ATAC, Barrick to invest C$13M at Rackla (North of 60 Mining News – April 6, 2018)

ATAC Resources Ltd. April 4 outlined plans for roughly 20,000 meters of drilling at the Rackla Gold property in the Yukon.

At roughly C$13 million, this program included a C$6 million investment by Barrick Gold Corp. for exploring the Orion gold project at the center of the massive Rackla property and C$7 million from ATAC, which will explore Osiris and Rau, located on the east and west ends of Rackla, respectively.

“We are excited to get started on what will be the largest drilling campaign since 2012 on the Rackla Gold property,” said ATAC President and CEO Graham Downs.

Under an agreement signed last April, Barrick has the option to earn up to a 70 percent stake in the Orion project, which blankets a 780-square-kilometer (301 square miles) section in the middle of ATAC’s roughly 185-kilometer- (115 miles) long Rackla land package.

This deal consists of a potential total investment by Barrick of roughly C$63.3 million, including a C$8.3 million private placement and a two-staged C$55 million exploration earn-in option on Orion.

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