Monday, February 5, 2007 12: 29 PM
North Atlantic Resources is pleased to reveal that it has actually obtained a choice on the 185 square kilometer Kourouba gold exploration license in southern Mali. The Kourouba project is located in the Koulikoro Region, 150 kilometers southeast of the capital, Bamako. The home covers a strike length of 14 kilometers of potential stratigraphy in the Birimian Yanfolila greenstone belt.
Under the regards to a choice agreement, the Company can get the Kourouba expedition license by paying an initial payment of US$60,000, US$100,000 on the first anniversary, US$140,000 on the 2nd anniversary, and US$200,000 on the 3rd anniversary, for a total of US$500,000 The property is subject to a 2.5%Net Smelter Returns Royalty which can be bought at any time by the Business for US$ 5.5 million.
In the central part of the home, a previously-completed soil sampling program, at a density of 500 meters by 200 meters, specified a north-trending, constant, gold in soil anomaly, with samples containing at least 100 parts per billion gold over a small strike length of 2,500 meters and a peak worth of 1,420 parts per billion (1. Follow-up soil sampling, completed by the vendor of the home, confirmed the presence of gold in termite mound samples, indicating that the gold in soil abnormality is probably coincident with gold in saprolite and bedrock listed below the abnormality.
The Business initially prepares to complete 2,000 to 3,000 meters of air core drilling to figure out the location, nature, and pattern of gold concentrations in saprolite and bedrock over a strike length of 2,500 meters. Contingent upon the results of the air core drilling, the Business will finish an induced polarization survey and extra drilling.
With the addition of the Kourouba job, the Business has 8 gold projects comprising 1,676 square kilometers of mineral rights in Mali. Considering That 2002, the Business has actually made gold discoveries at the Kantela project (2004), FEET project (2005), and Massala task (2006).
At the FEET deposit, which is presently estimated to contain 218,800 ounces of gold in the presumed classification and 160,700 ounces of gold in the shown classification, the Business is presently reviewing the outcomes of the current stage of drilling and assaying finished in2006 The purpose of the evaluation is to make suggestions for further deal with the deposit and on exploration targets in other places on the residential or commercial property. It is prepared for that a caused polarization study will be completed over the deposit and its extensions in February, 2007, prior to the next phase of drilling is finished. The Company prepares for that future drilling would be significantly optimized by the continuous review of the geology and grade circulation of the deposit.
At the Kantela job, the Company is completing an evaluation of the drilling at Zone 2 in order to finish a preliminary design of the gold zone, and to complete extra drilling, if necessitated.
26 grams per tonne gold in2006 Contingent upon the results of the geophysical study, the Company will complete extra drilling in order to trace the extensions of the gold zone.
In addition to the abovementioned gold projects, the Company continues to review data from a number of promising gold exploration prospects in Mali and expects that additional jobs will be acquired in2007
In the surrounding Republic of Niger, the Company got the Abelajouad uranium expedition permit in 2006 and has 4 pending uranium expedition permit applications in Niger. The Business anticipates that it will start expedition work on its uranium expedition jobs in Niger in the first quarter of2007 In addition, the Business’s wholly-owned subsidiary, Selier Energy Ltd., has actually obtained an oil and gas expedition license in main Mali and, contingent upon successfully getting the license, will prepare a suitable prepare for the financing and exploration of the project.
The technical details contained in this release was compiled by Jon North, Ph.D., P. Geo., who is a Certified Individual as specified by National Instrument 43-101
North Atlantic has 19,142,308 typical shares provided and exceptional (21,246,058 shares on a fully diluted basis).
Please go to www.nac-tsx.com to view maps and more job information.
This news release has been prepared by North Atlantic Resources Ltd. and no regulatory authority has approved or disapproved the info contained herein.