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Mining Explorers 2009: Atac Resources Ltd.

 

Last updated 11/1/2009 at Noon



ATC: TSX-V

President and Director: Robert C. Carne

Chief Executive Officer: Graham N. Downs

Chief Operating Officer: Ian J. Talbot

ATAC Resources Ltd., organized in 1998 in British Columbia, is a closely held junior exploration company aggressively exploring for gold in Yukon Territory, Northwest Territories and British Columbia.

The company's corporate philosophy is to maximize shareholder value by identifying and acquiring grassroots and early-stage gold prospects.

It currently has more than 16 exploration projects.

The company's management team and board of directors include geologists and engineers with more than 160 years of collective exploration experience in western Canada.

The most significant exploration development during 2009 was a gold discovery at Atac's Rau property in central Yukon.

In June, the company resumed diamond drilling at Rau and has since reported more encouraging assay results.

Highlights include 23 meters in hole Rau-09-19 averaging 24.07 grams per metric ton gold; 16.76 meters in hole Rau-09-23 averaging 15.64 g/t gold; and 65.51 meters in hole Rau-09-31 averaging 2.13 g/t gold.

Atac said the encouraging assays demonstrate good continuity of near-surface oxide mineralization in the western part of the zone near hole Rau 09-19.

The blanket-like zone of mineralization in the middle horizon has now been traced over 550 meters, with true widths ranging from 15 meters to 50 meters, the junior said.

It has moved aggressively to further enlarge the Rau property by staking 1,263 claims to cover geochemical targets along the favorable trend.

Atac also purchased two claims from arms-length prospectors, bringing the property to 2,701 claims covering 540 square kilometers, or 208.5 square miles.

In addition, the junior staked several new properties.

As a result of the downturn in global equity markets in recent months, Atac said most of its property option agreements with other companies have been terminated. Holding costs to maintain the properties are relatively modest, so most of the properties will remain in good standing for two or more years, Atac said. The remainder will be held for another year at a cost of about C$75,000.

Cash and short-term deposits: C$4.02 million (at June 30, 2009)

Working capital: C$5.5 million (at Aug. 19, 2009)

Market capitalization: C$26.45 million

Suite 1016 - 510 West Hastings St.

Vancouver, British Columbia

Canada V6B 1L8

Tel: 604-687-2522

Fax: 604-688-2578

http://www.atacresources.com

 

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