Atlantic Gold Reports Additional Results from the Phase 3 Resource Expansion Drill Program at Fifteen Mile Stream

2018-01-17 / @newswire

 

HIGHLIGHTS INCLUDE:
Egerton Maclean: 11m @ 2.22g/t from 24m, 23m @ 1.04g/t from 7m and
24m @ 1.25g/t from 156m.
Hudson: 23m @ 2.32g/t from 14m, 23m @ 1.86g/t from 48m (incl 1m @ 21.50g/t),
11m @ 3.33g/t from 61m
Plenty: 9m @ 2.20g/t from 118m, 9m @ 3.15g/t from 93 (incl 1m @ 25.10g/t from 99m)
Plenty to Egerton Maclean Gap: 7m @ 1.99 g/t from 50m and 10m @ 0.91g/t from 23m.

Infilling, and Identifying Extensions to Known Mineralization at Fifteen Mile Stream

VANCOUVER, Jan. 17, 2018 /CNW/ - Atlantic Gold Corporation (TSX-V: AGB) ("Atlantic" or the "Company") is pleased to report further assay results received from the Phase 3 Resource Expansion drilling program at the Fifteen Mile Stream gold deposit.

Fifteen Mile Stream is located approximately 57km northeast of the central processing facility at Touquoy and is readily accessible by highway. Fifteen Mile Stream's current measured and indicated mineral resources stand at 10.59 million tonnes at 1.33 g/t Au for 452,000 oz. at 0.35g/t cut-off grade.  Inferred mineral resources amount to 6.64 million tonnes at 1.12 g/t Au for 240,000 oz. at 0.35g/t cut-off grade (see Company announcement July 21, 2017)1.

The objectives of the Phase 3 Resource Expansion drilling program are to:

i.   

identify additional gold resources immediately peripheral to those resources previously defined at Fifteen Mile Stream and Cochrane Hill;

ii.   

at Cochrane Hill and at Fifteen Mile Stream – particularly at the Hudson and Plenty zones, upgrade previously defined inferred resources to measured and indicated categories; and

iii.

seek additional new resources within the 350m gap between the Plenty and Egerton MacLean zones at Fifteen Mile Stream.

 

1 The Mineral Resource estimate for Fifteen Mile Stream is quoted at a cut-off grade of 0.35g/t. It has an effective date of July 20, 2017 and was prepared as part of a technical report in accordance with NI 43-101 by Mr. Neil Schofield, a principal of FSSI (Australia) Pty Ltd, released on September 1, 2017 on SEDAR.

Up until the end of 2017 a total of 185 holes for 21,000m have been drilled at Fifteen Mile Stream, with the first drilling for 2018 having just re-commenced. Holes are generally drilled on 25m x 20m centres, although first-pass drilling along the 350m gap between Plenty and Egerton MacLean holes have been drilled on 50m-spaced sections.

Assay results have now been received from a further 71 holes, with just over half of all assays expected from this program having now been received. Although these assayed holes are widely distributed along the trend of the mineralized anticline it is apparent that:

a)

drilling on 25m infill sections at Hudson confirms shallow continuous mineralization between the existing 50m-spaced sections (eg. 23m @ 2.32g/t from 14m). 

b)

infill drilling on 25m-spaced sections at the western end of Egerton MacLean continues to confirm continuity of shallow mineralization (eg. 11m @ 2.22g/t from 24m) between previous 50m-spaced sections; and

c)

Plenty represents a near-surface, northerly dipping, tabular zone of gold mineralization defined by intersections of both moderate grades over many metres (eg. 9m @ 2.2g/t) and high grades over more isolated, narrow intervals (eg. 1m @ 55.8g/t). Further drilling is now being undertaken to better define the controls and distribution of the mineralization here.

d)

In the gap zone between Egerton Maclean and Plenty the Plenty mineralization appears to be traceable eastwards, at least in the shallow levels so far tested and for which assays are so far in hand.  We await the receipt of further assays for this zone.

 

The accompanying cross sections and drilling progress plan can be viewed here: http://files.newswire.ca/1485/AtlanticGold_map.pdf

Assay results are tabulated below:

Hole id

Easting

Northing

Dip

Az.

Depth

(m)

Significant Intervals

(≥0.5g/t Au and up to 3m internal
dilution)

From

(m)

To

(m)

Width

(m)

Grade

(g/t Au)

EGERTON MACLEAN

FMS-17-206^

13250

10000

-45

175

121

12

28

16

1.10

and






83

91

9

1.00

FMS-17-244

13250

9960

-45

175

101

26

37

11

1.03

FMS-17-262

13525

10320

-60

175

250

114

115

1

7.60

and






191

206

15

0.89

and






249

250

1

5.06!

