VANCOUVER, BC, Dec. 15, 2021 /CNW/ - ATAC Resources Ltd. ("ATAC") (TSXV: ATC) (OTCQB: ATADF) is pleased to provide an update on grassroots exploration conducted in 2021 at its 64 km2 100%-owned Rosy Property, located 77 km east of Whitehorse, Yukon. The road-accessible Rosy property hosts numerous low-sulphidation epithermal quartz-carbonate veins with gold and silver mineralization.
Rosy Exploration Highlights
- 2021 soil sampling extended the previous gold-in-soil anomalynorthby 500 m over a total area of 3.5 x 2.0 km;
- Soil samples returned values including 0.57 g/t gold, 0.25 g/t gold and 0.17 g/t gold; and
- Historical rock grab samples have returned up to 35.92 g/t gold and 1,835 g/t silver.
"Grassroots work at Rosy this year has significantly expanded the previously known gold-in-soil anomaly," stated President and CEO, Graham Downs. "While Rosy has seen only sporadic historical exploration, with a limited portion of the property covered by geochemical surveys, this work has already identified significant gold targets. Follow-up exploration to further refine our targets and to better evaluate the epithermal gold-silver potential at Rosy is clearly warranted."
2021 Exploration Details
Exploration work at Rosy in 2021 consisted of a small soil sampling program, with a total of 473 samples collected. This work included broad regional contour sampling in under-explored portions of the property as well as additional grid sampling along trend of known anomalies.
A base-of-slope contour sample traverse north of the previously defined gold-in-soil anomaly extended the target area by 500 m into the next valley (Figure 1). This contour sampling also extended the anomaly 1 km to the north-east below an untested ridge. New soil samples in this area returned from below detection to 0.17 g/t gold in soil, with highlights from previous work returning up to 1.82 g/t gold in soil.
Regional contour soil sampling further to the north encountered sporadically elevated samples, including assays up to 0.57 g/t gold in soil. Contour sampling in the southern portion of the property returned multiple anomalous samples, with results including 0.25 g/t gold in soil. Elevated levels of arsenic were also noted in soil samples in this area, which is correlated with mineralization elsewhere on the property.
Rosy Property Background
The Rosy Property is located 77 km east of Whitehorse and surrounds the Red Mountain molybdenum deposit. The Red Mountain access road runs through the core of the property, providing all-season access. The property hosts widespread gold-and-silver bearing veins that are likely associated with the nearby Late Cretaceous Boswell Pluton. Mineralization on the Rosy property is indicative of the distal part of a large hydrothermal system, likely in a low-sulphidation epithermal setting.
The Rosy property hosts two main types of mineralization. The first occurs within quartz carbonate veins, while the second is found in altered intrusive rocks. Over 30 separate quartz-carbonate veins have been mapped on the property and occur with gouge zones, quartz-feldspar porphyry dykes and carbonate altered wall rocks. Historical prospecting programs have returned highlight grab samples including 35.92 g/t gold with 32.40 g/t silver, and 0.31 g/t gold with 1,835 g/t silver.
Three shallow diamond drill holes totalling 263 m were completed in 2010 by a previous operator and did not return significant results. This is the only recorded drilling on the Rosy property and numerous geochemical and prospecting targets are undrilled.
QA/QC
Analytical work for soil samples 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 preparation using a 30 gram charge with an inductively coupled plasma – atomic emission spectrometry finish. Multi-element data for 48 elements was determined by the ME-MS61 procedure, which involves a four-acid digestion followed by inductively coupled plasma – atomic emission spectroscopy and inductively coupled plasma – mass spectrometry.
Results referenced in this release represent highlight results only, and include results from 2021 and previous years. Below detection values for gold and silver have been encountered in soil and rock 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 exploring for gold and copper in Yukon and 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), the Tiger Deposit Measured & Indicated Mineral Resource of 464,000 oz of gold at an average grade of 3.19 g/t (in 4.5 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 ATAC Resources Ltd.
Graham Downs, President and CEO
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Cautionary note regarding forward-looking statements:
This press release may contain "forward-looking information" within the meaning of applicable securities laws. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this press release. The Company undertakes no obligation to update forward-looking information, except as required by securities laws.
Cautionary Note to U.S. Investors concerning estimates of Measured, Indicated, and Inferred Resources:
The mineral resource estimates included in this press release have been prepared in accordance with Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects. The United States Securities and Exchange Commission (the "SEC") has adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements. U.S. investors are cautioned that the disclosure the Company provides on its mineral properties in this news release may be different from the disclosure that an issuer subject to SEC reporting requirements would otherwise be required to provide. Therefore, the information contained in this news release containing descriptions of the Company's mineral properties may not be comparable to similar information made public by U.S. companies subject to reporting and disclosure requirements under the U.S. federal securities laws and the rules and regulations thereunder.
Additional information about the Tiger Deposit PEA is summarized in ATAC's February 27, 2020 technical report titled "Technical Report and Preliminary Economic Assessment for the Tiger Deposit, Rackla Gold Project, Yukon, Canada", which can be viewed at www.sedar.com under the ATAC profile or on the ATAC website at www.atacresources.com. Additional information about the Osiris Resource Estimate is summarized in ATAC's July 2, 2018 technical report titled "Technical Report and Estimate of Mineral Resources for the Osiris Project, Yukon, Canada," which can also be viewed at www.sedar.com
SOURCE ATAC Resources Ltd.
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