ATW Gold Corp. (TSX VENTURE:ATW), has announced that field mapping of the Gascoyne Project has been completed. The mapping has indicated prime target areas for rock chip and stream sediment sampling that will be undertaken during the first quarter of 2011.
The Gascoyne Project (the "Gascoyne Project" or the "Project") is located in the historic Gascoyne gold mining region, 850km northeast of Perth and 500km north of ATW's Gullewa Gold Project. The Gascoyne Project is comprised of three strategic properties: the McCarthys Prospect and the Cobra-Bangemall Prospect together form the Cobra Project, as disclosed in the Company news release of October 7, 2010 and the Mt. Phillips Prospect as disclosed in the news release of November 23, 2010.
Mapping was completed during December at 1:2500 scale. Shafts, pits and associated metal detector scraping areas extend for 700m in a northwesterly direction. The mineralization correlates with the crest of an anticline. Sample heaps beside historic shallow drill holes show weathering extending vertically to a depth of 45m. The potential for an enriched blanket of gold mineralization at the base of this weathering has yet to be tested beneath the McCarthy workings. There are indications that extensions of mineralization are possible up to 1km northwest of the existing workings.
A soil sampling program will be undertaken during Q1 2011 to define drill targets.
Mapping was completed during October at 1:2500 scale. A 2500m by 500m area with scattered shafts, pits and metal detector scrapings is also centered along a WNW-trending anticlinal crest. Scraped areas suggest a parallel trend of gold mineralization 500m to the southeast of the main workings.
Inspection of backhoe trenches excavated by a previous explorer revealed zones up to 8m wide of stockwork-style veins averaging 20% quartz. These are not evident beside the costean, where extensive areas of quartz scree occur, masking any sign of the stockwork.
A small rock chip program was carried out in existing trenches and retuned grades up to 14.8g/t gold. A soil sampling program will be undertaken during Q1 2011 to define drill targets.
Mt Phillips Prospect
Mapping was completed during October at 1:5000 scale. This field work revealed a number of quartz veins, hosted by Proterozoic granite. Secondary copper mineralization was located in one of these quartz veins, along strike from known copper gold mineralization in an adjacent tenement.
The most promising quartz reef is on the eastern side of the property. The reef trends into the prospect on the south east corner at a bearing of 320 degrees. Samples taken close to the boundary returned 377g/t gold. The reef can be traced some 350m before it runs into a topographic high.
Rock chip and soil sampling will be undertaken during Q1 2011 to define drill targets.
Brent Butler, Chief Executive Officer and President, commented: "This area represents strong exploration potential. ATW is very excited to have acquired projects in the under explored historic Gascoyne gold mining region. This is the first time that detailed mapping and sampling has been carried out in this area."
Brent Butler, President and CEO of ATW Gold Corp. is the qualified person under National Instrument 43-101 and has reviewed the contents of this news release.
The Company would also like to report the grant of 970,000 incentive stock options to certain directors, officers, employees and consultants of the Company at a price of $0.13 per common share, exercisable for a 5 year period.
Source: ATW Gold Corp.