FMS-17-263^

13550

10320

-60

175

251

184

195

11

0.81

and






199

207

8

1.13

FMS-17-265

13375

10130

-75

175

140

15

19

4

4.71

and






31

32

1

4.59

and






37

38

1

3.45

and






90

91

1

22.90

FMS-17-266

13600

10320

-70

175

251

159

160

1

45.0

and






194

199

5

0.70

and






206

215

9

0.79

and






223

235

12

0.83

FMS-17-267

13375

10130

-50

175

40




NSA

FMS-17-268^

13675

10120

-60

175

71

18

24

6

0.77

FMS-17-269

13375

10050

-45

175

52*

28

41

13

0.77

and






47

52

5

2.12!

FMS-17-272

13575

10100

-45

175

112

7

30

23

1.04

and






43

44

1

8.20

and






51

63

12

1.29

FMS-17-273^

13575

10280

-60

175

200

156

180

24

1.25

FMS-17-276^

13375

10030

-45

175

80

24

35

11

2.22

FMS-17-278^

13325

10025

-45

175

100

16

19

3

1.05

and






25

38

13

0.80

and






42

45

3

1.63

and






51

57

6

0.56

FMS-17-279^

13300

10000

-45

175

92

18

25

7

4.30

and






30

31

1

4.47

and






44

45

1

5.75

and






62

68

6

0.58


HUDSON

FMS-17-215^

12250

10000

-45

175

152

62

63

1

4.76

and






89

94

5

1.19

FMS-17-216

12375

10020

-45

175

61

14

37

23

2.32

and






42

50

8

0.80

and






58

61

3

0.97!

FMS-17-217^

12300

10080

-45

175

200

42

46

4

0.56

and






78

92

14

0.94

and






116

122

6

0.85

FMS-17-218

12375

10040

-45

175

82

26

37

11

0.42

and






41

51

10

1.94

and






55

64

9

1.03

and






69

75

6

0.65

FMS-17-219

12375

10060

-45

175

91

15

25

10

0.91

and






40

42

2

2.77

and






48

71

23

1.86

incl.






57

58

1

21.50

and






81

86

5

1.38

FMS-17-221^

12375

10080

-45

175

112

27

42

15

0.77

and






47

56

9

0.76

and






62

63

1

6.77

and






81

87

6

4.09

FMS-17-222^

12375

10100

-45

175

130

61

68

7

1.88

and






99

103

4

3.03

FMS-17-223^

12325

10040

-45

175

92

29

30

1

4.82

and






89

92

3

1.08!

FMS-17-225^

12325

10060

-45

175

110

48

57

9

1.20

and






67

72

5

0.64

FMS-17-226

12325

10080

-45

175

131

46

47

1

7.04

and






70

73

3

1.36

FMS-17-227^

12425

10120

-45

175

142

89

95

6

1.78

and






100

120

20

0.91

FMS-17-228

12325

10020

-45

175

71

32

33

1

12.85

FMS-17-229^

12300

10020

-45

175

62




NSA

FMS-17-231

12325

10140

-45

175

196

139

144

5

1.58

FMS-17-233^

12400

10000

-60

175

50

19

22

3

1.95

and






30

37

7

0.96

FMS-17-234^

12400

10100

-60

175

131

71

74

3

2.02

and






105

116

11

1.73

FMS-17-236^

12450

10100

-60

175

140

25

29

4

7.39

and






50

53

3

1.24

and






59

63

4

2.53

and






92

104

12

1.40

FMS-17-238^

12350

10100

-60

175

170

111

117

6

2.29

FMS-17-239^

12350

10120

-60

175

191

95

98

3

1.35

FMS-17-241^

12425

10100

-45

175

119

94

100

6

1.32

FMS-17-243^

12425

10080

-45

175

101

4

5

1

7.21

and






53

54

1

4.96

and






61

72

11

3.33

and






78

86

8

1.94

FMS-17-246^

12425

10060

-45

175

82

5

6

1

4.23

and






16

21

5

1.99

and






46

47

1

6.43

and






59

67

8

0.97

FMS-17-249^

12425

10040

-45

175

70

5

10

5

1.98

and






28

29

1

12.10

and






41

53

12

1.52


PLENTY

PL-17-022^

12850

9840

-60

175

170

118

127

9

2.20

and






137

142

5

0.54

PL-17-023^

12850

9820

-60

175

140

93

102

9

3.15

incl.






