Atico Produces 4.43 Million Pounds of Cu and 2,952 Ounces of Au in Q3 2021
October 26 2021 - 5:09PM
Atico Mining Corporation (the “Company” or “Atico”) (TSX.V: ATY |
OTCQX: ATCMF) announces its operating results for the three months
ended September 30, 2021 from its El Roble mine. Production for the
quarter totaled 4.43 million pounds of copper and 2,952 ounces of
gold in concentrates, a decrease of 20% for copper and an increase
of 19% for gold over the same period in 2020.
“The production results for the quarter,
particularly for copper were slightly below our 2021 objectives
while the mined and processed tonnes are back on track after a
challenging first half of the year. The decrease in copper is
mainly driven by a lower head grade, partially expected in the mine
plan for the period although expected to improve in the last
quarter of the year,” said Fernando E. Ganoza, CEO. “We will
continue looking for opportunities to improve metal production in
the fourth quarter, with the primary goal of delivering our 2021
production guidance while operations still remain on track for
record revenues in the second half of the year.”
Third Quarter Operational
Highlights
- Production of 4.43 million pounds
of copper contained in concentrates; a decrease of 20% over Q3
2020.
- Production of 2,952 ounces of gold
contained in concentrates; an increase of 19% over Q3 2020.
- Average processed tonnes per day of
919, an increase of 7% over Q3 2020.
- Copper head grade of 2.77%, a
decrease of 26% over Q3 2020.
- Gold head grade of 1.98 grams per
tonne; an increase of 2% over Q3 2020.
- Copper and gold recovery of 93.2%
and 59.7%; an increase of 2% and 6% for copper and gold,
respectively over Q3 2020.
Third Quarter Operational
Review
Overall production was in line with Company
budget for the third quarter. The decrease in copper production is
mainly explained by the decrease in head grade, partially offset by
improved recoveries and an increase in processed tonnes over the
same period last year. The gold output slightly improved due to an
improvement in gold head grade, recovery and an increase in
processed tonnes relative to Q3-2020. The inverse relationship
between copper and gold head grades production during this period
is explained by the current mining sequence of the orebody. During
this period last year, we were mining higher grade base metal areas
which typically have lower precious metal content, while during
this period we mined lower base metal grade areas with higher
precious metal content.
The Company continues to closely monitor
developments around the COVID-19 pandemic and continues to maintain
strict preventative measures at the El Roble mine site, La Plata
project, as well as our corporate offices to safeguard the health
of its employees, while continuing to operate effectively and
responsibly in its communities.
Third Quarter Operational
Details
|
Q3 2021 |
Q3 2020 |
% Change |
Production (Contained in Concentrates) |
|
|
|
Copper (000s pounds) |
4,435 |
5,550 |
-20 |
% |
Gold (ounces) |
2,952 |
2,487 |
19 |
% |
Mine |
|
|
|
Tonnes of ore mined |
76,276 |
71,993 |
6 |
% |
Mill |
|
|
|
Tonnes processed |
77,816 |
73,603 |
6 |
% |
Tonnes processed per day |
919 |
860 |
7 |
% |
Copper grade (%) |
2.77 |
3.74 |
-26 |
% |
Gold grade (g/t) |
1.98 |
1.93 |
2 |
% |
Recoveries |
|
|
|
Copper (%) |
93.2 |
91.4 |
2 |
% |
Gold (%) |
59.7 |
56.3 |
6 |
% |
Concentrates |
|
|
|
Copper and Gold Concentrates (dmt) |
10,703 |
11,957 |
10 |
% |
|
|
|
|
Payable copper produced (000s lbs) |
4,175 |
5,263 |
-20 |
% |
Note: Metal production figures are subject to adjustments
based on final settlement. |
|
|
|
Concentrate Inventory
The number of shipments the Company can export
in any given quarter depends on several variables some of which the
Company does not control, hence there may be an inherent
variability in tonnes shipped quarter to quarter.
|
Q3 2021 |
Amounts in dry metric tonnes |
|
Opening inventory |
7,084 |
Production |
10,703 |
Sales |
16,184 |
Number of shipmentsAdjustments |
224 |
Closing inventory |
1,621 |
Note: Concentrate figures are subject to adjustments based
on final surveys and final settlement of sales. |
|
El Roble Mine
The El Roble mine is a high grade, underground
copper and gold mine with nominal processing plant capacity of
1,000 tonnes per day, located in the Department of Choco in
Colombia. Its commercial product is a copper-gold concentrate.
Since obtaining control of the mine on November
22, 2013, Atico has upgraded the operation from a historical
nominal capacity of 400 tonnes per day.
El Roble has Proven and Probable reserves of
1.00 million tonnes grading 3.02% copper and 1.76 g/t gold, at a
cut-off grade of 1.3% copper equivalent with an effective date of
September 30, 2020. Mineralization is open at depth and along
strike and the Company plans to further test the limits of the
deposit. On the larger land package, the Company has identified a
prospective stratigraphic contact between volcanic rocks and black
and grey pelagic sediments and cherts that has been traced by Atico
geologists for ten kilometers. This contact has been determined to
be an important control on VMS mineralization on which Atico has
identified numerous target areas prospective for VMS type
mineralization occurrence, which is the focus of the current
surface drill program at El Roble.
Qualified Person
Mr. Thomas Kelly (SME Registered Member
1696580), advisor to the Company and a qualified person under
National Instrument 43-101 standards, is responsible for ensuring
that the technical information contained in this news release is an
accurate summary of the original reports and data provided to or
developed by Atico.
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 | 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.
Atico Mining (TSXV:ATY)
Historical Stock Chart
From Jun 2024 to Jul 2024
Atico Mining (TSXV:ATY)
Historical Stock Chart
From Jul 2023 to Jul 2024