VANCOUVER, Aug. 21, 2018 /CNW/ - ATAC Resources Ltd. (TSX-V:ATC) ("ATAC" or the "Company") announces that is has identified significant gold and copper skarn mineralization at the Bobcat Target, located 4.5 km southeast of the advanced-stage Tiger Gold deposit. Bobcat is located within the 100% owned Rau Project at the western end of the Rackla Gold Property.
The objective of the 2018 exploration program at Bobcat was to follow up on rock samples collected in 2010 and 2012 that assayed 7.37 g/t gold with 5.90% copper and 13.7 g/t gold, respectively. Two days of mapping and prospecting confirmed the presence of skarn alteration and mineralization likely associated with the under-explored Rackla Pluton 1.5 km due west.
2018 Bobcat Highlights
Preliminary hand pitting returned numerous multi-gram gold and multi-percent copper grab samples; including 6.07 g/t Au with 7.41% Cu and 5.08 g/t Au with 3.69% Cu;
Open ended 1.5 x 2 km multi-element soil geochemical anomaly associated with a large magnetic low; and,
Previous drilling 1 km to the west encountered elevated gold mineralization in potassic-altered granodiorite and skarn similar to that found at Bobcat, but did not receive follow-up drilling.
"The results at Bobcat demonstrate that gold and copper skarn mineralization is more wide-spread than previously known. The potential to have gold-rich skarn mineralization at Rau is a significant development, as these types of deposits can be relatively high-grade and are often associated with copper-gold porphyry systems," states Rob Carne, the Chair of ATAC's Technical Committee. "Crews are back on site to further assess the emerging copper-gold potential."
"The results support our belief that the overall Rackla Property represents an emerging mineral camp," added President and CEO Graham Downs. "We continue to encounter a variety of exciting, high-grade mineralization that now potentially includes skarn and porphyry targets. Given the proximity to our proposed access road these discoveries could quickly become strategic value propositions for our shareholders."
The Bobcat target is situated below treeline in a moderately vegetated area of mostly gentle relief. Mapping in the area identified significant exposures of limestone and marble, which boundaries remain open. These outcrops lie roughly 1.5 km east of the mapped surface expression of the Rackla Pluton.
The Bobcat exploration target is best defined by anomalous gold, bismuth and tin with sporadic copper highs from soil samples collected from a 1.5 by 2 km area. The Bobcat soil anomaly directly coincides with the skarn targets derived from a desktop geophysical review completed in late 2017. Prospecting near a historical 7.37 g/t gold and 5.90% copper rock sample location identified a 20 x 20 m vegetation anomaly containing abundant skarn mineral vein float from an area of altered limestone and marble bedrock.
Eleven hand-pits were dug within the vegetation anomaly and most encountered mineralized skarn vein material. Highlight Bobcat grab samples are tabulated below.
Mineralization at Bobcat is typically hosted in gold-copper bearing tremolite veins with varying concentrations of chalcopyrite and copper oxides. The mineralization is characteristic of distal, retrograde skarn alteration related to an intrusive center. Marble development mapped locally within the target area further supports a distal environment and suggests this particular locale likely represents the "marble front" or outward boundary of the skarn system. Potential deposit-scale mineralization is likely to occur to the west-northwest, between the "marble front" and the Rackla Pluton. Follow-up work around the Bobcat target and the surface exposure of the Rackla Pluton is highly warranted due to the recent prospecting results and proximity to infrastructure.
ATAC has completed the first phase of drilling at the Conrad Zone with assays pending on remaining results. The Company has re-located one diamond drill rig to the Sunrise Zone, while the second diamond drill rig has initiated work at the Osiris Zone.
The Barrick-ATAC exploration partnership is currently drilling on the Orion Project along the Anubis Fault Corridor. Assay results will be released when received and interpreted.
Samples were forwarded to ALS Minerals in Whitehorse and North Vancouver where they were fine crushed before a 250 gram split was pulverized to better than 85% passing 75 microns. Pulps were then analyzed at ALS Minerals in North Vancouver where gold determinations were carried out. Rock sample gold analyses were by the Au-AA26 procedure that involves fire assay preparation using a 50 gram charge with an atomic absorption spectroscopy finish. Initial multi element data for 48 elements was determined by the ME-MS61 procedure that involves a four acid digestion followed by inductively coupled plasma mass spectrometry and inductively coupled plasma atomic emission spectroscopy. Over limit values for silver and copper are determined by the Ag/Cu method that utilizes a four acid digestion followed by an atomic absorption spectroscopy finish.
All prospecting grab samples reported in this release represent significant results only. Low or below detection values for gold, copper and silver were encountered in unreported grab samples.
The technical information in this news release has been approved by Julia Lane, P.Geo., Vice President of Exploration for ATAC and a qualified person for the purposes of National Instrument 43-101.
ATAC is a Yukon-based exploration company focused on developing Canada's only Carlin-type gold district at the Rackla Gold Property. Work on the ~1,700 km2 property has resulted in an Osiris Project Inferred Mineral Resource of 1,685,000 oz of gold at an average grade of 4.23 g/t (in 12.4 Mt) and a positive Preliminary Economic Assessment for the Tiger Gold Deposit within the Rau Project. ATAC and Barrick have partnered to explore the Rackla Gold Property's Orion Project, with Barrick having the option to earn up to 70% of Orion by spending $55 million in exploration. ATAC is well-financed with approximately $15 million in its treasury and is currently completing a $7 million exploration program at the Osiris and Rau Projects (which are not subject to Barrick's earn-in right), while concurrently working with Barrick to advance the Orion Project.
On behalf of Management and the Board of Directors of ATAC Resources Ltd.
Graham Downs, President and CEO
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SOURCE ATAC Resources Ltd.
For further information: please contact: Matthew Keevil, VP, Corporate Affairs, ATAC Resources Ltd., T: 604-687-2522 ext. 260, [email protected]