Atico Intercepts 70.8g/t Au, 1,140g/t Ag and 8.9% Zn over 0.77m Within 7.2g/t Au, 118g/t Ag, and 2.0% Zn Over 8.9m at its Pre...
July 09 2020 - 10:23AM
Atico Mining Corporation (TSX.V: ATY | OTC: ATCMF) (“Atico” or the
“Company”) is pleased to announce six holes from its ongoing drill
program at the La Plata precious metals-rich volcanogenic massive
sulphide (“VMS”) project in Ecuador. The present campaign has the
objectives of completing the infill drilling on the La Mina
resources as well as extending the mineralization outside of the
known envelope.
La Plata Drilling Highlights
Include:
Hole |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Ag (g/t) |
Cu (%) |
Zn (%) |
CMLP-20-98 |
385.35 |
395.00 |
9.65 |
3.27 |
83.50 |
0.28 |
1.42 |
Including |
385.35 |
386.20 |
0.85 |
12.79 |
428.22 |
2.61 |
6.86 |
CMLP-20-100 |
371.07 |
379.96 |
8.89 |
7.19 |
117.78 |
0.12 |
2.06 |
Including |
371.07 |
371.84 |
0.77 |
70.80 |
1,140.00 |
0.48 |
8.90 |
CMLP-20-103 |
345.39 |
359.87 |
14.48 |
4.65 |
103.39 |
0.58 |
5.85 |
Including |
347.28 |
352.9 |
5.62 |
7.96 |
143.51 |
0.68 |
10.51 |
|
|
|
|
|
|
|
|
True widths are dependent on uncertainties in the local strike and
dip of the mineralization and are estimated to be between 76% and
83% of the drill intercept. |
Fernando E. Ganoza, CEO, commented: “We are
pleased to report a successful batch of drill results where the
infill drilling at the La Plata property continued to intercept
significant high-grade mineralization at La Mina’s south massive
sulfide lens. These results continue to increase confidence in our
view that high grade mineralization remains strong and open at
depth beyond the known envelope. We plan to continue the drill
program at the property well into the second half of the year.”
Infill Drilling Program
The 2020 La Plata exploration program includes
11,000 meters of diamond drilling and is intended to infill the
south and north blocks of the La Mina area while upgrading the
known mineralised resources from the inferred category. This
program is also designed to increase the known resources at the
main La Mina VMS lenses while providing the necessary samples to
further metallurgical testing along with geotechnical
investigations. When completed, these new findings and results will
then be included in the upcoming feasibility study, planned for
2021.
Drill holes are planned to continue testing
mineralization mainly at depth and along strike of the La Mina area
while also stepping out 275 meters north to further test the
Guatuza target area. The previous operator of the property reported
high grade values from their earlier trenching program at the
Guatuza target. These results included a surface trench cutting
2.5m of 5.36 g/t Au, 71.18 g/t Ag, 2.14% Cu, 3.22% Pb & 10.86%
Zn as reported in Toachi Mining Inc. press release dated January
16, 2019.
“Our drilling is continuing to outline the
high-grade nature of the mineralization at La Plata gold rich VMS.
This year will focus in testing the potential for expanding the
high grade lens to the north at near surface mineralization at the
Guatuza target as well as expanding the resources at depth,” added
Joseph Salas, V.P. Exploration.
Infill Drill Program Assay Results:
|
|
|
|
Intercept* |
|
|
|
|
|
Hole ID |
Azimuth (°) |
Dip (°) |
Total Length (m) |
From (m) |
To (m) |
Interval (m) |
Au(g/t) |
Ag(g/t) |
Cu(%) |
Pb(%) |
Zn(%) |
CMLP-20-95 |
307.5 |
-73 |
334.23 |
305.43 |
308.80 |
3.37 |
2.39 |
69.18 |
0.11 |
0.21 |
0.89 |
and |
|
|
|
310.91 |
320.44 |
9.53 |
0.75 |
15.89 |
2.22 |
0.15 |
1.58 |
CMLP-20-96 |
279.0 |
-61 |
434.64 |
381.12 |
382.65 |
1.53 |
9.19 |
196.86 |
0.49 |
4.10 |
6.26 |
and |
|
|
|
402.67 |
405.66 |
2.99 |
3.17 |
98.82 |
0.67 |
0.89 |
6.70 |
CMLP-20-97 |
298.5 |
-66 |
336.65 |
311.91 |
322.67 |
10.76 |
0.38 |
1.99 |
0.28 |
0.06 |
2.66 |
CMLP-20-98 |
268.5 |
-59 |
405.68 |
385.35 |
395.00 |
9.65 |
3.27 |
83.48 |
0.28 |
0.42 |
1.42 |
Including |
|
|
|
385.35 |
386.20 |
0.85 |
12.79 |
428.22 |
2.61 |
1.39 |
6.86 |
CMLP-20-99 |
313.0 |
-78 |
372.95 |
352.55 |
357.04 |
4.49 |
0.91 |
12.79 |
1.01 |
0.14 |
1.70 |
CMLP-20-100 |
283.5 |
-71 |
421.28 |
371.07 |
379.96 |
8.89 |
7.19 |
117.78 |
0.12 |
0.58 |
2.06 |
Including |
|
|
|
371.07 |
371.84 |
0.77 |
70.80 |
1,140.00 |
0.48 |
4.42 |
8.90 |
Including |
|
|
|
376.37 |
379.96 |
3.59 |
2.35 |
40.80 |
0.16 |
0.41 |
3.05 |
and |
|
|
|
387.00 |
397.04 |
10.04 |
1.14 |
25.62 |
0.09 |
0.31 |
1.34 |
CMLP-20-101 |
314.0 |
-63 |
293.55 |
267.38 |
275.82 |
8.44 |
2.85 |
91.09 |
1.94 |
1.09 |
