ATAC Announces Exploration Underway in Yukon and Nevada

VANCOUVER, BC, July 7, 2021 /CNW/ - ATAC Resources Ltd. ("ATAC") (TSX-V: ATC) is pleased to provide an update on exploration activities currently ongoing at its Yukon and Nevada properties.

Highlights

• Camp construction initiated at the Connaught Property, Yukon, with geological staff arriving next week and geophysical work to commence in late July;
• Permitting completed, and drill pad and road construction starting next week at the East Goldfield Property, Nevada, to prepare for +4,000m of RC drilling in August;
• Regional geochemical sampling in progress at the Rosy Property, Yukon; and
• Prospecting and soil sampling at the Rackla Gold Property, Yukon, completed in early June.

"We are excited to have all of our exploration programs for this season now underway, targeting discovery of gold, copper and silver in Yukon and Nevada. In Yukon, we are particularly excited to follow up on the untested potential for copper and gold porphyry mineralization at the road-accessible Connaught Property, where historical drill logs mention unsampled areas with bornite, chalcopyrite and molybdenite." stated President and CEO, Graham Downs. "In Nevada, recent prospecting at East Goldfield has identified brand new high-grade gold targets in outcrop, which are being prepared for drilling in August.  With work being conducted at all of our properties, we have strong potential for multiple new discoveries, and expect to have continued newsflow throughout the year."

Connaught Property, Yukon

Exploration this season at ATAC's road-accessible Connaught Property, 65 km west of Dawson City, will focus on evaluation of copper-molybdenum±gold porphyry potential. Crews recently arrived on site to begin construction of an exploration camp, with geological staff arriving in the coming days. A geophysical contractor will arrive later in July to conduct induced polarization and ground magnetics surveys.

Work in 2021 will include systematic soil sampling, prospecting and mapping of the porphyry target area, and broad geophysical survey coverage. Historical drill core will also be located, re-logged and re-sampled to obtain data for sections described as porphyry copper mineralization that were not originally assayed.

https://atacresources.com/assets/docs/2021.07.07_Figure_1_Connaught.pdf

East Goldfield Property, Nevada

ATAC continues to prepare for a +4,000 m RC drill program scheduled to begin in August.  Drilling will include:

• Multiple holes close to the historical Tom Keane mine, where a previous operator reported 22.86 m of 2.88 g/t gold and 44.20 m of 1.03 g/t gold in 2003; and
• Regional holes to test priority targets identified by prospecting work, including chip sample results of 4.16 g/t gold over 8 min an area which has not seen previous drilling.

ATAC's Notice of Work was recently approved by the Nevada Bureau of Land Management. Contractors will commence construction of roads and drill pads next week to prepare for the arrival of drill crews and equipment in mid-August. Eleven additional claims were recently staked to cover prospective ground adjacent to the property, and crews will conduct further prospecting and geological mapping in August.

https://atacresources.com/assets/docs/2021.07.07_Figure_2_East_Goldfield.pdf

Rosy Property, Yukon

ATAC's 61 km² road-accessible Rosy Property is located 77 km east of Whitehorse, Yukon. The property hosts numerous low-sulphidation epithermal gold-silver veins that are possibly associated with the nearby Late Cretaceous Red Mountain molybdenum deposit. Previous work conducted by ATAC has resulted in rock samples grading up to 12.55 g/t gold and 93.1 g/t silver, and identification of a large 2 x 2.5 km gold-in-soil anomaly.

A one-day prospecting trip was completed in mid-June, with results pending for 52 rock samples. Crews are now back on-site completing a broad geochemical sampling program. A second phase of prospecting and mapping is planned for early fall once results from the initial work are received.

Rackla Gold Property, Yukon

A two-week program was completed in early June at the Rackla Gold Property, including regional prospecting and soil sampling focused on high grade copper and silver targets. Historical Tiger Deposit core was also re-logged with previously unsampled areas split and sent for assay. Results for this work will be used to produce an updated geological model. Drilling at the Val target has been deferred as ATAC is in the process of obtaining and reviewing additional records of historical drilling in the area.

ATAC continues to advance opportunities to discuss concerns and sensitivities regarding proposed road access to the Tiger Deposit with the First Nation of Na-Cho Nyak Dun and Yukon Government. While the COVID-19 pandemic in Yukon continues to be a serious concern to Yukon communities and has limited opportunities for dialogue to-date, ATAC is hopeful the situation will improve in the near future. ATAC recognizes the significant impacts of COVID on Yukon communities and is committed to conducting our operations in a respectful and safe manner.

While the company looks forward to a deeper and renewed dialogue at the appropriate time, valid Class 3 and 4 exploration permits remain in place for the Rackla Gold Property through 2024 and 2026, allowing air supported advanced exploration activities to continue as they have in prior seasons.

QA/QC

Information concerning historical exploration, development and mining at East Goldfield is based on US Geological Survey Mineral Resource Data System records, as well as press releases, website summaries and NI 43-101 technical reports issued by Metallic Ventures Gold Inc. The data in these sources has not been independently verified.

The technical information in this news release has been approved by Adam Coulter, M.Sc., P.Geo., VP Exploration for ATAC and a qualified person for the purposes of National Instrument 43-101.

About ATAC

ATAC is a Vancouver-based exploration company focused on exploring for gold and copper in Yukon and Nevada. Work on its ~1,700 km² Rackla Gold Property in Yukon has resulted in the Osiris Project Inferred Mineral Resource of 1,685,000 oz of gold at an average grade of 4.23 g/t (in 12.4 Mt), the Tiger Deposit Measured & Indicated Mineral Resource of 464,000 oz of gold at an average grade of 3.19 g/t (in 4.5 Mt), a positive Preliminary Economic Assessment for the Tiger Gold Deposit (Pre-tax NPV of $118.2M and IRR of 54.5%), and numerous early-stage gold and base metal discoveries. ATAC is well-financed with approximately $9 million in working capital.

On behalf of Management and the Board of Directors of ATAC Resources Ltd.

Graham Downs, President and CEO

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SOURCE ATAC Resources Ltd.