Atico Drills Additional High-Grade Copper-Gold Massive Sulphide Mineralization, Intercepting 3.32% Cu, 5.91 g/t Au, 74.51 g/t Ag and 4.70% Zn over 9.60 meters at La Plata Project in Ecuador

Atico Mining Corporation (the "Company" or "Atico") (TSX.V: ATY | OTCQX: ATCMF) is pleased to report on the latest results of its 2021 drilling program at the La Plata high-grade volcanogenic massive sulphide ("VMS") project in Ecuador. These latest results confirm additional new zones outside of the known envelopes, more precisely along strike and between North and South Blocks.

La Plata Drilling Highlights Include:

Hole From
(m)
To
(m)
Interval
(m)
Au
(g/t)
Ag
(g/t)
Cu
(%)
Zn
(%)
CMLP-21-189 241.00 250.80 9.80 2.81 33.29 3.77 3.47
CMLP-21-190 181.49 186.70 5.21 3.75 42.20 0.63 4.51
and 191.15 200.75 9.60 5.91 74.51 3.32 4.70
CMLP-21-192 268.34 276.23 6.19 3.00 171.22 2.03 11.87
including 270.32 272.83 2.51 3.25 308.71 3.24 13.32

True widths are dependent on uncertainties in the local strike and dip of the mineralization and are estimated to be between 76% and 83% of the drill intercept.

  • Hole CMLP-21-189 was drilled as an in-fill through the South Block and confirmed the surrounding robust grades intercepted by previous drilling of VMS mineralization. Copper and gold grades in the hole remain consistent through 9.8 meters of massive sulphide mineralization.
  • In this sequence, drilling targeted new extensions to test for mineralization at depth, extending the VMS footprint deeper below the North Block. Recent results, including CMLP-21-190 and CMLP-21-192 confirm that additional mineralization continues at depth. Hole CMLP-21-190 also reported two robust mineralized intercepts. The first intercept is dominated by sphalerite and the second intercept by chalcopyrite. These results indicate the presence of a parallel VMS structure located several meters east of the initial North Block.
  • Hole CMLP-21-192 reported grades of 171 g/t silver and 11.9 % zinc over 6.2 meters in addition to strong copper and gold grades.

Positive drilling results justify additional drilling at La Plata

The 2021 drilling campaign has delivered strong results. Drilling results have extended the footprint of the North and South Blocks beyond the known VMS lenses and confirmed the presence of additional mineralized structures parallel to the initial South and North Blocks.

Following the positive results returned by the first 8,000 meter drill program, the Company will extend its drilling efforts to 12,000 meters of diamond drill on the La Plata project.

2021 Regional exploration and Drilling

Earlier this year, Atico reinitiated regional exploration on La Plata. A part of this year's exploration plan was to restart the regional program and test several targets identified further to the north along the concession's copper anomaly trend. Previously, the exploration team sampled bedrock in drainages over half a kilometer north of the Guatuza zone. These samples were analyzed and reported up to 4.5 g/t Au, 51.3 g/t Ag, 16.55% Cu, and 5.83% Zn (refer to Toachi Mining's news release dated January 16 th , 2019).

In addition, The San Pablo target area, located approximately one kilometer north along the copper trend will also be included in this year's program and where the regional drilling has already begun. The San Pablo target had been historically drilled during a campaign supervised by Dr. Duncan Derry between 1965 and 1967, with results at the time reporting 22 meters of 1.8% copper.

Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c325efb9-2621-4cbd-8466-dddf349a632c

Drill Program Assay Results:

Intercept*
Hole ID Azimuth
(°)
Dip
(°)
Total Length
(m)
From
(m)
To
(m)
Interval
(m)
Au
(g/t)
Ag
(g/t)
Cu
(%)
Pb
(%)
Zn
(%)
CMLP-21-189 332 -64 326.69 241.00 250.80 9.80 2.81 33.29 3.77 0.86 3.47
CMLP-21-190 257 -52 212.52 181.49 186.70 5.21 3.75 42.20 0.63 0.21 4.51
and 191.15 200.75 9.60 5.91 74.51 3.32 0.36 4.70
CMLP-21-191 345 -62 309.91 280.45 295.05 12.73 0.54 5.53 1.55 0.06 0.29
CMLP-21-192 240 -49 288.55 268.34 276.23 6.19 3.00 171.22 2.03 1.12 11.87
including 270.32 272.83 2.51 3.25 308.71 3.24 1.53 13.32
CMLP-21-194 259 -51 236.15 206.72 218.09 9.50 2.03 5.06 2.34 0.01 0.14
including 206.72 210.61 3.89 3.39 5.64 2.46 0.01 0.18
CMLP-21-195 245 -49 323.83 No Significant Intercept
CMLP-21-196 249 -49 262.42 231.66 233.65 1.99 0.46 2.50 1.41 0.03 0.13
CMLP-20-198 251 -49 332.24 320.88 325.45 4.57 0.34 1.60 2.00 0.00 0.02
CMLP-21-199 258 -49 306.32 No Significant Intercept
CMLP-21-200 267 -50 271.23 No Significant Intercept

