DISCOVERY OF NEW ZONE OF SIGNIFICANT NEAR
SURFACE GOLD MINERALIZATION AT THE 149 PROSPECT 1KM EAST OF FIFTEEN
MILE STREAM; FOLLOW-UP DRILLING HAS COMMENCED
149 PROSPECT HIGHLIGHTS
INCLUDE:
17m @ 1.94g/t Au from 13m
25m @
1.18g/t Au from 48m
9m @
1.84g/t Au from 8m
18m @
1.90g/t Au from 21m
27m @
1.18g/t Au from 34m
34m @
1.36g/t Au from 12m to EOH
VANCOUVER, June 28, 2018 /CNW/ - Atlantic Gold
Corporation (TSX-V: AGB) ("Atlantic" or the "Company") is
pleased to announce the first results from the "Phase 4 Corridor
Regional Program" initiated late April to evaluate the
under-explored and geologically prospective 45km trend which
extends northeast from its Touquoy gold deposit at the company's
Moose River Consolidated Gold Mine ("MRC"), to the
Beaver Dam gold deposit and
through to the Fifteen Mile Stream gold deposit in the
northeast.
President and COO, Maryse
Belanger said, "It is exciting that the first target in
our systematic Corridor Program has produced very encouraging
results and demonstrates strong regional potential for the
identification of additional deposits to be added to our MRC Life
of Mine Plan from this
program."
The 149 Prospect, located approximately 1km east of the eastern
limit of the Fifteen Mile Stream deposits, was prioritized as part
of the Corridor Regional Program based on favourable interpreted
geological and geophysical information and wide-spaced historical
anomalous drill hole results. Results from Atlantic's initial
wide-spaced drill traverses were encouraging and additional infill
drilling has now been completed over a strike length of
350m. Shallow mineralization has been
identified over a strike length of at least 250m and is open at depth and along strike to the
east.
Early stage interpretation suggests that mineralization is of a
style similar to that located in the Egerton-MacLean zone of the
Fifteen Mile Stream deposits. The gold mineralization is associated
with disseminated arsenopyrite and banded pyrrhotite in argillite
units on the northern flank of an east-west trending anticlinal
structure. Based on limited drilling to date, the
mineralization appears to dip approximately 60-75° north, may be up
to 25m in true thickness and is
covered by a modest 5m glacial till
cover.
Significant results of drilling completed are tabulated
below:
Table of Significant Drill
Results
(Gold Assay (g/t Au) * Sample Length (m) ≥ 3.0g/t
Au*m)
149 Prospect
June 25,
2018
Hole
ID
|
Easting
|
Northing
|
Dip
|
Az.
|
Depth(m)
|
Significant
Intervals
(≥0.5g/t Au up to
3m internal dilution)
|
From
(m)
|
To
(m)
|
Width
(m)
|
Grade
(g/t
Au)
|
FS-09-108**
|
14900
|
10227
|
-55
|
175
|
350
|
7
|
8
|
1
|
5.19
|
68
|
74
|
6
|
0.75
|
152
|
155
|
3
|
1.20
|
186
|
196
|
10
|
0.76
|
217
|
218
|
1
|
6.75
|
251
|
256
|
5
|
1.01
|
266
|
271
|
5
|
0.63
|
FS-09-109**
|
14790
|
10190
|
-45
|
175
|
200
|
11
|
12
|
1
|
11.75
|
128
|
142
|
14
|
0.94
|
FMS-17-304
|
14100
|
10000
|
-45
|
180
|
152
|
106
|
109
|
3
|
1.55
|
FMS-18-326
|
14500
|
10180
|
-45
|
180
|
151
|
13
|
30
|
17
|
1.94
|
34
|
36
|
2
|
1.86
|
121
|
137
|
16
|
0.66
|
FMS-18-327
|
14475
|
10135
|
-65
|
180
|
62
|
16
|
43
|
27
|
0.78
|
54
|
62
|
8
|
1.56!
