Atico Reports High Grade Intercepts up to 4.45m of 5.17% Cu, 10.47g/t Au and 4.90m of 9.35% Cu, 2.94 g/t Au and Continues to Extend the Ore Body at El Roble Mine in Colombia
05 Februar 2024 - 2:45PM
Atico Mining Corporation (TSX.V: ATY | OTCQX: ATCMF) (“Atico” or
the “Company”) is pleased to announce additional positive results
for the exploration program initiated in 2023 being carried out in
an area of historical mining to expand tonnage at the El Roble
mine. In addition, the Company reports the results for seven
diamond drill core holes (see first table below), which included
4.45m of 5.17% Cu, 10.47g/t Au and 4.90m of 9.35% Cu, 2.94 g/t Au.
“We are pleased to report that our mine vicinity
drill campaign continues to intercept new mineralization and extend
the main historic massive sulphide body at the El Roble deposit.
While, this area was mined by operators previous to Atico obtaining
control of the mine on November 22, 2013, these results are
intercepting additional high-grade mineralization beyond the
previously outlined mineralized shell which remains open at depth
and along strike,” said Fernando E. Ganoza, CEO. “These strong
assay results continue to increase confidence in our view that
additional high-grade copper and gold mineralization remains both
within the historically defined bodies and beyond the previously
outlined mineralized shell and are open at depth and along strike.
Final results for the remaining drill holes from the current
exploration program initiated in 2023 will be available within
following weeks at which time the Company plans to update the
resource estimate. A new drill program is planned to continue
exploration in this vicinity during 2024.”
Exploration Drilling Results
Include:
Hole |
From (m) |
To (m) |
Interval (m) |
Cu (%) |
Au (g/t) |
ATD-0206 |
163.5 |
189.45 |
25.95 |
2.09 |
3.43 |
including |
168 |
170.2 |
2.2 |
11.58 |
8.63 |
including |
173.1 |
181.5 |
8.4 |
0.57 |
2.52 |
including |
185 |
189.45 |
4.45 |
5.17 |
10.47 |
and |
192.25 |
193.1 |
0.85 |
7.57 |
4.62 |
ATD-0207 |
133 |
144.6 |
11.6 |
4.14 |
1.38 |
including |
136 |
140.9 |
4.9 |
9.35 |
2.94 |
and |
156.5 |
159.7 |
3.2 |
1.78 |
7.86 |
ATD-0208 |
186.8 |
199.3 |
12.5 |
0.98 |
4.35 |
including |
186.8 |
191.4 |
4.6 |
1.96 |
9.27 |
ATD-0209 |
189.4 |
206.5 |
17.1 |
1.15 |
1.94 |
ATD-0210 |
159 |
171.3 |
12.3 |
1.11 |
1.33 |
ATD-0211 |
34.1 |
44.9 |
10.8 |
4.39 |
1.29 |
including |
35.5 |
37.2 |
1.7 |
8.46 |
1.43 |
including |
39.3 |
44.9 |
5.6 |
5.33 |
1.91 |
ATD-0212 |
22 |
40.5 |
18.5 |
2.29 |
1.05 |
including |
22 |
25 |
3 |
8.24 |
3.7 |
including |
27.1 |
29.6 |
2.5 |
2.51 |
1.09 |
including |
37.5 |
39.1 |
1.6 |
2.34 |
1.09 |
True widths are dependent on uncertainties in
the local strike and dip of the mineralization and are estimated to
be between 90% and 95% of the drill intercept.
Image 1.
Exploration Drilling
Program
The goal of the current surface and underground
drilling program at the El Roble mine is to define zones of
mineralization within the extent of main historic massive sulphide
body that were not exploited by previous operators and also to
expand the historically identified resource. During the first
quarter of 2023, the Company began a drill program to test the main
mineralized body and the immediately adjacent area. A total of
7,880 meters of drilling were completed during this program, of
which final results for the remaining drill holes are still pending
and will be reported as soon as the assay results for mineralized
intercepts are received.
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.
Qualified Person
Garth Graves, P. Geo.
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.
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
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/f5dae5ad-36fa-4b20-b641-67d52ca50108
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