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23.11.2010
North Atlantic Commences Geochemical Surveys at the FT Project, Mali
North Atlantic Commences Geochemical Surveys at the FT Project, Mali
TORONTO, ONTARIO (Nov. 22, 2010) - North Atlantic Resources Ltd. (TSX VENTURE: NAC.V) (the "Company" or "North Atlantic") is pleased to report that detailed termite mound sampling for gold has commenced on its 100% owned FT Project ("FT") in the Republic of Mali, West Africa. This program represents the beginning of an aggressive campaign of geochemical sampling and drilling that will continue through to at least the second quarter of 2011.
Termite mound sampling by North Atlantic in the spring of 2010 identified four areas of anomalous gold. These areas will be in-filled with detailed termite mound sampling in conjunction with broader property-wide sampling.
Current work will consist of over 8,000 termite mound samples as well as regolith mapping and trenching over the four zones described below and to cover other areas of the FT Project. The termite mound sampling program is designed to provide density detail to the previously identified anomalies prior to diamond drilling. Where ground conditions are suitable, trenches will be established over selected anomalies for geological and structural interpretation.
Foulalaba Zone
The Foulalaba Zone was previously called the South Zone or Main Zone. This area is located 14 kilometres south of the FT resource and is coincident with the new discovery area announced in our press release dated August 4, 2010. Reverse circulation (RC) drill highlights include: 64 metres at 2.50 grams per tonne Au, including 6 metres at 24.54 grams per tonne Au in hole 10FLSRC-02, and 4 metres at 2.29 grams per tonne Au in hole 10FLSRC-01. The anomalous region covers an area more than 1.5 by 2 kilometres in size.
Mpanyala Zone
The Mpanyala Zone termite mound anomaly is the southern extension to the Foulalaba Zone anomaly. This anomalous area extends for over 2 kilometres onto the Mpanayla permit.
FT Zone
Southwest Anomaly
The Southwest FT Anomaly is located approximately 1.5 kilometres southwest of the FT resource. The Southwest Anomaly is comprised of two irregularly shaped gold anomalous areas approximately 4 by 2 kilometres in total extent. The Southwest Anomaly represents a potentially significant parallel zone to our FT resource.
Northwest Anomaly
The Northwest Anomaly is located directly northwest of the FT resource. The anomaly is an extensive area of irregularly shaped gold anomalous termite mounds approximately 2.5 by 2.5 kilometres in size. This anomaly appears to be a direct extension of the known trend at the FT resource (see press release dated July 29, 2010).
Scott Waldie, President and CEO of North Atlantic stated, "We have developed a high degree of confidence that termite mound sampling for gold is successful in defining areas of extensive bedrock gold mineralization that had previously been missed by conventional soil geochemical sampling. Consequently, we have expanded our termite mound sampling program to cover the entire FT project area, particularly that area we call the Central Block of the FT Project. The Central Block has received sparse exploration since 2004 and several untested soil geochemical anomalies generated from earlier surveys require more exploration. Given the success of our recent exploration at FT we are excited to complete sampling over this area and move on to our diamond drilling campaign. Drilling of the Foulalaba Zone will begin on or about November 22, 2010."
At the FT Project, the FT resource is the most advanced gold discovery with an initial NI 43-101 compliant resource calculation of 7,880,000 tonnes at a grade of 0.95 grams gold per tonne containing 241,000 ounces of gold in the Indicated mineral resource category and 10,550,000 tonnes at a grade of 1.05 grams gold per tonne containing 353,000 ounces of gold in the Inferred mineral resource category.
To view the map associated with this release, please follow this link: http://media3.marketwire.com/docs/nac1122m.pdf.
About North Atlantic
North Atlantic is a mineral exploration and development company focused on exploring for gold in the Republic of Mali, West Africa. Our four main projects are the FT, Kantela, Diokeba, and Dalakan Projects. In recent years, we have made significant gold discoveries on the FT Project located in Southern Mali, and the Kantela Project located in Western Mali. North Atlantic has 56,071,124 common shares issued and outstanding (82,710,017 shares on a fully diluted basis). Please visit our website www.nac-tsx.com to for more information about our projects.
Qualified Person
The results of North Atlantic's sampling program have been reviewed and verified by H. Andrew Daniels, P. Geo, a Qualified Person as defined by National Instrument 43-101. Mr. Daniels has over 25 years of mineral exploration and mining experience, is a Licensed Professional Geologist in the Province of Ontario and a member in good standing.
This news release may contain forward-looking statements that are based North Atlantic Resources Ltd.'s expectations, estimates and projections regarding its business and the economic environment in which it operates. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. Statements speak only as of the date on which they are made, and the Company undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.
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.
Contacts
Scott Waldie
North Atlantic Resource Ltd.
