15.11.2023 22:30:08 - dpa-AFX: GNW-Adhoc: Atico Mining Reports Results on Brownfield Drilling Campaign to Extend Mine Life at El Roble High Grade Copper/Gold Mine in Colombia, Continues to Expand Tonnage with Intercepts up to 24.7m of 4.19% Cu, 3.11g/t Au, and 5.0m of 4.84% C
VANCOUVER, British Columbia, Nov. 15, 2023 (GLOBE NEWSWIRE) -- Atico Mining
Corporation (TSX.V: ATY | OTCQX: ATCMF) ("Atico" or the "Company") is pleased to
announce that the brownfield exploration program being carried out in an area of
historical mining to expand tonnage and extend mine life at the El Roble mine
has continued to returned positive results. In addition, the Company reports the
results for five diamond drill core holes targeting the main massive sulfide
body Cuerpo Principal (ATD-0182, ATD-0190, ATD-0193, ATD-0194, ATD-0195) and
several adjacent lenses called Cuerpos Norte (ADT-0197 through ADT-0200 and ADT-
0203 through ADT-0207). Results included 24.7m of 4.19% Cu, 3.11g/t Au, and
5.0m of 4.84% Cu and 12.26 g/t Au.
"We are pleased to report that our mine vicinity drill campaign continues to
successfully intercept new mineralization and extensions of the main historic
massive sulphide bodies at the El Roble deposit. These areas were mined by
operators previous to Atico obtaining control of the mine on November
22, 2013," said Fernando E. Ganoza, CEO. "These results from the drill program
in this vicinity completed in the second half of this year 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. These strong assay results are open at depth and
along strike. Final results for four more drill holes will be received before
year end at which time the Company plans to update the resource estimate."
Exploration Drilling Results Include:
+----------+----------+--------+--------------+--------+----------+
| Hole | From (m) | To (m) | Interval (m) | Cu (%) | Au (g/t) |
+----------+----------+--------+--------------+--------+----------+
| ATD-0182 | 29.7 | 32 | 2.30 | 2.27 | 21.23 |
+----------+----------+--------+--------------+--------+----------+
| ATD-0182 | 45.8 | 51.7 | 5.90 | 7.82 | 1.79 |
+----------+----------+--------+--------------+--------+----------+
| ATD-0190 | 79.8 | 104.5 | 24.70 | 4.19 | 5.68 |
+----------+----------+--------+--------------+--------+----------+
| ATD-0193 | 106.7 | 108.8 | 2.10 | 8.47 | 1.50 |
+----------+----------+--------+--------------+--------+----------+
| ATD-0194 | 20 | 23.5 | 3.50 | 5.78 | 9.09 |
+----------+----------+--------+--------------+--------+----------+
| ATD-0194 | 29.4 | 32.4 | 3.00 | 6.09 | 0.70 |
+----------+----------+--------+--------------+--------+----------+
| ATD-0198 | 139.9 | 145.6 | 5.70 | 6.16 | 2.42 |
+----------+----------+--------+--------------+--------+----------+
| ATD-0198 | 148.6 | 152.8 | 4.20 | 3.12 | 0.80 |
+----------+----------+--------+--------------+--------+----------+
| ATD-0199 | 171.70 | 180.80 | 9.10 | 0.97 | 5.27 |
+----------+----------+--------+--------------+--------+----------+
| ATD-0199 | 183.8 | 188.6 | 4.80 | 1.61 | 3.17 |
+----------+----------+--------+--------------+--------+----------+
| ATD-0200 | 200.80 | 205.00 | 4.20 | 1.29 | 2.48 |
+----------+----------+--------+--------------+--------+----------+
| ATD-0204 | 199.3 | 204.3 | 5.00 | 4.84 | 12.26 |
+----------+----------+--------+--------------+--------+----------+
| ATD-0205 | 205.8 | 212.75 | 6.95 | 2.21 | 1.18 |
+----------+----------+--------+--------------+--------+----------+
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 3,765 meters of drilling are planned for
2023, of which final results for thirty four drill holes have been 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 (http://www.aticomining.com/).
ON BEHALF OF THE BOARD
Fernando E. Ganoza
CEO
Atico Mining Corporation
Trading symbols: TSX.V: ATY | OTCQX: 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
(http://www.sedar.com)
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/6e7227e8-9d72-408b-b6e1-
6a563cd3617a
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