PRESS RELEASE
Drilling Results From the Kourouba Gold Project, Mali
RC drilling intersects 10 meters of 5.75 grams gold per
tonne
March 4, 2008
- TORONTO, ONTARIO, CANADA
North
Atlantic Resources Ltd. ("the Company") (TSX:"NAC") reports
on drilling results at the Company's Kourouba gold project.
The
Kourouba gold project (Kourouba) was acquired in February, 2007. The project is
located in southern Mali, 150 kilometers
southeast of the capital, Bamako,
and 150 kilometres
northwest of the Company's most advanced gold project the FT Gold Project.
In
December 2007, the Company completed 16 reverse circulation (RC) drill holes (1,534 meters) over a
strike length of 700
meters. The purpose of the this RC drill program was to
extend gold zones intersected in June 2007, which included intersections of 42 meters grading 1.22 grams gold per
tonne (07 KRRC-27) and 14
meters grading 1.76 grams gold per tonne
(07 KRRC-30) (Press release June 25, 2007). The drilling was also designed to
test a number of coincident resistivity and chargeability anomalies defined by
a November, 2007 induced polarization survey (IP) conducted by Insight
Geophysics Inc. of Oakville, Ontario. The RC drill holes were, on average, 90 meters long, inclined
at -55 degrees and drilled east.
The
results of this RC drill program include intersections of 40 meters grading 1.06 grams gold per
tonne (07 KRRC-44), 10
meters of 5.75 grams gold per tonne (07 KRRC-48), and 12 meters grading 1.81 grams gold per
tonne (07
KRRC-49). The drilling also verified that
a number of the IP resistivity/chargeability anomalies correlate well with gold
in drill holes.
The
following table sets out the results of the reverse circulation drilling. Only
composite drilling intersections greater than 0.5 grams gold per tonne
are listed in the table. The attached map illustrates the results of the
drilling superimposed upon the soil geochemical anomalies and resistivity/chargeability
data.
Drill Hole
|
Total Length
|
From (m)
|
To (m)
|
Width (m)
|
Grams gold per tonne
|
07 KRRC-43
|
128
|
16
|
26
|
10
|
0.95
|
07 KRRC-44
|
120
|
16
|
56
|
40
|
1.06
|
|
including
|
16
|
38
|
22
|
1.13
|
|
and
|
46
|
56
|
10
|
1.63
|
07 KRRC-45
|
90
|
|
|
|
NSV
|
07 KRRC-46
|
90
|
28
|
34
|
6
|
2.69
|
07 KRRC-47
|
90
|
|
|
|
NSV
|
07 KRRC-48
|
90
|
58
|
68
|
10
|
5.75
|
07 KRRC-49
|
90
|
16
|
28
|
12
|
1.81
|
Drill Hole
|
Total Length
|
From (m)
|
To (m)
|
Width (m)
|
Grams gold per tonne
|
07 KRRC-50
|
90
|
|
|
|
NSV
|
07 KRRC-51
|
106
|
|
|
|
NSV
|
07 KRRC-52
|
90
|
12
|
14
|
2
|
1.10
|
07 KRRC-53
|
90
|
34
|
36
|
2
|
1.13
|
07 KRRC-54
|
90
|
|
|
|
NSV
|
07 KRRC-55
|
90
|
|
|
|
NSV
|
07 KRRC-56
|
90
|
16
|
22
|
6
|
0.94
|
07 KRRC-57
|
90
|
44
|
48
|
4
|
1.57
|
07 KRRC-58
|
90
|
10
|
24
|
14
|
1.12
|
Follow up pitting in the vicinity of relatively high grade
drilling intersections described above and in the June 25, 2007 press release
is planned for the second quarter, 2008. The pits will evaluate the surface
expression of the gold zones above the drill hole
intersections leading to a better understanding of the geology of the gold
zones.
The technical information contained in this release
was compiled by Jon North, Ph.D., P. Geo., who is a Qualified Person as defined
by National Instrument 43-101.
The drilling at the Kourouba gold project was completed by the professional
staff of West African Drilling Services. Two meter long intervals of RC samples
were split on site and sent to the SGS Analabs laboratory in Morilla and
analyzed for gold by fire assay-AA on a 50 gram pulp of each sample. The Company
inserts a standard, duplicate, and blank in each batch of 20 samples to monitor
laboratory accuracy and precision.