5.25 |
Including |
|
|
|
267.38 |
269.60 |
2.22 |
8.04 |
213.84 |
0.73 |
2.40 |
7.60 |
Including |
|
|
|
273.98 |
275.82 |
1.84 |
1.42 |
28.00 |
5.55 |
0.02 |
1.22 |
CMLP-20-102 |
271.0 |
-77 |
471.33 |
426.72 |
427.79 |
1.07 |
1.32 |
108.00 |
0.03 |
0.13 |
0.18 |
CMLP-20-103 |
300.0 |
-71 |
377.78 |
345.39 |
359.87 |
14.48 |
4.65 |
103.39 |
0.58 |
1.21 |
5.85 |
Including |
|
|
|
345.39 |
352.90 |
5.62 |
7.96 |
143.51 |
0.68 |
2.12 |
10.51 |
|
|
|
|
|
|
|
|
|
|
|
|
*True widths are dependent on uncertainties in the local strike and
dip of the mineralization and are estimated to be between 76% and
83% of the drill intercept. |
La Plata Project
Gold-bearing sulphide mineralization at La Plata
occurs as compositional banding composed of chalcopyrite,
sphalerite and pyrite laminae with barite occurring as clasts and
also as layers. The mineralised lenses have also been dislocated by
a few faults and dolerite dikes cutting the body.
The La Plata project is amongst the
highest-grade gold-copper VMS deposits in which base and precious
metal mineralization is interpreted to have formed as part of
multiple volcanic episodes that created a stacked volcanic-exhalite
hydrothermal sequence considered favorable for hosting additional
VMS lenses. The recent drilling results in the southern portion of
the deposit have encountered deeper mineralisation, and an
extension of mineralisation to the north has been discovered by
recent trenching results.
The La Plata independent Preliminary Economic
Assessment (“PEA”) dated March 30th 2019, was prepared pursuant to
National Instrument 43-101 (“NI 43-101”) and reports the La Plata
resources includes 1.9 million tons at an average grade of 4.1 g/t
Au, 49.4g/t silver, 3.3% Cu, 4.5% Zn, 0.6% Pb as available on
SEDAR.
The La Plata project consists of two concessions
covering a total area of 2,300 hectares along its 4-kilometer
length, which contains known mineralization in two VMS lenses and
nine priority exploration targets.
The Company has a binding option agreement with
a private Ecuadorean company to earn up to 75% in the La Plata
project, of which the first option to acquire the initial 60%
ownership has been exercised. Please refer to the Company’s
MD&A for the year ended December 31, 2019 for further
details.
Quality Assurance & Quality
Control
Before sampling, a centreline, representing
bottom of hole (or a reference line when this is not known) is
marked on the drill core. The core is cut and sampled, always
sampling the right-hand side of the drill core. Samples are
selected based on logged geological features, such as rock type,
mineralization, alteration, veining etc. Sample length does not
exceed 2.5 m nor is smaller than 20 cm. A total of 10% of the
samples submitted are certified blanks and standards and field
duplicates with, as a minimum, one blank submitted at the beginning
of each sample batch. Certified standards are submitted at an
average of 6% of the samples submitted. Field duplicates are taken
at a rate of 1 in 20 of the samples taken. For all drill holes,
analysis was completed by ALS Chemex in North Vancouver with sample
preparation completed in Quito. The lab is accredited with
International Standards ISO/IEC 17025:2005 and ISO
9001:2015. All major ALS Geochemistry analytical laboratories
are accredited to ISO/IEC 17025:2005 for specific analytical
procedures.
Qualified Control
Dr. Michael Druecker, CPG, is a qualified person under NI 43-101
standards and independent of the company, is responsible for
ensuring that the information contained in this news release is an
accurate summary of the original reports and data provided to or
developed by Atico Mining Corporation. Dr. Druecker has approved
the scientific and technical content of this news release.
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 generates significant cash flow through the
operation of the El Roble mine and is developing its high-grade La
Plata VMS project in Ecuador. The Company is also pursuing
additional acquisition of advanced stage 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;
the world-wide economic and social impact of COVID-19 is managed
and the duration and extent of the coronavirus pandemic is
minimized or not long-term; disruptions related to the COVID-19
pandemic or other health and safety issues, or the responses of
governments, communities, the Company and others to such pandemic
or other issues; 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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