TORONTO, Oct. 12 /CNW/ – Atlanta Gold Inc. (TSX V: ATG) announces drill results from its shallow confirmation drilling program in the East Extension area on its Atlanta property in Idaho, with the highest gold value of 1.267 ounces per ton (43.44 grams per tonne) Au over 5.0 feet (1.5 metres) confirming the potential for higher grade gold mineralization both near the surface and at depth. Assay results for holes D10184E30, D10154E34 and D10154E36 located in the East Extension area are provided in the table below. Three assays above 0.10 opt (3.43 gpt) Au are shown in bold italics.
“Although assays are currently pending for a number of drill holes, we continue to be encouraged by recent drill results at the Atlanta property”, said Bill Baird, President and CEO of the Company. “Drilling has intersected a number of mineralized zones of significant thicknesses at vertical depths down to 1,800 feet (548.6 metres) below surface and confirmed the presence of goldbearing structures parallel to the main shear. With the current exploration program’s recent focus on testing the upside potential on the deeper levels of the deposit, we will increase our knowledge with respect to continuity and grade of these zones. This will serve to further increase the confidence level associated with the Atlanta project and, we expect, increase our resource base.” Meanwhile, all mineralized zones below a vertical depth of 1,800 feet (548.6 metres) below surface remain largely untested.
|Hole Identification||From (Feet)||To (Feet)||Width (Feet)||True Width (Feet)*||True Width (Metres)*||Gold||Silver|
|Assays (opt Au)**||Assays (gpt Au)||Assays (opt Ag)**||Assays (gpt Ag)|
* True widths are estimates based on current available data and may be subject to change.
** Assays of less than 0.020 opt (0.69 gpt) Au have not been reported.
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 cutoff grade of 0.020 opt (0.69 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 30 to 120 foot [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 Company is continuing to drill shallow confirmation holes in the East Extension. It is also currently drilling the fifth intermediate depth hole from the south side of the Atlanta Shear in the Monarch area toward hole D10010E19 to obtain data just below the area immediately east of the Newmont zone (below the Monarch area), where holes D10010E19, D10026E13, and D10026E15 were lost in historic underground workings, to be followed by an additional intermediate depth hole on the north side of the shear in an open section in the eastern part of the Newmont zone. The drill may then be returned to the East Extension to drill one intermediate depth hole in the central part of the Glaspey zone (below the East Extension area).
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 property. Numerous other mineralized targets are evident, although they are less explored at this time. At the present time, the Company has only a few data points throughout the property on mineralization below a vertical depth of 800 feet, but this data indicates the existence of multiple wider gold-bearing mineralized zones and the potential for higher grades at
To date in 2010, the Company has drilled 40 diamond drill holes totaling approximately 32,199 feet (9,814 metres) comprised of 36 shallow confirmation drill holes totaling 24,403 feet (7,438 metres) and four intermediate depth holes totaling 7,796 feet (2,376 metres). A minimum of 34 additional holes totaling approximately 22,000 feet (6,705 metres) are planned of which six holes totaling approximately 7,000 feet (2,134 metres) are expected to be intermediate depth holes.
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.
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