Mr. Steven Dean reports
ATLANTIC GOLD REPORTS FINAL RESULTS FROM THE RESOURCE DEFINITION DRILL PROGRAMS AT FIFTEEN MILE STREAM AND COCHRANE HILL
Atlantic Gold Corp. has released final assay results received from core drilling programs on the Fifteen Mile Stream and Cochrane Hill gold deposits where resource definition drilling on 25-metre-by-20-metre centres has been undertaken with the objective of upgrading resources to measured and indicated categories. At Fifteen Mile Stream assay results through the core of the anti-cline in the Egerton MacLean zone continue to return notable intersections in terms of grade, width and relatively shallow depth. Across a 350 m strike length (13200E to 13550E) almost 40 one-metre samples have recorded assays in excess of 20 grams per tonne, the bulk of these being included in longer mineralized intervals (that is not isolated). Of these, six are in excess of 100 g/t and two in excess of 1,000 g/t. High grades are an inherent feature of this part of the deposit.
In the central part of Cochrane Hill (3100E to 3400E) attractive intersections on the lowest-tier holes indicate mineralization to still be open at depth (such as holes CH-17-204 (31 m at 4.2 g/t from 176 m), CH-17-212 (22 m at 2.94 g/t from 168 m), CH-17-218 (six m at 14.1 g/t from 172 m) and CH-17-220 (four m at 9.1 g/t from 120 m)).
The company plans to use the results from the drill programs to undertake further analysis to determine the economic viability of the above-noted deposits which would include analysis of the economics of processing these deposits at the Moose River Consolidated (MRC) milling facility by way of a prefeasibility study.
New assay results from the two drilling programs are reported as follows.
Fifteen Mile Stream
Fifteen Mile Stream is located approximately 57 kilometres northeast of the central milling facility at Touquoy and is readily accessible by highway. Fifteen Mile Stream's current inferred mineral resources stand at 11.72 million tonnes at 1.55 g/t Au for 584,000 ounces. The drilling program has now been completed with 191 holes for 23,943 m having been drilled. New assay results reported herein are from a further 34 holes with assays pending from the final two holes of the program.
Drilling results
The additional assay drill results continue to reflect those grades, widths and geometry of gold mineralization documented from the 1980s and 2011 drilling programs which support the current inferred resource estimate. Mineralization occurs within argillites, greywackes and bedding-parallel quartz veins across the hinge zone and limbs of the east-west-trending Fifteen Mile Stream (FMS) anti-cline. The northern limb of the anti-cline dips moderately north, with the southern limb overturned (generally steeply north dipping). All holes are therefore declined to the south at various dips and hence true widths vary (see assay table) depending on which limb of the anti-cline is intersected, and also depending on hole inclination or declination. Free gold is commonly observed, and in association with pyrrhotite and arsenopyrite.
Results have now been received from a suite of many holes drilled across the hinge zone of the anti-cline in the central part of the main Egerton MacLean zone. Notable new intersections in terms of width, grade and relatively shallow depth continue to be returned from positions within the hinge zone, or core, of the anti-cline as well as the two limbs. The ghosted image of this overturned anti-cline is now apparent from the positions of the many mineralized intersections, on a number of cross-sections (such as 13425E), the mineralization conforming somewhat to the sedimentary layering. Using the descriptive product of grade and down-hole width there are over two dozen composite intersections with grade times width in excess of 40 gram metres per tonne and many of these are near surface commencing at vertical depths of less than 50 m.
These shallow and widespread mineralized intersections across the limbs and core of this subhorizontal anti-clinal hinge zone are considered to be highly encouraging in the context of potential open-pit extraction.
Results subsequent of those previously released are shown in the table. Previous results can be found in press releases dated Feb. 10, 2017,
March 1, 2017,
March 16, 2017,
April 3, 2017,
May 1, 2017,
May 24, 2017,
and
June 20, 2017.
