November 7, 2008 - ATAC Resources Ltd. (TSX-V:ATC) is pleased to announce results from a diamond drill program at its Hopeful silver project in central Yukon. The program was conducted in July and August and comprised a total of 865 m of drilling in six holes.
The 2008 holes targeted a vein zone that has been traced over a 260 m strike length and to a depth of 90 m. In the 1980s a total of 14 holes were drilled into the vein zone by previous operators. Eleven of the historical and all of the 2008 holes intersected silver mineralization. The mineralization remains open along strike in both directions and down dip.
The 2008 holes were primarily designed to confirm the previous results, which were obtained prior to the implementation of National Instrument 43-101. This holes drilled this year were drilled on three section lines spaced 50 m apart in the core of the previously drilled area. The 2008 holes produced intercepts that are comparable to earlier results. A map illustrating locations of holes will be posted on ATAC’s website.
|†||Intervals shown are mineralized lengths of core. All holes cut across the vein at a high angle but contacts are often irregular, thus true widths cannot be reliably calculated. Based on observed core angles, true widths are estimated to be 85 to 95% of interval lengths.|
|*||HF-08-05 was abandoned short of its target depth.|
The Hopeful prospect is located in mountainous terrain about 110 km east of Dawson City in central Yukon. It lies within one of the most productive parts of the Tintina Precious Metal Belt, with the Brewery Creek gold deposits 35 km to the west and the Keno Hill silver deposits 80 km to the east. The veins that comprise the Keno Hill deposits form the second most productive silver district in Canada. Collectively they have yielded a total of 6,657,235 kg (214,035,599 million ounces) of silver (Cathro, 2006 in Geoscience Canada).
Noranda Exploration discovered the Hopeful prospect in the early 1980s and drilled the main argentiferous vein zone in 1984 with 10 holes totalling 883 m. Danra Resources optioned the property and drilled four more holes totalling 609 m in 1988. No additional work was done and the claims were allowed to expire. ATAC optioned claims that comprise the core of the current property from two arm’s-length prospectors, who had restaked the vein. The property now consists of 72 claims encompassing about 1500 hectares.
The silver-rich zone lies along the contact between a Cretaceous age granitic stock and surrounding Ordovician age quartzites, shales and carbonate sedimentary rocks. The zone is 10 to 30 m thick and consists of quartz-tourmaline-muscovite veins flanked by kaolinite-hematite-limonite-talc altered wallrocks. The mineralized veins strike 65 degrees north and dip about 70 degrees toward the south.
All analyses referred to in this news release were performed at ALS Chemex in North Vancouver, BC. The samples were collected and handled in ways that ensure security, including chain of custody procedures. Blank samples were randomly included in every batch of 20 core samples. Each sample was analyzed for silver, gold and 33 other elements. Silver was specifically analyzed using an aqua regia digestion followed by inductively coupled plasma with atomic emission spectroscopy or atomic absorption spectroscopy (Ag-OG46). Gold analyses involved fire assay followed by inductively coupled plasma with either atomic emission spectroscopy or atomic absorption spectroscopy (Au-ICP21). Analysis for a multi-element package (that included silver again) was done by inductively coupled plasma combined with either mass spectroscopy or atomic emission spectroscopy (ME-ICP61a). Over limit silver values from the ME-ICP61a technique were reanalyzed to obtain full values (Ag-OG62). Reproducibility of silver values by the various techniques was excellent.
The technical information in this news release has been reviewed by Robert C. Carne, M.Sc., P.Geol., a qualified person for the purpose of National Instrument 43-101.
For additional information concerning ATAC Resources Ltd. or its various exploration projects please visit ATAC’s website at www.atacresources.com or contact:
Graham Downs, CEO
ATAC Resources Ltd.
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Forward Looking Statements
This document may contain “forward-looking statements” within the meaning of Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements are made as of the date of this document and the Company does not intend, and does not assume any obligation, to update these forward-looking statements.
Forward-looking statements relate to future events or future performance and reflect management’s expectations or beliefs regarding future events and include, but are not limited to, statements with respect to the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, success of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of resources; possible variations in ore reserves, grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in the Company’s interim and annual financial statements and management’s discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.
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