|May 06, 2015
Atico Intercepts 70m of 6.26% Cu and 1.85g/t Au and 109m of 2.11% Cu and 3.79g/t Au at El Roble Mine in Colombia
|Vancouver, May 06, 2015 -- Atico Mining Corporation (TSX.V: ATY | OTC: ATCMF)("Atico" or the "Company") is pleased to announce that ongoing infill drilling at the El Roble mine continues to extend mineralization of the Zeus body, approximately perpendicular to the strike direction of the massive sulfide body. In addition, the Company reports the results for six diamond drill core holes (ATD-0004 through ATD-0009), which included 70m of 6.26% copper and 1.85g/t gold and 109m of 2.11% copper and 3.79g/t gold, respectively.
Fernando E. Ganoza, CEO, commented: "Infill drilling at El Roble continues to intercept high grade mineralization at the Zeus massive sulfide body beyond the previously outlined mineralized shell, adding further confidence to our view that mineralization remains strong and open at depth. The on-going drill program at the mine will continue well into the second half of the year at which time the Company plans to update the resource estimate." Mr. Ganoza added, "based on the new geological information and the success of the first nine holes, management's confidence continues to increase with respect to resource growth potential at the El Roble mine."
El Roble Drilling Highlights Include:
Infill Drilling Program
The goal of the current underground drilling program at the El Roble mine is to further define the known mineralized bodies and expand the identified resource. During the fourth quarter of 2014, the Company began a drill program to specifically test the Zeus, Aquiles and Ares mineralized bodies. Infill drilling approximately perpendicular to the strike direction of the known massive sulfide bodies and drilling of new prospective areas below the 2000-meter level is being conducted from the new main level 1880 adit. Subsequent to the first three holes of the program (ATD-0001 to ATD-0003) where drilling significantly extended mineralization at Zeus as reported in March 2015 (See Atico news release dated March 10, 2015), the Company is reporting the next batch of six drill holes (ATD-0004 to ATD-0009). Infill holes ATD-0004 and ATD-0007 intercepted significantly larger intervals of massive sulfide than had been modeled in the National Instrument 43-101 inferred resource estimate wireframes of Zeus and Aquiles (See Atico technical report August 27, 2013). At the levels of mineralization drilled, interval used in the wireframe calculation of the inferred resource was approximately 49 meters for infill hole ATD-0004 and 54 meters for ATD-0007, whereas the Company intersected 70.1 meters, and 109.15 meters of mineralization, respectively. Infill hole ATD-0005 intersected 55.85 meters and ATD-0009 intersected 31 meters of mineralization while in the wireframe calculation at these levels approximately 40 meters and 30 meters respectively, were used. Infill hole ATD-0006 was designed to test the upper central limit of the Zeus mineralization and intersected 7.8 meters, while infill hole ATD-0008 was also in the upper region of Zeus mineralization but designed for immediate mine planning purposes and intersected 10.5 meters of mineralization. In the wireframe calculation approximately 20 meters and 13 meters were used for these levels.
Infill Drill Program Assay Results:
Images showing the schematic Zeus-Aquiles massive sulfide bodies with above intercepts are available at the following link: http://www.aticomining.com/i/Maps/Zeus-Aquiles-Schematic-Models-2.jpg
El Roble Mine
The El Roble mine is a high grade underground copper and gold mine with nominal processing plant capacity of 650 tpd, 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 nominal capacity of 400 tonnes per day. The mine has a continuous operating history of twenty two years, with recorded production of 1.5 million tonnes of ore at an average head grade of 2.6% copper and an estimated gold grade of 2.5 g/t. Copper and gold mineralization at the El Roble property occurs in volcanogenic massive sulfide ("VMS") lenses.
Since entering into the option agreement in January 2011 to acquire 90% of El Roble, Atico has aggressively explored the mine and surrounding claims. The Company has completed 11,740 meters of diamond drilling and identified numerous prospective targets for VMS deposits on the 6,679-hectare property. This exploration led to the discovery of high-grade copper and gold mineralization below the 2000 level, the lowest production level of the El Roble mine. Atico has developed a new adit access from the 1880 elevation to develop these new resources.
Inferred mineral resource of 1.58 million tonnes grading 4.45 % copper and 3.17 g/t gold, at a cut-off grade of 0.72 % copper equivalent. Mineralization is open at depth and along strike and the Company plans to further test the limits of the resource.
On the larger land package, the Company has identified a prospective stratigraphic contact between volcanic rocks and black and grey 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 15 prospective target areas for VMS type mineralization occurrence, which is the focus of the surface drill program at El Roble.
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. Dr. Pohl 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 operates the El Roble mine and is pursuing additional acquisition opportunities. For more information, please visit www.aticomining.com.
ON BEHALF OF THE BOARD
Fernando E. Ganoza
Atico Mining Corporation
Trading symbols: TSX.V: ATY | OTC: ATCMF
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.
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