Atico Reports 18.5 Meters of 10.3% Cu and 2.1 g/t Au at El Roble Mine, Colombia
November 01 2012 - 7:30AM
Marketwired Canada
Atico Mining Corporation (TSX VENTURE:ATY) is pleased to announce that ongoing
underground drilling at the El Roble mine continues to intersect and extend to
depth high-grade massive sulfide and gold mineralization below the 2000 meter
level, the lowest production level at the mine at 250 meters below surface.
Atico reports the results of 11 new diamond core holes drilled, including 5
production holes drilled by Minera El Roble, current operator of the El Roble
mine, and independently sampled and assayed by Atico. Atico's drilling extends
the known mineralization 230 meters below the 2000 meter level and along 300
meters of strike (see figure 2
http://www.aticomining.com/i/maps/NR-Nov1-12-Fig2.pdf).
Fernando E. Ganoza, CEO of Atico, commented, "The company is extremely pleased
with the results of the most recent underground drilling at El Roble Project. We
have significantly increased the potential for additional high-grade resources
at El Roble mine by vertically extending the known mineralized zone, which
remains open at depth. Testing the extent of mineralization along strike and at
depth will continue, as well as defining the potential of mineralized lenses
intersected below level 2000."
Highlights of the drilling include:
-- ATDHR-12 18.20 meters of 10.30% Cu, 2.10 g/t Au and 6.59 g/t Ag
-- MEI-193(i) 6.48 meters of 4.90% Cu, 4.57 g/t Au and 34.78 g/t Ag
-- MEI-192 4.22 meters of 1.15% Cu, 8.14 g/t Au and 38.60 g/t Ag
-- ATDHR-13 0.50 meters of 2.40% Cu, 14.15 g/t Au and 143.00 g/t Ag
(i) MEI indicates diamond drill holes by Minera El Roble, current operator of
the El Roble mine
Underground Drilling Program:
The ongoing underground drill program aims to add additional resources of
high-grade copper-gold massive sulfide bodies lateral to and below the existing
mine workings. Atico's first four drill holes of this program (see news release
dated July 12, 2012) proved the existence of mineralization 100 meters below the
2000 meter level. The results of the latest drill holes indicate that massive
sulfide mineralization extends at least 230 meters below level 2000, where
ATDHR-13 intersected 0.50 meters of 2.4% copper and 14.50 g/t gold (see figure 3
http://www.aticomining.com/i/maps/NR-Nov1-12-Fig3.pdf). Intercepts higher in the
hole extend the mineralization from ATHDR-01 and ATHDR-04 by 150 meters to the
southeast (see news release dated July 12, 2012).
Assays of the footwall and hanging wall to the massive sulfide mineralization in
previously reported drill holes along with ATDHR-12 and ATDHR-13 show that gold
mineralization extends several meters above and below the mineralization into
the host 'black chert' unit. ATDHR-05 (see news release dated September 24,
2012) intersected 16.60 meters of 1.75 g/t gold from 62.40 meters and ATDHR-13
reported 7.25 meters of 2.19 g/t gold from 58.15 meters.
Current drill intercepts confirm the presence of massive "mound' sulfides,
feeder vein stockworks and multi-phase massive sulfide breccias. The geometry
and zoning of the existing mineralization coupled with the new intercepts imply
that only half of the massive sulfide mineralization, some 1.5 million tonnes,
have been found and mined to date. This is consistent with the indication from
recent drilling of the potential for significant additional tonnage below the
current mine workings.
Minera El Roble drilled 12 short exploratory holes ahead of production from the
2000 meter level. The latest holes, which have variable azimuths and
declinations and recoveries particularly in broken ground, are listed in the
table below. Recoveries in massive sulfide sections vary from 50 to 60%. Minera
El Roble holes, sampled and assayed by Atico, intersected massive sulfide
mineralization grading from 6.37% copper over 1.00 meter in MEI-198 to 6.48
meters of 4.90% copper in MEI 193, indicating continuity of mineralization from
the 2000 meter level to those drilled by Atico.
All reported drill intercepts represent down-hole intercepts and not true
widths. Owing to the pod-like nature of the massive sulfide mineralization no
true width estimates of the mineralization can be made.
