VANCOUVER, BC, Oct. 22, 2020 /CNW/ - ATAC Resources Ltd. (TSXV: ATC) ("ATAC") is pleased to announce that its 2020 exploration program at the Rau Project was completed earlier this month. The Rau Project is located at the western end of its 1,700 km2 Rackla Gold Property in east-central Yukon.
The 2020 exploration program consisted of two phases and began in mid-July. The phase one program included Rotary Air Blast ("RAB") scout drilling, detailed geological and structural mapping and prospecting. This initial work was highly successful, resulting in the discovery of a new orogenic gold system at the Airstrip target. See ATAC's news release dated September 14, 2020 for additional information.
The phase two program utilized two diamond drills to follow up on previous RAB drilling and prospecting discoveries at the Airstrip target. A total of 1,876 m of diamond drilling was completed in 6 holes. Diamond drilling included twinning and extending RAB holes ASR-16-006 (1.43 g/t gold over 13.71 m), ASR-20-018 (0.51 g/t gold over 36.58 m) and ASR-16-004 (0.66 g/t gold over 22.86 m).
RAB drilling continued as part of the phase two program and was used to test kilometre-scale step-outs at Airstrip and evaluate other early-stage geochemical anomalies. The combined phase one and two RAB drilling consisted of an aggregate 1,565 m in 25 holes. Trail building and excavator trenching was also carried out across the Airstrip target, with rock samples collected from multiple new vein exposures.
Significant delays are being experienced in analytical turnaround times due in large part to the COVID-19 global pandemic and related assay lab staffing issues. Remaining results from the 2020 exploration and drilling program will be announced once ATAC has received and compiled its results.
Tiger Tote Road Update
In 2018 the Yukon Government and the First Nation of Na-Cho Nyäk Dun issued a decision document under the Yukon Environmental and Socio-economic Assessment Act allowing the Tiger Tote Road to proceed on certain terms and conditions. (See ATAC news release dated March 5, 2018 for additional information). Since then, ATAC has developed and submitted an application to amend its existing Mining Land Use Approval to include the proposed road, and it has submitted a supporting access management plan. ATAC has expressed concerns to the Yukon Government regarding various delays and actions associated with government's processing of the application (and land use planning). The Yukon Government recently notified ATAC that government consultation with the First Nation of Na-Cho Nyäk Dun regarding the application has now been completed and that a decision can be expected soon. ATAC will provide further updates as and when additional information becomes available.
The technical information in this news release has been approved by Adam Coulter, M.Sc., P.Geo., the Vice President of Exploration for ATAC and a qualified person for the purposes of National Instrument 43-101.
ATAC is a Vancouver-based exploration company focused on advancing Yukon's premier precious and base metal district and grassroots exploration in Nevada. Work on its ~1,700 km2 Rackla Gold Property in Yukon has resulted in the Osiris Project Inferred Mineral Resource of 1,685,000 oz of gold at an average grade of 4.23 g/t (in 12.4 Mt), a positive Preliminary Economic Assessment for the Tiger Gold Deposit (Pre-tax NPV of $118.2M and IRR of 54.5%), and numerous early-stage gold and base metal discoveries. ATAC is well-financed with approximately $7 million in working capital.
On behalf of Management and the Board of Directors of ATAC Resources Ltd.
Graham Downs, President and CEO
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SOURCE ATAC Resources Ltd.
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