Atico Drills 119 Meters of 6.9% Copper and 6.3 g/t Gold; Discovers New Massive Sulfide Body at El Roble Mine in Colombia
24 Enero 2013 - 5:30AM
Marketwired Canada
Atico Mining Corporation (TSX VENTURE:ATY) announces that ongoing underground
drilling at its El Roble mine project in Colombia has discovered a significant
new massive sulfide body at the north end of known mineralization, which now
extends 360 meters along strike and 250 meters below level 2000, the lowest
production level at the mine. The company also reports results of seven new
diamond drill core holes (ATDHR-20 through ATDHR-26), which included 119 meters
of 6.9% copper and 6.3 g/t gold.
Fernando E. Ganoza, CEO, commented, "Drilling continues to discover new and
extend high-grade massive sulfide copper and gold bodies in the immediate
vicinity of the El Roble mine. The discovery of a major new mineralized lens at
the north end of the operating mine not only adds significantly to the
mineralization, but also increases the potential to discover additional
mineralization below and beyond the current mine limits. I am very encouraged by
results to date, as El Roble presents a significant opportunity to quickly bring
newly discovered resources to production using the existing mine and mill
infrastructure."
El Roble drilling highlights include:
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Interval
Hole From (m) To (m) (m) Cu (%) Au (g/t) Ag (g/t)
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ATDHR-26 144.0 263.7 119.70 6.89 6.26 16.50
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Including 145.8 156.3 10.43 11.68 14.14 33.83
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161.2 169.6 8.40 10.81 12.41 37.74
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176.7 182.5 5.82 8.06 14.03 18.32
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193.1 200.3 7.20 15.46 3.83 7.26
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217.6 222.3 4.75 7.53 25.94 66.31
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ATDHR-25 88.5 93.0 4.50 3.23 6.40 20.75
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ATDHR-20 128.0 148.4 20.40 5.25 1.28 6.16
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Underground Drilling Program
The ongoing underground drilling program is adding high-grade copper-gold
massive sulfide mineralization lateral to and below El Roble mine workings.
Atico's latest drill results have extended the mineralization 130 meters to the
north of the recently discovered Goliath body and at least 250 meters below the
2000 meter level, the lowest production level at El Roble. New mineralized drill
intercepts in holes ATDHR-23, ATDHR-24 and ATDHR-26 are interpreted as
comprising two separate massive sulfide bodies, Aquiles and Zeus. Atico's
interpretation of these 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 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 (volcanogenic
massive sulfide) systems and suggest that further mineralization remains to be
discovered in the near mine vicinity.
Zeus Massive Sulfide Body
Zeus is located at the northern extremity of the 360 meter strike of the
mineralized system at the El Roble mine at a depth of 350 to 450 meters below
the surface. This body has been intersected in one drill hole (ATDHR-26), which
encountered 119 meters of high-grade mineralization, and has the potential to be
as large as the mined-out Main Body, which measured 100 meters down dip by 80
meters along strike by 45 meters thick and produced over 700,000 tonnes of ore.
Diamond drill core hole ATHDR-27 has intersected massive sulfide mineralization
approximately 30 meters to the north along strike, which is interpreted as part
of Zeus. Assays for this intercept are pending.
The mineralization is characterized by mound massive sulfide and breccia
textures. Based on the sulfide mineral zoning it is possible that the Aquiles
body may be connected to Zeus.
Aquiles Massive Sulfide Body
Aquiles is defined by drill holes ATDHR-23 and ATDHR-24 and is located in the
hanging wall less than 30 meters above Zeus at a depth of 400 meters. Aquiles is
characterized by pyritic, massive and semi-massive mineralization with somewhat
lower copper content but higher gold, with some intervals as high as 4.5 meters
of 8.13 g/t Au (ATDHR-24 from 196.5 to 201.0m). This body is presently
interpreted as being separate from Zeus, however, it may be connected in that
the mineralogy, textures and grades are very similar to the upper portions of
the Zeus mineralization.
Development of Exploration Concepts
The continuing discovery of massive sulfide bodies (Zeus, Maximus, Goliath,
Aquiles, Orion, Apolo, Andromeda) has provided data which supports and enhances
the current exploration model of the El Roble VMS system. Recognition of
stockwork feeder mineralization in Orion, and in the footwall of Maximus and
Goliath, shows that the feeder system has dimensions of at least 100 meters by
100 meters. Based on the geometry of all massive sulfide bodies and zoning
patterns of VMS systems in general, there is potential to find as much or more
mineralization below the 2000 meter level as was mined above that level.
Textural and metal zoning supports this concept and the system appears to be
open to additional mineralization to the north and south, as well as below the
1750 meter level. It also provides room for exploration in the footwall of the
VMS system for additional feeder mineralization. Atico's next phase of
underground drill will test these concepts.
Underground Drill Assay Results:
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Intercept
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Total Inter-
Azimuth Dip Depth From To val Cu Au Ag
Hole ID (degrees) (degrees) (m) (m) (m) (m) (%) (g/t) (g/t)
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ATDHR-26 10 -70 283.6 72.5 76.5 3.95 13.00 4.49 38.51
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82.6 85.0 2.40 4.10 2.28 5.77
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96.1 100.2 4.08 6.59 4.70 22.34
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144.0 263.7 119.7 6.89 6.26 16.50
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Including 145.8 156.3 10.43 11.68 14.14 33.83
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161.2 169.6 8.40 10.81 12.41 37.74
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176.7 182.5 5.82 8.06 14.03 18.32
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183.4 192.0 8.58 11.52 8.77 28.50
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193.1 200.3 7.20 15.46 3.83 7.26
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201.1 203.1 2.05 22.04 1.39 3.90
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203.9 209.7 5.85 11.71 5.88 21.68
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217.6 222.3 4.75 7.53 25.94 66.31
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ATDHR-25 45 -70 229.3 88.5 93.0 4.50 3.23 6.40 20.75
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109.0 110.7 1.70 3.38 1.70 8.96
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118.3 119.4 1.16 0.50 3.68 8.63
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ATDHR-24 215 -85 244.8 189.5 220.5 31.00 0.49 3.03 17.58
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Including 196.5 201.0 4.50 1.12 8.13 48.89
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ATDHR-23 225 -85 237.0 191.0 218.3 27.30 1.14 3.88 21.20
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Including 197.0 201.2 4.20 0.85 7.64 62.54
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214.0 218.0 4.00 3.54 4.05 21.60
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ATDHR-22 180 -45 135.2 57.3 58.0 0.65 1.56 0.40 6.73
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ATDHR-20 60 -65 203.5 128.0 148.4 20.40 5.25 1.28 6.16
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Including 128.0 133.9 5.95 6.80 2.48 12.08
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Drill Hole ATDHR-21 did not report any significant values
To view the maps associated with this press release, please visit the following
link: http://media3.marketwire.com/docs/aty-0124-maps.pdf.
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 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 one 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
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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