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Atlantic Gold Announces Additional Drill Results from Resource Extension Drilling at the Cochrane Hill Gold Deposit

 

 

 

 

 

Atlantic Gold Corporation (TSX-V: AGB) is pleased to provide an update of results for its resource extension drilling program at Cochrane Hill Gold Deposit. The recently completed diamond drilling at Cochrane Hill continues to confirm extensions to the  mineralization defined by the Phase 3 Resource Definition drill program, completed earlier in 2018 and supports other recently published results from the program.

 

Cochrane Hill is located approximately 80km northeast of the Company’s central processing facility at the Moose River Consolidated Gold Mine. Cochrane Hill’s current Measured and Indicated Mineral Resources stand at 10.66 million tonnes at 1.16 g/t Au for 398,000 oz. at a 0.35g/t Au cut-off grade. Inferred Mineral Resources amount to 1.63 million tonnes at 1.32 g/t Au for 69,000 oz. at a 0.35g/t Au cut-off grade (see the Company’s announcement on January 29, 2018)1.

 

The Phase 3 Resource Expansion drilling program at Cochrane Hill was completed in January 2018, with 44 holes for 6,900m having been drilled. The Cochrane Hill deposit is a fairly predictable and continuous tabular body dipping about 70o to the north with an average true width of approximately 20 to 25m. Holes were drilled on 25m x 20m centers to test for resource extensions of this mineralization eastwards and at depth to the northeast. The results of this program were announced in prior news releases; however, these results were not included in the resource estimation referred to above (See Company announcements on March 15, 2018, and April 4, 2018).

 

Particularly notable from the results of the Phase 3 drill program is a robust zone of mineralization over at least a 300m strike length (at approximately Section 3050E to 3350E) below the current pit design and about 180m vertically below surface. Mineralized intervals within this zone have a combined down-hole width per drill hole averaging 30m (true width of about 22m) and a weighted average grade of 2.75g/t Au. This zone was interpreted to be open at depth and to the east. It is also interpreted to have the potential to add high value ounces to further expand the current in-pit resource and potentially result in deepening of the relatively shallow pit designed in the January 2018 Pre-Feasibility Study which has a maximum vertical depth of 175m (See News Release dated January 29, 2018).

 

Recent drilling, totaling 16,242m in 70 holes, was designed to test potential extensions to defined resources. This was completed over a 475m strike length between Sections 2975E – 3450E. Initial assay results were included in previous news releases (See the Company’s announcements on December 5, 2018 and January 21, 2019). The results for additional holes are included herein (Table 1) and shown on the attached cross-sections. The final drill results are expected shortly and will be released when received.

 

As previously reported, mineralization typical of Cochrane Hill has been observed in most drill holes. The host rocks are moderately silicified greywacke and argillite protoliths metamorphosed to upper amphibolite facies, with frequent layer-parallel quartz veining. Gold mineralization, including frequently visible gold specks, is associated with pyrrhotite and arsenopyrite.

 

Assay results received to date indicate significant mineralization with average true widths of 15 to 20m, being intersected at depth beneath previous drilling:  75 to 100m below the previous drilling in the western area (between Sections 2975E to 3100E); at depths of 100 to 125m below the previous drilling in the central zone (between Sections 3050E to 3350E); and, at depths of 50 to 75 m below the previous drilling in the eastern area (between Sections 3375E to 3450E).

 

Generally, gold assays are distributed evenly across the mineralized zones. However, as in the case of drill hole CH-18-317, several intersections do include single metre assays with elevated gold values (CH 18-317 includes a 1m assay of 466g/t Au within a broader zone of 11m averaging 43.65g/t Au). These higher-grade assays are frequently associated with visible gold that occurs on the margins of bedding parallel quartz veins within the argillite host rock.

 

For reporting purposes, individual assays greater than 20.0g/t Au that are included in the averages shown are separately identified in Table 1. No top cut has been applied to these assays in determining the reported average value for the mineralized intersection.

 

Geological interpretation of the data collected in the current program, including recent assay results, is progressing well and will result in a better understanding of the geological controls on grade distribution. This will assist in targeting further down-dip and strike extensions of the deposit, particularly to the east where initial observations indicate that drilling may have overshot the target due to changes in the plunge of the mineralization.

 

Mineralization remains open to depth on all sections drilled.

Table 1
Significant Drill Results
(Gold Assay (g/t Au) * Sample Length (m) ≥3.0g/t Au * m)
COCHRANE HILL GOLD DEPOSIT
 
February 1, 2019

 

 

 

Hole ID Easting Northing Dip Az Depth

(m)

Significant Intervals**
From

 (m)

To

(m)

Width

(m)

Grade

(g/t Au)

