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Posts tagged ‘Atlanta Gold Inc (ATG)’

Atlanta reports Idaho Gold Assays up to 1.9 g/t over 45.7m

January 25th, 2012

Resource Clips - essential news on junior gold mining and junior silver miningAtlanta Gold Inc TSXV:ATG announced drill results from the Atlanta Shear zone of its Atlanta gold property in Idaho. Highlights include

2.84 g/t gold over 17.3 metres
4.07 g/t over 5.2 metres
1.26 g/t over 5.1 metres
2.19 g/t over 3.7 metres
1.9 g/t over 26.2 metres
4.69 g/t over 8.6 metres
2.38 g/t over 5.4 metres
2.1 g/t over 15.1 metres
1.71 g/t over 8.8 metres
3.34 g/t over 14.7 metres
1.39 g/t over 17.6 metres

VP/COO Ernest Simmons commented, “We have now established continuity along the entire length of the 3,475-metre Atlanta Shear Zone, which we believe will be mineable as one continuous open pit. In addition, the deepest hole indicates that the Shear continues to be mineralized to depths of almost 900 metres, further opening up the potential for outlining bulk-mineable zones below the open-pit horizon.”

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Contact:
Bill Baird
VP and CFO
416.777.0013

by Ted Niles

Atlanta reports Idaho Gold Assays including 15.4 g/t over 15.2m

October 27th, 2011

Resource Clips - essential news on junior gold mining and junior silver miningAtlanta Gold Inc TSXV:ATG announced drill results from its Atlanta gold property in Idaho. Highlights include

0.74 g/t gold over 7.6 metres
1.06 g/t over 3 metres
37.19 g/t over 1.6 metres
1.38 g/t over 4.6 metres
4.65 g/t over 7.6 metres
1.42 g/t over 9.1 metres
15.4 g/t over 15.2 metres
2.92 g/t over 3.1 metres
3.24 g/t over 2.4 metres

The Atlanta project is located in the Middle Boise Mining District of Idaho and has historic production of 297,000 ounces gold and 2.6 million ounces silver.

View Company Profile

Contact:
Bill Baird
VP/CFO
416.777.0013

by Ted Niles

Shear Economy

October 4th, 2011

Atlanta Advances its Idaho Gold-Silver Project

By Greg Klein

“Essentially, what we’re selling is cheap ounces in the ground,” explains Atlanta Gold TSX:ATG Director/VP/CFO Bill Baird. “Our discovery or development cost per ounce—including all overhead, all expenses in the company, everything—is less than $20 a [gold equivalent] ounce. We’ve got a very cost-effective operation.” That helps explain Baird’s ebullience during a time of market turbulence. And frugality notwithstanding, Atlanta’s game plan is ambitious. The company aims for a 250,000-ounce increase in its gold-equivalent resource each year.

With that in mind, the company focuses on the 889-hectare Atlanta Project, 60 miles northeast of Boise, Idaho. The project area, part of the Middle Boise Mining District, hosted 12 historic mines. “Until this year, the exploration was only on the Atlanta shear zone, which is 11,400 feet [3,477 metres] long, between 30 and 120 feet [9.15 and 36.6 metres] wide and goes down to a known vertical depth of 1,000 feet [305 metres],” Baird explains. “We recently announced that we stepped off the Atlanta shear zone, and we’re drilling holes north of the zone. We’re hitting some new gold-bearing zones there. We don’t know yet if they’re part of the zone. The total mineralized structures cover a horizontal distance of 50,000 feet [15,250 metres].”

Atlanta Advances its Idaho Gold-Silver Project

Assays released September 27 include:

  • 7.79 grams per tonne gold over 19.8 metres (including 25.92 g/t over 4.6 metres)
  • 11.58 g/t over 10.7 metres (including 24.32 g/t over 4.6 metres)
  • 8.14 g/t over 6.1 metres (including 11.83 g/t over 3 metres)
  • 4.51 g/t over 13.7 metres

The September 2011 indicated estimate shows 6.83 million tonnes grading 3.45 g/t gold for 686,600 gold ounces and 9.04 g/t silver for 1.8 million silver ounces. The inferred category shows 1.79 million tonnes grading 5.42 g/t gold for 282,400 gold ounces and 8.16 g/t silver for 425,400 silver ounces. The gold-equivalent numbers are 719,000 ounces indicated and 290,000 ounces inferred.

