North of 60 Mining News - The mining newspaper for Alaska and Canada's North

Atac raises C$3.25M for Rackla Gold exploration

 

Last updated 5/1/2016 at Noon



Atac Resources Ltd. April 24 reported the closure of a C$3.25 million non-brokered private placement, consisting of the sale of 5 million flow-through common shares at C65 cents each.

"This financing allows Atac to minimize the use of its C$16 million treasury of hard-dollars (non-flow-through dollars)," Atac President and CEO Graham Downs explained.

"With approximately C$19 million now in its treasury, Atac is well-positioned to substantially advance the newly discovered Orion target and Airstrip anomaly during the 2016 field season." At the Nadaleen trend, located toward the eastern end of the Rackla Gold property in Yukon Territory, Atac plans to drill roughly 30 rotary air blast holes to follow up on the 2015 discovery hole at the Orion target, which returned 3.79 grams per metric ton gold over 47.24 meters.

This hole bottomed in gold mineralization with the last interval grading 2.56 g/t gold over 1.52 meters.

At the Rau trend, soil sample coverage around the 10-square-kilometer (2,500 acres) Airstrip gold anomaly will be expanded and all high-priority anomalies will receive detailed prospecting, trenching and mapping.

If warranted and time permitting, the company plans to follow-up the sampling and prospecting with rotary air blast drilling.

Atac also will begin permitting a 69-kilometer (43 miles) tote road to the Rau Trend and Tiger gold deposit.

Author Bio

Shane Lasley, Publisher

Over his more than 13 years of covering mining and mineral exploration, Shane has become renowned for his ability to report on the sector in a way that is technically sound enough to inform industry insiders while being easy to understand by a wider audience.

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