ATAC Resources Ltd. (“ATAC”) (TSX-V:ATC) is pleased to announce that it has purchased an outright 50% interest in 16 mineral claims that cover the core of a highly prospective porphyry copper-gold target. With this acquisition, ATAC now holds a strong position in these claims and a 100% interest in 34 claims that partially surround them. ATAC’s combined interests are known as the Mars project.
The Mars project is located 65 km north-northeast of Whitehorse, between Lake Laberge and the Teslin River in southern Yukon. Access is by helicopter from Whitehorse. The Livingston Trail winter road passes within 5 km of the main area of exploration interest.
Exploration has been intermittently carried out in the Mars project area since copper mineralization was first discovered in 1971. The most significant work was done by Placer Dome Canada Ltd. in 1997 and 1998, when grid geochemical sampling and geophysical surveys were carried out before a change in corporate strategy prompted cancellation of a large drill program that was proposed for 1999.
Mars Project Highlights:
• The Mars project hosts an alkalic copper-gold porphyry exploration target that displays mineralogical, geochemical and geophysical similarities to the Copper Mountain - Ingerbelle, Afton-Ajax, Mount Polley and Mount Milligan deposits in British Columbia.
• The area of highest exploration potential occurs within a 1 km wide, 3 km long zone that is open to the northwest.
• Geophysical evidence suggests that the potentially mineralized zones dip to the southwest, subparallel to topography so that the exploration target remains close to surface for some distance down the hillside.
• Mineralization consists of disseminated, sheeted vein, stockwork and intrusive breccia-hosted chalcopyrite and magnetite with lesser bornite, pyrite and molybdenite.
• Areas of potential mineralization on the property are outlined by strong copper and gold soil geochemical anomalies. These anomalies are associated with intense magnetic highs that form en echelon zones. Resistivity highs and coincident K/Th lows that are coincident with magnetic highs probably relate to silicification and sodic (albite) alteration overprints on early stage potassic alteration.
• Research work by a previous operator in 2003 classified the Mars prospect as a silica-oversaturated variant of the alkalic class of porphyry copper-gold deposits and this has implications for exploration potential and methods:
1. silica-oversaturated systems contain, on average, greater tonnages of mineralization than other alkalic copper-gold porphyry types;
2. magnetite-bearing potassium silicate alteration in silica-oversaturated systems is an important environment for ore but a substantial portion of mineralization is also related to sheeted or stockwork quartz-sulphide veins. This contrasts with the nearly complete absence of quartz veins in other types of alkalic porphyry deposits;
3. molybdenite is a common constituent of silica-oversaturated systems, and;
4. silica-oversaturated systems usually have relatively low sulphide content with a high ratio of chalcopyrite/bornite to pyrite so that IP chargeability response over mineralized zones is typically subdued. Resistivity anomalies are much more significant indicators of mineralization, reflecting proximal silicification.
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.
ATAC is a well funded junior mining company focused on gold. Its business model entails acquiring quality gold and silver prospects, advancing them to drill stage and then attracting strong partners to move them toward production. For additional information concerning ATAC Resources Ltd. or its various exploration projects please visit ATAC’s website at www.atacresources.com.
On behalf of the Board of ATAC Resources Ltd.
Graham Downs, CEO
ATAC Resources Ltd.