The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
ATC: TSX-V
President: Robert Carne
Chief Executive Officer: Graham Downs
Chief Operating Officer: Ian Talbot
ATAC Resources Ltd. continues to build upon ongoing success at it Rackla Gold project in east-central Yukon Territory.
The initial phase of the 2014 exploration program targeted recent Carlin-type gold discoveries at the Osiris and Anubis areas within the Nadaleen Trend, a 50-kilometer- (30 miles) long subset of the company's east-west extending land package that blankets an area more than 185 kilometers (114 miles) long by about 15 kilometers (10 miles) wide.
Through 2013, Atac has defined six zones of Carlin-type gold mineralization - Conrad, Osiris, Sunrise, Isis, Isis East and Anubis - and more than 40 geochemical anomalies at Nadaleen.
The phase-1 2014 program at Rackla includes expanding high-grade mineralization at the Conrad lower zone and step-out drilling at the Sunrise zone.
Hole OS-14-277, targeting the lower zone at Conrad, cut 30.79 meters averaging 9.5 grams per metric ton gold.
Mineralization at the lower zone has only been traced with limited drilling over a 300-meter strike length below the core area of the upper zone, which has been traced for a continuous 800 meters.
The 2014 drilling at Sunshine has expanded gold mineralization west of the last two 2013 holes, which returned 19.81 meters of 5.54 g/t gold (OS-13-214) and 16.76 meters of 6.76 g/t gold (OS-13-217).
Two holes reported in August cut gold mineralization to the west of Sunrise, including 15.85 meters of 2.03 g/t gold in hole OS14-255 and 10.66 meters of 3.45 g/t gold in OS14-266.
The initial phase of exploration also included excavator trenching and pitting in preparation for additional drilling at Anubis-area targets.
This work will expand upon the Anubis discovery where hole AN-12-001 intersected 8.51 meters of 19.85 g/t gold as well as on nearby surface showings and priority soil anomalies in the area.
None of the three holes drilled at Anubis in the phase-1 program cut significant mineralization.
To better understand the Anubis outcrop and previous intersections, Atac completed additional trenching and prospecting in the area.
In July, Atac reported results from a preliminary economic assessment completed for the oxide portion of the Tiger deposit, located within the 20-kilometer (12.4 miles) long Rau Trend.
The Tiger deposit was discovered in 2007 and is distinct from the more recent larger scale Carlin-type discoveries located 100 kilometers (60 miles) to the east.
The PEA envisions a seasonal open-pit mine with single-stage, low intensity crushing followed by size classification, no grinding needed.
Over the projected four-year seasonal mine-life, the operation outlined in the PEA would produce 221,558 ounces of gold from 2.06 million metric tons of oxide material at an average diluted grade of 3.72 grams per metric ton gold.
At a US$1,250 gold price, this operation is forecast to result in a pre-tax net present value (5 percent discount) of C$52.1 million and an internal rate of return of 30 percent, with an all-in sustaining cash cost of C$626 per ounce of gold produced.
Additional geotechnical and resource drilling at the Tiger deposit combined with exploration drilling at several untested satellite oxide targets are among a number of opportunities the PEA noted as having the potential to enhance the value of the project economics.
Atac is a member of the Strategic Exploration Group, a collection of junior resource companies focused on exploring northwestern Canada. Members of the group enjoy a close working relationship with Archer, Cathro & Associates (1981) Limited, a geological consulting firm with extensive knowledge and exploration expertise in the Yukon Territory and northern British Columbia.
Cash and short-term deposits: C$24.4 million (June 30, 2014)
Working capital: C$23.1 million (June 30, 2014)
Market capitalization: C$78.9 million (Oct. 8, 2014
Suite 1016 - 510 West Hastings Street
Vancouver, British Columbia
Canada V6B 1L8
Tel: 604-688-2568 Fax: 604-688-2578
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