Atico Mining Corporation (TSX.V: ATY | OTC: ATCMF) (“Atico” or the
“Company”) is pleased to announce three holes from its ongoing
drill program at the La Plata precious metals-rich volcanogenic
massive sulphide (“VMS”) project in Ecuador. These three holes are
designed to target the South Block to test for possible continuity
as well as mineralisation outside of the known envelope.
Alain Bureau, President, commented: “Results are
constantly showing the impressive high-grade nature of the La Plata
project as well as the thickness of the mineralization. We are also
very pleased to see positive results in our efforts to expand the
mineralized footprint by reporting mineralization outside of the
existing envelope.”
La Plata Drilling Highlights
Include:
Hole |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Ag (g/t) |
Cu (%) |
Zn (%) |
CMLP-20-104 |
415.75 |
424.00 |
8.25 |
14.60 |
303.37 |
0.34 |
2.10 |
Including |
418.70 |
421.50 |
2.80 |
21.40 |
421.88 |
0.36 |
0.70 |
CMLP-20-106 |
387.59 |
390.70 |
3.11 |
16.55 |
156.95 |
10.67 |
7.64 |
Including |
387.59 |
388.90 |
1.31 |
32.90 |
237.00 |
16.25 |
2.16 |
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.
Infill Drilling Program
- CMLP-20-104: was drilled outside of
the known mineralized envelope and reports additional
mineralisation to the south of the La Plata. The intercept starts
with 8 meters of massive and semi massive sulfide composed of
sphalerite and finishes in a mineralised stockwork zone.
- CMLP-20-105: was drilled to test
the edge of the existing envelope at the bottom of the South Block,
reporting a massive sulfide with spectacular intercepts of zinc
within sphalerite which deeper transitioned to end in
chalcopyrite.
- CMLP-20-106: is positioned within
the south body for infill purposes. The intercept starts in 8
meters of massive sulfide mineralisation and continues in a
stockwork zone. It cut mostly highly mineralised chalcopyrite and
finishes in sphalerite and pyrite.
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.
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-20-104 |
257 |
-74 |
430.02 |
415.75 |
424.00 |
8.25 |
14.60 |
303.37 |
0.34 |
1.84 |
2.10 |
|
Including |
|
|
|
415.75 |
417.75 |
2.00 |
16.75 |
367.32 |
0.53 |
4.20 |
5.63 |
|
Including |
|
|
|
418.70 |
421.50 |
2.80 |
21.40 |
421.88 |
0.36 |
1.42 |
0.70 |
|
CMLP-20-105 |
288 |
-68 |
341.39 |
309.09 |
329.39 |
20.30 |
1.54 |
30.33 |
1.26 |
0.16 |
7.43 |
|
Including |
|
|
|
320.44 |
321.10 |
0.66 |
14.70 |
97.00 |
2.12 |
1.23 |
27.00 |
|
Including |
|
|
|
322.14 |
324.44 |
2.30 |
1.14 |
112.97 |
4.07 |
0.04 |
28.79 |
|
CMLP-20-106 |
283 |
-74 |
401.23 |
387.59 |
390.70 |
3.11 |
16.55 |
156.95 |
10.67 |
0.94 |
7.46 |
|
Including |
|
|
|
387.59 |
388.90 |
1.31 |
32.90 |
237.00 |
16.25 |
0.32 |
2.16 |
|
and |
|
|
|
391.90 |
398.15 |
6.25 |
1.73 |
23.59 |
4.73 |
0.10 |
3.79 |
|
Including |
|
|
|
394.00 |
397.17 |
3.17 |
1.35 |
25.53 |
7.08 |
0.04 |
2.80 |
|
*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
inferred resources at 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 9-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 Person
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 it’s 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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