ATAC Resources (TSXV: ATC) has completed an updated mineral resource estimate for the Osiris deposit, part of its 100% owned Rackla gold property in central Yukon. The resource incorporates a number of updates from the 2018 resource estimate, including approximately 7,800 metres of drilling in 20 additional holes.
A significant portion (43%) of the 2018 inferred resource has been converted to the indicated category, which now totals 732,000 oz. gold at an average grade of 4.12 g/t (in 5.5 million tonnes). Included are pit-constrained resources of 604,000 oz. gold at 4.03 g/t (in 4.7 million tonnes).
Resources in the inferred category now amount to 1.04 million oz. gold at an average grade of 3.47 g/t (in 9.4 million tonnes), including pit-constrained resources of 530,000 oz. gold at 3.07 g/t (in 5.4 million tonnes).
“We are very pleased to demonstrate significant conversion of resources from the inferred to indicated category at Osiris,” ATAC CEO Graham Downs said in a statement. “This continues to demonstrate the confidence we have in this extensive, high-grade Carlin-style system that hosts some of the best gold intervals ever reported in Yukon.”
The Osiris deposit is located at the eastern end of ATAC’s Nadaleen project, one of the two main projects that comprise the 1,700 km2 Rackla gold property. The other project, Rau, is host to the advanced-stage Tiger gold deposit that contains measured and indicated resources of 464,000 oz. at 3.19 g/t gold (in 4.5 million tonnes).
The Nadaleen project is characterized by 20 Carlin-type gold occurrences along a 25 km trend. Osiris represents one of two distinct clusters of these gold occurrences, the other being the underexplored Anubis cluster located 10 km to the west. Nearby are Snowline Gold’s Einarson project and Fireweed Metals’ MacMillan Pass project.
The Osiris deposit currently comprises four zones: Conrad, Sunrise, Osiris and Ibis. All zones remain open in multiple directions, and numerous additional targets exist at the pre-resource stage.
Work over the past two years has focused on technical studies and modelling, leading to growth of the deposit and improved classification of part of the resources at Osiris.
The company said it recently completed 1,500 metres of drilling stepping out on open near-surface parts of the resource and will release the results when available.