Shares of Atac Resources (ATC-V) climbed nearly 10% after the prominent Yukon-focused explorer released more results from its wholly owned Rackla gold project, 55 km northeast of Keno City.
Atac released assays from another 23 holes completed at the Conrad and Isis East zones within the Nadaleen Trend in the eastern corner of its sizeable project in central Yukon. The results contained the best hole to date at Conrad, which returned 18.44 grams gold per tonne over 42.9 metres. Another hole on the zone hit 56.9 metres of 4.68 grams gold. A notable intercept from the Isis East zone 1.5 km southeast of Conrad cut 27.4 metres of 4.45 grams gold.
The Vancouver-based junior says drilling in Conrad’s high-grade near-surface area is expanding, and shows continuity of gold mineralization.
To find the zone’s limits, the company has four drills turning along strike to the east and west. It has another two rigs probing its other targets within the Nadaleen Trend.
The Conrad and Isis East zones are two of five drill-confirmed, Carlin-type gold discoveries the gold junior has made within a 3 by 4 km area on the Nadaleen Trend. The other targets include the Osiris, Isis and Amon zones.
The drill results are part of the first phase of its two-phase 2012 drill campaign. Atac plans to complete 30,000 metres on its 1,600 sq. km Rackla project this year. In mid-July, it finished drilling 15,000 metres in 58 holes on the Conrad, Isis and Isis East zones.
Earlier that month, it announced a $15.6-million private placement to help continue exploration on the 185 km Rackla property.
Along with defining the zones, the company will follow up on a number of targets indentified through geochemical surveys last year.
In 2011, it spent $25 million largely to complete 32,500 metres in 118 holes and build four all-season camps and two airstrips.
In October, it published its first resource estimate on the project’s Tiger gold deposit within the Rau Trend. At a 0.3-gram-gold cut-off, the deposit hosts oxide plus sulphide resources of 7.2 million indicated tonnes at 2.21 grams gold and 3.68 grams silver per tonne (508,000 contained oz. gold).
Tiger was the company’s former focus of exploration and drilling before it found the Carlin-type gold deposits in late 2010 within the Nadaleen Trend, located 100 km east. After that, the Tiger deposit, which hosts carbonate replacement-style gold mineralization, was placed on the back burner.
Atac released its first 10 holes from this year’s drill program on July 18. Standout intercepts from the Conrad zone included 46 metres grading 11.24 grams gold and 40.3 metres at 10.10 grams gold. Notable hits from the Isis East zone returned 24.4 metres of 5.58 grams gold and 21.6 metres of 5.11 grams gold.
On Aug. 21 the stock gained 9.4%, or 24¢, to close at $2.80.
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