Atlanta Gold Inc's (TSX VENTURE: ATG)(CVE: ATG) Atlanta properties comprise approximately 889.1 hectares located 90 air kilometres north east of Boise, in Elmore County, Idaho USA.
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On January 6, 2011 Atlanta Gold (TSX VENTURE: ATG) (CVE: ATG) announced that it has updated its NI 43-101 compliant resource estimate at its Atlanta property in Idaho, USA. This newly announced resource estimate represents a substantial jump of 59% over the previously announced resource estimate. Atlanta now has 756,000 ounces of Au equivalent resource ounces in the indicated+inferred categories combined. A cut-off grade of 1.37 gpt (gram per ton) Au was used for open-pit resource and a cut-off grade of 3.09 gpt Au was used for the underground resource.
The resource was estimated on the basis of the November 30, 2010 two-year trailing average US$ metal prices of $1,075 per ounce of gold and $16.61 per ounce of silver with mill recoveries of 90% and 75% respectively. Prevailing metal prices at December 31, 2010 were US$1,422 per ounce of gold and US$30.91 per ounce of silver.
We believe the company is poised to substantially increase the resource estimate, advance the project by completing a Preliminary Economic Assessment and crack the 1 million gold equivalent ounces resource benchmark in 2011. Here is a statement from Mr. Bill Baird, President and CEO of Atlanta Gold, that lends credence to this possibility: “Based on our increased understanding of this significant epithermal gold system and our increased confidence in the geological model at Atlanta, we have now set as our new near term exploration target, one million gold equivalent ounces by December 31, 2011."
Ubika Research has been keenly following the developments in Atlanta Gold and over the last year has seen the company achieve significant success using its geological model and delivering on the project objectives it set out to do. The company believes it has highly prospective underground resource structures in the Newmont Zone in the west (below the Monarch area) and the Glaspey Zone in the east (below the East Extension area) which are still relatively underexplored as previous programs focused on shallow open-pitable mineralization. In 2011, the Company plans to continue drilling the Newmont Zone from surface and to complete a 12,000-foot (3,658-metre) underground drilling program from the rehabilitated 900 level drift to expand the Glaspey Zone in at least two directions.
The Atlanta Property has a long history of exploration and gold production. It has historic mines and a history of exploration and production of 344,000 equivalent ounces Au at cut-off grades above 0.4 and 0.5 ounces per ton. The main Atlanta lode was discovered in 1864, and has a surface expression which covers a horizontal distance of approximately 2.2 miles. Intermittent exploration work has been carried out on the property for almost 50 years and since 1985, Atlanta Gold and its joint-venture partners have conducted exploration drilling. This has resulted in a valuable set of drilling data that can help in building future exploration programs.
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Disclosure
Ubika Research has received compensation from Atlanta Gold Corp (TSXV: ATG ) to provide research coverage.
Except for the historical information presented herein, matters discussed in this document contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements.
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