|
FMS-18-328
|
14500
|
10150
|
-65
|
180
|
97
|
15
|
34
|
19
|
0.78
|
48
|
73
|
25
|
1.18
|
FMS-18-329
|
14475
|
10125
|
-45
|
180
|
40
|
8
|
17
|
9
|
1.84
|
21
|
38
|
17
|
1.20
|
FMS-18-330
|
14525
|
10150
|
-50
|
180
|
67
|
21
|
39
|
18
|
1.90
|
52
|
58
|
6
|
0.63
|
FMS-18-332
|
14575
|
10165
|
-55
|
180
|
97
|
34
|
61
|
27
|
1.18
|
68
|
74
|
6
|
1.03
|
FMS-18-333
|
14425
|
10125
|
-45
|
180
|
103
|
8
|
23
|
15
|
0.69
|
29
|
43
|
14
|
1.08
|
47
|
52
|
5
|
0.94
|
FMS-18-334
|
14575
|
10150
|
-45
|
180
|
100
|
12
|
18
|
6
|
0.52
|
28
|
36
|
8
|
0.58
|
66
|
70
|
4
|
2.89
|
FMS-18-335
|
14425
|
10150
|
-45
|
180
|
79
|
21
|
32
|
11
|
0.69
|
FMS-18-336
|
14625
|
10155
|
-65
|
180
|
91
|
27
|
31
|
4
|
0.93
|
36
|
41
|
5
|
0.88
|
47
|
53
|
6
|
0.68
|
FMS-18-341
|
14675
|
10175
|
-45
|
180
|
88
|
22
|
28
|
6
|
0.58
|
FMS-18-343
|
14675
|
10210
|
-45
|
180
|
133
|
72
|
98
|
26
|
0.50
|
FMS-18-345
|
14450
|
10135
|
-45
|
180
|
46
|
12
|
46
|
34
|
1.36!
|
FMS-18-346
|
14525
|
10130
|
-45
|
180
|
64
|
15
|
22
|
7
|
1.06
|
FMS-18-347
|
14450
|
10150
|
-60
|
180
|
92
|
23
|
31
|
8
|
0.87
|
68
|
69
|
1
|
5.80
|
FMS-18-348
|
14550
|
10150
|
-60
|
180
|
80
|
17
|
20
|
3
|
1.20
|
25
|
33
|
8
|
0.78
|
37
|
41
|
4
|
1.31
|
47
|
50
|
3
|
2.87
|
56
|
69
|
13
|
0.79
|
- Table includes all
assay results which are deemed significant, with [Sample Length (m)
* Gold Assay (g/t Au) ≥ 3.0g/t Au*m]
- All assay results
are Fire Assays of 50g charge from 1kg pulverized sub-sample split
from ~2mm crushed parent of sawn half 1m NQ core
- NSA No Significant
Assays; that is, no intervals ≥ 3.0g/t * m
- !
Mineralization to the end of hole
- **Drilled by Acadian in 2009 but not
assayed. Sampled and assayed by Atlantic in November
2017.
|
True width of the mineralization varies according to the dip of
the host stratigraphy and declination of the relevant drill hole.
Initial indications from drilling completed so far are that true
widths of mineralized intersections range from 65% to 95% of
down-hole widths.
The accompanying cross sections and drill plan can be viewed
here:
http://files.newswire.ca/1485/149-Prospect.pdf
The follow-up program, which has recently commenced, will
evaluate possible strike extensions, particularly to the east, and
down dip at depth.
The Phase 4 Corridor Regional Program will comprise a total of
up to 100,000 metres of diamond drilling distributed throughout the
Touquoy-Beaver Dam-Fifteen Mile Stream Corridor. Two diamond drill
rigs are currently working to complete this program.
Atlantic's mineral properties, totalling approximately
171km2, are underlain by units of the Meguma Supergroup
which are the preferred host to the style of mineralization being
mined by the Company at the Touquoy Gold Mine. These units also
host the Beaver Dam, Fifteen Mile
Stream and Cochrane Hill gold
deposits, located within the Corridor, which are currently
incorporated in the Phase 2 Life of Mine Expansion Pre-Feasibility
Study announced in a news release dated January 29, 2018.
Historically this area has had very little exploration, owing
largely to the fact that the economic viability of the three known
deposits had not previously been properly assessed and in part due
to extensive glacial overburden masking bedrock exposures. Although
the planned program is regional in nature, the Company will
strategically locate drill traverses using proprietary airborne
geophysical survey data, its knowledge of Meguma-style
mineralization gained from previous exploration and resource
definition of the three thematic deposits, and other interpretive
methods.
The objective of the program is to explore the gaps between the
three known deposits along this trend and discover new areas of
gold mineralization which could result in the definition of
additional gold mineral resources for incorporation into the
Company's growth strategy.
