-023^
|
12850
|
9820
|
-60
|
175
|
140
|
93
|
102
|
9
|
3.15
|
incl.
|
|
|
|
|
|
99
|
100
|
1
|
25.10
|
and
|
|
|
|
|
|
113
|
118
|
5
|
2.84
|
PL-17-024^
|
12850
|
9800
|
-60
|
175
|
110
|
62
|
63
|
1
|
55.80
|
and
|
|
|
|
|
|
78
|
79
|
1
|
11.65
|
and
|
|
|
|
|
|
97
|
98
|
1
|
12.30
|
PL-17-025^
|
12800
|
9800
|
-60
|
175
|
131
|
|
|
|
NSA
|
PL-17-028
|
12750
|
9800
|
-60
|
175
|
140
|
90
|
91
|
1
|
12.20
|
and
|
|
|
|
|
|
112
|
113
|
1
|
15.00
|
PL-17-031
|
12700
|
9800
|
-60
|
175
|
161
|
123
|
127
|
4
|
0.78
|
PL-17-032
|
12700
|
9780
|
-60
|
175
|
140
|
94
|
95
|
1
|
3.28
|
PL-17-033
|
12650
|
9800
|
-60
|
175
|
161
|
122
|
123
|
1
|
11.80
|
PL-17-034
|
12650
|
9780
|
-60
|
175
|
143
|
104
|
108
|
4
|
1.31
|
PL-17-035
|
12625
|
9780
|
-60
|
175
|
161
|
|
|
|
NSA
|
PL-17-041
|
12825
|
9820
|
-60
|
175
|
140
|
106
|
110
|
4
|
5.24
|
and
|
|
|
|
|
|
117
|
118
|
1
|
18.35
|
PL-17-042
|
12825
|
9800
|
-60
|
175
|
122
|
75
|
88
|
13
|
0.39
|
PL-17-043
|
12825
|
9780
|
-60
|
175
|
92
|
57
|
65
|
8
|
0.43
|
PL-17-044
|
12875
|
9820
|
-60
|
175
|
140
|
21
|
22
|
1
|
8.50
|
PL-17-045
|
12875
|
9800
|
-60
|
175
|
131
|
66
|
69
|
3
|
3.45
|
and
|
|
|
|
|
|
75
|
76
|
1
|
6.79
|
and
|
|
|
|
|
|
84
|
85
|
1
|
10.25
|
PL-17-073
|
12825
|
9740
|
-60
|
175
|
61
|
8
|
9
|
1
|
5.18
|
and
|
|
|
|
|
|
19
|
20
|
1
|
31.2
|
and
|
|
|
|
|
|
30
|
31
|
1
|
9.97
|
PL-17-076^
|
12825
|
9760
|
-60
|
175
|
82
|
|
|
|
NSA
|
|
PLENTY TO EGERTON MACLEAN GAP
|
PL-17-049^
|
13100
|
9900
|
-45
|
175
|
100
|
25
|
30
|
5
|
0.65
|
PL-17-050^
|
13100
|
9880
|
-45
|
175
|
100
|
|
|
|
NSA
|
PL-17-058^
|
13150
|
9920
|
-45
|
175
|
100
|
23
|
33
|
10
|
0.91
|
PL-17-060^
|
13050
|
9840
|
-45
|
175
|
100
|
|
|
|
NSA
|
PL-17-061^
|
13150
|
9900
|
-45
|
175
|
100
|
|
|
|
NSA
|
PL-17-066^
|
13000
|
9840
|
-45
|
175
|
100
|
50
|
57
|
7
|
1.99
|
FMS-17-245
|
13250
|
9940
|
-45
|
175
|
101
|
8
|
11
|
3
|
1.17
|
FMS-17-247
|
13250
|
9920
|
-45
|
175
|
101
|
|
|
|
NSA
|
FMS-17-248
|
13250
|
9900
|
-45
|
175
|
101
|
|
|
|
NSA
|
FMS-17-250^
|
13200
|
10000
|
-45
|
175
|
101
|
16
|
17
|
1
|
6.33
|
FMS-17-252^
|
13200
|
9900
|
-45
|
175
|
101
|
|
|
|
NSA
|
FMS-17-253^
|
13200
|
9980
|
-45
|
175
|
101
|
|
|
|
NSA
|
FMS-17-254^
|
13200
|
9920
|
-45
|
175
|
101
|
|
|
|
NSA
|
FMS-17-255^
|
13200
|
9880
|
-45
|
175
|
101
|
|
|
|
NSA
|
FMS-17-256^
|
13200
|
9960
|
-45
|
175
|
101
|
50
|
61
|
11
|
0.69
|
FMS-17-257^
|
13425
|
9840
|
-45
|
175
|
101
|
|
|
|
NSA
|
FMS-17-258^
|
13425
|
9820
|
-45
|
175
|
101
|
|
|
|
NSA
|
FMS-17-259^
|
13425
|
9800
|
-45
|
175
|
101
|
|
|
|
NSA
|
! Mineralization to end of hole
NSA: No significant assays; that is, no intervals ≥ 3.0g/t x m.
