High Grade Copper Property in Alaska Optioned
Vancouver, B.C. (March 25, 1999) - Atna Resources Ltd.
is pleased to announce that it has concluded an agreement
whereby it can earn a 100% interest, subject to a 2% NSR,
on the Caribou Dome property in Alaska.
Terms of the agreement call for Atna to make exploration
expenditures of US$1 million and cash payments of
US$115,000 over a four year period. The 2% NSR can be
purchased at any time for US$2.5 million. The Caribou Dome
property is accessible by road and is located near a major
highway in south-central Alaska. The property hosts stratiform
copper mineralization that is geologically similar to the
Kupferschiefer deposits in Europe and the Zambian copper
belt deposits in Africa. The property was explored in the late
1960's but little work has been done since then. Previous work
consisted of surface trenching, percussion and diamond drilling
and underground development. A total of 34,074 feet of drilling
from 224 surface and underground holes and 2,900 feet of
underground drifting for exploration drilling was completed.
This work outlined an indicated resource of 550,400 short tons
grading 5.8% copper, based on calculations by previous
operators. Metallurgical testing in the early 1970's indicated
that a combination of high recovery and high-grade concentrate
would be difficult to produce; however, improvements in grinding
and metallurgical technologies over the last two decades have
done much to alleviate this concern. The estimated resource is
contained in 3 of the 9 known sulphide lenses that outcrop over
a 2,400 foot strike length. The mineralized system is open along
strike and down-dip. The deepest drill hole on the property cut
50.6 feet (40 feet true thickness) of mineralization grading
7.01% copper, 800 feet below surface. The host stratigraphy
continues for 1,000 feet to the northwest and for up to 7,000 feet
to the southeast, and has received very little work in the past.
A program of geology, geochemistry, detailed geophysics and
diamond drilling is anticipated for the 1999 field season, which
will begin in June.Atna Resources Ltd. is a Canadian mineral exploration
company with a proven track record for making discoveries.
Atna is currently drilling on the San Antonio I Concession
in the Dominican Republic and is finalizing exploration plans
for the 65% owned Wolf, and 40% owned Wolverine, projects
in the Yukon. Atna trades on the Toronto Stock Exchange under
the symbol ATN and has a treasury of approximately C$15 million.
- 30 -For further information contact:
ATNA RESOURCES LTD.Peter DeLancey, President or
Michael Williams, Investor RelationsTel: (604) 684-2285; Fax (604) 684-8887
E-mail: atna@atna.com<http://www.atna.com> |
