Atico Reports 1.58 Mt at 4.45% Cu and 3.17 g/t Au Inferred Mineral Resources at El Roble Mine, Colombia
26 Junio 2013 - 8:02AM
Marketwired Canada
Atico Mining Corporation (TSX VENTURE:ATY)(PINKSHEETS:ATCMF) is pleased to
announce that an initial NI 43-101 mineral resource estimate for its El Roble
project has established an inferred mineral resource of 1.58 million tonnes at
4.45% Cu and 3.17 g/t Au using a cut-off grade of 0.72% Cu Eq. All of these
announced resources occur at depth below the existing El Roble mine workings. In
the coming months, Atico will continue to further drill test the extensions of
the defined inferred mineral resources at depth and strike, as well as other
prospective areas.
Fernando E. Ganoza, CEO, commented: "We are extremely pleased with the outcome
of our initial mineral resource estimate for El Roble mine. The grades continue
to be remarkable at depth and the volume is very encouraging given the deposit
is still open at depth and along strike." Mr. Ganoza added, "The resource
estimate, along with the recently completed engineering studies and assessment
of current operations, support Atico's plan to exercise the option agreement
this year and quickly bring newly discovered resources into production using the
existing operating mine and mill infrastructure."
The resource estimate was prepared in accordance with the definitions in the
Canadian National Instrument 43-101 and based on data from 30 drill holes
totaling 6,084 meters completed by Atico, during 2012 and up to February 20,
2013. An additional 33 drill holes totaling 1,784 meters completed by Minera El
Roble (MINER), current operator of the mine and independently reviewed, logged
and sampled by Atico were also included. Mr. Michael Lechner and Mr. Donald
Earnest have acted as independent qualified persons, as defined by the Canadian
National Instrument 43-101 and have reviewed and approved the resource estimate.
Inferred Resource Estimate Table
---------------------------
Contained Metal
----------------------------------------------------------------------------
Cu Eq Cu Eq
Cutoff Tonnes Cu Eq Cu Au Ag Cu Lbs Au oz Lbs
(%) (000) (%) (%) (g/t) (g/t) (000) (000) (000)
----------------------------------------------------------------------------
0.5 1,627 6.19 4.33 3.10 11.10 155,420 162 221,968
----------------------------------------------------------------------------
0.6 1,597 6.30 4.41 3.15 11.25 155,205 162 221,747
----------------------------------------------------------------------------
0.72 1,581 6.35 4.45 3.17 11.30 155,090 161 221,267
----------------------------------------------------------------------------
0.8 1,581 6.35 4.45 3.17 11.30 155,090 161 221,267
----------------------------------------------------------------------------
0.9 1,579 6.36 4.46 3.18 11.31 155,112 161 221,335
----------------------------------------------------------------------------
1.0 1,556 6.44 4.51 3.21 11.41 154,811 161 220,855
----------------------------------------------------------------------------
1.1 1,554 6.45 4.52 3.22 11.42 154,806 161 220,914
----------------------------------------------------------------------------
1.2 1,515 6.58 4.63 3.26 11.58 154,491 159 219,710
----------------------------------------------------------------------------
1.3 1,463 6.77 4.78 3.33 11.72 154,052 157 218,295
----------------------------------------------------------------------------
1.4 1,431 6.90 4.88 3.36 11.80 154,045 154 217,621
----------------------------------------------------------------------------
1.5 1,430 6.90 4.89 3.36 11.80 154,011 154 217,469
----------------------------------------------------------------------------
1.6 1,406 6.99 4.96 3.38 11.82 153,731 153 216,608
----------------------------------------------------------------------------
1.7 1,386 7.07 5.03 3.40 11.80 153,509 152 215,970
----------------------------------------------------------------------------
1.8 1,345 7.23 5.15 3.46 11.92 152,794 150 214,325
----------------------------------------------------------------------------
1.9 1,326 7.30 5.22 3.47 11.96 152,669 148 213,343
----------------------------------------------------------------------------
2.0 1,283 7.48 5.35 3.55 12.21 151,356 147 211,514
----------------------------------------------------------------------------
Note: Copper equivalency estimates were derived using metal prices of US$
3.59/lb for Copper and US$ 1472/oz for gold
Resource Estimate Methodology
Data obtained from the Atico diamond drill program were used to construct
three-dimensional geometric wireframes representing the massive sulfide zones
extending below the 2000 level in the El Roble mine. These zones (named Maximus,
Goliath, Apolo, Andromeda, Orion, Transformador, Zeus, Aquiles, and Ares) were
used to constrain the estimation of an NI 43-101 compliant inferred resource at
El Roble mine. Copper, gold, silver, lead, zinc and cobalt grades were estimated
for 5m x 5m x 5m blocks within the wireframes. Prior to estimation of the block
grades, copper grades were capped at 20% Cu, gold was capped at 20g/t Au and
silver was capped at 100g/t Ag. A three-pass inverse distance cubed (1/d3)
method was used for the block grade estimates, along a trend plane having an
azimuth of 320 degrees and a minus 75-degree dip to the north. The first pass
used search distances along strike and down dip of 25m, and 5m perpendicular to
the trend plane. The second pass used search distances along strike and down dip
of 75m, and 10m perpendicular to the trend plane. The third pass used search
distances along strike and down dip of 150m, and 20m perpendicular to the trend
plane. The first pass required a minimum of one composite and allowed a maximum
of three composites, with no more than one composite per drill hole. The second
pass required a minimum of three composites and allowed a maximum of six
composites, with a limit of two composites per drill hole, while the third pass
required a minimum of three composites, a maximum of eight composites allowed
and a limit of two composites per drill hole. The first pass resulted in grade
estimates for 56 percent of the blocks. The second pass resulted in 26 percent
of the blocks receiving grade estimates, while the third pass resulted in grade
estimates for the remaining 18 percent of the blocks.
