Posts Tagged ATAC Resources

Atac Resources Ltd. Intersects 24 G/T Gold Over 28 Metres In The First 2009 Drill Hole At Its Rau Gold Project

Although it is outside the White Gold Area Play, it is close, and is very good indeed:

ATAC Resources is pleased to announce that assays have been received for the first 2009 hole drilled on its wholly owned Rau property.

Gold mineralization in Hole 09-19 started 43.59 metres from surface and extended to 85.34 metres depth. At the top of the zone, the hole passed through 28.04 m of limestone-hosted, stratabound massive iron and arsenic-rich oxides that averaged 24.07 g/t gold as shown in the table below. True width of the interval is about 23 m. Cutting the two high samples to 34 g/t produces a weighted average grade of 10.3 g/t gold for the interval. Weighted average core recovery for the 28 m interval was 79%. No traces of sulphide minerals were seen during the core logging and no primary structures were visible with the exception of possible breccia textures in one sample interval.

Sample No. From (m) To (m) Width (m) Recovery (%) Au (g/t) Description
H246805 43.59 46.18 2.59 82 4.67 yellow-brown oxide
H246806 46.18 48.77 2.59 97 7.25 yellow-brown oxide
H246808 48.77 51.05 2.28 84 4.17 reddish brown oxide
H246809 51.05 53.95 2.9 66 162 reddish brown oxide
H246811 53.95 56.39 2.44 76 40.4 pale greenish grey to pale yellow oxide breccia(?)
H246813 56.39 59.44 3.05 87 2.12 dark reddish brown oxide, very competent
H246814 59.44 62.48 3.04 67 0.74 orange-red and yellow-brown oxide
H246815 62.48 65.23 2.75 80 5.56 yellow-brown oxide
H246816 65.23 68.58 3.35 90 7.82 dark reddish brown oxide
H246817 68.58 71.63 3.05 61 5.24 dark reddish brown oxide
      28.04      

An additional 13.71 m of oxide material intersected between 71.63 and 85.34 m returned a weighted average of 0.39 g/t gold.

Hole 09-19 was a 100 metre step out on Section 10+300W to the northwest of Hole 08-16 (Section 10+200W), which was the most northwesterly hole drilled in 2008 along a 400 m long by 150 m wide mineralized trend that is open along strike at both ends. Hole 08-16 intersected 53.95 metres of oxide mineralization that averaged 2.69 g/t gold (the hole ended in oxide mineralization and it was abandoned prematurely due to poor ground conditions).

Two drills continue to explore the property on a 24 hour per day, seven day a week basis. A large drill, equipped with large core diameter (HQ) split tube equipment to maximize recovery, is testing oxide mineralization while a smaller drill is being used to explore limits of the mineralized system along strike, across the width of the trend and at depth.

Assays are expected over the next three or four weeks for an additional three holes completed to date on Section 10+300W with the large drill. Two additional deep holes are planned to test the mineralized system at depth with the scout drill before both drills move to Section 10+200W. Drill section and plan view diagrams are being drafted and will be posted on ATAC’s website.

ATAC has moved aggressively to enlarge the Rau property by staking 2500 additional claims (approximately 500 sq/km) to cover known geochemical and geological targets.

The 790 km2 Rau gold property is located in the Keno Hill area in central Yukon, 55 km northeast of the community of Keno City. It lies within the Tintina Gold Belt and is situated in a highly prospective geological setting below the regional-scale Dawson Thrust, which interleaves Paleozoic shales and silty carbonate rocks. Recent interpretation has identified strong similarities between the geological settings of the Rau property and the northern part of the Carlin Trend.
Gold determinations were carried out at ALS Chemex in North Vancouver, B.C. where they were fine crushed before a 250 gram split was pulverized to better than 85% passing 75 microns. The pulverizing circuit was cleaned with quartz sand twice between samples. Splits of the pulverized fraction were routinely dissolved in aqua regia and analyzed for 49 elements using inductively coupled plasma (ICP) together with mass spectrometry (MS) or atomic emission spectroscopy (AES). Gold analyses were by the Au-AA26 procedure that involves fire assay preparation using a 50 gram charge with an atomic absorption spectroscopy finish. The high gold assay in sample H246811 was determined gravimetrically when the initial analysis exceeded the detection limit for the Au-AA26 procedure.

