Press Release
PRESS RELEASE Symbol: "NAC" Toronto Stock Exchange North Atlantic acquires the Kourouba gold project in Mali Toronto, Canada, February 5, 2007: North Atlantic Resources Ltd. (“the Company”) reports: North Atlantic Resources is pleased to announce that it has acquired an option on the 185 square kilometer Kourouba gold exploration permit in southern Mali. The Kourouba project is located in the Koulikoro Region, 150 kilometers southeast of the capital, Bamako. The property covers a strike length of 14 kilometers of prospective stratigraphy in the Birimian Yanfolila greenstone belt. Under the terms of an option agreement, the Company can acquire the Kourouba exploration permit by paying an initial payment of US$60,000, US$100,000 on the first anniversary, US$140,000 on the second anniversary, and US$200,000 on the third anniversary, for a total of US$500,000. The property is subject to a 2.5% Net Smelter Returns Royalty which can be purchased any time by the Company for US$5.5 million. In the central part of the property, a previously-completed soil sampling program, at a density of 500 meters by 200 meters, defined a north-trending, continuous, gold in soil anomaly, with samples containing at least 100 parts per billion gold over a nominal strike length of 2,500 meters and a peak value of 1,420 parts per billion (1.42 grams per tonne gold). Follow-up soil sampling, completed by the vendor of the property, confirmed the presence of gold in termite mound samples, indicating that the gold in soil anomaly is probably coincident with gold in saprolite and bedrock below the anomaly.
[Show full text]