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North Atlantic Resources volumes remain solid after Wednesday`s gold discovery announcement

Published: 02:35 07 Aug 2010 BST

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Shares in junior gold explorer North Atlantic Resources (TSX-V:NAC) were on the move again today, climbing 8% as investors continued to weigh in on the significance of Wednesday`s announcement of a new discovery at the company`s FT Gold Project in Mali, West Africa.

West Africa is a hot bed of activity for gold exploration and takeover speculation is ripe in the sector after Kinross launched an all-share offer for Red Back Mining earlier this week.

The buoyant mood around West Africa played well for North Atlantic this week, who announced that a recent 8 hole, 770 meter reverse circulation (RC) drill program just 200 meters north of the  “Main Anomoly” had confirmed a new gold discovery, subsequently named Foulalaba South.

Drilling at Foulalaba South intersected several zones of gold mineralization, including 4 meters averaging 2.29 grams per tonne gold and 64 meters averaging 2.5 grams per tonne gold, which included a higher grade 6 meters averaging 24.54 grams per tonne gold.

Foulalaba South is located just 14 kilometres from the company`s current resource at the FT Resource area.


"This discovery provides an encouraging new perspective for interpretation of geochemical results and future exploration targets. The Main Anomaly, and now Foulalaba South, appear to represent areas of structural and geological complexity at the juncture of Northwest, North, and Northeast trending structures,” Scott Waldie, North Atlantic's President and CEO, said on Wednesday.


Not surprisingly, the company is planning additional drilling at Foulalaba South and Main Anomaly later this year.

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