Mar 3 2011
Ateba Resources Inc. (CNSX:ATR) announces today the results of its fall 2010 diamond drilling program completed on its Larder Group Property.
The majority of the drilling from this program was designed to test the continuity of mineralization surrounding the historic Walsh Katrine Mine. An exploratory hole (AR-30) was drilled to the southeast of the mine area and intersected significant gold mineralization. The drill cores was shipped to Swastika Laboratories for analysis.
Bill Dickie, President and CEO of Ateba, commented "We are pleased with these results as they demonstrate continuity and show great opportunity; the width and continuity of the gold mineralization found in historic records as previously reported by Ateba in December, 2009 and January and June, 2010. Of note is hole AR-30, located about 600 metres from our other drill holes, which is in an area where there has been no historic drilling and represents a discovery of previously unknown mineralization The newly discovered zone is possibly associated with mineralization at the Walsh Mine area. In addition, mineralization in drill hole AR-30 is associated with a feldspar porphyry dike system which is similar to the geological setting found at nearby Queenston's Upper Beaver Mine. We will be conducting a follow-up ground magnetic survey and drilling on this target and other numerous porphyry dikes which have been identified on our Property."
The Company is currently drilling at the Copper King target which is directly adjacent to Queenston's Upper Beaver Property. The Copper King drilling is part of a 10,000 meter drill program which began in January.
The geology of the area around the Walsh Katrine Mine is characterized by syenites and feldspar porphyry dikes which have intruded mafic to intermediate volcanic rocks. Holes AR-12X and holes AR-16 through AR-29 were drilled into the syenite intrusive which hosts the mineralization at the Walsh Katrine Mine. Mineralization encountered in these holes indicates continuity of mineralization in the Walsh Katrine Mine area.
Hole AR-30 was collared in mafic volcanic rocks that host abundant sulphides at surface. The drill hole passed through a zone of bleached, altered and mineralized volcanic rocks adjacent to a potassium feldspar dike which is also altered and mineralized. The mineralization intersected by hole AR-30 indicates that the contacts of feldspar porphyry dikes in the area are favourable for hosting mineralization. Numerous feldspar porphyry dikes are mapped in the area to the east of the Walsh Katrine Mine and will be the focus of future drilling programs.
Technical information in this press release has been reviewed by Peter Mullens, Member of the Australian Institute of Mining and Metallurgy, who is a qualified person under the definitions established by National Instrument 43-101.
Source: Ateba Resources Inc.