ASX Code: ATV
In January 1999 a group of investors headed by Mr Ron Hawkes acquired control of Atlantic Gold NL (then known as Diamond Ventures NL and re-focused its activities towards gold exploration. The Directors of Atlantic Gold are Ron Hawkes, Wally Bucknell and Robert Symons – former long term directors, executives or associates of Plutonic Resources Limited.
Plutonic was a major Australian gold mining and exploration company which floated in 1985 with a market capitalisation of $45 million and was taken over by Homestake Mining Company for more than $1.0 billion in 1998. (Homestake was subsequently taken over by Barrick Gold Corporation). Plutonic grew to achieve annual production of over 500,000 oz gold from five operations in Western Australia. This production was underpinned by Plutonic’s exploration discoveries aggregating 11 Moz of gold resources, mostly in Western Australia, at a discovery cost of less than $14/oz, during the 1990s.
Atlantic Gold subsequently set its strategy to discover highly profitable gold reserves through the acquisition and exploration of attractive acreage with near-term development potential and workable mining tenure.
Implementation of this strategy has led to the Company’s determined focus on developing the TOUQUOY GOLD PROJECT in Nova Scotia on Canada’s Atlantic coast, and further expanding the resource base through exploration of the surrounding region. The Touquoy Gold Project is considered the starting point in Atlantic Gold’s application of its particular skills in identifying, developing and responsibly mining open pit (and underground) gold deposits in Nova Scotia. The extensive goldfields of Nova Scotia have never before been systematically approached in this way. Atlantic Gold’s skills are derived from 15 years of such experience in Western Australia, where the substantial gold discoveries by Plutonic Resources mentioned above resulted from drilling-dominated programs with up to 500,000 m having been drilled annually. The Company principals also have considerable previous experience in exploration in Atlantic Canada.
Touquoy has now been expanded to a potentially open-pittable resource of more than ½ million ounces of gold with exciting upside and favourable mining and processing characteristics. Atlantic Gold is manager and holds 60% interest in the project.
Cochrane Hill, located 80 km east of Atlantic Gold's Touquoy Gold Project, secures 5 km of highly prospective terrain. The Cochrane Hill resource was recently upgraded to 10.0 million tonnes @ 1.7 g/t for 549,000 contained ounces of gold. Current programs of drilling continue to return encouraging results.
Nova Scotia Regional – Reconnaissance exploration over broad tracts of highly prospective, under-explored, wholly-owned tenements, with more detailed exploration targetting well mineralised positions on optioned properties.
In order to concentrate on the Nova Scotia properties, Atlantic Gold has for the time being divested its Australian exploration interests.
LAST UPDATED: 26 Nov 2009