Atico Continues to Intercept Bonanza Grades Including 6.8 Meters of 19.5g/t Au, 224g/t Ag, 12.2% Cu, and 3.7% Zn at La Plata ...
August 05 2020 - 8:30AM
Atico Mining Corporation (the “Company” or “Atico”) (TSX.V: ATY |
OTC: ATCMF) is pleased to report additional high grade drill
results from its 10,000 meter drilling program on the La Plata
property in Ecuador. Today’s results are from 3 holes completed in
the South Block as the drill program continues to confirm and
expand the La Plata mineralized footprint with bonanza grades gold
& copper intercepts encountered within larger massive sulfides
lenses.
La Plata Drilling Highlights
Include:
Hole |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Ag (g/t) |
Cu (%) |
Zn (%) |
CMLP-20-107 |
242.49 |
248.15 |
5.66 |
4.14 |
137.11 |
1.07 |
6.10 |
Including |
242.49 |
243.53 |
1.04 |
6.62 |
359.00 |
2.30 |
14.90 |
Including |
243.53 |
245.20 |
1.67 |
7.32 |
224.00 |
1.34 |
5.64 |
CMLP-20-110 |
341.28 |
348.12 |
6.84 |
19.54 |
223.98 |
12.19 |
3.70 |
Including |
341.28 |
344.00 |
2.72 |
45.51 |
478.86 |
17.34 |
3.71 |
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
The infill and step-out drilling program has
been implemented to upgrade and potentially expand resources of the
La Plata project. Two drill rigs are currently active on the
project with one rig currently starting to drill on the North Block
in order to in-fill and potentially grow the La Plata resource.
The three diamond drill holes reported today
successfully demonstrated the thickness and continuity of the La
Plata VMS lenses, as well as potential expansion of the mineralized
envelope of the South Block.
- Hole CMLP-20-107 was collared above the known VMS envelope and
reported good values of precious and base metal grades within
massive to semi-massive sulfides over a 5.66 meter intercept
mineralised mostly by sphalerite.
- Hole CMLP-20-108, drilled for infill purposes in the South
Block, demonstrated continuity of the mineralization with an
intercept of 5.22 meters composed of both VMS and stockwork also
dominated by sphalerite.
- Hole CMLP-20-110, in addition to intercepting a high-grade VMS
zone within the South Body, cut a second intercept 10 meters below
the main zone with 5.48 meters of mineralized stockwork.
The Company also reports that it continues to
intercept visible massive and semi-massive sulfide mineralization
as the ongoing drilling program continues, the core is currently
being sent to the lab for analysis and will be released in due
course. This current step-out drilling is targeting potential new
zones that may lead to further extensions of the South Block
mineralized envelope. Additional drill holes are planned to
continue testing VMS mineralization outside of the known envelope
and along strike of the La Mina area. This includes stepping out
towards the north to further test the Guatuza target area which
reported high grade values from the earlier trenching program. The
2020 exploration program on the La Plata property, as well as the
El Roble drilling program are both fully funded from the highly
profitable El Roble mining operation in Colombia.
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-20-107 |
318 |
-57 |
254.97 |
242.49 |
248.15 |
5.66 |
4.14 |
137.11 |
1.07 |
2.20 |
6.10 |
|
Including |
|
|
|
242.49 |
243.53 |
1.04 |
6.62 |
359.00 |
2.30 |
4.33 |
14.90 |
|
Including |
|
|
|
243.53 |
245.20 |
1.67 |
7.32 |
224.00 |
1.34 |
1.37 |
5.64 |
|
CMLP-20-108 |
285 |
-67 |
388.00 |
381.34 |
386.56 |
5.22 |
3.99 |
77.99 |
0.22 |
0.88 |
2.18 |
|
Including |
|
|
|
381.34 |
382.96 |
1.62 |
9.15 |
200.00 |
0.61 |
2.24 |
6.02 |
|
CMLP-20-110 |
308 |
-74 |
370.00 |
341.28 |
348.12 |
6.84 |
19.54 |
223.98 |
12.19 |
0.33 |
3.70 |
|
Including |
|
|
|
341.28 |
344.00 |
2.72 |
45.51 |
478.86 |
17.34 |
0.55 |
3.71 |
|
and |
|
|
|
357.40 |
362.88 |
5.48 |
0.43 |
5.35 |
1.03 |
0.03 |
0.65 |
|
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
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This press release is for information purposes only and does not
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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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