President & CEO
(416) 703-6348
(416) 703-6507 (FAX)
info@nac-tsx.com
www.nac-tsx.com
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TORONTO, ONTARIO (Nov. 22, 2010) - North Atlantic Resources Ltd. (TSX VENTURE: NAC.V) (the "Company" or "North Atlantic") is pleased to report that detailed termite mound sampling for gold has commenced on its 100% owned FT Project ("FT") in the Republic of Mali, West Africa. This program represents the beginning of an aggressive campaign of geochemical sampling and drilling that will continue through to at least the second quarter of 2011.
Termite mound sampling by North Atlantic in the spring of 2010 identified four areas of anomalous gold. These areas will be in-filled with detailed termite mound sampling in conjunction with broader property-wide sampling.
Current work will consist of over 8,000 termite mound samples as well as regolith mapping and trenching over the four zones described below and to cover other areas of the FT Project. The termite mound sampling program is designed to provide density detail to the previously identified anomalies prior to diamond drilling. Where ground conditions are suitable, trenches will be established over selected anomalies for geological and structural interpretation.
Foulalaba Zone
The Foulalaba Zone was previously called the South Zone or Main Zone. This area is located 14 kilometres south of the FT resource and is coincident with the new discovery area announced in our press release dated August 4, 2010. Reverse circulation (RC) drill highlights include: 64 metres at 2.50 grams per tonne Au, including 6 metres at 24.54 grams per tonne Au in hole 10FLSRC-02, and 4 metres at 2.29 grams per tonne Au in hole 10FLSRC-01. The anomalous region covers an area more than 1.5 by 2 kilometres in size.
Mpanyala Zone
The Mpanyala Zone termite mound anomaly is the southern extension to the Foulalaba Zone anomaly. This anomalous area extends for over 2 kilometres onto the Mpanayla permit.
FT Zone
Southwest Anomaly
The Southwest FT Anomaly is located approximately 1.5 kilometres southwest of the FT resource. The Southwest Anomaly is comprised of two irregularly shaped gold anomalous areas approximately 4 by 2 kilometres in total extent. The Southwest Anomaly represents a potentially significant parallel zone to our FT resource.
Northwest Anomaly
The Northwest Anomaly is located directly northwest of the FT resource. The anomaly is an extensive area of irregularly shaped gold anomalous termite mounds approximately 2.5 by 2.5 kilometres in size. This anomaly appears to be a direct extension of the known trend at the FT resource (see press release dated July 29, 2010).
Scott Waldie, President and CEO of North Atlantic stated, "We have developed a high degree of confidence that termite mound sampling for gold is successful in defining areas of extensive bedrock gold mineralization that had previously been missed by conventional soil geochemical sampling. Consequently, we have expanded our termite mound sampling program to cover the entire FT project area, particularly that area we call the Central Block of the FT Project. The Central Block has received sparse exploration since 2004 and several untested soil geochemical anomalies generated from earlier surveys require more exploration. Given the success of our recent exploration at FT we are excited to complete sampling over this area and move on to our diamond drilling campaign. Drilling of the Foulalaba Zone will begin on or about November 22, 2010."
At the FT Project, the FT resource is the most advanced gold discovery with an initial NI 43-101 compliant resource calculation of 7,880,000 tonnes at a grade of 0.95 grams gold per tonne containing 241,000 ounces of gold in the Indicated mineral resource category and 10,550,000 tonnes at a grade of 1.05 grams gold per tonne containing 353,000 ounces of gold in the Inferred mineral resource category.
To view the map associated with this release, please follow this link: http://media3.marketwire.com/docs/nac1122m.pdf.
About North Atlantic
North Atlantic is a mineral exploration and development company focused on exploring for gold in the Republic of Mali, West Africa. Our four main projects are the FT, Kantela, Diokeba, and Dalakan Projects. In recent years, we have made significant gold discoveries on the FT Project located in Southern Mali, and the Kantela Project located in Western Mali. North Atlantic has 56,071,124 common shares issued and outstanding (82,710,017 shares on a fully diluted basis). Please visit our website www.nac-tsx.com to for more information about our projects.
Qualified Person
The results of North Atlantic's sampling program have been reviewed and verified by H. Andrew Daniels, P. Geo, a Qualified Person as defined by National Instrument 43-101. Mr. Daniels has over 25 years of mineral exploration and mining experience, is a Licensed Professional Geologist in the Province of Ontario and a member in good standing.
This news release may contain forward-looking statements that are based North Atlantic Resources Ltd.'s expectations, estimates and projections regarding its business and the economic environment in which it operates. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. Statements speak only as of the date on which they are made, and the Company undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.
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.
Contacts
Scott Waldie
North Atlantic Resource Ltd.
President & CEO
(416) 703-6348
(416) 703-6507 (FAX)
info@nac-tsx.com
www.nac-tsx.com
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
<a href="http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA6573301067">http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA6573301067</a>
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.