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Additional information
Additional Information
Market: ASX
Sector: Gold Mining
Epic: ASX:ATU
News: Latest news
Web Site: Atlantic Gold
Other Articles: 03-12-200916-10-200902-07-2009

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Atlantic Gold

Atlantic Gold

Atlantic Gold NL is an Australian-listed gold exploration company (ASX code ATV). The company is focused on the exploration and development of the Touquoy Gold Project and the Cochrane Hill Gold Deposit in Nova Scotia, Canada.

Monday, January 04, 2010

Atlantic Gold announces results from drilling at Touquoy West

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Australian-listed gold exploration company Atlantic Gold (ASX: ATV) has released the results from reconnaissance ‘interface’ drilling recently completed at Touquoy West, about 2 km west of the Touquoy Gold Deposit in Canada.

Twenty-one vertical narrow diameter reverse circulation (RC) drill holes for 320 m were variably spaced over a 1.2 km length of a particular argillite horizon, the ‘Stillwater Argillite’ identified through recent mapping and data compilation as having elevated potential to host additional Touquoy-style gold reserves.

The best result was 5.05 g/t gold over 4 m from 3 m depth directly beneath masking till cover. Seven other holes recorded anomalous gold (up to 0.53 g/t over 9 m) with associated characteristic alteration.

The purpose of this recent ‘interface’ drilling is to penetrate the masking till cover, up to 15 m in depth, and recover bedrock samples for geochemical analysis. It has now highlighted a 1.5 km strike length of this argillite as being particularly prospective.

The Stillwater Argillite does not outcrop but is known, rather poorly, from historic sparsely distributed diamond drilling. It is about 30 m thick. Most of this drilling was conducted over a 400 m strike length in 1986 – the resultant resource estimate comprising 20% of the combined Stillwater/Higgins & Lawlor
resource estimate of 1.52 Mt @ 2.0 g/t (refer endnote).

A shallow first-pass diamond drilling program to further test the Stillwater Argillite is being planned.

Atlantic is aiming to develop open pit gold deposits in Nova Scotia, the Touquoy and Cochrane Hill Gold Projects being the starting point.

The extensive goldfields of Nova Scotia have never before been systematically approached in this way. The Company’s skills are derived from 15 years of such work in Western Australia, where its principals, as executives and directors of the highly successful Plutonic Resources Limited, discovered more than 11 Moz of gold and operated up to five gold mines.

Atlantic Gold holds a 60% interest the Touquoy Gold Project. Atlantic Gold as operator sole funds to production and receives 100% of cashflow until all outlay plus interest is recouped.

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