Atico Drills 88.7 Meters of 5.4% Cu and 2.5 g/t Au at El Roble Mine, Colombia
10 Diciembre 2012 - 5:30AM
Marketwired Canada
Atico Mining Corporation (TSX VENTURE:ATY) is pleased to announce additional
results from its ongoing underground drilling program at the El Roble mine.
The company reports results of 10 new diamond drill core holes, including 4
production holes drilled by Minera El Roble, current operator of the El Roble
mine, and independently sampled and assayed by Atico. Reported drill holes
extend the limits of massive sulfide bodies previously intercepted below the
2000 meter level.
Fernando E. Ganoza, CEO of Atico, commented, "We are extremely pleased by the
success of our drill program in growing the mineralized zone at El Roble mine.
Drilling continues to discover new and extend known high-grade massive sulfide
copper and gold bodies in the immediate vicinity of the operating mine. The
newly discovered, high-grade mineralization below the current mine workings
remains open at depth and along strike. Results to date are supportive of our
view that El Roble presents a significant opportunity to rapidly bring newly
discovered resources to production in the near term by taking advantage of the
existing mine and mill infrastructure."
Highlights of the drilling include:
-- ATDHR-17 From 71.8 m to 160.5 m; 88.70 meters of 5.40% Cu, 2.50 g/t Au
and 10.89 g/t Ag
-- ATDHR-19 From 56.5 m to 63.4 m; 6.90 meters of 1.86% Cu, 5.41 g/t Au and
21.94 g/t Ag
-- MEI-201(i) From 12.0 m to 36.0 m; 24.00 meters of 2.70% Cu, 4.46 g/t Au
and 6.19 g/t Ag
-- MEI-204(i) From 7.4 m to 14.7 m; 7.30 meters of 3.94% Cu, 5.45 g/t Au
and 9.62 g/t Ag
(i) MEI indicates diamond drill holes by Minera El Roble, current operator of El
Roble mine, Colombia
Underground Drill Program
The ongoing underground drill program aims to add additional resources of
high-grade copper-gold massive sulfide mineralization lateral to and below the
existing mine workings. Atico's drill results have proven that mineralization
extends at least 200m below the 2000 meter level, currently the lowest
production level at El Roble mine. The mineralized drill intercepts are
interpreted as comprising several, individual massive sulfide bodies named
Maximus and Goliath (Atico holes), and Apollo, Orion and Andromeda (Minera El
Roble drill holes, independently assayed by Atico).
Atico's interpretation of the separate massive sulfide bodies is based on
mineralized intercepts, characteristics of the massive sulfide mineralization,
known strike and dip of the host black chert unit and structural controls of the
mineralization at the El Roble mine. Textures and metal content in the
mineralized lenses discovered to date are consistent with zoning patterns found
in other VMS systems and suggest that further mineralization remains to be
discovered in the near mine vicinity.
Maximus Massive Sulfide Body
This body is located at the center of the 350 meter known strike of the
mineralized system at El Roble mine, at a depth of 300 meters below the surface.
The Maximus massive sulfide body has been intersected by six drill holes
including ATDHR-17 that encountered 88.7 meters of mineralization. Based on
current knowledge this intersection appears to be sub-parallel to the long axis
of the massive sulfide lens. It remains open at depth and along strike to the
northwest. The mineralization is characterized by stockwork veinlets and breccia
textures having a higher gold and copper content. Based on the current drilling
the Maximus body is at least 86m in longest dimension by 65m wide and 40m thick.
Goliath Massive Sulfide Body
The Goliath body is located less than 50 meters from Maximus along strike to the
northeast at a depth of 325 meters and is defined by two drill holes that have
intercepted mineralization which is characterized by high copper content with
some intervals as high as 17.5% Cu (ATDHR-12 from 122 m to 126 m). This body,
which is interpreted as being separate from Maximus is also open at depth and
along strike. Similarities in mineralization textures and metal content and, its
proximity suggest that both bodies are part of one larger lens that has been
dismembered by faulting. Based on the current drilling the Goliath body is at
least 65m in longest dimension by 55m wide and 25m thick.
Apollo Massive Sulfide Body
The Apollo body is the continuation at depth of a massive sulfide lens that is
being mined above the 2000 level. It is located 60 meters above the Goliath body
and is open at depth and along strike. This body is currently defined by 8
Minera El Roble drill holes that have been independently assayed and logged by
Atico. The mineralization shows massive textures with less brecciation and is
richer in silver with values that can exceed one ounce per tonne.
