Atacama Resources Acquires Kirkland Lake Gold Project
-Historic diamond drill, gold intersections up to 7.02 g/t over 3.7 metres
-Two parallel gold zones, visible gold in core
-Excellent infrastructure and close to Kirkland Lake gold mining area
PLANTATION, Fla., Jan. 16, 2020 (GLOBE NEWSWIRE) -- Atacama Resources International, Inc. (OTC: ACRL) (“Atacama”) is pleased to announce the acquisition of the Tannahill Gold Property located 35 kilometers northeast of the prolific Kirkland Lake Gold Camp in northeastern Ontario. The multi-year deal will provide Atacama with a 100% interest in the property subject to a 2% Net Smelter Return with a buyback option.
Past work on the Tannahill Gold Property (1998) has identified two parallel, gold bearing structures. The gold bearing structures (Lower Zone and Upper Zone), consist of pervasive quartz-carbonate-albite alteration with disseminated pyrite and variable quartz veining. The zones strike in a northeast/southwest direction and dip to the north at 60 degrees.
Of the 28 diamond drill holes drilled into the gold bearing zones, 27 intersected significant gold values. The Lower Zone has returned the higher gold grades to date, including visible gold in four holes, and seems to hold the greatest exploration potential. The Lower Zone shows continuity along strike and consistency in grade. It has been successfully intersected along 300 metres of strike length at the 25 and 50 metre levels, and remains open in both directions. Grades and widths above the 50 metre level are generally 0.35 to 3.25 g/t over widths ranging between 0.60 to 3.0 metres. At depth the zone widens significantly and gold grades increase dramatically (see Figure l and Figure 2). Three holes below the 75 metre level along 100 metres of strike length have excellent widths with higher gold grades:
5.16 g/t over 5.0 metres in T-96-9,
4.80 g/t over 5.00 metres in T-96-11, and
7.02 g/t over 3.7 metres in T-96-15.
Crews are presently on site to locate the old cut lines and drill hole casings. All of the core from the 1998 drill program is available for evaluation and further analysis.
Future work will include geophysical surveys, prospecting, geological mapping and eventual diamond drilling to expand the existing gold zones.
As stated by Colin Keith, President and CEO of Atacama, “We are very excited to start exploration on the Tannahill Gold Property. The recent increase in the price of gold has spurred a re-evaluation of known gold occurrences. Good gold grades and widths, the proximity of the Tannahill project to existing infrastructure, and just 35 kilometers from an existing gold mining area makes this project extremely attractive. This is another piece of the puzzle for our company and a key part of our continued development.”
*Note- Historical Exploration results that pre-date the adoption of NI 43-101 do not comply with current definitions prescribed by NI 43-101 or the Canadian Institute of Mining, and are disclosed only as indications of the presence of gold and possibly other minerals.
About Atacama Resources International ()
Atacama Resources International is a publicly traded OTC Pink company with significant mining claims in the greater Kirkland Lake area of Northern Ontario. Metals and minerals under potential exploration include gold, silver, copper, graphite and cobalt.
Forward Looking Statements
Certain information set forth in this news announcement may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Atacama Resources International, Inc.. Such forward-looking statements are based on current expectations, estimates and projections about the Company’s industry, management beliefs and certain assumptions made by its management. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Information concerning factors that could cause the Company's actual results to differ materially from those contained in these forward-looking statements can be found in the Company's periodic reports as filed on the OTC Markets . Unless required by law, the Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise to reflect future events or circumstances or reflect the occurrence of unanticipated events.
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