Monday, February 5, 2007 12: 29 PM
North Atlantic Resources is pleased to assert that it has obtained an option on the 185 square kilometer Kourouba gold exploration enable in southern Mali. The Kourouba mission is located in the Koulikoro Predicament, 150 kilometers southeast of the capital, Bamako. The property covers a strike dimension of 14 kilometers of probably stratigraphy in the Birimian Yanfolila greenstone belt.
Below the phrases of an option settlement, the Firm can assemble the Kourouba exploration enable by paying an initial fee of US$60,000, US$100,000 on the first anniversary, US$140,000 on the 2nd anniversary, and US$200,000 on the third anniversary, for a total of US$500,000. The property is area to a 2.5% Derive Smelter Returns Royalty that would perhaps per chance also very successfully be purchased any time by the Firm for US$5.5 million.
Within the central part of the property, a previously-accomplished soil sampling program, at a density of 500 meters by 200 meters, outlined a north-trending, true, gold in soil anomaly, with samples containing as a minimum 100 parts per billion gold over a nominal strike dimension of 2,500 meters and a peak fee of 1,420 parts per billion (1.42 grams per tonne gold). Apply-up soil sampling, accomplished by the seller of the property, confirmed the presence of gold in termite mound samples, indicating that the gold in soil anomaly is potentially coincident with gold in saprolite and bedrock below the paradox.
The Firm in the muse plans to full 2,000 to 3,000 meters of air core drilling to search out out the placement, nature, and pattern of gold concentrations in saprolite and bedrock over a strike dimension of 2,500 meters. Contingent upon the outcomes of the air core drilling, the Firm will full an induced polarization peruse and extra drilling.
With the addition of the Kourouba mission, the Firm has 8 gold initiatives comprising 1,676 square kilometers of mineral rights in Mali. Since 2002, the Firm has made gold discoveries at the Kantela mission (2004), FT mission (2005), and Massala mission (2006).
At the FT deposit, which is in the indicate time estimated to own 218,800 ounces of gold in the inferred class and 160,700 ounces of gold in the indicated class, the Firm is in the indicate time reviewing the outcomes of the most unusual part of drilling and assaying accomplished in 2006. The motive of the overview is to produce solutions for extra work on the deposit and on exploration targets in other locations on the property. It’s anticipated that an induced polarization peruse can be accomplished over the deposit and its extensions in February, 2007, sooner than the subsequent part of drilling is accomplished. The Firm anticipates that future drilling would perhaps per chance be tremendously optimized by the continuing overview of the geology and grade distribution of the deposit.
At the Kantela mission, the Firm is polishing off a overview of the drilling at Zone 2 in open up to full a preliminary mannequin of the gold zone, and to full extra drilling, if warranted.
At the Massala mission, the Firm is planning to full an induced polarization peruse in the space where a reverse circulation drill gap intersected 12 meters grading 3.26 grams per tonne gold in 2006. Contingent upon the outcomes of the geophysical peruse, the Firm will full extra drilling in open up to mark the extensions of the gold zone.
Besides to to the aforementioned gold initiatives, the Firm continues to study records from several promising gold exploration prospects in Mali and anticipates that extra initiatives can be obtained in 2007.
Within the neighboring Republic of Niger, the Firm obtained the Abelajouad uranium exploration enable in 2006 and has 4 pending uranium exploration enable applications in Niger. The Firm anticipates that this would per chance also begin exploration work on its uranium exploration initiatives in Niger in the first quarter of 2007. Besides to, the Firm’s wholly-owned subsidiary, Selier Energy Ltd., has applied for an oil and fuel exploration enable in central Mali and, contingent upon efficiently procuring the enable, will put collectively an applicable belief for the financing and exploration of the mission.
The technical facts contained in this begin modified into once compiled by Jon North, Ph.D., P. Geo., who is a Qualified Particular person as outlined by Nationwide Instrument 43-101.
North Atlantic has 19,142,308 fashioned shares issued and outstanding (21,246,058 shares on an fully diluted foundation).
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