Orion Massive Sulfide Body
This body has been intersected by Minera El Roble above level 2000 and found to
continue at depth. It is located very close to the south along strike of Apollo
and 50 meters above Maximus. It has been constrained by 14 drill holes by Minera
EL Roble independently assayed and logged by Atico. Mineralization is similar to
Apollo with massive textures and higher Au-Ag values.
Andromeda Massive Sulfide Body
Andromeda is a smaller body located 100 meters to the south and along strike of
Maximus at a depth of 250 meters. It has been intersected by six Minera El Roble
drill holes independently assayed and logged by Atico. It remains open at depth
and along strike. Mineralization is relatively richer in gold and silver to the
Maximus and Goliath bodies.
Density measurements were taken from samples collected from core out of 13 Atico
drill holes that intercepted mineralization below level 2000. All samples were
sent to ALS Chemex lab in Medellin Colombia, and the Specific Gravity with Wax
Coat method was used to measure their density. The average density of the
massive sulfide samples is 3.85 t/m3. Systematic density sampling continues as
part of the program
Reported holes drilled by Minera El Roble are exploratory holes ahead of
production from the 2000 meter level to depth. The latest holes successfully
tested the deepening of the Orion body which is 60 meters directly above the
Goliath body. Extension of the Orion body limit at depth suggests there is
potential for the two bodies to be connected to form a single mineralized body
of significant proportions. Atico will continue to coordinate and leverage the
drill program conducted by Minera EL Roble to increase resources below the 2000
meter level.
Underground Drill Assay Results:
------------------------
Intercept
------------------------------------------------------------------------
Azimuth Dip Total Depth
Hole ID ( degrees ) ( degrees ) (m) From (m) To (m)
------------------------------------------------------------------------
ATDHR-17 10 -75 200.0 71.8 160.5
------------------------------------------------------------------------
Including 71.8 75.2
------------------------------------------------------------------------
76.6 86.5
------------------------------------------------------------------------
90.9 95.6
------------------------------------------------------------------------
100.3 104.1
------------------------------------------------------------------------
132.5 136.3
------------------------------------------------------------------------
141.1 149.5
------------------------------------------------------------------------
152.8 160.5
------------------------------------------------------------------------
ATDHR-18 81 -70 124.2 58.3 60.8
------------------------------------------------------------------------
ATDHR-19 75 -70 157.3 56.5 63.4
------------------------------------------------------------------------
Including 56.5 58.45
------------------------------------------------------------------------
MEI-200 113 -20 46.29 7.00 10.90
------------------------------------------------------------------------
MEI-201 113 -40 46.54 12.0 36.0
------------------------------------------------------------------------
Including 28.4 36.0
------------------------------------------------------------------------
MEI-203 103 -20 44.23 7.2 11.3
------------------------------------------------------------------------
MEI-204 103 -40 18.24 7.4 14.7
------------------------------------------------------------------------
------------------------------------------------------------
Cu Au Ag
Hole ID Interval (m) (%) (g/t) (g/t)
------------------------------------------------------------
ATDHR-17 88.70 5.41 2.48 10.83
------------------------------------------------------------
Including 3.40 11.50 7.22 13.77
------------------------------------------------------------
9.88 4.37 2.73 7.19
------------------------------------------------------------
4.69 8.48 2.68 11.87
------------------------------------------------------------
3.80 7.17 3.89 18.20
------------------------------------------------------------
3.81 10.11 1.90 6.57
------------------------------------------------------------
8.45 12.96 1.09 12.70
------------------------------------------------------------
7.70 9.26 0.57 19.59
------------------------------------------------------------
ATDHR-18 2.50 1.27 1.25 25.70
------------------------------------------------------------
ATDHR-19 6.90 1.86 5.41 21.94
------------------------------------------------------------
Including 1.95 2.68 8.41 36.90
------------------------------------------------------------
MEI-200 3.90 7.32 0.87 8.88
------------------------------------------------------------
MEI-201 24.00 2.70 4.46 6.19
------------------------------------------------------------
Including 7.60 5.24 4.67 9.91
------------------------------------------------------------
MEI-203 4.10 5.46 7.48 0.72
------------------------------------------------------------
MEI-204 7.30 3.94 5.45 9.62
------------------------------------------------------------
Drill Holes ATDHR-14, ATDHR-15 and ATDHR-16 did not report any significant values
El Roble Property
The El Roble property is the site of 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.
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
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
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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