Technical Disclosure
All assays reported are 50g charge fire assays of 1kg pulverized
sub-sample split from -2mm crushed parent of sawn half 1m NQ core, with 1-in-10 duplicate assays of the
same pulp. Due to the regional nature of this program, Company
standards and blind blanks were not routinely inserted; routine
insertion of standards and blanks has re-commenced for future
drilling at this target. Sample preparation and assaying is
conducted at the Sudbury and
Vancouver laboratories of ALS
Canada Ltd, an entity having no other relationship with the
Company. ALS employ a standard routine of duplicate and check
assays and reference standards. Core recovery is estimated for each
metre and averages 96%.
Douglas A Currie, P. Geo., General Manager-Exploration and a
Qualified Person as defined by National Instrument 43-101 ("NI
43-101") has reviewed and approved the contents of this news
release.
Further updates will be provided in due course and as new
information comes to hand.
On behalf of the Board of Directors,
Steven Dean
Chairman and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
About Atlantic:
Atlantic is a well-financed, growth-oriented gold development
group with a long term strategy to build a mid-tier gold production
company focused on manageable, executable projects in
mining-friendly jurisdictions.
Atlantic is focused on growing gold production in
Nova Scotia beginning with its MRC
phase one open pit gold mine which declared commercial production
in March 2018, and its phase two Life
of Mine Expansion which will ramp up gold production to + 200,000
ounces per year at industry lowest quartile cash and
all-in-sustaining-costs (as stated in the Company's news releases
dated January 19, 2018 and
January 29, 2018).
Atlantic is committed to the highest standards of
environmental and social responsibility and continually invests in
people and technology to manage risks, maximize outcomes and
returns to all stakeholders.
Forward-Looking Statements:
This release contains certain "forward looking statements"
and certain "forward-looking information" as defined under
applicable Canadian and U.S. securities laws. Forward-looking
statements and information can generally be identified by the use
of forward-looking terminology such as "may", "will", "expect",
"intend", "estimate", "anticipate", "believe", "continue", "plans"
or similar terminology. Forward-looking statements and information
are not historical facts, are made as of the date of this press
release, and include, but are not limited to, statements regarding
discussions of future plans, guidance, projections, objectives,
estimates and forecasts and statements as to management's
expectations with respect to, among other things, the activities
contemplated in this news release and the timing and receipt of
requisite regulatory, and shareholder approvals in respect thereof.
Forward-looking statements in this news release include, without
limitation, statements related to proposed exploration and
development programs, grade and tonnage of material and resource
estimates. These forward-looking statements involve numerous risks
and uncertainties and actual results may vary. Important factors
that may cause actual results to vary include without limitation,
the timing and receipt of certain approvals, changes in commodity
and power prices, changes in interest and currency exchange rates,
risks inherent in exploration estimates and results, timing and
success, inaccurate geological and metallurgical assumptions
(including with respect to the size, grade and recoverability of
mineral reserves and resources), changes in development or mining
plans due to changes in logistical, technical or other factors,
unanticipated operational difficulties (including failure of plant,
equipment or processes to operate in accordance with
specifications, cost escalation, unavailability of materials,
equipment and third party contractors, delays in the receipt of
government approvals, industrial disturbances or other job action,
and unanticipated events related to health, safety and
environmental matters), political risk, social unrest, and changes
in general economic conditions or conditions in the financial
markets. In making the forward-looking statements in this press
release, the Company has applied several material assumptions,
including without limitation, the assumptions that: (1) market
fundamentals will result in sustained gold demand and prices; (2)
the receipt of any necessary approvals and consents in connection
with the development of any properties; (3) the availability of
financing on suitable terms for the development, construction and
continued operation of any mineral properties; and (4) sustained
commodity prices such that any properties put into operation remain
economically viable. Information concerning mineral reserve and
mineral resource estimates also may be considered forward-looking
statements, as such information constitutes a prediction of what
mineralization might be found to be present if and when a project
is actually developed. Certain of the risks and assumptions are
described in more detail in the Company's audited financial
statements and MD&A for the year ended December 31, 2017 and for the quarter ended
March 31, 2018 on the Company's SEDAR
profile at www.sedar.com. The actual results or performance by the
Company could differ materially from those expressed in, or implied
by, any forward-looking statements relating to those matters.
Accordingly, no assurances can be given that any of the events
anticipated by the forward-looking statements will transpire or
occur, or if any of them do so, what impact they will have on the
results of operations or financial condition of the Company. Except
as required by law, the Company is under no obligation, and
expressly disclaim any obligation, to update, alter or otherwise
revise any forward-looking statement, whether written or oral, that
may be made from time to time, whether as a result of new
information, future events or otherwise, except as may be required
under applicable securities laws.
SOURCE Atlantic Gold Corporation