June 13, 2011 - ATAC Resources Ltd. (TSX-V:ATC) is pleased to announce it has made a significant silver-lead-zinc discovery at the Ocelot target beneath a known but previously undrilled surface gossan. The target is located within the Rau Trend in the western portion of ATAC’s 100% owned Rackla Gold Project in the Keno Hill Mining District, Canada’s second largest primary silver producer.
Highlights of the Ocelot discovery include:
- Best grade interval yielding 145.43 g/t silver, 3.36% lead and 11.65% zinc across 41.72 m;
- Drilled intervals of semi-massive to massive sulphide up to 63 m thickness;
- Near surface replacement-style sulphide mineralization starting at 57 m in the hole;
- The gossan is at the east end of a 2.3 by 1.0 km lead and zinc soil geochemical anomaly;
- Located 60 km from an all-season highway and 1.5 km north of the Wind River Winter Road.
The Ocelot area is located at low elevation which allowed diamond drilling to commence in early spring. To date, five diamond drill holes were located near the edge of the gossan in early spring 2011 following encouraging prospecting and cursory diamond drilling results from a different part of the mineralizing system in 2010 (see News Releases July 8, 2010 and November 30, 2010). Table I lists the results from the first five holes drilled in 2011.
Table I - Ocelot Drill Intersections
|Hole #||Grid East||Grid North||Dip (°)||From (m)||
|Interval (m)||Silver (g/t)||Lead (%)||Zinc (%)|
|OC-11-08||10+100E||10+000N||-70||No Significant Results|
* Reported intersections are drilled thicknesses. True widths are estimated to be 60 to 70% of the reported drill intervals.
The Ocelot target occurs within the favourable Bouvette Formation carbonate sequence bound by a regional structural corridor that hosts the Tiger Zone gold occurrence in the same rocks, 15 km to the southeast. The Ocelot target area is defined by a natural spring gossan and vegetation kill zone. The spring surfaces at the base of a slope and has produced a gossan measuring approximately 300 by 150 m. Moderately to strongly anomalous lead and zinc-in-soil values form a 2.3 by 1.0 km intermittent linear that trends westerly from the spring gossan. Photos and cross sections can be viewed on ATAC’s website, www.atacresources.com.
Mineralization encountered consists of replacement-style sulphide dominated by medium to coarse grained pyrite and varying concentrations of low iron sphalerite and medium to coarse grained galena. Sulphide replacement occurs within an extensive dolomite sequence locally exhibiting structural and fluidized breccias. ATAC continues to evaluate the geometry and controls of the new Ocelot discovery and will continue drilling along strike and down-dip to delineate the extent of the mineralization.
“Although the primary focus of ATAC’s 2011 exploration and 40,000 metre diamond drilling program remains the identification and expansion of Carlin-type gold occurrences throughout ATAC’s 185 km long Rackla Gold Belt, the Ocelot silver-lead-zinc discovery is an exciting start to the 2011 exploration season,” states Graham Downs, ATAC’s CEO. “The tenor of mineralization at Ocelot is very encouraging; with significant silver, lead and zinc values over broad intervals in coarse grained galena and low iron zinc-sulphide mineralization.”
Drilling is well underway at the Nadaleen Trend (approximately 115 km east of Ocelot) where four Carlin-type gold discoveries have been made to date. Three drills are currently operating there and two additional drills are being mobilized. Diamond drill results for Nadaleen drilling will be released at regular intervals throughout the program.
All analyses for the 2011 program are being performed by ALS Chemex with sample preparation in Whitehorse and assays and geochemical analyses in North Vancouver. All core samples are initially analyzed for gold by fire assay followed by atomic absorption (Au-AA26) and 48 other elements by inductively coupled plasma-mass spectrometry (ME-MS61). Samples in mineralized intervals are assayed for silver, lead and zinc by inductively coupled plasma — atomic emission spectroscopy (Ag/Pb/Zn-OG62).
Rigorous procedures are in place regarding sample collection, chain of custody and data entry. 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 Matthew R. Dumala, P.Eng., a qualified person for the purpose of National Instrument 43-101.
ATAC is a well-funded, Yukon-based exploration company focused on developing Canada’s only Carlin-type gold discovery at its 100% owned, Rackla Gold Project. For additional information concerning ATAC Resources Ltd., please visit our website at www.atacresources.com.
On behalf of the Board,
Graham Downs, CEO
ATAC Resources Ltd.
For further information, please contact:
Vanessa Pickering, Manager, Corporate Communications
ATAC Resources Ltd.
T: 604-687-2522 ext. 60
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This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors
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