^ fire assays of 50g charge from 1kg pulverized sub-sample split from -2mm crushed parent of half sawn 1m NQ core. All
others are fire assays of 50g charge from 1kg pulverized sub-sample split from -2mm crushed parent of whole 1m
NQ.
|
True width of the mineralization varies according to the dip of the host stratigraphy and declination of the relevant drill
hole. For intersections quoted above true width averages 90% of the down-hole width.
Nature of the mineralization:
Mineralization at Egerton MacLean and Hudson occurs within argillites, greywackes and bedding-parallel quartz veins across the
hinge zone and limbs of the E-W trending Fifteen Mile Stream (FMS) Anticline. The northern limb of the anticline dips moderately
north, with the southern limb overturned (generally steeply north dipping). All holes are therefore declined to the south.
Highest grades so far encountered occur within the hinge zone of the anticline. Mineralization at Plenty is tabular in overall
disposition and is thought to be hosted in a deeper, up-faulted southern limb of the Fifteen Mile Stream anticline. Free
gold is commonly observed, and in association with pyrrhotite and arsenopyrite.
Technical Disclosure
At Fifteen Mile Stream all assays by default are 50g charge fire assays of 1kg pulverized sub-sample split from -2mm crushed
parent of whole 1m NQ core, with 1-in-10 duplicate assays of the same pulp, and 1-in-10 assays of a
second 1kg pulverized sub-sample split from the same crushed parent. Where otherwise noted (^) assays are 50g charge fire assays
of 1kg pulverized sub-sample split from -2mm crushed parent of sawn half 1m NQ core, with 1-in-10
duplicate assays of the same pulp. Standards and blind blanks are routinely inserted. Sample preparation and assaying is
conducted at the Sudbury and Vancouver laboratories of ALS
Canada Ltd, an entity having no other relationship with the Company. Core recovery is estimated for each metre and averages
>97%, excluding occasional voids, usually <2m, representing historic underground workings.
Wing samples to voids may be less than 1m to re-establish routine sampling on 1m intervals. Drill core in the hangingwall of the northern limb of the anticline where adjacent historic holes
very clearly indicate this upper stratigraphy to be barren may not be sampled and assayed. Standards, blanks and duplicate assay
results are acceptable.
Results and updates from this drilling program will be reported progressively.
Wally Bucknell, Director of Exploration to the Company and a Qualified Person as defined by
National Instrument 43-101 ("NI 43-101") has reviewed and approved the contents of this news release.
Further updates will be provided in due course and as new results come to hand.
On behalf of the Board of Directors,
Steven Dean
Chairman and Chief Executive Officer
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.
Forward-Looking Statements:
This release contains certain "forward looking statements" and certain "forward-looking information" as defined under
applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use
of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue",
"plans" or similar terminology. Forward-looking statements and information are not historical facts, are made as of the date of
this press release, and include, but are not limited to, statements regarding discussions of future plans, guidance, projections,
objectives, estimates and forecasts and statements as to management's expectations with respect to, among other things, the
activities contemplated in this news release and the timing and receipt of requisite regulatory, and shareholder approvals in
respect thereof. Forward-looking statements in this news release include, without limitation, statements related to proposed
exploration and development programs, grade and tonnage of material and resource estimates. These forward looking statements
involve numerous risks and uncertainties and actual results may vary. Important factors that may cause actual results to vary
include without limitation, the timing and receipt of certain approvals, changes in commodity and power prices, changes in
interest and currency exchange rates, risks inherent in exploration estimates and results, timing and success, inaccurate
geological and metallurgical assumptions (including with respect to the size, grade and recoverability of mineral reserves and
resources), changes in development or mining plans due to changes in logistical, technical or other factors, unanticipated
operational difficulties (including failure of plant, equipment or processes to operate in accordance with specifications, cost
escalation, unavailability of materials, equipment and third party contractors, delays in the receipt of government approvals,
industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters),
political risk, social unrest, and changes in general economic conditions or conditions in the financial markets. In making the
forward-looking statements in this press release, the Company has applied several material assumptions, including without
limitation, the assumptions that: (1) market fundamentals will result in sustained gold demand and prices; (2) the receipt of any
necessary approvals and consents in connection with the development of any properties; (3) the availability of financing on
suitable terms for the development, construction and continued operation of any mineral properties; and (4) sustained commodity
prices such that any properties put into operation remain economically viable. Information concerning mineral reserve and mineral
resource estimates also may be considered forward-looking statements, as such information constitutes a prediction of what
mineralization might be found to be present if and when a project is actually developed. Certain of the risks and assumptions are
described in more detail in the Company's audited financial statements and MD&A for the year ended December 31, 2016 and for the quarter ended September 30, 2017 on the SEDAR
website at www.sedar.com. The actual results or performance by the Company
could differ materially from those expressed in, or implied by, any forward-looking statements relating to those matters.
Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or
occur, or if any of them do so, what impact they will have on the results of operations or financial condition of the Company.
Except as required by law, the Company is under no obligation, and expressly disclaim any obligation, to update, alter or
otherwise revise any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result
of new information, future events or otherwise, except as may be required under applicable securities laws.
SOURCE Atlantic Gold Corporation
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