FIFTEEN MILE STREAM DRILL RESULTS
Hole From (m) To (m) Width (m) Approx. true width (m) Au (g/t)
FMS-17-134 28 30 2 2 15.5
incl. 29 30 1 1 28.9
and 46 48 2 2 2.27
FMS-17-135 NSA
FMS-17-136 30 31 1 1 4.48
FMS-17-147 79 90 11 11 0.48
and 106 107 1 1 6.03
and 135 146 11 11 1.08
FMS-17-148 NSA
FMS-17-152 29 30 1 1 8.44
and 39 42 3 3 1.33
and 64 65 1 1 14.35
FMS-17-154 21 26 5 5 5.06
and 89 91 2 2 13.4
incl. 89 90 1 1 26.1
and 98 115 17 14 1.10
and 124 131 7 6 1.02
FMS-17-156 102 107 5 4 2.06
and 130 142 12 10 0.70
and 147 168 21 18 0.90
FMS-17-158 118 134 16 15 1.41
and 140 141 1 0.9 3.27
FMS-17-160 51 52 1 1 6.39
and 62 64 2 2 4.25
and 115 116 1 1 16.60
FMS-17-163 NSA
FMS-17-165 42 54 12 12 1.22
and 72 83 11 11 2.67
and 116 122 6 5 0.85
FMS-17-166 74 75 1 1 8.44
and 109 110 1 1 3.82
and 125 128 3 1 1.36
FMS-17-167 41 42 1 1 5.02
and 46 47 1 1 17.90
and 56 57 1 1 53.2
FMS-17-168 27 32 5 5 1.05
and 60 64 4 4 3.00
and 70 72 2 2 52
incl. 71 72 1 1 102)
and 86 98 12 12 0.71
FMS-17-169 29 32 3 3 4.68
and 40 50 10 10 0.88
and 61 70 9 9 24.6
incl. 62 63 1 1 42.8
incl. also 63 64 1 1 172.5
and 75 82 7 7 2.04
and 91 94 3 3 1.82
and 105 106 1 1 12.70
and 125 142 17 15 1.08
FMS-17-171 73 74 1 1 4.17
and 113 119 6 5 1.16
and 132 142 10 9 1.30
FMS-17-172 106 121 15 13 13.5
incl. 109 110 1 1 28.7
incl. also 113 114 1 1 161
and 129 136 7 6 0.95
FMS-17-173 17 22 5 3 1.05
FMS-17-174 12 19 7 5 0.81
and 59 60 1 1 14.1
and 130 132 2 2 2.05
and 137 144 7 6 0.71
FMS-17-175 98 103 5 4 0.49
and 120 121 1 0.7 10.6
and 135 167 32 25 2.33
and 175 176 1 0.7 12.75
FMS-17-176 110 151 41 36 2.05
and 160 161 1 0.7 5.53
FMS-17-177 98 99 1 0.9 6.29
and 115 136 21 19 0.87
and 141 144 3 3 3.06
FMS-17-178 81 82 1 1 6.68
and 95 96 1 1 7.75
and 102 119 17 17 1.97
and 123 135 12 12 1.81
FMS-17-179 50 52 2 2 3.62
and 77 81 4 4 1.13
and 87 105 18 18 9.7
incl. 89 90 1 1 45.3
incl. also 90 91 1 1 111
and 127 130 3 3 10.0
incl. 128 129 1 1 25.8
and 143 157 14 14 0.94
and 188 197 9 7 0.51
FMS-17-180 57 58 1 1 16.65
and 63 66 3 3 1.09
and 79 109 30 30 2.21
and 120 126 6 6 1.64
and 146 149.5 3.5 3 1.66
FMS-17-181 30 33 3 3 10.0
and 56 63 7 7 0.76
and 68 110 42 42 1.35
and 123 131 8 8 0.91
and 151 157 6 6 12.6
incl. 152 153 1 1 72.1
and 178 182 4 4 1.38
FMS-17-184 81 89 8 6 0.96
and 110 111 1 0.7 17.55
and 115 137 22 17 1.76
and 141 146 5 4 0.71
and 150 163 13 10 5.9
incl. 154 155 1 0.7 27.9
incl. also 158 159 1 0.7 43.7
and 172 173 1 0.7 3.83
FMS-17-185 69 77 8 7 0.70
and 83 84 1 0.8 112.5
and 96 107 11 9 3.6
incl. 96 97 1 0.8 24.8
and 113 138 25 21 9.8
incl. 129 130 1 0.8 204
and 143 148 5 4 0.78
FMS-17-186 59 60 1 0.9 3.78
and 80 81 1 0.9 3.49
and 91 145 54 50 88
incl. 113 114 1 0.9 3,180
incl. also 124 125 1 0.9 1,490
and 191 208 17 15 0.78
FMS-17-187 72 73 1 1 22.2
and 94 117 23 23 1.67
and 122 123 1 1 5.96
and 127 171 44 44 1.23
FMS-17-188 44 45 1 1 15.2
and 77 78 1 1 3.58
and 86 88 2 2 21.8
incl. 86 87 1 1 27.2
and 91 107 16 16 1.15
and 130 156 26 26 0.92
and 190 194 4 3 1.15
FMS-17-189 54 64 10 7 1.78
FMS-17-190 19 24 5 4 1.05
171 185 14 12 0.54
NSA: no significant assays.
