VANCOUVER, BC, Nov. 30, 2020 /CNW/ - ATAC Resources Ltd. (TSX-V:ATC) ("ATAC") or the ("Company") announces that on November 27, 2020, it was notified that the Yukon Government had rejected the Company's application to construct a proposed tote road to its Tiger Gold Deposit in east-central Yukon to support advanced exploration. The stated reasons include opposition expressed by the First Nation of Na-Cho Nyak Dun ("FNNND").
The tote road was conditionally approved by both the Yukon Government and the FNNND in March of 2018 under the Yukon Environmental and Socio-Economic Assessment Act. ATAC acted in good faith throughout the process and has taken great care to ensure the input of the FNNND and the surrounding communities were duly considered in designing and routing the road.
"We are extremely disappointed with, and surprised by this decision" said President and CEO Graham Downs. "This was an application for a private, single-lane, gravel and controlled-access road in an area with existing winter trail access. If this road can't be permitted following a positive environmental and socio-economic assessment decision and years of governmental encouragement to invest in the project, then you have to wonder if Yukon is in fact open for business."
ATAC does not agree with many aspects of the government's decision and, in consultation with its external legal counsel, is evaluating its options.
ATAC is a Vancouver-based exploration company focused on advancing Yukon's premier precious and base metal district and grassroots exploration in Nevada. Work on its ~1,700 km2 Rackla Gold Property in Yukon has resulted in the Osiris Project Inferred Mineral Resource of 1,685,000 oz of gold at an average grade of 4.23 g/t (in 12.4 Mt), a positive Preliminary Economic Assessment for the Tiger Gold Deposit (Pre-tax NPV of $118.2M and IRR of 54.5%), and numerous early-stage gold and base metal discoveries. ATAC is well-financed with approximately $6 million in working capital.
On behalf of Management and the Board of Directors of ATAC Resources Ltd.
Graham Downs, President and CEO
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SOURCE ATAC Resources Ltd.
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