TORONTO, Nov. 17 /CNW/ - Atlanta Gold Inc. (TSX V: ATG) today announced additional drill results from its intermediate depth drilling program on its Atlanta property in Idaho. Assay results for the third and fourth of six intermediate depth holes drilled are provided in the table below. Holes D10105E23 and D10105E25 are located approximately 61.0 metres west of the westernmost holes in the Glaspey zone (below the Eastern Extension area), and the highest gold values are 3.806 grams per tonne Au over 3.0 metres and 3.291 grams per tonne over 1.5 metres. Assay results for the first and second intermediate depth holes were previously announced on October 7, 2010.
At present, the Company has only a few data points throughout the property on mineralization below a vertical depth of 243.3 metres, but this data indicates the existence of multiple wider gold-bearing mineralized zones and the potential for higher grades at depth.
"Grades from the first four intermediate drill holes drilled by the Company ranged from 0.686 to 9.017 gpt over short intercepts," said Bill Baird, President and CEO of the Company. "In the late 1980s and early 1990s, previous operators of the Atlanta project drilled 21 intermediate depth holes to a maximum vertical depth of 563.9 metres and the related assays ranged from 5.589 to 58.594 gpt over widths ranging from 2.9 to 18.1 metres. These intermediate depth holes were drilled prior to National Instrument 43-101. However, they indicated the potential for higher grade mineralization at depth and were the basis for initiating the Company's intermediate depth drilling program in 2010. "These historic results together with the confirmation in 2010 of continuity at depth, discoveries of a possible parallel gold-bearing structure north of the Atlanta Shear Zone and a possible connection to the 1,219-metre long Tahoma structure which is located approximately 805 metres north of the main shear warrant an aggressive follow up drilling program in 2011", said Mr. Baird.
|Hole Identification||From (Metres)||To (Metres)||Width (Metres)||True Width (Metres)*||Gold||Silver|
|Assay (gpt Au)**||Assay (gpt Ag)|
* True widths are estimates based on current available data and may be subject to change.
** Assays of less than 0.686 gpt Au have not been reported.
The Company completed its 2010 drill campaign on November 4th after drilling 48 diamond drill holes totaling approximately 11,910.0 metres comprised of 42 shallow confirmation drill holes totaling 8,282.2 metres and six intermediate depth holes totaling 3,627.8 metres.
Hole D10105E23 penetrated strongly altered and mineralized zones at 343.5 to 376.7 metres and 524.0 to 549.9 metres. The upper zone had stronger alteration and mineralization and the assays from 342.9 to 356.6 metres included 3.0 metres of 3.806 gpt Au at 342.9 to 345.9 metres and 9.1 metres of 1.601 gpt Au at 347.5 to 356.6 metres.
Hole D10105E25, which was drilled from the same site as D10105E23 but at an angle of -75 degrees, intersected strongly altered and mineralized zones at 408.1 to 453.9 metres and 527.3 to 541.3 metres, with the upper zone exhibiting even stronger alteration and mineralization. The best assays are in the upper zone where the grades ranged from 0.720 to 1.234 gpt Au from 405.4 to 431.3 metres. This zone has multiple shorter intercepts and with lower grades than in hole D10105E23. The two upper intercepts correlate well in attitude and are aligned with the main shear as defined by previous drilling. The two lower zones indicate a low-dipping feature and at this time it is uncertain how the lower zones relate to the upper zones.
All assay results are length-weighted averages, weighting each assay interval according to the core length for that respective interval. All assay intervals above the cut-off grade of 0.686 gpt Au are included in the average. True widths of mineralization in these drill holes are not precisely known as there is insufficient drill hole density at this time to estimate true widths. True widths are estimated with trigonometric functions utilizing the inclination of the drill hole and the drilled length of the intercept. Each drill hole is oriented / angled from each side (i.e. north or south of the 9 to 37 metre wide Atlanta Shear Zone) to try to avoid underground workings. Where workings are intercepted and / or no core is recovered, grades of nil are assigned and those intervals of no value are separated from the weighted average grades.