Sample collection, chain of custody and data entry is managed by Archer, Cathro & Associates (1981) Limited, an independent consulting firm. Certified assay standards, duplicate samples and blanks are routinely inserted into the sample stream to ensure integrity of the assay process.

The technical information in this news release has been reviewed by Robert C. Carne, M.Sc., P.Geo., a qualified person for the purpose of National Instrument 43-101.

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Arcus Development Arranges Private Placement

Arcus Development Group Inc. will carry out a 3,333,333-unit non-brokered private placement for total proceeds of $500,000. Each unit will consist of one flow-through common share and one flow-through share purchase warrant. The price of the units will be 15 cents. The warrants will be valid for a period of 12 months from the closing of the placement and will entitle the holder to purchase one additional flow-through common share at a price of 20 cents.

Proceeds from the placement and any proceeds from the exercise of the warrants will be used to finance the company’s work programs on the Dawson gold project. Research Capital Corporation will be paid a cash commission of 8 per cent on a portion of the placement proceeds.

ATAC Resources Ltd. granted the company an option to acquire a 50-per-cent interest in the Dawson gold project. The project consists of four claim blocks covering an area of approximately 77 square kilometres adjacent to or near the Underworld Resources Inc.’s White Gold and Black Fox properties in west-central Yukon.

The company anticipates closing this placement by mid-July, 2009. The original requirement that the company complete a $1-million financing by Aug. 1, 2009, has been waived by both ATAC and the company.

The private placement and the Dawson gold option are both subject to TSX Venture Exchange acceptance.

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ARCUS ACQUIRES PROJECT ADJACENT TO UNDERWORLD’S WHITE GOLD DISCOVERY

Arcus Development Group Inc. has been granted by Atac Resources Ltd. an option to acquire a 50-per-cent interest in the Green Gulch, Touleary, Dan Man and Shamrock gold prospects, collectively referred to as the Dawson gold project. The four claim blocks cover an area of approximately 7,000 hectares and are located in west-central Yukon.

The Green Gulch claims are wholly surrounded by Underworld Resources Inc.’s White Gold discovery property. The Touleary claims are immediately adjacent to the western boundary of Underworld’s Black Fox property.

Arcus Claim Map

Arcus Claim Map

The exploration target at the Dawson gold project is orogenic gold mineralization within highly strained metamorphic rocks of the Yukon Tanana terrane. The project lies within a northwest trending belt of gold rich mineral deposits that extends from the Mount Nansen and Freegold Mountain areas, through the Sonora Gulch and Casino deposit areas and toward the Pogo mine in Alaska.

The focus of the 2009 exploration program will be geological mapping, prospecting and auger soil sampling of areas of geological interest. Follow-up work will include trenching of anomalous areas to identify potential drill targets. Atac is mobilizing crews and by starting the program as early as possible, the parties have maintained the option of drilling later in the 2009 field season.

Eric Tweedie, the Arcus vice-president of exploration, stated: “The Dawson gold project represents an excellent exploration opportunity for Arcus based on the geological setting and the proximity of the claim blocks to Underworld’s White Gold discovery. Atac was able to assemble a prospective land package in the area relatively early and cost effectively.”

To exercise the option and acquire a 50-per-cent interest in the project, Arcus is required to make aggregate payments to Atac of $185,000 cash and one million shares and incur exploration expenditures of $3.5-million prior to Dec. 31, 2011. The option is subject to Arcus completing a financing of not less than $1-million prior to Aug. 1, 2009. The terms of the financing have not been finalized and will be announced at a later date.

Upon the completion of its financing, Arcus will reimburse Atac for costs incurred by Atac as part of the 2009 program. All reimbursement costs and Arcus expenditures following the closing of the financing will be applied against the Arcus expenditure requirements.

If Arcus does not complete the financing by Aug. 1, 2009, the option will terminate and Atac will complete the 2009 program on its own behalf. Prior to completing its financing, Arcus will not have access to exploration results from the 2009 work program at the Dawson gold project.

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