Silver Range Resources has been advised of the company’s decision to terminate its real estate option.
ATAC completed a total of 4,124m of reverse circulation drilling on the East Goldfield property, primarily around known mineralization at the Tom Keane Mine. Additional drilling outside the mine area tested new surface discoveries at depth.
Anomalous gold was intersected in all holes, highlighting a large mineralized system. However, the company said it was unable to replicate historical highlights and surface gold grades were not replicated at depth.
ATAC Resource President and CEO Graham Downs said while the results were disappointing for the company, they were pleased to complete the exploration program within budget.
“Our goal was to quickly assess the property by drilling to determine if it met our exploration thresholds, and unfortunately the grades were not what we were hoping for,” he said. “We remain committed to working in Nevada and are currently evaluating additional project opportunities.”
Vancouver-based ATAC Resources focuses on gold and copper exploration in the Yukon and British Columbia in Canada, as well as Nevada in the United States.
The East Goldfield property is located in the Goldfield mining district, within the Northwest Walker Lane structural belt, which has proven gold mineralization.
On Feb. 22, ATAC Resources traded on the Toronto Stock Exchange at C$0.125/share, down 7.4% on the day. Its shares had rebounded throughout February after falling below $0.1 in January.