North Atlantic Resources Ltd. Announces New Lankafla Permit and 10,000 Metres of Drilling 10 Kilometres Southeast of Sadiola Hil
05 February 2011 - 4:57AM
Marketwired
North Atlantic Resources Ltd. (TSX VENTURE: NAC) (the "Company" or
"North Atlantic") is pleased to report that its wholly-owned
subsidiary company in the Republic of Mali, North Atlantic
Resources SARL, has completed the Convention d'Etablissement
("convention" or "permit") for a new 100% owned, convention called
Lankafla. The convention makes provision for exploration
expenditures of a total of approximately $1,075,000 to be made by
North Atlantic over the first three years of exploration ($141,000
in year one, $344,000 in year two and $590,000 in year three). The
Lankafla permit covers an area of 24 square kilometres. Lankafla,
combined with the Company's existing Tintinba permit (also 24
square kilometres), represents the area previously covered by the
Company's original Kantela permit which was optioned by North
Atlantic in January 2003. This new permit forms a key part of the
Company's strategy to explore and expand its gold discoveries along
strike of the 17 million ounce Sadiola Hill Mine ("Sadiola").
Lankafla is contiguous to the southern boundary of the Sadiola Mine
and is situated 10 kilometres southeast of the Sadiola Hill Mine
main open pit.
North Atlantic will commence a combined air core ("AC") and
reverse circulation ("RC") drill program of up to 10,000 metres in
Q1 or Q2, 2011. North Atlantic is fully funded for this program and
will mobilize a drill rig to the property as soon as possible.
There are three gold occurrences within the Lankafla permit. The
gold occurrences are known as Zones 1, 2, and 3. Zones 2 & 3
are related to northeast trending quartz veins or quartz breccia
bodies within silicified argillite and graphitic argillite. Zone 2
is contained in the margin of a silicified granitoid intrusion
which has a diameter of approximately two kilometres and is the
most advanced gold occurrence at Lankafla. It has been evaluated
over a strike length of 250 metres and has a maximum width of 50
metres.
Scott Waldie, President and CEO of North Atlantic said, "Zone 2
is open along strike and down dip. We believe that with increased
drill density and proximal exploration to Zone 2 there is
significant potential to increase grade and tonnage. In addition to
Zone 2, Lankafla has numerous other untested targets that require
drill testing. With the start of the first comprehensive
exploration program at Lankafla since 2004, we are very excited at
the potential for resource expansion and new gold discoveries".
Lankafla is located along the Sadiola mine trend which includes
the Yatela and Sadiola Hill ore bodies and the Fe3 and Fe4
satellite pits (AngloGold Ashanti, Iamgold, and SEMOS). At Sadiola
the mineralized zones of Fe3 and Fe4 straddle the contact between
marbles to the west and carbon-rich pelites to the east, following
a north-west trend in the Fe3 pits and a north-east strike in Fe4
pit. Gold mineralisation is mostly associated with lens-shaped
breccia zones running broadly parallel to the enclosing
metasediments (from; AngloGold Ashanti Annual Report, 2009). The
Fe3 and Fe4 pits have produced over one million ounces for Sadiola
and are located within one kilometre of the Lankafla permit
boundary. The lithology described at Fe3 and Fe4 is interpreted to
strike onto the Lankafla property and is mineralogically similar to
Lankafla gold discoveries at Zones 2 and 3.
There has been little exploration on the Lankafla property since
2004. In total there is an historical data base of drilling
completed by the Company in 2003 to 2005 of: 6,003 metres of AC
drilling in 128 holes, 10,355 metres of RC drilling in 113 holes,
and 1,729 metres of diamond drilling in 8 holes. In addition to the
drill data the Company has completed extensive geochemical and
geophysical surveys that will be used to plan new exploration.
Please see press releases dated: July 29 and December 17, 2003, and
January 7, May 3, June 8, July 6, 2004, and March 4, 2005 for
detailed descriptions of drill results from previous programs.
These press releases are available on the Company's website at
www.nac-tsx.com.
About The Company
The Company 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
Lankafla Project located in Western Mali.
North Atlantic has 58,826,124 common shares issued and
outstanding (82,568,018 shares on a fully diluted basis). Please
visit our website www.nac-tsx.com to for more information about our
projects.
Qualified Person
This news release has 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.
Contacts: North Atlantic Resources Ltd. Scott Waldie President
& CEO (416) 703-6348 swaldie@nac-tsx.com
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