Underground Drilling Assay Results:
--------------
Intercept
----------------------------------------------------------------------------
Total Inter-
Azimuth Dip Depth From To val Cu Au Ag
Hole ID (degrees) (degrees) (m) (m) (m) (m) (%) (g/t) (g/t)
----------------------------------------------------------------------------
ATDHR-
10(i) 45 -50 105.05 38.6 40.5 1.94 0.14 1.94 6.95
----------------------------------------------------------------------------
ATDHR-12 355 -59 184.20 113.9 132.1 18.15 10.30 2.10 6.59
----------------------------------------------------------------------------
Including 113.9 118.0 4.10 11.06 6.46 17.57
----------------------------------------------------------------------------
120.0 122.0 2.00 15.91 0.78 3.23
----------------------------------------------------------------------------
122.0 126.0 4.00 17.45 1.06 3.94
----------------------------------------------------------------------------
ATDHR-
13(ii) 90 -75 335.95 58.2 65.4 7.25 0.95 2.20 11.12
----------------------------------------------------------------------------
70.6 74.1 3.50 1.60 0.26 7.25
----------------------------------------------------------------------------
234.7 235.2 0.50 2.40 14.15143.00
----------------------------------------------------------------------------
MEI-192 45 -53 70.10 28.1 32.3 4.22 1.15 8.14 38.60
----------------------------------------------------------------------------
Including 30.2 32.3 2.11 0.39 14.45 54.90
----------------------------------------------------------------------------
MEI-193 55 -60 48.03 28.0 34.4 6.48 4.90 4.57 34.78
----------------------------------------------------------------------------
Including 28.0 31.0 3.08 6.52 9.12 58.60
----------------------------------------------------------------------------
MEI-195 35 -60 37.94 30.5 35.7 5.24 0.98 2.69 5.78
----------------------------------------------------------------------------
Including 30.5 33.4 2.90 0.37 4.55 8.95
----------------------------------------------------------------------------
MEI-197 15 -60 55.64 38.4 42.9 4.50 0.90 0.93 4.22
----------------------------------------------------------------------------
MEI-198 5 -60 54.49 39.3 40.9 1.60 6.37 2.10 8.43
----------------------------------------------------------------------------
Including 39.3 40.0 0.70 12.95 3.52 14.75
----------------------------------------------------------------------------
-- Drill Holes ATDHR-8, ATDHR-9 and ATDHR-11 did not report any significant
values
-- ((i)) Mineralization in 'black chert' unit
-- ((ii)) Mineralization in 'black chert' unit in footwall to massive
sulfides
El Roble Property:
El Roble property hosts an operating underground copper and gold mine with
nominal capacity of 400 tonnes per day. Over the past 22 years the mine has
processed 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 and gold mineralization at El
Roble property occurs as 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 property. This entire strike length is marked by VMS mineralization
occurrence indicators.
Atico has a two-year option agreement to acquire 90% of Minera El Roble, current
operator of El Roble mine, for staged payments of US$2.25 million over two years
(all staged payments have been made as of July 28, 2012) and a lump-sum payment
of US$14 million upon exercise of the option. The option can be exercised at any
time during the two-year option period upon payment of the US$14 million. Atico
has the right to extend the option period by one year, by giving notice to
Minera El Roble 21 days prior to the expiration of the initial option term
(January 28th 2013) and paying an additional US$1.2 million.
Quality Assurance & Quality Control:
Following detailed geological and geotechnical logging, drill core samples are
split on-site with a diamond saw by Atico personnel. The 7 to 10 kilograms per
meter of sample are submitted to the ALS Chemex Laboratory in Medellin where
they are dried, crushed and pulverized. After preparation the samples are sent
to ALS Chemex in Lima and assayed. The remaining half core is retained on-site
for verification and reference purposes. All gold assays were obtained by
standard 50 gram fire assay with AA finish. All copper and silver assays
reported were obtained by aqua-regia sample dissolution of the sample followed
by ICP analysis. The QA-QC program includes the blind insertion of certified
reference standards as well as assay blanks and duplicates at a frequency of
approximately 1 per 15 samples.
Qualified Person:
Dr. Demetrius Pohl, Ph.D., AIPG Certified Geologist, 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.
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.
ON BEHALF OF THE BOARD
Fernando E. Ganoza, CEO
Atico Mining Corporation
Symbol: TSX.V: ATY
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
To view the Figures accompanying this press release, click on the following
link: http://media3.marketwire.com/docs/a1031m.pdf
FOR FURTHER INFORMATION PLEASE CONTACT:
Atico Mining Corporation
Kim Casswell
Corporate Secretary
+1.604.633.9022
info@aticomining.com
www.aticomining.com
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