Yukon Property Returns More Gold For Atac

VANCOUVER — Atac Resources (ATC-V, ATADF-O) is gradually increasing the strike length of the high-grade oxide zone at its Rau gold property in the Yukon.

The company’s second set of drill results from its 2009 exploration program indicate good continuity in a near-surface zone of oxide mineralization around Atac’s first 2009 drill hole, which returned 24.07 grams gold per tonne over 28 metres.

Hole 23, drilled from the same collar as that first hole, returned 15.64 grams gold over 16.8 metres within a 27.4-metre interval averaging 9.72 grams gold that started 60 metres down-hole. From roughly 50 metres southwest, hole 27 cut 54.6 metres grading 3.16 grams gold from 16 metres depth, including 18.3 metres averaging 7 grams gold.

Hole 34, collared 50 metres southeast of hole 23, returned 39.7 metres of 3.74 grams gold from 45 metres depth, including 24 metres of 5.09 grams gold. And hole 31, drilled another 50 metres southeast, hit 65.5 metres of 2.13 grams gold from 7 metres, including 26.3 metres of 3.42 grams gold.

Atac is bringing a third drill rig to Rau and assay results for another 16 holes are pending. One rig is systematically delineating the core of the oxide zone; the new rig will also work on the oxide zone while a scout drill works to determine the limits of the zone and tests other targets on the property.

The oxide zone has been traced along 550 metres of strike, with true thicknesses ranging from 15 to 50 metres. The zone remains open in both directions along strike and laterally to the northeast. In addition, some holes have intersected mineralized siderite veins in the footwall of the zone.

In 2008, Atac’s work at Rau focused on an area of sulphide mineralization comprising pyrite and lesser arsenopyrite disseminated within a dolomitized limestone. The new oxide zone sits uphill along strike to the northwest.

Both zones are part of a 22-kmlong, northwest-striking, geochemically and geophysically anomalous trend within late-Cretaceous granitic stock. The trend coincides with a 100-to 500-metre-wide structural corridor containing faulted and folded Paleozoic carbonate sedimentary rocks.

The 790-sq.-km Rau property is near Keno Hill in the central Yukon, 55 km northeast of the community of Keno City. The property is part of the Tintina gold belt, an area that has seen an explosion of exploration effort and success of late. Other properties in the area include Underworld Resources’ (UW-V, UNDWF-O) White Gold project and Northern Freegold Resources’ (NFR-V, NFRGF-O) Freegold Mountain project.

On the drill results, Atac’s share price lost a penny to close at 61¢. The company has a 52-week trading range of 7-79¢ and 52 million shares outstanding.