The drill hole inventory to date represents detailed exploration of a small portion of the overall surface expression of the Atlanta Shear Zone on the Atlanta property. Numerous other mineralized targets are evident, although they are less explored at this time.
In this news release, all measurements are reported in metric units. Where such measurements were previously reported in Imperial units, they have been converted to metric based on the conversion factors shown below.
1 metre = 3.2808 feet
1 centimetre = 0.3937 inch
1 kilometre = 0.621371 miles
1 hectare = 2.471 acres
1 metric tonne = 1.1023 short (Imperial) tons
1 troy ounce = 31.1035 grams
Measure of Concentration
1 troy ounce per short (Imperial) ton = 34.2857 grams per metric tonne or 34.2857 parts per million
Quality Control and Assurance
Drill samples were handled and assayed in accordance with NI 43-101 standards. Assaying was done by Inspectorate America Corporation of Sparks, Nevada, U.S.A. Inspectorate is a well known international laboratory that has operated in Nevada for more than 10 years. Samples were 30-gram fire assays of split NQ-sized core (4.76 centimetres in diameter). The NQ diameter drillcore samples were split in half; one half was retained in its original core box and the second half was sent to Inspectorate. Quality control and assurance of the analytical results is maintained by inserting standards, blanks, and duplicates into the sample run, for approximately every twenty samples at the project site.
Information of a technical nature in this news release regarding the Atlanta gold project has been reviewed by William (Bill) L. Josey who is a designated "Qualified Person" under NI 43-101. Mr. Josey is a registered professional geologist in the State of Arizona.
About the Company
Atlanta Gold Inc. (TSXV: ATG) holds through its 100% owned subsidiary, Atlanta Gold Corporation, leases, options or ownership interests in its Atlanta properties which comprise approximately 889.1 hectares located 90 air kilometres north east of Boise, in Elmore County, Idaho. A long history of mining makes Atlanta very suitable for development of new mining projects. The Company is focused on advancing its core asset, Atlanta, towards mine development and production.
This news release contains forward-looking information and forward-looking statements (collectively "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical fact, are forward-looking statements. We use words such as "may", "intend", "will", "should", "anticipate", "plan", "expect", "believe", "estimate" and similar terminology to identify forward-looking statements, including with respect to the interpretation of the results of the Company's 2010 exploration program. Such are based upon assumptions, estimates, opinions and analysis made by management in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. These assumptions include those concerning the accuracy of historical records, the accuracy of the Company's resource estimates and of the geological, metallurgical and price assumptions on which the estimates are based. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those expressed or implied in the forward-looking statements and accordingly, readers should not place undue reliance on those statements. Risks and uncertainties that may cause actual results to vary include, but are not limited to, the speculative nature of mineral exploration, development and mining (including with respect to size, grade and recoverability of mineral reserves and resources); operational and technical difficulties; risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards; changes in resource prices and fluctuations in currency exchange rates; as well as other risks and uncertainties which are more fully described in the Company's annual and quarterly Management's Discussion and Analysis and in other Company filings with securities and regulatory authorities which are available at www.sedar.com. Should one or more risks and uncertainties materialize or should any assumptions prove incorrect, then actual results could vary materially from those expressed or implied in the forward-looking statements and accordingly, readers should not place undue reliance on those statements.
Readers are cautioned that the foregoing lists of risks, uncertainties, assumptions and other factors are not exhaustive. The forward-looking statements contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements contained herein or in any other documents filed with securities regulatory authorities, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.
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.
For further information:
Atlanta Gold Inc.:
|Investor Cubed Inc.:
Telephone: (647) 258-3310, (888) 258-3323
Fax: (416) 363-7977
|CHF Investor Relations:
Telephone: (416) 868-1079
Fax: (416) 868-6198
E-mail: [email protected]