North Atlantic Resources Ltd. NAC-TSX 2010
FT Gold Project (523 square kilometres)
Since making the gold discovery in 2005, the Company has drilled 109 DC and 105 RC holes. The updated gold resource estimate includes 241,000 ounces of gold (Indicated) and 353,000 ounces of gold (Inferred). Further delineation of the FT gold deposit is ongoing.
PROJECT OVERVIEW ///
North Atlantic Resources Ltd. has, since Dec. 5, 2006, added 4,700 metres in 19 diamond drill holes to the drill hole database for the FT gold deposit, and updated its estimate of the gold resource and its geologic model. The updated resource includes 241,000 ounces of gold at a grade of 0.95 gram per tonne (g/t) gold in the indicated category, and 353,000 ounces of gold at a grade of 1.05 grams per tonne gold in the inferred category. Seven mineralized zones were modelled; four at the Tiekoumala segment, and three at the Foulalaba segment. Future drilling is planned to expand the FT gold resource along strike and down dip, and to evaluate the nature, distribution and significance of the higher-grade parts of the deposit. Read More
HISTORY OF THE GOLD DEPOSIT
On July 1st 2003, North Atlantic Resources Ltd. acquired the 185 sq km Foulalaba gold property in southern Mali covering several strong geochemical anomalies noted in the UNDP-sponsored survey.
Geochemical sampling at the Foulalaba gold project in 2004 led to the discovery of several high amplitude geochemical anomalies. The largest anomaly at Foulalaba was tested with a 3,000 m air core drilling program in January 2005. A new gold discovery was made including an intersection of 10 m grading 2.57 g/t gold. The Company quickly increased the size of the gold project by acquiring the surrounding permits, Tiekoumala and M’Panyala and the three combined permits are now known as the FT gold project.
The current land holdings of the FT gold project total 523 square kilometers of mineral rights - 100% interest.
During 2005, the Company completed three campaigns of diamond and reverse circulation drilling. The gold zone on the FT gold project has a minimum strike length of 2 kilometers and is open along strike. The thickness varies from approximately 10 to 50 meters and the average grade varies from approximately 1 g/t to 3 g/t gold.
The Company has collected more than 3,500 soil and termite mound samples and soil sampling programs are currently underway to cover all of the Tiekoumala and M’Panyala permits.
In September 2005, delineation drilling commenced on a 50 x 50 metre grid to a vertical depth of 150 metres over a one kilometre long portion of the gold zone. That work is ongoing.
In December 5, 2006, the Company completed its review and revision of the initial mineral resource estimate for the FT Gold Deposit and based on 90 diamond drill holes and 150 reverse circulation drill holes the initial gold resource calculation was estimated to contain 218,800 ounces of gold (inferred) and 160,700 ounces of gold (indicated). This was followed up with a structural study.
Best Intersections from the FT Gold Project Include:
98 m @ 2.39 g/t gold, 20 m @ 5.26, 12 m @ 2.64 and 16 m @ 4.03 g/t gold (announced May 2005)
120 m @ 1.59 g/t gold and 16 m @ 9.32 g/t gold (announced Aug 2005)
49 m @ 1.07 g/t gold, 15 m @ 1.72 and 9 m @ 2.24 g/t gold (announced Nov 2005)
108 m @ 1.04 g/t gold, 18 m @ 2.15, 10 m @ 3.90, 4 m @ 3.25, 42 m @ 2.19, 9 m @ 3.92, 4 m @ 5.47 and 4 m @ 3.65 g/t gold (announced Jan 2006)
8 m @ 4.72 g/t gold, 32 m @ 2.25 g/t, 79 m @ 1.38 g/t, 6 m @ 2.96 g/t, 30 m @ 1.72 g/t, 7 m @ 3.46 g/t and 16 m @ 2.32 g/t gold and 19 m @ 1.29 g/t (announced Oct 2, 2006)