True width of the mineralization varies according to the dip of the host stratigraphy and declination of the relevant drill hole. It is therefore noted for each intersection in the table. Particularly in the Egerton-Maclean zone hole collars are necessarily located to minimize, though not entirely avoid, ingress to wetland areas and as a result hole declinations are adjusted to compensate for collar positioning. In many cases holes are drilled at different declinations from the same site. Sample distribution is not materially compromised.
The current resource estimate for Fifteen Mile Stream is as shown in the table.
FIFTEEN MILE STREAM RESOURCE ESTIMATE
Category Tonnes (millions) Grade Au (g/t) Contained Au (oz)
Inferred resource 11.72 1.55 584,000
Resources that are not reserves do not have demonstrated economic
viability.
The mineral resource estimate for Fifteen Mile Stream is quoted at a
cut-off grade of 0.5 g/t. It has an effective date of Feb. 16, 2015, and
was prepared as part of a technical report in accordance with National
Instrument 43-101 by Neil Schofield, a principal of FSSI (Australia)
Pty. Ltd., released on April 2, 2015, on SEDAR.
Cochrane Hill
The Cochrane Hill gold deposit is located within trucking distance (approximately 80 km) to the central milling facility at Touquoy and is readily accessible by highway (based on a preliminary economic assessment dated Oct. 14, 2014, prepared by Moose Mountain Technical Services). Mineral resources at Cochrane Hill currently comprise indicated resources of 4.5 million tonnes at 1.8 g/t Au for 251,000 ounces and inferred resources of 5.6 million tonnes at 1.6 g/t Au for 298,000 ounces.
New assay results reported herein are from the remaining 22 holes of the resource definition diamond drilling program. This program was completed at the end of April with a total of 177 core holes for 26,575 m having been drilled. The latter phase of the program targeted potential extensions of mineralization -- mainly to the west of the main body of mineralization, west of the stepout holes on Section 2775E across Highway No. 7 and at depth in the central part of the deposit.
Drilling results
These final assay results come mostly from west of the main body of mineralization and at depth in the central part of the deposit. They continue to reflect the trend and geometry of the main zone -- a fairly predictable and continuous tabular body dipping about 70 degrees to the north with a true width of approximately 15 to 20 m -- though in places with varying widths of included internal dilution. Best results are from the depth extension drilling between 3100E and 3400E (such as holes CH-17-204 (31 m at 4.2 g/t from 176 m), CH-17-212 (22 m at 2.94 g/t from 168 m), CH-17-218 (six m at 14.1 g/t from 172 m) and CH-17-220 (four m at 9.1 g/t from 120 m)), where drilling indicates mineralization to be open at depth.
Results subsequent to those previously released are shown in the table. Previous results can be found in press releases dated Dec. 6, 2016,
Jan. 3, 2017,
Jan. 11, 2017,
Feb. 2, 2017,
May 1, 2017,
May 24, 2017,
and
June 20, 2017.
