Atna Resources Ltd. Options Spider Lake Property
Vancouver, B.C. (November 5, 1999) - Atna Resources Ltd.
and Major General Resources Ltd. are pleased to announce
that, subject to regulatory approval, they have signed a letter
agreement giving Atna an option to earn a 60% interest in the
Spider Lake Property. In order to earn its option, Atna must
make C$2.4 million in exploration expenditures and cashpayments over five years.
The 13 km long Spider Lake Property is located in the
Schreiber-Hemlo Greenstone Belt of western Ontario. This
Belt hosts the Hemlo gold deposits and two substantial base
metal massive sulphide deposits - Winston Lake and Geco.
In 1998, significant VMS-type mineralization was discovered
in rhyolitic rocks on the property; grab samples assayed up
to 7.4% zinc, 1.4% lead, 1.5% copper, 101g/t silver and
0.87g/t gold. A recently completed geophysical IP survey
revealed a 1,200 metre long chargeability anomaly in theimmediate area.
Atna has approved an EM geophysical survey to outline
attractive targets for drill testing in early 2000. The survey,
at an estimated cost of $30,000, has commenced.
Atna Resources Ltd. is a Canadian mineral exploration
company with a track record for discovering significant
massive sulphide deposits including the Wolverine and
Wolf deposits located in the Yukon. Atna trades on the
Toronto Stock Exchange under the symbol ATN and
has a treasury of approximately C$13 million.
Major General Resources Ltd. is an active exploration
company listed on the Senior Board of the Vancouver
Stock Exchange with advanced gold, base metal and
diamond properties across Canada. Average exploration
expenditures on Major General's properties exceed$3,000,000 annually. |