In the opinion of Atico and its Qualified Persons, the methodology used is
appropriate and provides a reasonable estimate of the copper and gold content of
inferred mineral resources for the El Roble deposit that conform to NI 43-101
guidelines. The wireframes interpreted by Atico as part of the estimation
process provide an excellent guide for the planned in-fill drilling and other
work required to estimate measured and indicated mineral resources and an
eventual mineral reserve estimate.
A NI 43-101 technical report will be filed on www.sedar.com and posted on the
company's website within 45 days of this news release.
El Roble drill program and exploration update
On-going underground drilling at El Roble mine is currently focused on further
defining the interpreted boundaries of the Maximus and Goliath massive sulfide
bodies, which are considered primary targets for mining operations below the
2000 level given their close proximity to current mine workings. Nine drill
holes have been planned for this purpose and are scheduled to be completed in
early July. The underground program will continue at the south end of the known
mineralized strike length and below the 2000 level, with the goal of discovering
additional massive sulfide bodies.
Drilling at El Roble mine was interrupted in April (see news releases dated
April 15, 2013 and April 23, 2013) with news flow further delayed in May due to
consecutive failure of holes 31a, 31b and 32 caused by ground conditions. The
company expects the drilling results news flow will resume in early July.
The company recently completed 1,329 meters of drilling in 4 drill holes at the
Archie area. Drill results have confirmed strong continuity of the favorable
black chert formation to the north of El Roble mine with presence of
chalcopyrite and pyrite stringers up to 5 cm in length, but massive sulphide
mineralization was not intercepted. The company is evaluating the results from
the Archie area and conducting additional interpretation of the zone. The drill
program at Archie will be revised as a result of the enhanced understanding of
the area.
Target preparation work has been completed at Santa Anita anomaly with 8 drill
targets defined within this area. Work in the San Lorenzo prospective target has
begun and includes in-fill geochemical sampling, structural interpretation,
detailed geological mapping and interpretation of geophysical anomalies. In
addition, surface soil and rock geochemistry and geology work continues in newly
identified as well as known target areas to better understand and prioritize
drilling targets.
El Roble operation assessment update
In the first quarter of 2013, the company initiated a comprehensive assessment
of the El Roble mine operation through technical and engineering studies aimed
at gaining a thorough understanding of the existing mining operation. Studies
produced by engineering firms and independent consultants have assessed the
potential to scale up the mill and processing facilities, the mine's design and
optimization, the tailings dam expansion and the operation's environmental
standards.
As part of this assessment, the company has validated the location and upgraded
the design of a new adit at the 1886 level, 114 meters below current mine
workings. The adit will provide access to new resources and allow building of an
underground drill platform from which diamond drilling can intercept the newly
discovered massive sulphide bodies perpendicular to their strike direction,
which the company believes is necessary to estimate measured and indicated
resources and, eventually, a mineral reserve estimate.
Qualified Person
Michael J. Lechner of Resource Modeling Inc. and Donald F. Earnest of Resource
Evaluation Inc. are the Qualified Persons as defined by National Instrument
43-101 and are responsible for the accuracy of the technical information in this
news release regarding the resource estimate.
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 not related to the resource
estimate is an accurate summary of the original reports and data provided to or
developed by Atico Mining Corporation.
The 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 ore at an average grade of 2.5% copper
and an estimated 2.5 g/t gold. Copper and gold mineralization at El Roble occurs
as volcanogenic massive sulfide ("VMS") lenses. Atico's underground drilling has
discovered additional high-grade mineralization below the mine workings.
Exploration on the surrounding 6,679 ha property over the past two years has
defined a productive contact and an enclosing package of host rocks that extend
10 kilometers across the property. The entire strike length is marked by ("VMS")
mineralization occurrence indicators.
About 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
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Atico Mining Corporation
Igor Dutina
Investor Relations
+1.604.633.9022
info@aticomining.com
www.aticomining.com
Atico Mining (TSXV:ATY)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Atico Mining (TSXV:ATY)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024