COCHRANE HILL DRILL RESULTS
Hole From (m) To (m) Width (m) Au (g/t)
CH-17-195 101 102 1 7.33
and 109 119 10 1.33
and 150 151 1 5.81
CH-17-202 93 94 1 3.58
and 102 103 1 9.30
and 145 158 13 1.40
and 191 193 2 22.6
incl. 191 192 1 29.6
CH-17-203 119 120 1 3.47
126 132 6 1.24
CH-17-204 125 126 1 92.6
and 176 207 31 4.2
incl. 178 179 1 93.1
CH-17-205 131 134 3 8.7
incl. 133 134 1 23.6
and 149 150 1 7.58
and 154 158 4 1.46
and 166 173 7 1.85
and 190 191 1 14.35
CH-17-206 131 134 3 1.49
and 144 149 5 0.83
CH-17-207 113 114 1 7.16
and 119 134 15 1.03
and 145 146 1 11.9
CH-17-209 142 143 1 3.25
and 148 154 6 1.13
and 158 159 1 5.66
and 180 195 15 1.55
CH-17-210 69 74 5 2.65
and 78 79 1 10.1
and 85 87 2 1.66
CH-17-211 150 153 3 8.90
and 172 175 3 1.07
CH-17-212 74 75 1 6.82
and 147 162 15 0.98
and 168 190 22 2.94
incl. 184 185 1 22.0
CH-17-213 57 72 15 2.88
incl. 57 58 1 34.8
and 93 98 5 51
incl. 93 94 1 241
CH-17-214 86 87 1 12.75
and 119 130 11 1.69
and 135 149 14 0.81
CH-17-215 127 128 1 4.59
and 146 164 18 1.45
and 182 185 3 1.23
CH-17-217 22 28 6 4.54
incl. 26 27 1 22.3
CH-17-218 147 160 13 0.82
and 172 178 6 14.1
incl. 175 176 1 39.2
incl. also 176 177 1 26.6
CH-17-219 NSA
CH-17-220 79 80 1 11.75
and 101 106 5 0.87
and 120 124 4 9.1
incl. 123 124 1 32.1
CH-17-221 167 186 19 1.12
217 218 1 5.61
CH-17-222 36 37 1 5.68
and 64 81 17 1.97
CH-17-223 51 58 7 7.2
incl. 55 56 1 38.1
and 85 88 3 3.89
CH-17-224 17 35 18 1.54
NSA: no significant assays.
True width of the mineralization is approximately 75 to 85 per
cent of the down-hole width depending on dip of the drill hole.
The current resource estimate for Cochrane Hill is shown in the table.
COCHRANE HILL RESOURCE ESTIMATE
Category Tonnes (millions) Grade Au (g/t) Contained Au (oz)
Indicated resource 4.5 1.8 251,000
Inferred resource 5.6 1.6 298,000
Resources that are not reserves do not have demonstrated economic
viability.
The mineral resource estimate for Cochrane Hill is quoted at a cut-off
grade of 0.5 g/t. It has an effective date of Aug. 1, 2014, and was
prepared as part of a technical report in accordance with NI 43-101 by
Mr. Schofield, released on Aug. 14, 2014, on SEDAR.
Technical disclosure
Fifteen Mile Stream
At Fifteen Mile Stream all assays by default are 50 g charge fire assays conducted on whole-sample pulverized 1m samples of sawn, half NQ core with one in 10 duplicate assays and insertion of standards and blind blanks. However for holes FMS-17-138 and following, the more conventional preparation procedure of crushing the entire sample to P70 two millimetres and pulverizing a 1,000 g split to P85 75 micrometres (instead of pulverizing the whole sample) for 50 g charge fire assay was adopted. Following program completion a subset of these samples will be whole-sample pulverized (by pulverizing the coarse reject and adding to the pulp) for duplicate comparison. A gravimetric finish is applied to most high-grade (greater than 100 g/t) samples. Sample preparation and assaying are 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 greater than 97 per cent, excluding occasional voids, usually less than two m, representing historic underground workings. Wing samples to voids may be less than one m to re-establish routine sampling on one m intervals. Drill core in the hangingwall of the northern limb of the anti-cline 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.
Cochrane Hill
All core drilled at Cochrane Hill is assayed. All assays have been conducted on one m whole-sampled pulverized samples of sawn, half NQ core and, where mineralization is expected, assayed by total sample screen fire assay with two times fines fire assays, and insertion of standards and blind blanks. In the hangingwall and footwall of expected mineralization samples are assayed by 50 g charge fire assay with any mineralized samples (generally greater than 0.5 g/t) and adjacent samples as appropriate, returned for screen fire assay. Sample preparation and assaying are conducted at the Sudbury and Vancouver laboratories of ALS Canada Ltd., an entity having no other relationship with the company. With almost 600 such fire assayed samples having now also been screen fire assayed, it is apparent that correlation of these duplicate assay results is sufficiently close to warrant continuing assaying by fire assay alone. This methodology is being applied to samples from the final 42 drill holes (CH-17-182 onward, except CH-17-185). Core recovery is estimated for each metre and averages greater than 98 per cent. Standards and blanks 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, has reviewed and approved the contents of this news release.
We seek Safe Harbor.
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