July 8, 2010 - ATAC Resources Ltd. (TSX-V:ATC) is pleased to announce that it has made a significant silver-lead-zinc-indium discovery at the Ocelot target located in the western portion of its wholly owned Rau Gold Project in the Keno Hill Mining District, which is historically Canada’s second largest primary silver producer.
The Ocelot target occurs along both sides of the regional structural corridor that hosts the Tiger Zone gold mineralization, 15 km to the southeast. Locally, it is situated in lowlands 1.5 km west of the Wind River Winter Road and is identified by a natural spring gossan and vegetation kill zone measuring approximately 300 by 150 m. ATAC staked the gossan in 2008 as part of its district-wide land acquisition program to secure the on-strike continuation of favorable host rocks of the Rau Gold discovery.
Early 2010 exploration at the Ocelot included induced polarization (IP), ground gravity geophysical surveys and an airborne ZTEM/magnetic survey in conjunction with soil sampling. Results produced a number of distinct geochemical anomalies coincident with gravity, IP, ZTEM airborne EM anomalies and a low level magnetic anomaly.
The Ocelot gossan is being deposited as a precipitate from acidic spring waters that are emanating from a faulted sequence of limestones and dolomites that appear to be correlative with rocks that host gold mineralization at the Tiger Zone. The geochemical and geophysical data indicate the potential for a series of high density, possibly massive sulphide bodies that dip shallowly to the north. The combined geophysical/geochemical anomalies are open to extension to the northwest beyond the areas of current ground surveys, which outline a potential one kilometer strike length to the discovery. The types of mineralization that most closely match the available data are carbonate replacement deposits or mantos.
Follow up prospecting of one of the coincident geochemical/geophysical anomalies in the largely overburden covered area near the Ocelot gossan identified a small vegetation kill zone where abundant boulders and cobbles of angular silver-lead-zinc massive sulphide and oxide mineralization occur at surface and confirm the geophysical anomaly. Photos of the new discovery are posted on the Company’s website. Seven surface samples were taken from the new discovery and results are tabulated below.
|Sample #||Silver (g/t) (oz/t)||Lead (%)||Zinc (%)||Indium (g/t)|
|G285164||2100 (61.25 oz/t)||55.33||0.74||62.00|
|G285165||1840 (53.67 oz/t)||44.49||1.19||17.00|
|G285166||86.30 (2.52 oz/t)||1.69||2.08||68.10|
|G285167||21.00 (0.61 oz/t)||0.75||22.60||4.12|
|G285168||11.65 (0.34 oz/t)||0.48||33.32||1.93|
|G285169||134.00 (3.91 oz/t)||2.39||40.55||3.16|
|G285170||2810 (81.96 oz/t)||80.55||0.17||3.28|
“Making additional discoveries on the 160 km long Rau Gold Project has been a major priority for ATAC,” states Graham Downs, ATAC’s CEO. “We are extremely excited about the potential at the Ocelot and a diamond drill is being mobilized to the Ocelot on July 15th. This drill will be an addition to the three drills that continue to explore the Tiger Zone.”
The technical information in this news release has been reviewed by Robert C. Carne, M.Sc., P.Geo., a qualified person for the purposed of National Instrument 43-101.
ATAC is a well funded junior mining company focused on precious metals. 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
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