Atico Produces 3.16 Million Pounds of Cu and 2,116 Ounces of Au in Second Quarter 2019
July 22 2019 - 8:14PM
Atico Mining Corporation (the “Company” or “Atico”) (TSX.V: ATY |
OTC: ATCMF) announces its operating results for the three months
ended June 30, 2019 from its El Roble mine. Production for the
quarter totaled 3.16 million pounds of copper and 2,116 ounces of
gold in concentrates, a decrease of 40% for copper and 18% for
gold, respectively, over the same period in 2018.
“During the second quarter, the effects of the
El Roble mine strike were evident in our results as they continued
to limit our ability to reach operational objectives for the
quarter,” said Fernando E. Ganoza, CEO. “Now that the operation is
back to steady state levels, we will strive to achieve our adjusted
guidance for the year as we continue our aggressive drill campaign
on the 6,300-ha land package.”
Second Quarter Operational
Highlights
- Production of 3.16 million pounds
of copper contained in concentrates; a decrease of 40% over Q2
2018.
- Production of 2,116 ounces of gold
contained in concentrates; a decrease of 18% over Q2 2018.
- Average processed tonnes per day of
839, an increase of 6% over Q2 2018.
- Copper head grade of 3.28%, a
decrease of 13% over Q2 2018.
- Gold head grade of 2.34 grams per
tonne; an increase of 16% over Q2 2018.
- Copper and gold recovery of 91.7%
and 58.4%; a decrease of 2% for both copper and gold over Q2
2018.
|
Second Quarter Operational Details |
|
|
Q2 2019 Total |
Q2 2018 Total |
% Change |
Production (Contained in Concentrates) |
|
|
|
Copper (000s pounds) |
3,157 |
5,220 |
-40% |
Gold (ounces) |
2,116 |
2,596 |
-18% |
Mine |
|
|
|
Tonnes of ore mined |
47,321 |
67,255 |
-29% |
Mill |
|
|
|
Tonnes processed |
47,534 |
67,308 |
-30% |
Tonnes processed per day |
839 |
792 |
6% |
Copper grade (%) |
3.28 |
3.76 |
-13% |
Gold grade (g/t) |
2.34 |
2.02 |
16% |
Recoveries |
|
|
|
Copper (%) |
91.7 |
93.7 |
-2% |
Gold (%) |
58.4 |
59.5 |
-2% |
Concentrates |
|
|
|
Copper and Gold Concentrates (dmt) |
6,561 |
10,717 |
40% |
|
|
|
|
Payable copper produced (000s lbs) |
2,999 |
4,960 |
40% |
|
Note: Metal production figures are subject to adjustments based on
final settlement. |
|
El Roble Mine
The El Roble mine is a high grade, underground
copper and gold mine with nominal processing plant capacity of 850
tonnes per day, located in the Department of Choco in Colombia. Its
commercial product is a copper-gold concentrate. Since obtaining
control of the mine on November 22, 2013, Atico has upgraded the
operation from a historical nominal capacity of 400 tonnes per
day.
El Roble has Proven and Probable reserves of
1.47 million tonnes grading 3.40% copper and 1.88 g/t gold, at a
cut-off grade of 1.93% copper equivalent as of June 30, 2018.
Mineralization is open at depth and along strike and the Company
plans to further test the limits of the deposit.
On the larger land package, the Company has
identified a prospective stratigraphic contact between volcanic
rocks and black and grey pelagic sediments and cherts that has been
traced by Atico geologists for ten kilometers. This contact has
been determined to be an important control on VMS mineralization on
which Atico has identified numerous target areas prospective for
VMS type mineralization occurrence, which is the focus of the
current surface drill program at El Roble.
Qualified Person
Mr. Thomas Kelly (SME Registered Member
1696580), advisor to the Company and a qualified person under
National Instrument 43-101 standards, is responsible for ensuring
that the technical information contained in this news release is an
accurate summary of the original reports and data provided to or
developed by Atico.
About Atico Mining
Corporation
Atico is a growth-oriented Company, focused on
exploring, developing and mining copper and gold projects in Latin
America. The Company operates the El Roble mine and is pursuing
additional acquisition opportunities. For more information, please
visit www.aticomining.com.
ON BEHALF OF THE BOARD
Fernando E. GanozaCEOAtico Mining
Corporation
Trading symbols: TSX.V: ATY | OTC: ATCMF
Investor RelationsIgor DutinaTel:
+1.604.633.9022
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
No securities regulatory authority has either
approved or disapproved of the contents of this news release. The
securities being offered have not been, and will not be, registered
under the United States Securities Act of 1933, as amended (the
‘‘U.S. Securities Act’’), or any state securities laws, and may not
be offered or sold in the United States, or to, or for the account
or benefit of, a "U.S. person" (as defined in Regulation S of the
U.S. Securities Act) unless pursuant to an exemption therefrom.
This press release is for information purposes only and does not
constitute an offer to sell or a solicitation of an offer to buy
any securities of the Company in any jurisdiction.
Cautionary Note Regarding
Forward-Looking Statements
This announcement includes certain
“forward-looking statements” within the meaning of Canadian
securities legislation. All statements, other than statements of
historical fact, included herein, without limitation the use of net
proceeds, are forward-looking statements. Forward-looking
statements involve various risks and uncertainties and are based on
certain factors and assumptions. There can be no assurance that
such statements will prove to be accurate, and actual results and
future events could differ materially from those anticipated in
such statements. Important factors that could cause actual results
to differ materially from the Company’s expectations include
uncertainties relating to interpretation of drill results and the
geology, continuity and grade of mineral deposits; uncertainty of
estimates of capital and operating costs; the need to obtain
additional financing to maintain its interest in and/or explore and
develop the Company’s mineral projects; uncertainty of meeting
anticipated program milestones for the Company’s mineral projects;
and other risks and uncertainties disclosed under the heading “Risk
Factors” in the prospectus of the Company dated March 2, 2012 filed
with the Canadian securities regulatory authorities on the SEDAR
website at www.sedar.com.
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