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Atlantic Resources Ltd. (TSX VENTURE:NAC - News; 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.
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