Atico Mining Corporation (the “Company” or “Atico”) (TSX.V: ATY |
OTCQX: ATCMF) is pleased to report on the latest results of its
2021 drilling program at the La Plata high-grade volcanogenic
massive sulphide (“VMS”) project in Ecuador. These latest results
confirm additional new zones outside of the known envelopes, more
precisely along strike and between North and South Blocks.
La Plata Drilling Highlights
Include:
Hole |
From(m) |
To(m) |
Interval(m) |
Au(g/t) |
Ag(g/t) |
Cu(%) |
Zn(%) |
CMLP-21-189 |
241.00 |
250.80 |
9.80 |
2.81 |
33.29 |
3.77 |
3.47 |
CMLP-21-190 |
181.49 |
186.70 |
5.21 |
3.75 |
42.20 |
0.63 |
4.51 |
and |
191.15 |
200.75 |
9.60 |
5.91 |
74.51 |
3.32 |
4.70 |
CMLP-21-192 |
268.34 |
276.23 |
6.19 |
3.00 |
171.22 |
2.03 |
11.87 |
including |
270.32 |
272.83 |
2.51 |
3.25 |
308.71 |
3.24 |
13.32 |
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.
- Hole CMLP-21-189 was drilled as an
in-fill through the South Block and confirmed the surrounding
robust grades intercepted by previous drilling of VMS
mineralization. Copper and gold grades in the hole remain
consistent through 9.8 meters of massive sulphide
mineralization.
- In this sequence, drilling targeted
new extensions to test for mineralization at depth, extending the
VMS footprint deeper below the North Block. Recent results,
including CMLP-21-190 and CMLP-21-192 confirm that additional
mineralization continues at depth. Hole CMLP-21-190 also reported
two robust mineralized intercepts. The first intercept is dominated
by sphalerite and the second intercept by chalcopyrite. These
results indicate the presence of a parallel VMS structure located
several meters east of the initial North Block.
- Hole CMLP-21-192 reported grades of
171 g/t silver and 11.9 % zinc over 6.2 meters in addition to
strong copper and gold grades.
Positive drilling results justify
additional drilling at La Plata
The 2021 drilling campaign has delivered strong
results. Drilling results have extended the footprint of the North
and South Blocks beyond the known VMS lenses and confirmed the
presence of additional mineralized structures parallel to the
initial South and North Blocks.
Following the positive results returned by the
first 8,000 meter drill program, the Company will extend its
drilling efforts to 12,000 meters of diamond drill on the La Plata
project.
2021 Regional exploration and
Drilling
Earlier this year, Atico reinitiated regional
exploration on La Plata. A part of this year’s exploration plan was
to restart the regional program and test several targets identified
further to the north along the concession’s copper anomaly trend.
Previously, the exploration team sampled bedrock in drainages over
half a kilometer north of the Guatuza zone. These samples were
analyzed and reported up to 4.5 g/t Au, 51.3 g/t Ag, 16.55% Cu, and
5.83% Zn (refer to Toachi Mining’s news release dated January 16th,
2019).
In addition, The San Pablo target area, located
approximately one kilometer north along the copper trend will also
be included in this year’s program and where the regional drilling
has already begun. The San Pablo target had been historically
drilled during a campaign supervised by Dr. Duncan Derry between
1965 and 1967, with results at the time reporting 22 meters of 1.8%
copper.
Figure 1 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/c325efb9-2621-4cbd-8466-dddf349a632c
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-21-189 |
332 |
-64 |
326.69 |
241.00 |
250.80 |
9.80 |
2.81 |
33.29 |
3.77 |
0.86 |
3.47 |
CMLP-21-190 |
257 |
-52 |
212.52 |
181.49 |
186.70 |
5.21 |
3.75 |
42.20 |
0.63 |
0.21 |
4.51 |
and |
|
|
|
191.15 |
200.75 |
9.60 |
5.91 |
74.51 |
3.32 |
0.36 |
4.70 |
CMLP-21-191 |
345 |
-62 |
309.91 |
280.45 |
295.05 |
12.73 |
0.54 |
5.53 |
1.55 |
0.06 |
0.29 |
CMLP-21-192 |
240 |
-49 |
288.55 |
268.34 |
276.23 |
6.19 |
3.00 |
171.22 |
2.03 |
1.12 |
11.87 |
including |
|
|
|
270.32 |
272.83 |
2.51 |
3.25 |
308.71 |
3.24 |
1.53 |
13.32 |
CMLP-21-194 |
259 |
-51 |
236.15 |
206.72 |
218.09 |
9.50 |
2.03 |
5.06 |
2.34 |
0.01 |
0.14 |
including |
|
|
|
206.72 |
210.61 |
3.89 |
3.39 |
5.64 |
2.46 |
0.01 |
0.18 |
CMLP-21-195 |
245 |
-49 |
323.83 |
No Significant Intercept |
CMLP-21-196 |
249 |
-49 |
262.42 |
231.66 |
233.65 |
1.99 |
0.46 |
2.50 |
1.41 |
0.03 |
0.13 |
CMLP-20-198 |
251 |
-49 |
332.24 |
320.88 |
325.45 |
4.57 |
0.34 |
1.60 |
2.00 |
0.00 |
0.02 |
CMLP-21-199 |
258 |
-49 |
306.32 |
No Significant Intercept |
CMLP-21-200 |
267 |
-50 |
271.23 |
No Significant Intercept |
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 mineralized 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 mineralization, and an
extension of mineralization 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, 49.4 g/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 a concession
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 centerline, 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 Lima, Peru 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
CorporationTrading symbols: TSX.V: ATY | OTCQX: 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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