True widths are dependent on uncertainties in the local strike and dip of the mineralization and are estimated to be between 76% and 83% of the drill intercept.

La Plata Project

Gold-bearing sulphide mineralization at La Plata occurs as compositional banding composed of chalcopyrite, sphalerite and pyrite laminae with barite occurring as clasts and also as layers. The mineralized lenses have also been dislocated by a few faults and dolerite dikes cutting the body.

The La Plata project is amongst the highest-grade gold-copper VMS deposits in which base and precious metal mineralization is interpreted to have formed as part of multiple volcanic episodes that created a stacked volcanic-exhalite hydrothermal sequence considered favorable for hosting additional VMS lenses. The recent drilling results in the southern portion of the deposit have encountered deeper mineralization, and an extension of mineralization to the north has been discovered by recent trenching results.

The La Plata independent Amended and restated NI 43-101 Preliminary Economic Assessment of the La Mina VMS Project Cotopaxi Province, Ecuador ("PEA") originally dated March 30th, 2019, amended and restated July 17, 2019 was prepared by SGS Canada Inc. Mineral Services, Daniel Leroux, M.Sc., P.Geo. Brian Wolfe. M.Sc., MAIG, David Orava, P.Eng., Simon Meik, FAusIMM (CP), Qinghua (Jason) Jin, P.E and pursuant to National Instrument 43-101 ("NI 43-101") and reports the La Plata inferred resources at 1.9 million tons at an average grade of 4.1 g/t Au, 49.4 g/t silver, 3.3% Cu, 4.5% Zn, 0.6% Pb as available on SEDAR. Preliminary economic assessments are preliminary in nature, that include inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. Such projects have increased uncertainty and risk of failure. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

The La Plata project consists of a concession covering a total area of 2,300 hectares along its 9-kilometer length, which contains known mineralization in two VMS lenses and nine priority exploration targets.

The Company has a binding option agreement with a private Ecuadorean company to earn up to 75% in the La Plata project, of which the first option to acquire the initial 60% ownership has been exercised. Please refer to the Company's MD&A for the year ended December 31, 2019 for further details.

Quality Assurance & Quality Control

Before sampling, a centerline, representing bottom of hole (or a reference line when this is not known) is marked on the drill core. The core is cut and sampled, always sampling the right-hand side of the drill core. Samples are selected based on logged geological features, such as rock type, mineralization, alteration, veining etc. Sample length does not exceed 2.5 m nor is smaller than 20 cm. A total of 10% of the samples submitted are certified blanks and standards and field duplicates with, as a minimum, one blank submitted at the beginning of each sample batch. Certified standards are submitted at an average of 6% of the samples submitted. Field duplicates are taken at a rate of 1 in 20 of the samples taken. For all drill holes, analysis was completed by ALS Chemex in Lima, Peru with sample preparation completed in Quito. The lab is accredited with International Standards ISO/IEC 17025:2005 and ISO 9001:2015. All major ALS Geochemistry analytical laboratories are accredited to ISO/IEC 17025:2005 for specific analytical procedures.

Qualified Control

Dr. Michael Druecker, CPG, is 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. Druecker 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 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 .

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; the world-wide economic and social impact of COVID-19 is managed and the duration and extent of the coronavirus pandemic is minimized or not long-term; disruptions related to the COVID-19 pandemic or other health and safety issues, or the responses of governments, communities, the Company and others to such pandemic or other issues; 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


Primary Logo

News Provided by GlobeNewswire via QuoteMedia

The Conversation (0)
Atico Mining

Atico Mining


Keep reading...Show less
Copper bars.

