Toronto, Ontario – Atlanta Gold Inc. (TSX: ATG) announces results from the first ten holes of its 2010 surface diamond core drilling program in the Monarch and East Extension areas at its Atlanta gold property in Idaho. The highlight of these initial drill results was hole D10231E04 which averaged 0.476 ounces of gold per ton (opt) (16.32 grams per tonne) over 10 feet (3 metres) of core within the main mineralized zone at a vertical depth of approximately 350 feet (107 metres) below surface. This composite intersection included an intercept of 0.729 opt (24.99 gpt) Au over 3.3 feet (1 metre) of core width.
Assay results for the first ten drill holes in the 2010 surface drilling program are provided below with four assays above 0.10 opt (3.43 gpt) Au shown in bold italics.
|Hole Identification||From (Feet)||To (Feet)||Width (Feet)||True Width (Feet)*||Assay (opt Au) **||True Width (Metres)*||Assay (gpt Au)|
|D10248E02||Less Than 0.020 opt Au|
|D10248E03||Less Than 0.020 opt Au|
|D1014E05||Less Than 0.020 opt Au|
* True widths are estimates based on current available data and may be subject to change.
** Assays of less than 0.02 opt Au have not been reported.
(1) Includes 3.3 feet of 0.729 opt (24.99 gpt) Au
(2) Includes 3.3 feet of 0.247 opt (8.47 gpt) Au
Includes 3.3 feet of 0.138 opt (4.73 gpt) Au
(3) Includes 3.5 feet of 0.214 opt (7.34 gpt) Au
Definition drilling is being conducted with infill holes to better define open pit and underground potential by increasing the density of drilling in mineralized zones which increases confidence in, and confirms continuity of, higher grade portions of the resource, and with step-out holes which test areas outside previously interpreted limits.
As previously announced, the Company completed in March 2009 an internal NI 43-101 Technical Report and Resource Estimate which estimated the total Measured and Indicated resource for Atlanta to be 3.0 million tons above cut-off grades of 0.05 ounces per ton (opt) gold for the mini-pit resource and 0.10 opt gold for the underground resource with an average grade of 0.154 opt gold and 0.357 opt silver, that contain 460,338 ounces of gold and 1,069,900 ounces of silver, respectively, or approximately 474,900 equivalent ounces of gold (including silver resources as a gold equivalent). The objective of the Company’s 2010 exploration program is to increase the gold mineral resource inventory at Atlanta by the end of 2010.
Drilling to date has extended the length of the Atlanta Shear Zone to 11,400 feet (3.5 kilometres) and the zone remains open to the east and west. The majority of the current Measured and Indicated 474,900-gold equivalent ounce resource (including silver resources as a gold equivalent), as estimated by the Company’s March 2009 NI 43-101 Technical Report and Resource Estimate, is located between the surface and the 6,400-foot elevation (a vertical depth of 800 feet from the top of Atlanta Hill).
The 2010 exploration program is currently focused on the Atlanta Shear Zone which has a surface expression that is 11,400 feet (3,475 metres) long, 30 to 120 feet (9 to 37 metres) wide and extends from surface to a known vertical depth of 1,850 feet (564 metres) with numerous splays branching off to the northwest and southeast of the main Shear. The Company is also investigating possible satellite mineralization systems in areas surrounding the main Shear, including the Tahoma structure which is located approximately half a mile north of the main Shear and half a mile south of the town of Atlanta.
“The Company is embarking on its most aggressive exploration program to date and we are encouraged by the results of the first round of drilling from the planned 55,000 feet of surface drilling at Atlanta”, said Bill Baird, President and CEO of the Company. While the distribution of high-grade values within the Atlanta Shear Zone is not fully understood, the intercepts in holes D10231E04, D10221E06 and D10101W01 show that the mineralized system contains attractive grades and widths for a combined open pit and underground mining operation. Of particular interest on the main Shear is the relatively unexplored area in the 900 to 1,200 foot horizon between the Newmont Zone in the west (below the Monarch area) and the Glaspey Zone in the east (below the East Extension). The 2,000-foot (600-metre) distance between these highly prospective zones is underexplored as previous programs focused on shallower, potentially open-pitable mineralization. There are also numerous other prospective zones and areas to drill test throughout this large mineralized system. With each set of drill results, we will learn more and be able to more effectively focus subsequent rounds of drilling on these targets.
Information of a technical nature in this news release regarding Atlanta has been reviewed by William L. (Bill) Josey who is a designated “Qualified Person” under NI 43-101. Mr. Josey is a registered professional geologist in the State of Arizona.
Quality Control and Assurance
Drill samples were handled and assayed in accordance with NI 43-101 standards. Assaying was done by Inspectorate America Corporation of Sparks, Nevada, U.S.A. Inspectorate is a well known international laboratory that has operated in Nevada for more than 10 years. Samples were 30-gram fire assays of split NQ-sized core (1⅞ inches in diameter). Quality control and assurance of the analytical results is maintained by inserting standards, blanks, and duplicates into the sample run, approximately every twenty samples at the project site.
About the Company
Atlanta Gold Inc. (TSXV: ATG) holds through its 100% owned subsidiary, Atlanta Gold Corporation, leases, options or ownership interests in its Atlanta properties which comprise approximately 2,197 acres located 65 miles east of Boise, in Elmore County, Idaho. A long history of mining makes Atlanta very suitable for development of new mining projects.
The Company is focused on advancing its core asset, Atlanta, towards mine development and production and on acquiring, exploring and developing other attractive gold projects.
This news release contains forward-looking information and forward-looking statements (collectively "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical fact, are forward-looking statements. We use words such as "may", "intend", "will", "should", "anticipate", "plan", "expect", "believe", "estimate" and similar terminology to identify forward-looking statements, including with respect to the interpretation of the results of the Company's 2010 exploration program and its impact on the economics of the Atlanta project. Such are based upon assumptions, estimates, opinions and analysis made by management in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. These assumptions include those concerning the accuracy of historical records, the accuracy of the Company's resource estimates and of the geological, metallurgical and price assumptions on which the estimates are based. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those expressed or implied in the forward-looking statements and accordingly, readers should not place undue reliance on those statements. Risks and uncertainties that may cause actual results to vary include, but are not limited to, the speculative nature of mineral exploration, development and mining (including with respect to size, grade and recoverability of mineral reserves and resources); operational and technical difficulties; risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards; changes in resource prices and fluctuations in currency exchange rates; as well as other risks and uncertainties which are more fully described in the Company's annual and quarterly Management's Discussion and Analysis and in other Company filings with securities and regulatory authorities which are available at www.sedar.com. Should one or more risks and uncertainties materialize or should any assumptions prove incorrect, then actual results could vary materially from those expressed or implied in the forward-looking statements and accordingly, readers should not place undue reliance on those statements.
Readers are cautioned that the foregoing lists of risks, uncertainties, assumptions and other factors are not exhaustive. The forward-looking statements contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements contained herein or in any other documents filed with securities regulatory authorities, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.
For further information:
Atlanta Gold Inc.:
|Investor Cubed Inc.:
Telephone: (647) 258-3310, (888) 258-3323
Fax: (416) 363-7977
|CHF Investor Relations:
Telephone: (416) 868-1079
Fax: (416) 868-6198
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.