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In September 2010, Atac announced the discovery of a new “Carlin-style” gold deposit at its 100-percent-owned Rackla project in the Yukon.
The “Drill Tracker” highlights early stage drilling and trenching results, giving a metric to evaluate exploration results and compare them against their peer group. In this report we highlight a dozen exploration companies displaying their projects in the Core Shack at the AME BC Roundup held in Vancouver between January 26 and 29, 2014.
Atac Resources (TSXV:ATC)
Price: $0.67
Market cap: $82 million
Cash estimate: $20 million (working capital)
Project: Rackla
Country: Yukon, Canada
Ownership: 100 percent
- In September 2010, Atac announced the discovery of a new “Carlin-style” gold deposit at its 100-percent-owned Rackla project in the Yukon. The Nadaleen Trend is situated towards the eastern extent of the 185-kilometer-long Rackla project.
- Highlights from the drilling to date include:
- Discovery hole: 33 meters at 9.26 g/t gold
- 46.1 meters at 11.24 g/t gold (Conrad Zone)
- 42.9 meters at 18.44 g/t gold (Conrad Upper Zone)
- 30.8 meters at 9.5 g/t gold (Conrad Zone)
- The mineralization on the five zones in the Nadaleen Zone bears a geological resemblance to Nevada “Carlin-type” deposits, with mineralization associated with decalcified and silicified limestone, collapsed breccia and abundant realgar spatially related to faulted contacts with mudstones and/or anticlinal folds. The best mineralized and thickest intervals occur on the contact between the limestone and the overlying siltstone within the crest of an anticlinal fold. The intervals are reported to represent approximately 60 to 100 percent true thickness.
- The company also completed a PEA on the Tiger oxide/sulfide gold deposit in June 2014. Using a AU$1,250 gold price, the Tiger oxide/sulfide gold deposit has an after-tax NPV of $51 million and a 21.5-percent IRR generating a 2.6-year payback. The life-of-mine capital costs are estimated at $118 million for a combined heap leach/CIL processing facility.
Project status: Resource definition at Osiris.
Resource (Tiger oxide/sulfide): 7.15 million tonnes at 2.21 g/t gold indicated and 8.28 million tonnes at 1.09 g/t gold inferred
Catalysts: 3D modeling, regional exploration
Disclosure: I, Wayne Hewgill, certify that the information in this report is sourced through public documents that are believed to be reliable, but accuracy and completeness as represented in this report cannot be guaranteed. The author has not received payment from any of the companies covered in this report.
At the date of this release the author, Wayne Hewgill, owns shares in the following companies:
This report makes not recommendations to buy sell or hold.
Wayne Hewgill is a geologist with extensive knowledge of the global mining industry gained through 30 years of diversified experience in mineral exploration and new business development in Canada, as well as 10 years living in Africa, New Zealand and Australia. He was previously senior research officer at BHP Billiton, an executive with an exploration company working in Argentina and a mining analyst at three Vancouver-based financial groups where he developed the Drill Tracker database in 2006. He holds a B.Sc. in Geology from the University of British Columbia and is registered as a Professional Geoscientist (P.Geo) with APEGBC.