99

100

1

25.10

and






113

118

5

2.84

PL-17-024^

12850

9800

-60

175

110

62

63

1

55.80

and






78

79

1

11.65

and






97

98

1

12.30

PL-17-025^

12800

9800

-60

175

131




NSA

PL-17-028

12750

9800

-60

175

140

90

91

1

12.20

and






112

113

1

15.00

PL-17-031

12700

9800

-60

175

161

123

127

4

0.78

PL-17-032

12700

9780

-60

175

140

94

95

1

3.28

PL-17-033

12650

9800

-60

175

161

122

123

1

11.80

PL-17-034

12650

9780

-60

175

143

104

108

4

1.31

PL-17-035

12625

9780

-60

175

161




NSA

PL-17-041

12825

9820

-60

175

140

106

110

4

5.24

and






117

118

1

18.35

PL-17-042

12825

9800

-60

175

122

75

88

13

0.39

PL-17-043

12825

9780

-60

175

92

57

65

8

0.43

PL-17-044

12875

9820

-60

175

140

21

22

1

8.50

PL-17-045

12875

9800

-60

175

131

66

69

3

3.45

and






75

76

1

6.79

and






84

85

1

10.25

PL-17-073

12825

9740

-60

175

61

8

9

1

5.18

and






19

20

1

31.2

and






30

31

1

9.97

PL-17-076^

12825

9760

-60

175

82




NSA


PLENTY TO EGERTON MACLEAN GAP

PL-17-049^

13100

9900

-45

175

100

25

30

5

0.65

PL-17-050^

13100

9880

-45

175

100




NSA

PL-17-058^

13150

9920

-45

175

100

23

33

10

0.91

PL-17-060^

13050

9840

-45

175

100




NSA

PL-17-061^

13150

9900

-45

175

100




NSA

PL-17-066^

13000

9840

-45

175

100

50

57

7

1.99

FMS-17-245

13250

9940

-45

175

101

8

11

3

1.17

FMS-17-247

13250

9920

-45

175

101




NSA

FMS-17-248

13250

9900

-45

175

101




NSA

FMS-17-250^

13200

10000

-45

175

101

16

17

1

6.33

FMS-17-252^

13200

9900

-45

175

101




NSA

FMS-17-253^

13200

9980

-45

175

101




NSA

FMS-17-254^

13200

9920

-45

175

101




NSA

FMS-17-255^

13200

9880

-45

175

101




NSA

FMS-17-256^

13200

9960

-45

175

101

50

61

11

0.69

FMS-17-257^

13425

9840

-45

175

101




NSA

FMS-17-258^

13425

9820

-45

175

101




NSA

FMS-17-259^

13425

9800

-45

175

101




NSA

! Mineralization to end of hole
NSA: No significant assays; that is, no intervals ≥ 3.0g/t x m.  
^ fire assays of 50g charge from 1kg pulverized sub-sample split from -2mm crushed parent of half sawn 1m NQ core. All others are fire assays of 50g charge from 1kg pulverized sub-sample split from -2mm crushed parent of whole 1m NQ.

 

True width of the mineralization varies according to the dip of the host stratigraphy and declination of the relevant drill hole. For intersections quoted above true width averages 90% of the down-hole width.

Nature of the mineralization:

Mineralization at Egerton MacLean and Hudson occurs within argillites, greywackes and bedding-parallel quartz veins across the hinge zone and limbs of the E-W trending Fifteen Mile Stream (FMS) Anticline. The northern limb of the anticline dips moderately north, with the southern limb overturned (generally steeply north dipping).  All holes are therefore declined to the south. Highest grades so far encountered occur within the hinge zone of the anticline. Mineralization at Plenty is tabular in overall disposition and is thought to be hosted in a deeper, up-faulted southern limb of the Fifteen Mile Stream anticline.  Free gold is commonly observed, and in association with pyrrhotite and arsenopyrite.

Technical Disclosure

At Fifteen Mile Stream all assays by default are 50g charge fire assays of 1kg pulverized sub-sample split from -2mm crushed parent of whole 1m NQ core, with 1-in-10 duplicate assays of the same pulp, and 1-in-10 assays of a second 1kg pulverized sub-sample split from the same crushed parent. Where otherwise noted (^) assays 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. Standards and blind blanks are routinely inserted. 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.  Core recovery is estimated for each metre and averages >97%, excluding occasional voids, usually <2m, representing historic underground workings. Wing samples to voids may be less than 1m to re-establish routine sampling on 1m intervals. Drill core in the hangingwall of the northern limb of the anticline where adjacent historic holes very clearly indicate this upper stratigraphy to be barren may not be sampled and assayed. Standards, blanks and duplicate assay results are acceptable.

Results and updates from this drilling program will be reported progressively.

Wally Bucknell, Director of Exploration to the Company 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 results come 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.

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, 2016 and for the quarter ended September 30, 2017 on the SEDAR website 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

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