Atico Commences Second Phase Drilling at El Roble Mine, Colombia
September 24 2012 - 7:30AM
Marketwired Canada
Atico Mining Corporation (TSX VENTURE:ATY) is pleased to provide an update on
its exploration program at El Roble property located near Carmen de Atrato,
Colombia. The initial underground drill program has been completed and a second
round of underground drilling has commenced following completion of a down-hole
EM survey. In parallel, a second rig is drilling from the surface the first
prospective area in the 10 kilometer favorable trend. Initial targets to be
tested are Otos, Archi and Santa Anita areas.
Underground Exploration Program
Drilling to date (see news release dated July 19, 2012) has successfully
confirmed continuity of high grade massive sulfide mineralization below level
2000, the lowest production level at the El Roble mine. The initial program
consisted of 1,600 meters in 11 holes along the 300 meter strike of known
mineralization exposed in underground workings on the 2000 Level (see figure 1,
http://www.aticomining.com/i/Maps/NR-Sept24-12-Fig1.pdf).
A down-hole EM survey completed on eight of the 11 underground drill holes gave
positive preliminary results indicating potential for additional massive
sulphide bodies. A second underground drill program with one drill rig is
currently underway which will test the off-hole conductive targets identified by
the EM survey. This program includes drilling deeper holes, 100 - 200 meters
below Level 2000 as mineralization remains open at depth and along strike to the
north and south below the 2000 Level.
First Phase Underground Drilling Results:
-------------
Intercept
----------------------------------------------------------------------------
Total
Azimuth Dip Depth From To Interval Cu Au Ag
Hole ID (Degrees) (Degrees) (m) (m) (m) (m) % (g/t) (g/t)
----------------------------------------------------------------------------
ATDHR-
01(i) 45 -60 197.80 109.2 151.0 41.7 6.54 1.82 7.43
----------------------------------------------------------------------------
ATDHR-
02(i) 45 -70 207.55 165.5 170.8 5.3 1.71 1.76 2.10
----------------------------------------------------------------------------
ATDHR- No significant
03(i) 45 -62 123.20 values
----------------------------------------------------------------------------
ATDHR-
04(i) 45 -75 150.75 61.0 102.0 41.0 6.49 17.57 13.26
----------------------------------------------------------------------------
ATDHR-05 45 -80 148 70.0 79.0 9.0 2.50 2.31 16.17
----------------------------------------------------------------------------
Including 75.5 77.0 1.5 3.81 9.41 145.5
----------------------------------------------------------------------------
77.0 78.0 1.0 10.82 1.60 0.00
----------------------------------------------------------------------------
78.0 79.0 1.0 6.93 0.45 0.00
----------------------------------------------------------------------------
ATDHR-06 45 -40 74 No significant
values
----------------------------------------------------------------------------
ATDHR-07 225 -75 134 No significant
values
----------------------------------------------------------------------------
ATDHR-08 225 -55 112 No massive sulphide Assays pending
intercepted
----------------------------------------------------------------------------
ATDHR-09 225 -60 107 No massive sulphide Assays pending
intercepted
----------------------------------------------------------------------------
ATDHR-10 45 -50 105 No massive sulphide Assays pending
intercepted
----------------------------------------------------------------------------
ATDHR-11 100 -60 205 No massive sulphide Assays pending
intercepted
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(i) Drill Holes reported on July 19, 2012 Press Release.
To view Figure 1, please visit the following link:
http://media3.marketwire.com/docs/aty0924fig1.pdf.
Surface Diamond Drill Program
The surface drill program, planned for 9,000 meters, is intended to test new
targets in the vicinity of the mine and along the 10 kilometer favorable VMS
controlling units on the El Roble property. Initial targets to be tested with
3000 meters in11 diamond drill holes include; Otos area SE of El Roble mine,
Archie, and Santa Anita (see figure 2,
http://www.aticomining.com/i/Maps/NR-Sept24-12-Fig2.pdf).
Target selection is based on detailed geological mapping, geochemical rock and
soil anomalies, geophysics on the prospective areas (IP/Resistivity data, ground
magnetics, airborne VTEM and ground gravity) and in the case of Archie and Santa
Anita, historic drill holes by Minera El Roble (see El Roble Technical Report).
