VANCOUVER, British Columbia, July 11, 2018 (GLOBE
NEWSWIRE) -- Atico Mining Corporation (TSX.V:ATY) (OTC:ATCMF)
("Atico" or the "Company") is pleased to announce the completion of
two IP-DAS surveys covering the area from northwestern Archie
prospect through the mine to the southern Estrella target area,
which have indicated exciting new exploration targets near and
below the mine.
Fernando E. Ganoza, CEO, commented: "The
exploration work and drilling we have completed since late 2017
have returned encouraging results for the occurrence of massive
sulphide mineralization at the El Roble property. These results
confirm the need to continue drill testing the anomalous targets
and merits scaling-up the drill program for the remainder of the
year. We continue to believe the property remains highly
prospective to host additional massive sulphide
mineralization."
Exploration
Update
During the first quarter the Company completed 315
stations on 120 channels of IP-DAS geophysics over an area 2 km x 1
km covering an area from the Archie prospect in the north, through
the El Roble Mine area and over the Estrella area southeast of the
mine. (Figure 1) The IP-DAS has a depth penetration capability
exceeding 700 m and has outlined several linear trends of combined
chargeability and resistivity anomalies coincident with the mapped
"black chert" lithology. These trends are designated as the Eastern
trend, the Central or Mine trend, and the Western trend. Each trend
contains several, distinct, strong chargeability-resistivity
anomalies similar to that expressed over the mine area.
More significantly, the IP-DAS shows an intense
anomaly associated with the immediate mine area, which is part of a
linear northwest-southeast trend of anomalies coincident with the
"black chert" unit. A second, linear trend of anomalies appears
coincident with eastern occurrence of the "black chert" in the
Archie area. The IP-DAS anomalies clearly show fault offsets. The
IP-DAS has outlined 6 targets (18 anomalies inside all) on the Mine
trend Western and the Eastern trend which warrant drill testing
(Figure 2). Of particular significance is a strong anomaly offset
by faulting to the SE of the mine workings as well as strong
anomalies in the Archie area and Eastern trend. The IP-DAS
anomalies in the Eastern and Central trends are coincident with Ag
and Zn trace element vector anomalies and narrow massive sulfide
intersections.
A major re-interpretation of the structural
geology based on recent drilling and surface mapping suggests that
the Zeus mineralization is faulted off at depth and the favorable
contact geology offset some 140 meters to the east. The IP-DAS data
shows similar offsets but also shows the chargeability-resistivity
anomaly continuing at depth.
Structural logging of the drill core and
integration of the results into the regional mapping program has
refined the Company's understanding of the local structural geology
and its relationship to mineralization. The local structure is now
interpreted as a southwest verging recumbent fold with the steeper
limb hosting the El Roble mine mineralization and the shallower
limb cropping out on the east side of the El Roble ridge. The
anticlinal fold has been offset by an array of N-S and ENE-WSW
faults and NW-SE strike-parallel thrusts, which offset the
mineralization by up 140 meters (Figure 3).
The recent drilling clearly demonstrated a
thickening of the "black chert" unit over a strike length of
approximately 600 meters indicative of a sub-basin favorable for
the deposition and preservation of massive sulfides. The sub-basin
appears to be bounded by faults which may have acted as feeders for
mineralization. The "black chert" unit contains 5-10%
bedding-parallel stringers and blebs of pyrite-pyrrhotite
suggesting a more distal sulfide depositional environment. Hole
ATSA-005, drilled on the northern margin of the sub-basin
intersected two intervals of highly anomalous gold (3.9 meters at
2.25 g/t Au from 114.80 meters and 5.3 meters at 2.31 g/t Au from
138.55 meters) supporting the alteration and pathfinder element
vectors. The multi-element geochemistry vectors are concentrated
with the sub-basin and trend toward the northern margin of the
basin.
During Q1-2018, 1,245 meters of underground
drilling were completed at the El Roble mine. The Company
anticipates that by the end of Q2-2018 the underground drill
program will return to the schedule of 3,000 meters drilled per
quarter. The program uses one underground rig to test for massive
sulfide bodies adjacent to and down-dip of currently known
mineralization and to extend the deposit at depth and along
strike.
At the Archie target area, approximately 500
meters northeast of the El Roble mine, 1,970 meter of core drilling
program was completed in Q1-2018.
A second drill rig is being mobilized to
accelerate the testing of IP-DAS anomalies in the Eastern and
Central trends. A first program of 5,000 meters of core drilling is
planned to test IP-DAS anomalies below and to the southeast of the
mine mineralization (Zeus plunge target) and an additional 10,000
meters of drilling is planned to test the Eastern trend where
previous drilling following trace element vectors intersected thin
massive sulfide mineralization in the "black chert" horizon.
The Company is highly encouraged by these results,
which have outlined several strong IP-DAS anomalies within three
parallel trends within the "black chert" unit are supported by
trace element vectors and a re-interpretation of the structural
geology. A program of 15,000 meters in 36 diamond core holes from
the surface is planned for the remainder of 2018 and 2019 to test
these targets, in addition to the 3,000 meters of underground
drilling to test the down-dip 'Zeus plunge' target
El Roble
Mine
The El Roble mine is a high-grade underground
copper and gold mine with nominal processing plant capacity of 800
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 nominal capacity
of 400 tonnes per day. The mine has a continuous operating history
of twenty-two years, with recorded production of 1.5 million tonnes
of ore at an average head grade of 2.6% copper and an estimated
gold grade of 2.5 g/t. Copper and gold mineralization at the El
Roble property occurs in volcanogenic massive sulfide ("VMS")
lenses.
Since entering into the option agreement in
January 2011 to acquire 90% of El Roble, Atico has aggressively
explored the mine and surrounding claims. The Company has completed
31,377 meters of diamond drilling and identified numerous
prospective targets for VMS deposits on the 6,679-hectare property.
This exploration led to the discovery of high-grade copper and gold
mineralization below the 2000 level, the lowest production level of
the El Roble mine. Atico has developed a new adit access from the
1880 elevation to develop these new resources.
El Roble has a measured and indicated resource of
1.87 million tonnes grading 3.46% copper and 2.27 g/t gold, at a
cut-off grade of 0.93% copper equivalent. Mineralization is open at
depth and along strike and the Company plans to further test the
limits of the resource.
On the larger land package, the Company has
identified a prospective stratigraphic contact between volcanic
rocks and black and grey 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 15 prospective target areas for VMS type mineralization
occurrence, which is the focus of the surface drill program at El
Roble.
Qualified
Control
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. Dr. Pohl has approved the scientific and
technical content of 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 operates the El Roble mine and is pursuing
additional acquisition 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 | OTC: 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.sedar.com
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announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Atico Mining Corporation via Globenewswire
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