Press release from Marketwire
Ateba Extends Known Gold Mineralization for 200m and Intersects 3m @ 2.68 g/t Au at the Walsh Mine Area of the Larder Group Property
Tuesday, June 26, 2012
TORONTO, ONTARIO--(Marketwire - June 26, 2012) - Ateba Resources Inc. ("Ateba" or the "Company") (CNSX:ATR) is pleased to announce that it has intersected 16m @ 0.47 g/t Au including 2m @ 1.40 g/t Au in hole AR-12-51 on its Larder Group Property near Kirkland Lake, Ontario. A separate intersection of 3m @ 2.68 g/t Au from 31 to 34m including 1m @ 5.24 g/t Au was encountered in hole AR-12-50 which also included two other notable intersections. These results confirm the presence of multiple, sub-parallel, mineralized quartz veins as identified in previous drilling. Drilling at the adjacent FP Zone encountered lower grade mineralization with the best intersection returning 1m @ 1.18 g/t Au.
"This round of drilling proved that the system is wider than originally contemplated and we are very pleased to have extended the known gold mineralization for another 200 metres to the northwest,' said Bill Dickie, President and CEO of Ateba. "The next drilling program will test the vertical extension of this mineralization as we believe the gold mineralization could improve at depth. The emerging model is that of a mineralized gold-bearing shoot along a northwest trending regional structure."
The drilling program consisted of 1,980 metres of near-surface diamond drilling, designed to identify mineralized shoots. The drilling was split between the Walsh Mine Area and the Adjacent FP Zone to the southeast. A total of 1,062 metres were drilled on the Walsh Mine Area to confirm surface mineralization previously discovered in a 2010 trenching programme and to test the strike extent of mineralization. The intersections of mineralization in holes AR-12-50 and AR-12-51, extend drill-confirmed gold mineralization and confirm its continuity for 200 m to the northwest of previously known mineralization. In addition, the drilling intersected multiple sub-parallel veins along the same section in several of the holes. Mineralization at the Walsh Mine Area is associated with quartz veining and variable degrees of quartz veinlet swarming in conjunction with potassic alteration of the host syenite. Gold mineralization is not restricted to singular quartz veins but also extends over broader zones in direct relation to the intensity of quartz veinlets. It is significant to note that this potential was not tested in early drilling campaigns.
The FP Zone lies adjacent to the Walsh Mine Area, to the southeast. Northwest trending alteration is consistent between both areas and an associated magnetic anomaly is offset by the east-west trending Kinabik Creek Lineament between the two areas. Drilling on the FP Zone consisted of 918m between 9 shallow holes designed to test a broad area of sulphide mineralization and elevated background gold content as evidenced by channel sampling. The drilling confirmed elevated gold mineralization associated with the surface sulphides but did not indicate economically elevated gold values at depth. The best intersection from the FP Zone returned 1m @ 1.18 g/t Au in hole AR-12-37 from 68-69m in intermediate metavolcanic rocks containing blebby pyrite. The Kinabik Creek Lineament was also tested (AR-12-53) but returned no significant values.
Following is a summary of significant intersections from both the Walsh Mine Area and the FP Zone:
|Drill Hole||From (m)||To (m)||Int. (m)||Au (ppb)||Au (g/t)|
Ateba Resources considers these drill results to be favorable in that the strongest mineralization was encountered in holes that tested an area to the northwest of previous drilling. The program has successfully helped to define the dimensions of the mineralized area as it is expressed at surface. The mineralized system at the Walsh Mine Area is robust and indicates strong potential for an extension of mineralization at depth.
Ateba Resources Inc. is a mineral exploration company that is focused on exploring for gold along the Larder - Cadillac Break. The Company's flagship project encompasses the highly prospective Walsh Katrine, Copper King, Kinabik and Kerr North gold properties that are contiguous to Queenston's Upper Beaver Property. The project extends 15 km toward the Quebec border and is accessible year round by road. In addition, the Company also has a uranium property in Elliot Lake on which there is a historic uranium resource of 12 million pounds of U3O8. The property is contiguous to the Pele Mountain Eco Ridge property where significant assays for total rare earth oxides (TREO's) have been reported.
Note Regarding Forward-Looking Statements
This press release and other written or oral communication from Ateba Resources Inc. (the "Company") may include certain statements that may be considered "forward-looking statements" within the meaning of that phrase under Canadian securities laws. Statements other than historical facts that address possible future events, plans or developments are forward-looking statements. Such statements may be identified by the use of words such as "will", ""may", "expects", "estimate", "intend" or the use of the future or conditional tense. Certain material factors or assumptions were applied in drawing our conclusions and making those forward-looking statements. Forward-looking statements reflect management's current views with respect to possible future events and conditions and, by their nature, are based on management's beliefs and assumptions and subject to known and unknown risks and uncertainties, both general and specific to the Company. Although the Company believes the expectations expressed in such forward-looking statements are reasonable, such statements are not guarantees of future performance and actual results or developments may differ materially from those in our forward-looking statements. Readers are cautioned that risks may change or new risks may emerge. Additional information regarding the material factors and assumptions that were applied in making these forward looking statements as well as the various risks and uncertainties we face are described in greater detail in the "Risk Factors" section of our annual and interim Management's Discussion and Analysis of our financial results and other continuous disclosure documents and financial statements we file with the Canadian securities regulatory authorities which are available at www.sedar.com. The Company undertakes no obligation to update this forward-looking information except as required by applicable law.
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FOR FURTHER INFORMATION PLEASE CONTACT:
William P. Dickie Ateba Resources Inc. President and CEO (416) 366-2856 email@example.com firstname.lastname@example.org
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