North Atlantic Begins Second Drilling Project At Massala Gold Project In Mali
North Atlantic Resources Ltd. (“the Company”) has reported that it has started its second drilling program at the Massala gold project in southern Mali. The main target of the drilling program is the environment about a reverse circulation drill hole from 2006 which intersected 12 meters grading 3.26 grams per tonne gold.
The Company plans to complete approximately 3,000 meters of reverse circulation drilling to determine the trend, width, and grade of gold concentrations over a strike length of 2,200 meters. Contingent upon the results of the reverse circulation drilling, the Company will complete an induced polarization survey and additional drilling.
The Company has 8 gold projects comprising 1,676 square kilometers 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 FT gold deposit is estimated to contain 4,977,000 tonnes grading 1.0 grams gold per tonne for a total of 218,800 ounces of gold in the inferred category and 5,956,000 tonnes grading 1.15 grams gold per tonne for a total of 160,700 ounces of gold in the indicated category. The Company is currently reviewing the results of the latest phase of drilling and assaying completed in 2006. The purpose of the review is to (i) construct a geological wire frame to compliment the existing assay wire frame, (ii) to re-sample certain drill holes to verify the quality of previous assays, as part of routine quality control, and (iii) to make recommendations for further work on the deposit and on exploration targets elsewhere on the property. It is anticipated that an induced polarization survey will be completed over the deposit and its extensions in the first or second quarter of 2007, before the next phase of drilling is completed. The Company anticipates that future drilling would be greatly optimized by the ongoing review of the geology and grade distribution of the deposit.
The drilling at all of the Company’s projects was completed by the professional staff of West African Drilling Services. The drill core samples were both HQ and NQ size and were cut in half by a diamond saw on site. Half of the core from one meter long samples was shipped to the Analabs Morila facility, and ALS Chemex, Vancouver and analyzed for gold by fire assay-AA on a 50 gram sample charge. Two meter long intervals of RC samples were split on site and sent to Analabs Morila facility and analyzed for gold by fire assay-AA on a 50 gram sample charge. The Company inserts a standard, duplicate, and blank in each batch of 20 samples analyzed to monitor laboratory accuracy and precision.
At the Kantela project, the Company is completing a review of the drilling at Zone 2 in order to complete a preliminary model of the gold zone, and to complete additional drilling, if warranted.
In addition to the aforementioned gold projects, the Company continues to review data from several promising gold exploration prospects in Mali and anticipates that additional projects will be acquired in 2007.
In the neighboring Republic of Niger, the Company acquired the Abelajouad uranium exploration permit in 2006 and has 4 pending uranium exploration permit applications in Niger. The Company anticipates that it will begin exploration work on its uranium exploration projects in Niger in the first or second quarter of 2007. In addition, the Company’s wholly-owned subsidiary, Selier Energy Ltd., has acquired the 20,000 square kilometer Macina oil and gas exploration permit in central Mali and, is preparing an appropriate plan for the financing and exploration of the project.
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