Atico Produces 4.82 Million Pounds of Cu and 2,636 Ounces of Au in First Quarter 2022 and Resumes Full Operations at El Roble
April 25 2022 - 4:15PM
Atico Mining Corporation (the “Company” or “Atico”) (TSX.V: ATY |
OTCQX: ATCMF) announces its operating results for the three months
ended March 31, 2022 from its El Roble mine. Production for the
quarter totaled 4.82 million pounds of copper and 2,636 ounces of
gold in concentrates, an increase of 7% and 24% for copper and
gold, respectively, over the same period in 2021.
“At the El Roble mine we had an outstanding
quarter when compared to our guidance and same period last year. In
certain areas of the mine we had much higher grades for both copper
and gold than were anticipated,” said Fernando E. Ganoza, CEO. “We
will continue to build on this quarter’s operational success to
make up for the lost production in April, looking to take advantage
of the current high metal price environment. In parallel, a
tremendous emphasis will be put on mine vicinity drilling with the
goal to find additional resources.”
First Quarter Operational
Highlights
- Production of 4.82 million pounds
of copper contained in concentrates; an increase of 7% over Q1
2021.
- Production of 2,636 ounces of gold
contained in concentrates; an increase of 24% over Q1 2021.
- Average processed tonnes per day of
826, a decrease of 13% over Q1 2021.
- Copper head grade of 3.55%, an
increase of 10% over Q1 2021.
- Gold head grade of 2.08 grams per
tonne; an increase of 22% over Q1 2021.
- Copper and gold recovery of 91.8%
and 59.7%; no significant change for copper and an increase of 5%
for gold over Q1 2021
First Quarter Operational
Review
Copper and Gold production was above Company
budget for the first quarter primarily explained by an increase in
both copper and gold head grades. Copper recoveries slightly
decreased when compared to the same period last year, while gold
recoveries during the quarter improved over Company’s projections.
Processed tonnes per day decreased over the same period last year
mostly explained by commissioning of recently installed equipment.
For the quarter, the operation delivered above budget in almost all
metrics.
Corporate Update
Further to the corporate update news release
announced on April 5th, 2022, the Company is pleased to report that
operations at El Roble mine have resumed as of Sunday April 24th,
2022. All the equipment affected by the landslide has been replaced
or repaired and the mining circuit is again running at full
capacity.
First Quarter Operational
Details
|
|
Q1 2022Total |
|
Q1 2021Total |
|
% Change |
|
|
|
Production (Contained in Concentrates) |
|
|
|
|
|
|
|
|
Copper (000s pounds) |
4,817 |
|
4,503 |
|
7 |
% |
|
|
Gold (ounces) |
2,636 |
|
2,134 |
|
24 |
% |
|
|
Mine |
|
|
|
|
|
|
|
|
Tonnes of ore mined |
66,396 |
|
64,101 |
|
4 |
% |
|
|
Mill |
|
|
|
|
|
|
|
|
Tonnes processed |
65,844 |
|
68,282 |
|
-4 |
% |
|
|
Tonnes processed per day |
826 |
|
954 |
|
-13 |
% |
|
|
Copper grade (%) |
3.55 |
|
3.23 |
|
10 |
% |
|
|
Gold grade (g/t) |
2.08 |
|
1.71 |
|
22 |
% |
|
|
Recoveries |
|
|
|
|
|
|
|
|
Copper (%) |
91.8 |
|
92.4 |
|
Nil% |
|
|
Gold (%) |
59.7 |
|
56.8 |
|
5 |
% |
|
|
Concentrates |
|
|
|
|
|
|
|
|
Copper and Gold Concentrates (dmt) |
10,719 |
|
10,365 |
|
3 |
% |
|
|
|
|
|
|
|
|
|
|
|
Payable copper produced (000s lbs) |
4,576 |
|
4,278 |
|
7 |
% |
|
|
|
|
|
Note: Metal production figures are subject to adjustments based on
final settlement. The reported results are preliminary in nature
and are awaiting independent lab verification. |
|
|
|
|
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 as of September 30th, 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 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
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;
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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