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Atlantic Gold Corporation (AGB)
is a publicly listed company on the Australian Securities Exchange (ASX).
Advanced Gold Development
Atlantic Gold Corporation is a well-financed, growth-oriented gold development group with a long term strategy to create a mid-tier gold production group focused on manageable, executable projects in mining-friendly jurisdictions.
Atlantic's regional land package in Nova Scotia presently comprises approximately 260 km2 of claims specifically selected to explore for Touquoy/Cochrane Hill style disseminated gold mineralization. At this time such mineralization has been identified at six sites – West Caledonia, Caduesky Lake, Moses Lake, East Rawdon, Fifteen Mile Brook and Kemptville (refer to regional map for locations).
Touquoy Gold Project
The Touquoy Gold Project is located at the former village of Moose River Gold Mines about 70 minutes' drive north-east of Halifax. The Touquoy Property covers an area of approximately 1,760 ha. It can be accessed via 110 km of sealed roads from Halifax and takes approximately an hour and a quarter by vehicle. Atlantic has an effective ownership interest of 63.5% in the Touquoy Gold Project, is the project operator and manager, and would recover all operational overhead, financing and sunk costs prior to any partner distributions.
The Touquoy Gold Project is well advanced with all major environmental permitting in place including Environmental Assessment and Industrial approvals and Mineral Lease granted.
Title is now held and possession secured of all 63 private properties required for the development of the Touquoy Gold Project, following a lengthy court process. Details relating to compensation in respect of 11 expropriated properties on the basis of independent valuations previously conducted remain under discussion with legal representatives of the estates or former landowners.
In relation to the seven parcels of Crown land required within the footprint of the Touquoy Gold Project, the Nova Scotia Department of Natural Resources has now received Cabinet approval to issue the lease and has prepared the requisite documentation.
Property Plan of the Touquoy Project
On 24 May 2014, Atlantic announce that a Memorandum of Understanding ("MOU") between DDV Gold, a wholly owned subsidiary of Atlantic, and the Assembly of Nova Scotia Mi'kmaq Chiefs had been concluded. The MOU establishes the mutual recognition and respect of each party's perspective in relation to the development of the Touquoy Gold Project and DDV Gold's other potential resource developments elsewhere within Nova Scotia including Cochrane Hill (discussed below). In particular the MOU contemplates the negotiation and conclusion of a Mutual Benefits Agreement between the parties to engage further and specifically in terms of employment, training, provision of services and other opportunities and undertakings to the benefit of both parties.
Mineral Resource Estimate
The Touquoy Gold Project hosts Mineral Resources prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and JORC (2012) as disclosed in table 1 below. The table sets out the global recoverable measured and indicated, and inferred resource estimates for the Touquoy Gold Project at a cut-off of 0.50 g/t Au, which has been highlighted in the NI 43-101 Report as a possible cut-off for open pit mining. The resource is relatively well drilled out at a drill hole spacing of 25 metres by 20 metres and much of the Inferred resource that remains lies peripheral to the main concentrations of gold mineralization.
The Touquoy Gold Deposit is a shale hosted, disseminated gold deposit, located in the Meguma Group, a sequence of Cambro-Ordovician sandstones and mudstones which underlies about half of the province of Nova Scotia. Since the mid-1800s about 60 underground gold deposits within the Meguma Group have been mined, for an aggregate documented production of about 1.4 million ounces. These deposits evidence the substantial gold potential of the Meguma Group. The Touquoy Gold Deposit however is different from most of these deposits in that the gold is disseminated throughout the host sediments and is essentially unrelated to quartz veining.
The very wide drill intersections of gold mineralisation at Touquoy, some in excess of 100 m, therefore set this deposit apart from the typical Meguma Group gold deposits as a substantial, open-pit, bulk mining proposition.
Final comprehensive metallurgical testwork has been undertaken under the guidance of Peter Lewis and Associates. The ore has excellent metallurgical characteristics:
- Very high total recoveries (93%)
- Very high gravity recoveries (65%)
- Permissible coarse grind (150 microns)
- Low reagent consumption
- Very short residence time (16-24 hours)
The master composite of material to be milled gave a bond ball mill work indext Touquoy of approximately 8.8-10.2 kWh/t depending on the specific rock type, which means the rock is relatively easy to grind.
Beaver Dam Project
Description and Ownership
The Beaver Dam Gold Project, located approximately 37 km by road from the Touquoy project, is an earlier stage high grade open pittable deposit, 100% owned by Atlantic.
The area was previously mined as an underground deposit at various times from 1895 until 1939. There have been various stages of exploration with in excess of 20,000 metres of drilling completed to date.
Atlantic is now focused on resource definition drilling and environmental impact assessment work at Beaver Dam. The gathering of data to facilitate the environmental permitting process in respect of the project has already commenced.
Future drilling programs will explore potential expansion of the mineralized zone and other prospective occurrences.
Mineral Resource Estimate
The Beaver Dam project hosts Mineral Resources prepared in accordance with NI 43-101 as set out in the table below.
The Beaver Dam property is centered on the Moose River-Beaver Dam Anticline as do the Touquoy and Fifteen Mile Stream properties. The Anticline is sinistrally off-set by two northwest trending faults: the Mud Lake Fault and the Cameron Flowage Fault. The mineralization is contained within the overturned southern limb of the anticline which tips to the north at between 75 and 90 degrees. The mineralization has largely been defined in the Main Zone within a stratigraphic package comprising alternating argillite and greywacke units. As a result of the folding, a well-developed axial planar cleavage is present in both rock types. At Beaver Dam, the highest gold grades are typically associated with bedding-parallel tabular quartz veins. However, the host rock material between quartz veins also carries significant gold grades. It is the quartz vein hosted gold mineralization augmented by disseminated style mineralization that forms the basis of a geological model associated with the on-going exploration and development of the Beaver Dam gold deposit.
Cochrane Hill Project
Description and Ownership
The Cochrane Hill Gold Project located approximately 80 km from the Touquoy Property, is owned 100% by Atlantic.
Comprehensive infill drilling is yet to be completed at the Cochrane Hill Gold Project. However, 39 diamond holes drilled by Atlantic in 2008 and 2009, combined with a further 89 holes from drilling in the 1970s and 1980s by previous explorers, for a total of approximately 15,200m of drilling, has established a substantial mineral resource.
Atlantic is now focused on resource definition and environmental impact assessment work at Cochrane Hill.
Exploration potential beyond the area of the drilled resource is excellent. The sheared, mineralised sequence is parallel to, and 100 m south of, the axis of the overturned Cochrane Hill anticline (refer to accompanying property plan). This intermittently outcropping shear zone has been traced for 5 km across the property in previous exploration programs, and it hosts several areas of anomalous gold geochemistry in various media. The most notable of these is a trench grading 1.9 g/t gold over 7.6 m about 1.6 km west of the resource. No drilling has been conducted along this mineralised shear zone beyond that central 1200 m length encompassing the identified resource.
Fifteen Mile Stream Project
Description and Ownership
The Fifteen Mile Stream Gold Project, located approximately 37 km north east of the Touquoy project, is an earlier stage high grade open pittable deposit, 100% owned by Atlantic.
The area was previously mined by underground methods periodically between 1868 and 1941. Three campaigns of diamond drilling were completed from 1985 to 2011 for a total of approximately 30,000 meters. Atlantic is considering a future drilling program to explore the potential expansion of the mineralized zone along strike and down dip.
Atlantic Gold Corporation
815 Pacific Highway
+61 2 9410 0993
Fax: +61 2 9410 0958