CH-18-274 3125 3242 -57 180 308 235 238 3 1.17
242 252 10 0.83
CH-18-275 3000 3200 -70 180 299 193 197 4 1.25
  212 223 11 2.81
incl 215 216 1 21.8
  231 245 14 2.00
incl 231 232 1 20.80
CH-18-276 3200 3240 -60 180 311 244 260 16 1.12
CH-18-282 3250 3207 -65 180 275 194 195 1 3.24
202 238 36 0.67
255 256 1 3.11
CH-18-289 3000 3140 -67 180 182 119 122 3 2.83
CH-18-290 3225 3250 -56 180 290 219 220 1 34.1
228 236 8 1.37
240 249 9 0.65
CH-18-292 3075 3140 -65 180 182 108 111 3 2.64
123 160 37 1.09
CH-18-296 3100 3140 -62.5 180 182 92 94 2 4.98
101 105 4 1.10
121 124 3 1.34
132 149 17 1.38
166 168 2 2.64
CH-18-299 3250 3260 -60 180 305 240 259 19 2.34
incl           244 245 1 28.90
            272 275 3 2.82
            285 292 7 23.69
incl           285 286 1 153.00
CH-18-300 3325 3180 -60 180 230 146 147 1 7.99
168 175 7 1.53
189 196 7 0.57
CH-18-303 3125 3170 -68 180 254 149 153 4 1.08
176 201 25 0.96
CH-18-304 3175 3250 -60 180 311 262 267 5 2.03
274 287 13 0.99
CH-18-305 3050 3220 -60 180 269 213 221 8 0.67
226 231 5 0.70
CH-18-307 3095 3199 -71 177.5 293 225 238 13 1.34
242 247 5 1.27
252 253 1 41.90
261 262 1 7.69
CH-18-308 3050 3220 -70 180 299 254 271 17 0.65
287 292 5 1.76
CH-18-313 3025 3210 -70 180 287 203 204 1 6.75
218 219 1 11.55
239 245 6 1.00
258 262 4 0.92
273 278 5 3.15
CH-18-317 3375 3200 -60 180 251 199 212 13 0.91
  227 238 11 43.65
incl 236 237 1 466.00
CH-18-318 3400 3137 -50 180 161 97 101 4 1.56
  108 116 8 0.70
  127 129 2 31.95
incl 128 129 1 45.30
  143 145 2 3.59
CH-18-330 3425 3160 -61 180 212 170 171 1 7.12
CH-18-333 3625 3050 -45 180 60 28 29 1 3.72
48 49 1 5.44
Notes:

  • Table includes all assay results which are deemed significant, with [Sample Length (m) * Gold Assay (g/t Au) ≥ 3.0g/t
    Au*m] and received subsequent to News Release dated January 21, 2019
  • **Significant Intervals are the calculation of the average assay results across the given width for samples which are
    ≥ 0.5g/t Au allowing for zones of up to 3m length (3 x 1m-length samples) where the assay values are
  • Assay values are not cut for the purposes of reporting in this table and some intervals include (“incl”) higher grade
    individual assay values, as shown
  • All assay results are Fire Assays of 50g charge from 1kg pulverized sub-sample split from ~2mm crushed parent of sawn
    half 1m NQ core
  • True width of mineralized intersections reported varies between 70-80% of reported widths

 

 

The accompanying drill plan and cross sections can be viewed here:

 https://mma.prnewswire.com/media/818325/Atlantic_Gold_Corporation_Atlantic_Gold_Announces_Additional_Dri.pdf

 

1The Mineral Resource estimate for the Cochrane Hill Gold Deposit is quoted at a cut-off grade of 0.35g/t. It has an effective date of July 20, 2017 and was prepared as part of a technical report entitled (Moose River Consolidated Project, Nova Scotia Canada, NI 43-101 Technical Report on Moose River Consolidated Phase 1 and Phase 2 Expansion), in accordance with NI 43-101 by Mr. Neil Schofield, a principal of FSSI (Australia) Pty Ltd, released on March 15, 2018, on SEDAR.

 

Technical Disclosure

 

All assays reported are 50g charge fire assays of 1kg pulverized sub-sample split from -2mm of crushed parent of sawn half 1m NQ core, with 1-in-10 duplicate assays of the same pulp. Certified standards prepared by a third-party laboratory and blind blanks are routinely inserted. 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. ALS employs a standard routine of duplicate and check assays and reference standards. Standards, blind blanks, and duplicate assay results are within an acceptable range of tolerance. The Company completes a monthly review of QAQC on all assay results which is reviewed by the Qualified Person. Core recovery is estimated for each meter and averages 96%.

 

Douglas A Currie, P. Geo., General Manager-Exploration, a Qualified Person (QP) as defined by National Instrument 43-101, has reviewed, verified and approved the contents of this news release.

 

Further updates will be provided in due course and as new information comes to hand.

 

About Atlantic:

 

Atlantic is a well-financed, growth-oriented gold development group with a long term strategy to build a mid-tier gold production company focused on manageable, executable projects in mining-friendly jurisdictions.

 

Atlantic is focused on growing gold production in Nova Scotia beginning with its MRC phase one open-pit gold mine which declared commercial production in March 2018, and its phase two Life of Mine Expansion at industry lowest decile cash and all-in-sustaining-costs (as stated in the Company’s news releases dated January 16, 2019 and January 29, 2018).

 

Atlantic is committed to the highest standards of environmental and social responsibility and continually invests in people and technology to manage risks, maximize outcomes and returns to all stakeholders.

Posted February 7, 2019

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