The company keeps three rigs drilling 24/7. “We’ve drilled 46,000 feet [14,030 metres] to date this year. Our objective is to drill 60,000 feet [18,300 metres],” Baird says. “We have a number of assays pending, so there’s going to be news releases coming out probably through November. We’d like to end the year with 1,250,000 [gold-equivalent] ounces.

“We know the shear goes down to a vertical depth of 2,000 feet [610 metres]. We identified a million ounces in the top 1,000 feet [305 metres], but last year we found that at 1,000 feet the shear splits into two individual zones that appear to widen at depth, so that will increase the gold content per vertical foot and the economic potential. And we believe it extends at depth—as our chairman Jim Gray says, ‘Gold didn’t come from the sky, it came from underneath.’ If we confirm the continuity at depth, we can probably count on the Atlanta shear zone for three million ounces.”

An updated resource estimate and a PEA are scheduled for early 2012, with prefeasibility following.

“We’ll probably do another 50,000 or 60,000 feet [15,250 or 18,300 metres] of drilling next year as well,” Baird points out. “People love to see the resource going up, and we’ve always overshot every target we’ve set on the resource. But you get to the point where you have to start mining. We’ll continue to expand the resource, but it doesn’t make sense to spend money on drilling when you could be generating cash flow to cover the cost.”

We’re saying, ‘Let’s keep the mine to a pilot scale; let’s get it permitted and up and operating.’ As the resource grows, we’ll ramp up production accordingly —Bill Baird

For all that, Baird sees the actual mining scaled down from the 2008 plan, which entailed a large open-pit, cyanide heap-leach operation. “We changed it to a smaller open pit combined with an underground operation, a conventional gravity flotation mill on site, with no cyanide circuit. And that was very well received by the permitting agencies,” he says. “We’re saying, ‘Let’s keep the mine to a pilot scale; let’s get it permitted and up and operating.’ As the resource grows, we’ll ramp up production accordingly.”

While Baird doesn’t rule out a takeover, he says Atlanta’s team is ready for production. Baird’s 25 years of exploration and mining experience include a decade with Teck Cominco. Chairman/Director Jim Gray is a 50-year exploration geologist who co-founded Canadian Hunter Exploration.

Interim President/CEO Warren Holmes boasts over 40 years of experience including lengthy stints with Noranda Inc, where he served as VP/General Manager of Pamour Porcupine Mines, and with Falconbridge, where he was Senior VP of Canadian Mining Operations.

Ernie Simmons is Director/COO and VP of Mining. “He started mining underground before he even finished high school,” Baird says. “He ran Noranda’s contract operations in the United States. He started at least six mines in the US that I know of.”

Atlanta’s other claims consist of property in Quebec’s Abitibi region and diamond claims on Baffin Island.

At press time Atlanta had 182.64 million shares outstanding at $0.07 for a market cap of $12.78 million.

Atlanta reports Idaho Gold Assays as high as 7.79 g/t over 19.8m

September 28th, 2011

Resource Clips - essential news on junior gold mining and junior silver miningAtlanta Gold Inc TSXV:ATG announced drill results from its Atlanta property in Idaho. Assays include

7.79 g/t gold over 19.8 metres (including 25.92 g/t over 4.6 metres)
11.58 g/t over 10.7 metres (including 24.32 g/t over 4.6 metres)
8.14 g/t over 6.1 metres (including 11.83 g/t over 3 metres)
4.51 g/t over 13.7 metres

A September 2011 43-101 estimates 6.83 million tonnes grading 3.45 g/t gold for 686,600 gold ounces and 9.04 g/t silver for 1.8 million silver ounces indicated and 1.79 million tonnes grading 5.42 g/t gold for 282,400 gold ounces and 8.16 g/t silver for 425,400 silver ounces inferred. The gold-equivalent numbers are 719,000 ounces indicated and 290,100 ounces inferred.

