(via TheNewswire)
Highlights:
Inaugural Success:Anomalous radioactivity (300 cps) was intersected inall fiveof the Company’s inaugural drill holes at the
Atlantic Project , coinciding with prospective structural zones and favorable alteration including dravite-rich clays.Sandstone Basement-Hosted Radioactivity:Multiple zones of elevated radioactivity linked to the sub-
Athabasca unconformity and basement structural zones were intersected, indicating a uranium-fertile system.Verified Targets:Massive structural disruption confirmed in the sandstone column and multiple wide (10 metres) brittle-reactivated graphitic shear zones confirm the main interpreted electromagnetic (“EM”) corridor on the western claim block which was not reached by previous operators. The inaugural program results have confirmed the Company’s exploration thesis on the Project, highlighting a uranium-fertile system with several kilometres of still untested strike length across the Project.
Hydrothermal U Input:Uranium: Thorium (“U:Th”) ratios 3:1 measured with the handheld RS-125 Super-Spec suggest hydrothermal uranium input focused along structures.
On Time Under Budget:Completion of 3,316 metres within 5 drill holes, surpassing meterage expectations both on time and under budget.
Follow Up Targets Next Steps:
Atlantic holds significant upside for discovery along the untested portions of the E-W conductor system. Supplementary geophysical surveys over the central claim blocks will provide further target areas for phase II and III drilling, along with the additional untested gravity low anomalies on the western block identified in 2022.
“I am very encouraged with the magnitude of the structure and alteration that has been encountered thus far. Combined with the anomalous radioactivity, we’re setting the stage for more success on the project” said
“Intersecting anomalous radioactivity across all five drill holes targeting a completely untested area on the
The
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Figure1. Regional summary map of the
Technical Highlights:
The winter 2024 drill program comprised 3,316 metres of diamond drilling across 5 drill holes (Table 1). Two drill holes were restarted due to difficult ground conditions resulting from highly broken and desilicified sandstone intervals. Inaugural drilling intersected the key characteristics of a uranium-bearing mineralized system in previously untested “Target Area A” (Figure 2), confirming the presence of a significant graphitic fault system in the basement rock linked to anomalous radioactivity and prospective hydrothermal alteration at the unconformity. Handheld scintillometer and downhole gamma probe radioactivity results are summarized in Table 2.
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Figure2. Map of the western
Table1.
DDH | Easting | Northing | Elevation (m.a.s.l.) | Azimuth (°) | Dip (°) | EOH (m) |
ATL-24-001 | 519790 | 6498261 | 412 | 344.80 | -69 | 599 |
ATL-24-002 | 519828 | 6498570 | 394 | 336.90 | -67 | 641 |
ATL-24-003 | 520190 | 6498305 | 396 | 338.20 | -74 | 588 |
ATL-24-004* | 519851 | 6498546 | 388 | 336.20 | -74 | 60 |
ATL-24-004A | 519851 | 6498546 | 388 | 336.20 | -74 | 657 |
ATL-24-005* | 519936 | 6498584 | 398 | 335.90 | -69 | 111 |
ATL-24-005A | 519936 | 6498584 | 398 | 336.40 | -69 | 660 |
* Restarted due to difficult ground conditions.
Table2.
DDH | From (m) | To (m) | Width (m) | Lithology | RS-125 Scintillometer | 32GR Gamma Probe | |||
Min | Max | Avg. | Peak | Depth (m) | |||||
ATL-24-001 | 520.5 | 521.0 | 0.5 | Sandstone | 170 | 360 | 265 | 337 | 518.55 |
ATL-24-001 | 521.5 | 522.0 | 0.5 | 130 | 310 | 220 | |||
ATL-24-001 | 523.5 | 524.0 | 0.5 | 160 | 340 | 250 | |||
ATL-24-002 | 509.0 | 509.5 | 0.5 | Sandstone | 200 | 590 | 395 | 1,204 | 506.27 |
ATL-24-003 | 505.0 | 505.5 | 0.5 | Sandstone | 160 | 280 | 220 | 323 | 506.59 |
ATL-24-003 | 558.0 | 558.5 | 0.5 | Basement | 110 | 280 | 195 | ||
ATL-24-004A | 530.0 | 530.5 | 0.5 | Basement | 100 | 560 | 330 | 1,082 | 530.18 |
ATL-24-004A | 544.5 | 545.0 | 0.5 | 140 | 360 | 250 | |||
ATL-24-004A | 550.0 | 550.5 | 0.5 | 140 | 370 | 255 | |||
ATL-24-005A | 493.0 | 493.5 | 0.5 | Sandstone | 120 | 310 | 215 | 647 | 490.99 |
ATL-24-005A | 494.5 | 495.0 | 0.5 | 180 | 450 | 315 | |||
ATL-24-005A | 496.5 | 497.0 | 0.5 | 140 | 310 | 225 |
The drill program was designed to follow up on highly anomalous uranium results returned from drill hole BL-16-32, in addition to testing the newly outlined gravity lows defined by the 2022 ground survey. On the western
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Figure3. Core photos from drill hole ATL-24-002 highlighting significant structure and alteration intersected in the
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Figure4. Core photos from drill hole ATL-24-004a highlighting basement structure and alteration zones intersected associated with anomalous radioactivity. A) Anomalous radioactivity up to 1,082 cps associated with a cross-cutting hematite-altered vein at 530.3 m. B) Anomalous radioactivity up to 314 cps associated with a hematite-altered breccia at 549.7 m. C) Anomalous radioactivity up to 483 cps associated with a hematite- and clay-altered vein at 544.2 m. D) Anomalous radioactivity up to 428 cps associated with a hematite-altered breccia and clay-lined fractures at 548.7 m.
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Figure5. Core photos from drill hole ATL-24-005a highlighting structure and alteration intersected in the
Samples collected for analysis have been sent to
1The Company considers radioactivity readings greater than 300 counts per second (cps) to be “anomalous”.
2The Company considers uranium mineralization with concentrations greater than 1.0 wt% U3O8to be “high-grade”.
3Natural gamma radiation in diamond drill core reported in this news release was measured in counts per second (cps) using a handheld RS-125 super-spectrometer and verified using a down-hole
The scientific and technical information contained in this news release, including the sampling, analytical and test data underlying the technical information contained in this news release, has been reviewed, verified, and approved by
Private Placement
The Company is also pleased to announce that it has closed a final tranche of its non-brokered private placement and has issued 3,635,463 non-flow-through units (each, an “NFT Unit”) at a price of
The Company intends to use the net proceeds raised from the offering for exploration expenses in respect of the Company's existing exploration projects and for general working capital purposes.
In connection with closing of this final tranche of the offering, the Company did not pay any finders' fees. All securities issued in connection with the final tranche are subject to a statutory hold period until
About
Atco is a junior exploration mining company focused on exploring for green energy metals throughout
For further information contact:
Email:info@atcomining.com
Telephone: (604) 681-0084
www.atcomining.com
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FORWARD LOOKING STATEMENTS:
Certain information in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact included in this news release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations are detailed from time to time in the filings made by the Company with securities regulations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company disclaims any intention or obligation to update or revise such information, except as required by applicable law.
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