ATAC Resources Ltd. ("ATAC" or the "Company") announces plans for its fully-funded Phase I exploration and drilling program at its 100% owned Rackla Gold Project in east-central Yukon. ATAC is well-funded with approximately $16 million in its treasury.
The proposed 2016 exploration program at the Rackla Gold Project will consist of Rotary Air Blast ("RAB") drilling at the newly discovered Orion target and systematic follow up of the new 10 km2 Airstrip gold anomaly and nearby high priority Rau Trend gold targets identified in 2015. Preparation for permitting a tote road to the Rau Trend and optimization studies on the Tiger Gold Deposit are underway.
2016 Phase I Exploration Objectives:
- RAB drilling will follow up on the 2015 discovery hole at the Orion target which returned 3.79 g/t gold over 47.24 m. This hole bottomed in gold mineralization with the last interval grading 2.56 g/t gold over 1.52 m;
- Permitting of a 69 km tote road to the Rau Trend and Tiger Gold Deposit will commence in spring 2016;
- Soil sample coverage around the open-ended, 10 km2 Airstrip gold anomaly will be significantly expanded and all high priority gold anomalies will receive detailed prospecting, trenching and mapping; and,
- Results and time permitting, RAB drilling will be carried out at the Airstrip anomaly.
"Both the Orion target and the Airstrip gold anomaly were discovered late in 2015 and have not received any follow up work. We are excited to get back into the field in the coming months to begin expansion drilling at the Orion target and to assess the extensive 10 km2 Airstrip gold anomaly," states Graham Downs, President and CEO of ATAC. "Another major initiative for 2016 will be the permitting of a 69 km tote road to the Rau Trend to support future pre-feasibility level work at the Tiger Gold Deposit and advanced exploration at over 20 gold targets and numerous gold-copper-skarn and silver-lead-zinc targets. Obtaining a tote road permit to the Tiger Gold Deposit would be a major milestone in advancing the Rackla Gold Project. "
The Orion target was discovered late in 2015 and is located in the Anubis cluster of gold targets within the 30 km long Nadaleen Trend. Mineralization at Orion occurs in both a debris flow-bearing fossiliferous limestone and a variably calcareous pyritic siltstone. The 2015 discovery hole (ARB-15-026) was the only hole that was oriented north to exclusively test the pyritic siltstone; which was previously thought to be an unfavourable host rock for gold. This hole returned 47.24 m of 3.79 g/t gold from 15.24 m to 62.48 m, bottoming in 1.52 m of 2.56 g/t gold.
The 2016, Phase I drill program at Orion will consist of approximately 2,000 m of RAB drilling and will continue to test the regionally extensive pyritic siltstone unit along strike and to the north. A figure showing the area of proposed 2016 RAB drilling at the Orion target is available on ATAC's website.
Airstrip Gold Anomaly
The 10 km2 Airstrip gold anomaly was discovered in 2015 and is the largest gold anomaly in the Rau Trend. The Airstrip anomaly is open in all directions and is located approximately 4 km south of the Tiger Gold Deposit. Gold is believed to be sourcing from a favourable package of variably calcareous sedimentary rocks similar to that seen in a trench at the Bengal Showing located at the western end of the Airstrip anomaly. Channel sampling at the Bengal Showing yielded numerous elevated gold results including 3.19 g/t gold over 1 m. The Bengal Showing has never been drilled.
Eleven priority targets have been identified within the Airstrip anomaly for immediate follow up based on the clustering of strongly anomalous gold-in-soil values. Work in 2016 will include targeted geologic mapping, test pitting, trenching, soil grid extension and prospecting, with follow up RAB drilling if warranted. An updated Airstrip anomaly figure is available on ATAC's website.
Tiger Tote Road
The proposed tote road to the Rau Trend and Tiger Gold Deposit would branch off the Hanson Lake Road west of Keno City and is envisioned as a gated, single-lane and radio-controlled road suitable for vehicles that support advanced exploration. The total length of the tote road would be approximately 69 km and would consist of 52 km of new road and upgrading of 17 km of pre-existing winter road.
ATAC has been very active in preparing for permitting the tote road to the Rau Trend and Tiger Gold Deposit. Key studies have been completed along the proposed tote road route, including heritage, wildlife, hydrological and water quality surveys and preliminary engineering design. These studies will be used to support the permitting process that is scheduled to begin in April 2016.
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.
ATAC is a Yukon-based exploration company focused on developing Canada's only Carlin-type gold district at its 100% owned Rackla Gold Project. Recent work on the 1,700 km2 project has resulted in a positive Preliminary Economic Assessment for the Tiger Gold Deposit, drilling of multiple high-grade Carlin-type gold zones and the identification of numerous early-stage gold exploration targets. The Rackla Gold Project has no underlying royalties or third-party interests. ATAC is well financed with approximately $16 million in its treasury.
On behalf of Management and the Board of Directors
of ATAC Resources Ltd.
Graham Downs, President and CEO