Director/VP/CFO Bill Baird tells ResourceClips.com, “We’re very pleased with the results. We believe that the Atlanta Project is a significant gold epithermal system. Until this year the exploration was only on the Atlanta shear zone, which is 11,400 feet [3,477 metres] long, between 30 and 120 feet [9.15 and 36.6 metres] wide and goes down to a known vertical depth of 1,000 feet [305 metres]. We recently announced that we stepped off the Atlanta shear zone, and we’re drilling holes north of the zone. We’re hitting some new gold-bearing zones there. We don’t know yet if they’re part of the Atlanta shear zone.

We’ll continue to expand the resource, but it doesn’t make sense to spend money on drilling when you could be generating cash flow to cover the cost—Bill Baird

“The total mineralized structures cover a horizontal distance of 50,000 feet [15,250 metres]. All of these structures have hosted historic mines which produced very good grades. They were in production when gold was $20 to $35 an ounce. So they were high grade. We’ve drilled 46,000 feet [14,030 metres] to date this year,” Baird says.

“Our last 43-101-compliant resource estimate was released in early September. That showed total indicated and inferred resources of just over a million gold-equivalent ounces. Our game plan has been to increase the resource by 250,000 ounces a year. Our discovery or development cost per ounce—including all overhead, all expenses in the company, everything—is less than $20 an ounce. We’ve got a very cost-effective operation. And that’s principally because of Ernie Simmons, who’s our Vice-President of Mining, COO and a Director. He’s based in Boise, Idaho.

“We have three drills working the site 24 hours a day,” Baird adds. “Our objective is to drill 60,000 feet [18,300 metres]. We have a number of assays pending, so there’s going to be news releases coming out probably through November. We’d like to end the year with 1,250,000 [gold-equivalent] ounces.

“Once we complete the drilling, there’ll be an updated 43-101 technical report and resource estimate. That will be followed by a preliminary economic assessment. We previously planned it for the middle of this year, but we postponed that to capture the results of the 2011 drilling program,” he says.

“We expect to have the PEA out early next year and follow with a prefeasibility study. We’ll probably do another 50,000 or 60,000 feet of drilling next year as well. People love to see the resource going up, and we’ve always overshot every target we’ve set on the resource. But you get to the point where you have to start mining. We’ll continue to expand the resource, but it doesn’t make sense to spend money on drilling when you could be generating cash flow to cover the cost.”

Baird concludes, “Someone might come in and make a takeover bid. Then it becomes a matter of price. But certainly our plan is to go into production, and we have just the team to do that. If you look at the board of directors and management, there’s over 200 years of mining experience there. We had a meeting with an investment banker from London recently, and I asked him, ‘What did you learn from the recession?’ He said, ‘We learned that we’ve invested in a lot of junior companies that don’t have the capacity to bring a project into production. But you guys do.’”

View Company Profile

Contact:
Bill Baird
Director/VP/CFO
416.777.0013

by Ted Niles and Greg Klein

Atlanta reports Idaho Assays up to 5.09 g/t Gold over 19.8m

September 16th, 2011

Resource Clips - essential news on junior gold mining and junior silver miningAtlanta Gold Inc TSX:ATG announced results from its Atlanta Property in Idaho. Highlights include
5.09 g/t gold and 4.77 g/t silver over 19.8 metres (including 3.37 g/t gold over 1.5 metres)
50.74 g/t gold and 41.31 g/t silver over 1.5 metres (including 11.37 g/t gold over 1.5 metres)
8.61 g/t gold and 12.45 g/t silver over 4.6 metres (including 3.11 g/t gold over 1.5 metres)
5.28 g/t gold and 3.77 g/t silver over 7.6 metres (including 4.73 g/t gold over 1.5 metres).

The property had historic production of 297,000 gold ounces and 2.6 million silver ounces from shallow, high-grade mining to a vertical depth of 610 metres, mostly above cut-off grades of 13.7 g/t. Consequently, most of the resources along the Atlanta Shear Zone were not mined and remain in situ.

View Company Profile

Contact:
Bill Baird
Vice-President/CFO
416.777.0013

by Greg Klein