Otos Area
Surface drilling is currently testing the Otos area, immediately SE of El Roble
mine, given its favorable access conditions and proximity to the mine. The
targets in this area are a cluster of four strong gravity anomalies three of
which coincide with previously identified IP anomalies along the contact between
basalts and black chert, which hosts mineralization at El Roble mine. Gravity
anomalies indicate the presence of high density material such as massive
sulfides and the location of such anomalies in the black chert host unit along
strike from the mine is considered particularly prospective. Five drill holes
are planned to intercept the gravity and IP anomalies in the Otos area at depths
between 50 to 150 meters (see figure 3,
http://www.aticomining.com/i/Maps/NR-Sept24-12-Fig3.pdf).
Archie Area
The Archie area is the extension to the north of the El Roble mine
mineralization trend. Two gravity anomalies over the favorable host lithologies
have raised the prospectivity of this area. MINER explored the area in 2006 with
a total of 14 drill holes directed mainly to the Basalt which returned negative
results with no massive sulphide intersections (referenced in the El Roble
technical report). These drill holes did not test the gravity anomalies
identified or the black chert host unit. Three drill holes will test the Archie
prospect
Santa Anita Area
The Santa Anita area, 7 kilometers to the south of El Roble mine, has had
historic artisanal small scale copper production. MINER drilled ten holes in
this area, mainly directed to the basalt formation, with the best intercept
being 37.5 meters of 0.54 % Cu (see drill hole MERSA-1 referenced in the El
Roble technical report). Three gravity anomalies identified along the favorable
contact between basalt and black chert on the projection of historical workings
at Santa Anita will be tested by three drill holes (see figure 4,
http://www.aticomining.com/i/Maps/NR-Sept24-12-Fig4.pdf).
Additional targets based on VTEM anomalies in favorable host lithologies,
surface mapping and geochemistry are being prioritized (see figure 2,
http://www.aticomining.com/i/Maps/NR-Sept24-12-Fig2.pdf).
To view Figure 2, please visit the following link:
http://media3.marketwire.com/docs/aty0924fig2.pdf.
New prospective targets
The airborne VTEM survey over the El Roble property identified 12 prospective
anomalies of which six represent new areas of interest. Anomaly number 8 located
2.5 kilometers to the SE of El Roble mine (see figure 2,
http://www.aticomining.com/i/Maps/NR-Sept24-12-Fig2.pdf) led Atico geologists to
a new area where the black chert host unit has been identified and mapped and
outcrops of pyrite stringers and gossan zones have been found. Soil and rock
samples have been collected and assay results are pending. Anomaly number 8
represents a new prospective target that will be further evaluated and
prioritized for drill testing.
The new areas of interest identified by VTEM anomalies are being evaluated
through detailed mapping and soil and rock geochemistry.
To view Figure 3, please visit the following link:
http://media3.marketwire.com/docs/aty0924fig3.pdf.
To view Figure 4, please visit the following link:
http://media3.marketwire.com/docs/aty0924fig4.pdf.
El Roble Property
El Roble property, located 4 hours by paved highway southwest of the city of
Medellin, hosts an operating underground copper-gold mine with nominal capacity
of 400 tonnes per day. Over the past twenty-two years, El Roble mine has
processed approximately 1.5 million tonnes of mineralized material at an average
grade of 2.5% copper and estimated gold grade of 2.5 g/t. Copper-gold
mineralization at the El Roble property occurs in volcanogenic massive sulfide
("VMS") lenses. Exploration over the past two years has defined a productive
contact and an enclosing package of host rocks extending for a distance of 10
kilometers across the El Roble property. This entire strike length is marked by
VMS mineralization occurrence indicators.
Atico Mining Corporation
Atico is a growth oriented, copper and gold exploration and development company
focused on mining opportunities in Latin America. The Company's primary property
is the El Roble Project. The Company is selectively pursuing additional
acquisition opportunities. For more information, please visit our website at
www.aticomining.com.
The technical information in this press release has been approved by Dr.
Demetrius Pohl, Ph.D., AIPG Certified Geologist, a qualified person for the
technical information in this press release under NI 43-101 standards, and
independent of the Company.
ON BEHALF OF THE BOARD
Fernando E. Ganoza, CEO
Atico Mining Corporation
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.
Vortex Metals (TSXV:VMS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Vortex Metals (TSXV:VMS)
Historical Stock Chart
From Jul 2023 to Jul 2024
