Atac Resources Ltd. [ATC-TSXV; ATADF-OTCQB] has completed an updated mineral resource estimate for its 100%-owned Osiris deposit, at the Rackla gold property, Yukon. The resource estimate was completed by Mine Development Associates (MDA) of Reno, Nev., a division of Respec, with support from Blue Coast Research of Parksville, B.C.
Osiris deposit resource update highlights include a Indicated mineral resource of 732,000 ounces gold averaging 4.12 g/t (in 5.5 million tonnes), including pit-constrained resources of 604,000 ounces gold at 4.03 g/t (in 4.7 Mt). Inferred mineral resource stand at 1,044,000 ounces gold averaging 3.47 g/t (in 9.4 Mt), including pit-constrained resources of 530,000 ounces gold at 3.07 g/t (in 5.4 Mt).
There was a conversion of 43% of the 2018 maiden inferred resource (1,685,000 ounces at 4.23 g/t) to the Indicated category. All zones remain open to extension along strike and at depth. Metallurgical test work confirms less than 80-per-cent gold recoveries, and viable processing paths with flotation, pretreatment by either pressure oxidation or roasting, and cyanide leaching.
“We are very pleased to demonstrate significant conversion of resources from the inferred to indicated category at Osiris,” stated president and CEO Graham Downs. “This continues to demonstrate the confidence we have in this extensive, high-grade Carlin-style system that hosts some of the best gold intervals ever reported in Yukon. Work over the past two years has focused on technical studies and modelling, leading to growth of the deposit and improved classification of part of the resources at Osiris. We have recently completed 1,500 metres of drilling stepping out on open near-surface parts of the resource and look forward to releasing those results when available.”
This resource incorporates a number of updates from the previously released 2018 mineral resource estimate. Approximately 7,800 metres of drilling in 20 additional holes (completed in 2018 subsequent to the initial resource estimate) have been included. Additional geological modelling, geotechnical studies and metallurgical test work have also been completed. Cut-off grades have been modified to reflect current pricing for gold, updated benchmark mining and process costs, and projected metallurgical recoveries.
This work has collectively allowed for an improvement in classification of a portion of the resource, with a total of 732,000 ounces of gold now reporting to the indicated classification (approximately 43 per cent of the 2018 total inferred resource amount of 1,685,000 ounces of gold).
The Osiris deposit is located at the eastern end of ATAC’s Nadaleen project nearby Snowline Gold’s Einarson project and Fireweed Metals’ MacMillan Pass project. The Osiris deposit comprises four zones: Conrad, Sunrise, Osiris and Ibis. All zones remain open in multiple directions, and numerous additional targets exist at the preresource stage, with 20 Carlin-type gold occurrences defined to date along a 25-kilometre trend.
Additional drilling was recently completed on priority targets outside the resource, with five drill holes totalling 1,550 metres completed in 2022. This work included a stepout on OS-18-273 which intersected 26.70 metres of 12.95 g/t gold, and evaluation of other targets based on updated modelling completed for the 2022 resource. Assays are pending for all 2022 work and will be released when received and compiled.
The Nadaleen project also includes the underexplored Anubis cluster, located 10 km west of the Osiris deposit. Anubis hosts 13 Carlin-type gold occurrences along a 2.5 km strike length, with down-dip extension to 540 m depth. Highlights include 8.51 m of 19.85 g/t gold in hole AN-12-001. Anubis has seen comparatively little drilling, with a total of 49 holes completed to date, and offers significant opportunity for definition of additional resources.
A comprehensive metallurgical test work program was completed by Blue Coast Research of Parksville, B.C. The test work included geometallurgical variability testing, with 147 samples analyzed from across the resource to assess standard Carlin-style characteristics.
ATAC is well financed with approximately $7.5-million in working capital.