North Atlantic Resources Ltd. has 7 gold projects
comprising 1,151 square kilometres of mineral rights in Mali. Since
2002, the Company has made gold discoveries at the Kantela project (2004), FT
project (2005), and Massala project (2006). The 100% owned Ft Gold Project
("FT") is at an advanced stage of exploration. In June 2007, the
Company announced an updated resource estimate for the FT gold deposit in
southern Mali.
The new resource estimate incorporated the results of an additional 4,700 meters in 19
diamond drill holes. The updated resource includes 241,000 ounces of
gold at a grade of 0.95
grams gold per tonne in the Indicated category, and 353,000 ounces of
gold at a grade of 1.05
grams gold per tonne in the Inferred category. This new
resource figure is a substantial improvement over the previous estimate. The
Company is now conducting exploration and resource modeling for the further
delineation and expansion of this resource.
On February 6th, 2008, North Atlantic Resources
Ltd. and Orezone Resources Inc. announced the formation of a new uranium
exploration company, Brighton Energy Ltd., which would have a combined land
holding of 4,000 square kilometres in the heart of Niger's uranium producing region.
Each company will hold a 50% interest in the new entity. Management of the
Company believes this is an excellent opportunity to pursue the strategy of
capitalizing on the uranium exploration potential in Niger.
North Atlantic
has 22,190,408 common shares issued and outstanding (26,932,525 shares on a
fully diluted basis).
Explore www.nac-tsx.com often to view project maps and project details.
This press release has been prepared by North Atlantic Resources Ltd. and no
regulatory authority has approved or disapproved the information contained
herein.
FOR FURTHER INFORMATION PLEASE CONTACT:
North Atlantic Resources Ltd.
Scott Waldie, President and CEO
or
North Atlantic Resources Ltd.
Nathalie Roy, Corporate Affairs
(416) 703-6348
(416) 703-6507 (FAX)
Email: info@nac-tsx.com
Website: www.nac-tsx.com
Statements relating to the estimated or expected future
production and operating results and costs and financial condition of North
Atlantic Resources Ltd. , planned work at the
Company's projects and the expected results of such work are forward-looking
statements. Forward-looking statements are statements that are not historical
facts and are generally, but not always, identified by words such as the
following: expects, plans, anticipates, believes, intends, estimates, projects,
assumes, potential and similar expressions. Forward-looking statements also
include reference to events or conditions that will, would, may, could or
should occur. Information concerning exploration results and mineral reserve
and resource estimates may also be deemed to be forward-looking statements, as
it constitutes a prediction of what might be found to be present when and if a
project is actually developed. These forward-looking statements are necessarily
based upon a number of estimates and assumptions that, while considered
reasonable at the time they are made, are inherently subject to a variety of
risks and uncertainties which could cause actual events or results to differ
materially from those reflected in the forward-looking statements, including,
without limitation: uncertainties related to raising sufficient financing to
fund the planned work in a timely manner and on acceptable terms; changes in
planned work resulting from logistical, technical or other factors; the
possibility that results of work will not fulfill projections/expectations and
realize the perceived potential of the Company's projects; uncertainties
involved in the interpretation of drilling results and other tests and the
estimation of gold reserves and resources; risk of accidents, equipment
breakdowns and labour disputes or other unanticipated difficulties or
interruptions; the possibility of environmental issues at the Company's
projects; the possibility of cost overruns or unanticipated expenses in work
programs; the need to obtain permits and comply with environmental laws and
regulations and other government requirements; fluctuations in the price of
gold and other risks and uncertainties, including those described in the
Company's Annual Information Form filed with SEDAR in Canada (available at
www.sedar.com) for the year ended December 31, 2006.
Forward-looking statements are based on the beliefs,
estimates and opinions of the Company's management or its independent
professional consultants on the date the statements are made.
|
Legend Gold Corp.
|
|
EXPLORATION STAGE |
CODE : LGN.V |
ISIN : CA6573301067 |
|
| |
ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Legend Gold is a gold exploration company based in Canada. Legend Gold holds various exploration projects in Mali and in Niger. Its main exploration properties are DALAKAN, DIOKEBA, KANTELA, KOUROUBA, MASSALA, SITAKILI and FT GOLD in Mali and ABELAJOUAD, ASSAOUAS 1 and ASSAOUAS 2 in Niger. Legend Gold is listed in Canada. Its market capitalisation is CA$ 41.8 millions as of today (US$ 30.8 millions, € 27.7 millions). Its stock quote reached its highest recent level on December 24, 2010 at CA$ 4.80, and its lowest recent point on July 13, 2017 at CA$ 0.02. Legend Gold has 52 263 358 shares outstanding. |