VANCOUVER, Jan. 19, 2017 /CNW/ - Transatlantic Mining Corp. (the "Company") (TCO:TSX.V) announces surface drill results from the Alder Gulch Property-US Grant Mine & Mill Complex located in the Virginia City Mining District of Madison County, Montana (USA). This report contains initial results from the phase 1 drill program which successfully intersected gold and silver mineralization, including wide high-grade gold intercepts. The intent of the program was to target a new area of the US Grant Deposit with drilling to increase confidence in the future mining plan should completion of a mining study support the technical feasibility and economic viability of the project. The resulting assays indicate that holes were correctly targeted with some measure of success.
Highlights Include:
- SURDH #6: 8.9 ft. (2.8 m) true width at 0.564 troy ounces per ton ("opt") (19.3 g/t) gold equivalent ("Au Eq.")
(Includes 2.8 ft. (0.85 m) at 1.07 opt (36.8 g/t) Au Eq. - SURDH #1: 5.9 ft. (1.8 m) true width at 0.357 opt (12.2 g/t) Au Eq.
Findings from the Maiden Mineral Resource report(1) support the potential for the discovery of additional mineral resources within the US Grant property. Figure 1 and Figure 2 show the location of the existing mineral resources and the position of the intersections from the Phase 1 Diamond Drilling Program.
Drill Results
The surface drill program comprised 14 holes for a total of 1,457 metres. Recent assay results are derived from diamond drilling conducted in October and November in a section of the deposit that had limited historical drilling. The drill holes successfully intersected gold and silver mineralization, including selective areas of high-grade gold and silver material. These include two wide, high-grade gold and silver intercepts in SURDH#1 and SURDH#6. These results are shown in Table 1 along with assay results from 6 other holes in the Phase 1 program. Additional assays are pending and will be released as they become available.
Table 1 Assay Results from the Phase 1 Diamond Drilling Program Conducted in October and November 2016
| Hole # | from (ft.) | to (ft.) | true width (ft.) | Au opt | Ag opt | Au Eq. opt | Au g/t | Ag g/t | Au Eq. g/t |
| SURDH#1 | 159 | 167.7 | 5.9 | 0.286 | 5.3 | 0.357 | 9.8 | 181.52 | 12.24 |
| Includes | 4.4 | 14.2 | |||||||
| SURDH#3 | 122 | 128 | 3.5 | 0.093 | 1.8 | 0.116 | 3.19 | 60 | 3.99 |
| SURDH#4 | 198 | 205 | 6.7 | 0.083 | 3.1 | 0.124 | 2.86 | 104.96 | 4.24 |
| SURDH#5 | 201 | 207.6 | 6.4 | 0.172 | 2.3 | 0.203 | 5.9 | 78.88 | 7.33 |
| Includes | 2.1 | 16.9 | |||||||
| SURDH#6 | 177.4 | 186.7 | 8.9 | 0.522 | 3.1 | 0.564 | 17.91 | 106.44 | 19.35 |
| Includes | 2.8 | 36.8 | |||||||
| SURDH#8 | 191.5 | 195 | 3.3 | 0.195 | 3.1 | 0.237 | 6.68 | 107.26 | 8.09 |
| SURDH#9 | 178.5 | 187.5 | 6.8 | 0.068 | 2.2 | 0.097 | 2.33 | 75.97 | 3.33 |
| SURDH#10 | 268 | 276.5 | 6.1 | 0.133 | 1.4 | 0.152 | 4.55 | 48.75 | 5.19 |
| Includes | 2.0 | 10.2 |
- Au Equivalent Grade based on USD 1200 Au and USD 15.80 Ag per respective ounce.
- The from to is the downhole length followed by the estimate of true width
Mill Upgrade Status
A second ball mill was commissioned at the US Grant onsite Processing plant in December. This will enable a throughput increase from 40 to 150 tons per day, which will accommodate an increase in future mining rates at US Grant and will provide the capacity to treat higher tonnage from the US Grant as trial mining and exploration development continues until a future mine production decision.
Executive Chairman Bernie Sostak commented,
"Key elements of exploration & infill drilling at US Grant, assays received to date, and our Mill upgrade to 150 gross tpd are progressing well. The exploration drill results have increased our confidence in our plans for future mine development activities."
Chris Pfahl is the Qualified Person pursuant to National Instrument 43-101 responsible for having reviewed and approved, the technical information contained in this news release. Chris is the Principal and Owner of Silver Valley Engineering
About Transatlantic Mining Corp.
Transatlantic Mining (TSX-V: TCO) is an emerging precious and base metal explorer, developer and producer. The Company has a focus on high-grade mining, in safe and prolific mining jurisdictions. The Company is engaged in controlling and owning mineral properties interests, such as an 80% earn-in option on the Monitor Copper-Gold project in Idaho (USA).
In January 2016, the Company entered a lease/purchase option agreement on 100% of the US Grant Gold-Silver Mine & Mill complex in Montana (USA). A proven management team, led by Executive Chairman Bernie Sostak seek to enhance shareholder value through expert exploration/development and expansion of existing assets, together with selective acquisitions.
