Atico Mining Corporation (TSX.V: ATY | OTC: ATCMF) (“Atico” or the
“Company”) is pleased to announce results of the first six holes
from its North Block drill program at the La Plata precious
metals-rich volcanogenic massive sulphide (“VMS”) project in
Ecuador. These holes have significant implications as numerous
holes have reported wider intercepts than the anticipated
mineralized zone included in the initial mineral resource polygon
of the North block.
La Plata Drilling Highlights
Include:
Hole |
From (m) |
To (m) |
Interval (m) |
Au (g/t) |
Ag(g/t) |
Cu(%) |
Zn(%) |
CMLP-20-118 |
15.00 |
26.05 |
11.05 |
1.03 |
11.47 |
1.62 |
0.20 |
and |
32.31 |
49.54 |
17.23 |
3.42 |
53.97 |
3.23 |
1.65 |
and |
52.60 |
55.30 |
2.70 |
8.71 |
34.00 |
4.64 |
4.50 |
and |
62.18 |
66.10 |
3.92 |
4.37 |
25.15 |
3.95 |
2.38 |
and |
68.00 |
78.53 |
10.53 |
1.35 |
12.11 |
1.85 |
0.65 |
CMLP-20-123 |
136.00 |
141.33 |
5.33 |
8.62 |
73.43 |
10.89 |
5.64 |
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:
“These first results of our drilling campaign on the North Block
have not only successfully hit high grades but have also
intercepted significantly longer intervals of mineralization. This
is very encouraging given that now we are continuing the same theme
of high grade mineralization beyond the mineral resource polygon,
just like we saw drilling the South Block.”
Detailed Results:
- CMLP-20-118: Was planned to infill
the southern upper portion of the north block. It reported over 63
meters of mineralization which represents a significant increase in
thickness testing the southern limit. This mineralized zone can be
split into 5 zones presenting different layers of semi-massive to
massive sulfides cut by narrow dikes of dolerite and old mine
workings. Mineralization starts close to surface at just 15m and
extending to a depth of 78.53 meters.
- CMLP-20-119, CMLP-20-120 &
CMLP-20-121: The objective of these holes was to position the
sequence to close off the drilling grid and allow infill of the
North Block. All three holes reported mineralized intercepts
composed of narrow to trace amounts of massive sulfide within a
larger zone of stockwork.
- CMLP-20-122: The drill hole
reported two intercepts of massive sulfide composed of chalcopyrite
within 13.72 meters of disseminated mineralization.
- CMLP-20-123: This hole was designed
to test the lower edge of the North Block and reported 5.33 meters
of high-grade gold and copper mineralization ending with
disseminated mineralization. This intercept continues to show
continuity of high-grade mineralisation as the North Block
mineralisation continues at depth.
Increasing the Drilling
Budget
Given the encouraging results to date,
management has decided to materially increase the initial budget of
the La Plata drilling campaign. We anticipate that with the
additional drilling, the team will be able to continue delivering
positive results while in parallel, providing fresh samples to
further optimise metallurgical testing as well as geotechnical
investigations. When completed, these new findings and results will
then be included in the upcoming feasibility study.
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-20-118 |
171 |
-62 |
85.00 |
15.00 |
26.05 |
11.05 |
1.03 |
11.47 |
1.62 |
0.03 |
0.20 |
|
and |
|
|
|
32.31 |
49.54 |
17.23 |
3.42 |
53.97 |
3.23 |
0.10 |
1.65 |
|
and |
|
|
|
52.60 |
55.30 |
2.70 |
8.71 |
34.00 |
4.64 |
0.04 |
4.50 |
|
and |
|
|
|
62.18 |
66.10 |
3.92 |
4.37 |
25.15 |
3.95 |
0.18 |
2.38 |
|
and |
|
|
|
68.00 |
78.53 |
10.53 |
1.35 |
12.11 |
1.85 |
0.06 |
0.65 |
|
CMLP-20-119 |
301 |
-62 |
120.56 |
108.40 |
109.00 |
0.60 |
1.09 |
11.00 |
2.74 |
0.10 |
1.01 |
|
CMLP-20-120 |
328 |
-53 |
56.45 |
|
|
No Significant Intercept |
|
CMLP-20-121 |
292 |
-43 |
120.89 |
|
|
No Significant Intercept |
|
CMLP-20-122 |
90 |
-85 |
50.35 |
16.52 |
18.29 |
1.77 |
2.79 |
24.00 |
4.98 |
0.07 |
1.05 |
|
and |
|
|
|
24.29 |
30.24 |
5.95 |
6.45 |
40.36 |
4.52 |
0.32 |
7.15 |
|
CMLP-20-123 |
310 |
-75 |
162.65 |
136.00 |
141.33 |
5.33 |
8.62 |
73.43 |
10.89 |
0.79 |
5.64 |
|
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
CorporationTrading 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.
Non-GAAP Financial Measures
The items marked with a "(1)" are alternative
performance measures and readers should refer to Non-GAAP Financial
Measures in the Company's Management's Discussion and Analysis for
the three months ended March 31, 2020 as filed on SEDAR and as
available on the Company's website for further details.
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