Copper Crunch Coming as Demand Rises and Mine Supply Falls Short

Since the advent of electricity, copper has played an essential role in energy generation and transmission. It will be similarly unreplaceable as the world moves away from fossil fuels to more sustainable sources of energy.

Pierre Lassonde, founder and chair emeritus of Franco-Nevada (TSX:FNV,NYSE:FNV), emphasized this during the "Where Will the Money Come From?" panel at the Prospectors & Developers Association of Canada (PDAC) convention.

“Copper is required for everything, and today 80 percent of terminal energy is carbon based and only 20 percent is electricity," he said. "If we want a green world, that has to be flipped around, where 80 percent of terminal energy has to be electricity. And the metal that carries electricity is copper in every which way. That is the key metal."

Keep reading...Show less
Avrupa Minerals CEO Paul Kuhn

Avrupa Minerals CEO Eyes Joint Ventures for VMS Projects in Europe

Avrupa Minerals (TSXV:AVU,OTC Pink:AVPMF,FWB:8AM) has achieved exploration milestones at the fully funded Alvalade copper-zinc volcanogenic massive sulfide project in Portugal and the Slivova gold project in Kosovo. CEO Paul Kuhn is keen to look for potential joint ventures to advance the company's projects.

“The idea is that we start the early phases of the project," he said. "We do the early exploration and hopefully discovery, which we've done at Slivova in Kosovo and the Sesmarias (target) in Portugal, and get them to a point where they are 'venturable.'”

Joint ventures, according to Kuhn, work better by allowing Avrupa and its partners to work together and resolve any problems related to exploration.

Keep reading...Show less
World Copper CEO Gordon Neal

New World Copper CEO Shares Plans to Advance Zonia Copper Project to Production

World Copper’s (TSXV:WCU) newly appointed CEO Gordon Neal wants to focus on advancing the Zonia copper oxide project in Arizona, US, to the development stage and transforming World Copper into a US-centric copper company.

“The US government, the Department of Energy, has determined that copper is a critical metal. And so there’s lots of attention and funds available for companies that have a US-domiciled project,” he said.

World Copper’s Zonia project has undergone extensive historical exploration and mine development planning, with a historical 2018 preliminary economic assessment and 2017 mineral resource estimate that show excellent economics, a mine life of 8.6 years and an average annual production rate of 49.1 million pounds.

Keep reading...Show less
 Western Copper and Gold President Dr. Paul West-Sells and CEO Sandeep Singh

Casino Project’s Compelling Attributes Attract "Phenomenal" Investments, WRN Exec Says

Western Copper and Gold’s (TSX:WRN,NYSEAMERICAN:WRN) Casino project is a compelling asset loaded with reserves that could last 27 years, one of the factors that sealed joint ventures with Rio Tinto (NYSE:RIO,ASX:RIO,LSE:RIO) and Mitsubishi Materials (TSE:5711), according to the company’s CEO, Sandeep Singh.

“Both (Rio Tinto and Mitsubishi) are tremendous partners. They lend a significant amount of technical expertise to the asset — things that a junior company could not replicate on its own even if it had the resources to do it,” he said.

“It's not just the scale … But also kind of the other factors going for it — the high-grade core, that it's at surface with next to no strip, the clean metallurgy, the jurisdiction it's in, you know, the state it's in. There's a lot of positive attributes. And it's not a surprise to us that it's attracted interest from those types of groups,” Singh added.

Keep reading...Show less
Miramar Resources

Bangemall Ground EM Surveys Outline Multiple Norilsk-Style Drill Targets

Miramar Resources Limited (ASX:M2R, “Miramar” or “the Company”) is pleased to advise that ground electromagnetic (EM) surveys have identified multiple drill targets at the Company’s large 100%-owned Mount Vernon and Trouble Bore Projects in the Gascoyne region of Western Australia.

Keep reading...Show less
Culpeo Minerals

Culpeo Minerals Identifies New Target at Fortuna Project

Culpeo Minerals Limited (“Culpeo” or the “Company”) (ASX:CPO, OTCQB:CPORF) is pleased to announce that assay results returned from ongoing regional mapping and sampling programs at its Fortuna Project (the Project) have led to the discovery of new mineralisation at the El Quillay East Prospect. The Company intends to quickly delineate the full extent of this new target prior to drill testing.

Keep reading...Show less

Latest Press Releases

Related News

×