ATAC Resources Ltd. announce results of reverse circulation ("RC") drilling and prospecting at the road-accessible Connaught Property ("Connaught") in Yukon. These results represent the first-ever drill holes targeting copper porphyry mineralization at Connaught. Results have also been received for phase two work at the PIL Property in BC, which included prospecting at the PIL South target and resampling of historical Atlas zone core.

Exploration work at Connaught consisted of prospecting, mapping and RC drilling. A total of 64 rock samples were collected, and 8 RC holes were drilled, totaling 2,164.08 m. These were the first drill holes on the property to target copper porphyry mineralization, with 6 holes at Target Area A, and 2 holes at Target Area C. Holes CNR-22-001 through -006 were drilled at Target Area A, following up on surface trenching results and geophysical anomalies identified in 2021. Hole CNR-22-001 targeted an undercut of trench 21-E (which graded 0.07% copper with 139 ppm molybdenum over 84 m) and returned 0.10% copper with 114 ppm molybdenum from surface to 67.06 m depth.

Holes CNR-22-007 and -008 were drilled at Target Area C, to evaluate a strong molybdenum-in-soil anomaly coincident with copper anomalism. While these holes returned broad zones of elevated molybdenum, no significant copper mineralization was encountered. Field crews also conducted prospecting while on-site, including follow-up on historical high-grade silver-lead-gold-copper veins.

Samples collected from a vein located 500 m southeast of the camp, returned the highest silver and lead grades to-date on the property, including 4,410 g/t silver with 76.2% lead, 1.04 g/t gold, 0.23% copper and 4,250 g/t silver with 82.5% lead, 0.18 g/t gold, and 0.17% copper. Sampling at this vein also returned strong gold grades, including 695 g/t silver with 15.4% lead, 2.53 g/t gold, and 0.11% copper. This vein, along with the majority of the 26 known epithermal veins on the property,has not been explored with drilling or modern systematic trenching.

Work is ongoing to digitize historical records and evaluate potential for additional high-grade vein-hosted mineralization across the property. The phase two program at PIL had two objectives. The first was to conduct follow-up prospecting at the PIL South target, including collection of samples grading 0.70% copper, and 0.64% copper with 77 g/t silver and 155 ppm molybdenum in outcrop 700 m north of the previously defined primary target area.

Follow-up sampling in the primary target area yielded samples returning 1.29% copper and 1.24% copper in outcrop. With the large extent of copper mineralization at PIL South in an area of very anomalous copper soil geochemistry, it is being prioritized for exploration in 2023. Crews also sawed and assayed previously unsampled sections of historical drill core from the Atlas zone core, an epithermal gold-silver target.

A total of 567.70 m of core, from holes AE-07-001 and AE-07-003 (3.33 g/t gold with 52 g/t silver over 10.0 m previously reported), was sawn and sent for assay. While elevated gold and silver were returned in these newly sampled areas, the resample yielded no significant additional intersections. The completed geochemical data is being used to refine modeling of trends to better target future drillholes.