Atico Produces 3.73 Million Pounds of Cu and 2,874 Ounces of Au in Second Quarter 2024
18 Juli 2024 - 10:30PM
UK Regulatory
Atico Produces 3.73 Million Pounds of Cu and 2,874 Ounces of Au in
Second Quarter 2024
VANCOUVER, British Columbia, July 18, 2024
(GLOBE NEWSWIRE) -- Atico Mining Corporation (the “Company” or
“Atico”) (TSX.V: ATY | OTCQX: ATCMF) announces its operating
results for the three months ended June 30, 2024 from its El Roble
mine. Production for the quarter totaled 3.73 million pounds of
copper and 2,874 ounces of gold in concentrates, an increase of 33%
for copper and 25% for gold, respectively, over the same period in
2023.
“The El Roble mine continued to operate within
set expectations for this quarter as we saw improvements in most
metrics over the previous quarter and especially over the same
period last year” said Fernando E. Ganoza, CEO. “In the second half
of the year, we are anticipating a continuation of good production
results as we gain further access to the newly discovered areas of
high-grade ore. In parallel, we will continue looking for
opportunities to improve metal output to take advantage of the
higher metal price environment, as well as the continuation of the
near mine exploration program aimed at replenishing resources and
extending the life of mine.”
Second Quarter Operational
Highlights
- Production of 3.73 million pounds
of copper contained in concentrates; an increase of 33% over Q2
2023.
- Production of 2,874 ounces of gold
contained in concentrates; an increase of 25% over Q2 2023.
- Average processed tonnes per day of
852, an increase of 7% over Q2 2023.
- Copper head grade of 2.59%, an
increase of 27% over Q2 2023.
- Gold head grade of 1.94 grams per
tonne; an increase of 9% over Q2 2023.
- Copper and gold recovery of 92% and
65%; an increase of 1% for copper and 11% for gold, respectively,
over Q2 2023.
Second Quarter Concentrate
Shipment
The Company had scheduled one large concentrate
shipment of around 9,100 dry metric tonnes for this period. Due to
poor weather conditions and shipping delays, the vessel had arrived
considerably later than scheduled and as a result approximately 60%
of the planned tonnes of concentrate were loaded by the June
30th cutoff date. The remaining 40% of the planned
second quarter shipment was loaded on the following two days. In
accordance with our accounting policies, the revenue derived from
tonnes loaded after June 30th will be recognized in the
subsequent quarter along with the expected revenue from the
shipment planned for the third quarter.
Therefore, the second quarter financials will be
impacted by lower recognized revenues from this concentrate
shipment which will then be offset by higher recognized revenue for
the third quarter.
Second Quarter Operational
Details
|
Q2 2024 Total |
Q2 2023 Total |
% Change |
Production (Contained in Concentrates) |
|
|
|
Copper (000s pounds) |
3,728 |
2,804 |
33 |
% |
Gold (ounces) |
2,874 |
2,294 |
25 |
% |
Mine |
|
|
|
Tonnes of ore mined |
70,826 |
72,340 |
-2 |
% |
Mill |
|
|
|
Tonnes processed |
71,079 |
68,471 |
4 |
% |
Tonnes processed per day |
852 |
800 |
7 |
% |
Copper grade (%) |
2.59 |
2.04 |
27 |
% |
Gold grade (g/t) |
1.94 |
1.78 |
9 |
% |
Recoveries |
|
|
|
Copper (%) |
92.0 |
91.1 |
1 |
% |
Gold (%) |
65.2 |
58.7 |
11 |
% |
Concentrates |
|
|
|
Copper and Gold Concentrates (dmt) |
9,200 |
6,784 |
36 |
% |
|
|
|
|
Payable copper produced (000s lbs) |
3,505 |
2,639 |
44 |
% |
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.
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.
|
Q2 2024 Total |
|
Amounts in dry metric tonnes |
|
Opening inventory |
7,002 |
|
Production |
9,200 |
|
Sales |
(5,603 |
) |
Adjustments |
28 |
|
Number of shipments |
1 |
|
Closing inventory |
10,627 |
|
Note: Concentrate figures are subject to
adjustments based on final settlement.
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’s reserves estimate, with an effective
date of March 12, 2024, includes Proven and Probable mineral
reserves of 828 thousand tonnes averaging 2.49% Cu, 2.20 g/t Au and
a life of mine until Q1-2027. A full NI 43-101 technical report is
available on SEDAR+. For more information on the reserves
estimate refer to SEDAR+ and on the Company’s website.
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. Ganoza
CEO
Atico Mining Corporation
Trading symbols: TSX.V: ATY | OTCQX: ATCMF
Investor Relations
Igor Dutina
Tel: +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.sedarplus.com
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