September 16, 2010 - ATAC Resources Ltd. (TSX-V:ATC) is pleased to provide an exploration update for the Osiris target on its wholly-owned Rau Gold Project, located in the Keno Hill District of central Yukon Territory.
On September 1, 2010, ATAC announced the discovery of Carlin-type gold mineralization on its 1400 sq/km Rau Gold Project. The upper portion of the Company’s first diamond drill hole (OS-10-01) at the Osiris target intersected an average of 9.26 g/t gold over 31.13 m. An accelerated exploration program was initiated immediately to evaluate additional targets in the area. Key developments from the Osiris target and surrounding area include:
- Seven drill holes have been completed with an additional two planned for the current exploration season. Six of the drill holes tested a 300 m section across the apex of a moderately plunging antiform that hosts the gold mineralization in drill hole OS-10-01 within the Osiris limestone unit. Photos of the discovery hole core can be viewed on ATAC’s website;
- One drill hole has been completed at the Isis Zone which is located in the overlying Isis limestone about 900 m west of the Osiris Zone, and within a separate structure. It exhibits many of the same geological features as the Osiris Zone;
- A 12 sq/km detailed soil sampling grid has been completed over the discovery area resulting in the expansion of the Osiris and Isis targets to 250 by 1000 m and 200 by 700 m, respectively. Two additional gold anomalies called the Conrad and Eaton Showings have gold-bearing mineralization in outcrop associated with orpiment and realgar. A figure of the new zones can be viewed on ATAC’s website;
- The Conrad Showing is located approximately two km east of the Isis Zone and is identified by a subdued gold geochemical signature due to localized debris cover. Four representative rock samples collected from a 200 m long portion of the anomaly graded 21.4, 21.9, 40.3 and 66.6 g/t gold, while a continuous channel sample taken across the width of a partially exposed portion of the zone assayed 14.89 g/t gold over 2.30 m. The Eaton discovery is 400 m to the southeast of the Conrad showing and is characterized by a large area of clay alteration and limited grab samples that grade from trace to 1.02 g/t gold. Both showings will be drill tested this fall;
- A third anomaly called the Isis East Zone was also identified. It is characterized by an area of gold and arsenic soil geochemical anomalies that lie in the Isis limestone unit, about 100 m stratigraphically higher than the Osiris Zone and within the same antiformal structure; and,
- Preliminary results from the regional stream sediment sample survey have been received and are very encouraging. One stream 4 km east of the Osiris zone and two streams located 10 and 20 km west of the Osiris area have returned highly anomalous arsenic values. These new areas plus any additional stream sediment anomalies will be followed up with detailed prospecting and soil sample surveys in 2011.
“The initial results for the Osiris area are very encouraging and they signal the discovery of a new gold district in central Yukon. Planning is already underway in preparation for a 2011 district-wide exploration program,” states Graham Downs, ATAC’s CEO. “The Osiris/Isis discovery areas will be tested with a minimum of three drills and a contingency plan will be in place to add more drills as necessary to test additional targets recognized during 2010 and 2011 exploration.”
Gold determinations were carried out at ALS Chemex in North Vancouver, B.C. where samples 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.
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 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. 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,
Graham Downs, CEO
ATAC Resources Ltd.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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 beyond its control, and actual results may differ materially from the expected results.