Atico Mining Initiates Regional Drill Campaign at El Roble Mine, Colombia
February 14 2023 - 4:30PM
Atico Mining Corporation (the “Company” or “Atico”) (TSX.V: ATY |
OTC: ATCMF) is pleased to announce an update on the exploration
program and the start of regional exploration drilling at the El
Roble property in Colombia.
A strategic review of historical and recent
exploration programs has defined high priority targets within the
favorable stratigraphy that hosts the currently producing high
grade Cu/Au VMS El Roble mine. The data review highlighted strong
evidence of a second event of epithermal mineralization observed
which overprinted the known VMS mineralization resulting in
upgraded copper and gold content. The highest priority targets are
identified by alteration and VMS mineralization with the upgraded
Cu/Au content that are coincident with geophysical anomalies.
Anomaly 8 was selected from the review as the
first target for a follow-up diamond drilling program. It is
defined by values of up to 11% Cu in outcropping hydrothermal
breccia within a 900m by 300m area of soil and rock copper
anomalies with values greater than 800 ppm Cu. It is coincident
with EM (VTEM) and magnetic (GMAG) geophysical anomalies. The drill
program is currently in progress and the anomaly is not fully
tested. Two holes have cut favorable stratigraphy and strong
alteration with massive sulfide pyrite fragments. A third drill
hole was abandoned due to a major fault zone. An additional 3,050
meters of drilling is planned during 2023 at Anomaly 8.
The strategic analysis of historical and
recently generated information by the El Roble exploration team was
undertaken during the period of January to July 2022 and included
drilling campaigns both within the mine and follow-up of regional
targets. This reinterpretation, which had the support of expert
consultants and universities with staff specializing in mining and
exploration, resulted in a better understanding of the concept of
VMS clusters and identification of these clusters within the
property (La Calera Zn - Ag cluster, La Batea Fe Cluster, Santa
Anita Zn - Ag Cluster) as well as generation of new exploration
areas.
Overall, this reinterpretation has resulted in
high priority targets for future exploration programs. The current
drill program that began late in the last quarter of 2022 to
follow-up Anomaly 8, is confirming the validity of the data
review.
Qualified Persons
Garth Graves, P. Geo., consultant geologist for
Atico Mining Corporation and a qualified person in accordance with
National Instrument 43-101 has reviewed and approved the technical
information contained in this news release.
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.
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 | 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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