Barrick narrows 2018 Orion drill targets

ATAC Resources Ltd. Jan. 17 said Barrick Gold Corp.'s 2017 exploration program on the Orion project show that Carlin-style gold mineralization this property is known for extends well beyond the surface indicators.

Orion, which blankets a 780-square-kilometer (301 square miles) section in the middle of ATAC's roughly 185-kilometer- (115 miles) long Rackla Gold property in the Yukon, is subject to a C$55 million earn-in agreement with Barrick.

As part of the earn-in requirements, Barrick must spend C$10 million on exploration at Orion by the end of 2019. The major gold producer invested roughly C$4 million in 2017.

The primary objective of Barrick's inaugural exploration program was to systematically establish a surface and sub-surface geologic and structural framework for identifying favorable rocks.

This program included detailed mapping, prospecting and trenching; rock, soil and stream sediment sampling; ground based gravity survey; Lidar terrain mapping; and drilling.

"Barrick's systematic and geoscience driven 2017 exploration program at the Orion Project was very successful in quickly establishing a better geological understanding of the large land package of Orion," said Ed Cope, technical advisor, ATAC. "The presence of robust Carlin-type alteration identified in diamond drill holes well away from any surface geochemical anomalies demonstrates that favorable environments for the development of gold mineralization are more extensive than previously understood."

Prior to Barrick's involvement at Orion, ATAC discovered Carlin-type gold mineralization at the project's Anubis zone. Between 2012 and 2016, the company completed roughly 5,000 meters of drilling in the area of this discovery. Highlights from this drilling include 8.51 meters of 19.85 grams per metric ton gold at the Anubis Zone and 61.29 meters of 2.75 g/t gold at the Orion zone.

Nine other prospecting discoveries within the Anubis cluster – Ana, Corona, Columba, Dale, Dorado, Draco, Hydra, Lyra and Zodiac – have received only cursory follow-up since their discovery in 2012.

"2018 will be an exciting year as Barrick focuses on targeting gold mineralization," said Cope.

–SHANE LASLEY