Atico Mining Corporation (TSX.V: ATY | OTC: ATCMF) (“Atico” or the
“Company”) is pleased to announce results of the latest five holes
from its drill program at the La Plata precious metals-rich
volcanogenic massive sulphide (“VMS”) project in Ecuador. These
five holes are still part of the ongoing campaign targeting the
south block to test for possible continuity as well as
mineralisation 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-20-114 |
330.85 |
340.09 |
9.24 |
9.54 |
64.38 |
2.74 |
6.68 |
Including |
330.85 |
335.55 |
4.7 |
18 |
119.96 |
3.58 |
13.08 |
CMLP-20-115 |
177.09 |
197.84 |
18.75 |
6.14 |
67.89 |
6.62 |
4.96 |
Including |
181.86 |
184.71 |
2.85 |
5.44 |
94.81 |
15.37 |
4.03 |
Including |
189.2 |
194.84 |
5.64 |
12.46 |
137.42 |
9.02 |
12.02 |
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.
Joseph Salas, Atico’s VP Exploration, commented:
“The high-grade precious metals results are associated with
additional pulses of hydrothermal fluids that further enriched
pre-existing VMS lenses with gold and silver.” Mr. Salas added,
“these drill results are often exceeding the expected intercept
value in the south block which is pointing to the possibility of
expanding the mineralized envelope of the La Plata deposit.”
Infill Drilling Program
- CMLP-20-112: Oriented to test the vertical western extension at
the center zone of the south block. The drill hole did not report
any significant results.
- CMLP-20-113: Objective was to close the grid and allow to
infill the south block. It reported an intercept of massive sulfide
mostly composed of sphalerite followed by disseminated zinc
mineralisation at depth.
- CMLP-20-114: Drilled to test the upper north zone of the south
block. The intercept reported an extension of 9.24 meters of
massive and semi massive sulfide composed of sphalerite and
chalcopyrite.
- CMLP-20-115: Drilled to test the edge of the known resource
envelope at the upper area of the south block’s VMS lens. The
intercept reported an extension of 18.75 meters of massive and semi
massive sulphide in the upper north eastern area.
Figure 1 clearly shows drill holes CMLP-20-111
and CMLP-20-115 intercepting extension of mineralization outside of
the known envelope above the upper eastern zone of the south block
and towards the north block. In both results, we can observe that
these intercepts are reporting significantly thicker mineralization
than what the modeled edge of the existing resource polygon
considered for this area. In addition to indicating the potential
for further extension to the east.
Figure
1: https://www.globenewswire.com/NewsRoom/AttachmentNg/4581f3d8-e4cd-4762-8838-d247551da824
The 2020 La Plata exploration program 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.
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(°) |
TotalLength(m) |
From(m) |
To(m) |
Interval(m) |
Au (g/t) |
Ag (g/t) |
Cu(%) |
Pb (%) |
Zn (%) |
CMLP-20-111 |
309 |
-70 |
197.52 |
179.72 |
191.00 |
11.28 |
0.97 |
47.49 |
6.72 |
0.15 |
1.13 |
Including |
|
|
|
179.72 |
184.67 |
4.95 |
1.47 |
103.13 |
12.94 |
0.30 |
2.29 |
CMLP-20-112 |
327 |
-73 |
367.78 |
No Significant Intercept |
CMLP-20-113 |
285 |
-75 |
252.93 |
228.00 |
236.66 |
8.66 |
1.96 |
32.83 |
0.32 |
0.80 |
2.84 |
Including |
|
|
|
228.00 |
229.16 |
1.16 |
12.60 |
183.00 |
1.17 |
5.74 |
7.67 |
CMLP-20-114 |
312 |
-67 |
355.42 |
330.85 |
340.09 |
9.24 |
9.54 |
64.38 |
2.74 |
0.93 |
6.68 |
Including |
|
|
|
330.85 |
335.55 |
4.70 |
18.00 |
119.96 |
3.58 |
1.82 |
13.08 |
CMLP-20-115 |
280 |
-65 |
212.16 |
177.09 |
197.84 |
18.75 |
6.14 |
67.89 |
6.62 |
1.36 |
4.96 |
Including |
|
|
|
181.86 |
184.71 |
2.85 |
5.44 |
94.81 |
15.37 |
0.39 |
4.03 |
Including |
|
|
|
189.20 |
194.84 |
5.64 |
12.46 |
137.42 |
9.02 |
3.32 |
12.02 |
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 Amended and restated NI
43-101 Preliminary Economic Assessment of the La Mina VMS Project
Cotopaxi Province, Ecuador (“PEA”) originally dated March 30th,
2019, amended and restated July 17, 2019 was prepared by SGS Canada
Inc. Mineral Services, Daniel Leroux, M.Sc., P.Geo. Brian Wolfe.
M.Sc., MAIG, David Orava, P.Eng., Simon Meik, FAusIMM (CP), Qinghua
(Jason) Jin, P.E and 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.
Preliminary economic assessments are preliminary
in nature, that include inferred mineral resources that are
considered too speculative geologically to have the economic
considerations applied to them that would enable them to be
categorized as mineral reserves, and there is no certainty that the
preliminary economic assessment will be realized. Such projects
have increased uncertainty and risk of failure. Mineral resources
that are not mineral reserves do not have demonstrated economic
viability.
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 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 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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