Mr. Fernando Ganoza reports
ATICO INTERCEPTS 116M OF 5.61% CU AND 1.99G/T AU AND 35M OF 7.10% CU AND 8.94G/T AU AT EL ROBLE MINE IN COLOMBIA
Atico Mining Corp.'s infill drilling at the El Roble mine continues to extend mineralization at Zeus, approximately perpendicular to the strike direction of the massive sulphide body. In addition, the company reports the results for five diamond drill core holes (ATD-0010 through ATD-0014), which included 116 metres of 5.61 per cent copper and 1.99 grams per tonne gold, and 35 m of 7.10 per cent copper and 8.94 g/t gold, respectively.
Fernando E. Ganoza, chief executive officer, commented: "We are pleased to report yet another successful batch of drill results where the infill drilling at El Roble continued to intercept high-grade mineralization at the Zeus-Aquiles-Ares massive sulphide body beyond the previously outlined mineralized shell. These results continue to increase confidence in our view that mineralization remains strong and open at depth. We plan to continue the drill program at the mine well into the second half of the year, at which time the company plans to update the resource estimate. With the continued success of the ongoing drill program and the extension of mineralization at depth and along strike, management has initiated evaluating potential scenarios for a subsequent scale-up of the El Roble mill."
EL ROBLE DRILLING HIGHLIGHTS
Hole From To Interval Cu Au Ag
(m) (m) (m) (%) (g/t) (g/t)
ATD-0012 175.45 210.50 35.05 7.10 8.94 31.19
Including 175.45 186.80 11.35 2.45 19.05 72.81
ATD-0013 156.90 209.80 52.90 6.43 1.40 4.53
Including 180.30 195.80 15.50 7.66 1.60 4.91
ATD-0014 158.20 273.95 115.75 5.61 1.99 7.77
Including 221.15 241.35 20.20 11.21 2.22 7.88
True widths are dependent on uncertainties in the local strike and dip of
the mineralization, and are estimated to be between 76 per cent and 83
per cent of the drill intercept.
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 sulphide bodies (318-degree average strike, 85-degree east average dip) and drilling of new prospective areas below the 2,000-metre level are being conducted from the new main level 1880 adit. Subsequent to the six holes of the program (ATD-0004 to ATD-0009) where drilling significantly extended mineralization at Zeus and Aquiles, as reported in May, 2015 (See Atico news release dated May 6, 2015), the company is reporting the next batch of five drill holes (ATD-0010 to ATD-0014). Infill hole ATD-0013 intercepted a completely new area of mineralization significantly extending the massive sulphide body along strike to the south and to the west. Infill hole ATD-0014 intercepted a significantly larger interval of massive sulphide than had been modelled in the National Instrument 43-101 inferred resource estimate wireframes of Zeus, Aquiles and Ares (see Atico technical report dated Aug. 27, 2013).
A figure on the company's website clearly shows the strong mineralized infill intervals between the Aquiles and Ares mineralized bodies relative to previous drilling and to the west of the Zeus mineralized body. The mineralization remains open to the southwest and at depth.
INFILL DRILL PROGRAM ASSAY RESULTS
Total Inter-
length From To val Cu Au Ag
Hole ID (m) (m) (m) (m) (%) (g/t) (g/t)
ATD-0010 237.40 No significant intercept
ATD-0011 279.00 215.45 243.70 28.25 0.43 2.05 6.84
Including 215.45 222.00 6.55 0.85 3.21 10.93
233.10 243.70 10.60 0.31 2.76 8.22
ATD-0012 258.40 175.45 210.50 35.05 7.10 8.94 31.19
Including 175.45 186.80 11.35 2.45 19.05 72.81
188.80 201.30 12.50 9.53 3.31 8.42
204.50 208.65 4.15 19.71 8.18 27.39
209.55 210.50 0.95 8.17 14.80 39.80
ATD-0013 246.80 156.90 209.80 52.90 6.43 1.40 4.53
Including 157.60 169.80 12.20 7.90 1.71 7.46
180.30 195.80 15.50 7.66 1.60 4.91
198.85 203.65 4.80 12.35 2.24 6.57
ATD-00014 299.85 158.20 273.95 115.75 5.61 1.99 7.77
Including 163.30 180.50 17.20 9.43 1.47 5.98
184.30 192.00 7.70 10.28 2.41 10.74
221.15 241.35 20.20 11.21 2.22 7.88
241.35 250.05 8.70 6.22 1.67 5.50
262.00 273.95 11.95 0.38 5.70 19.16
True widths are dependent on uncertainties in the local
strike and dip of the mineralization, and are estimated to
be between 76 per cent and 83 per cent of the drill
intercept.
El Roble mine
The El Roble mine is a high-grade underground copper and gold mine with nominal processing plant capacity of 650 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 Nov. 22, 2013, Atico has upgraded the operation from a nominal capacity of 400 tonnes per day. The mine has a continuous operating history of 22 years, with recorded production of 1.5 million tonnes of ore at an average head grade of 2.6 per cent copper and an estimated gold grade of 2.5 grams per tonne. Copper and gold mineralization at the El Roble property occurs in volcanogenic massive sulphide lenses.
Since entering into the option agreement in January, 2011, to acquire 90 per cent of El Roble, Atico has aggressively explored the mine and surrounding claims. The company has completed 11,740 metres 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 per cent copper and 3.17 g/t gold, at a cut-off grade of 0.72 per cent copper-equivalent (see Atico technical report dated Aug. 27, 2013). 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 10 kilometres. 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.
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 seven to 10 kilograms per metre of sample are submitted to the ALS Chemex laboratory in Medellin where it is dried, crushed and pulverized. After preparation, the samples are sent to ALS Chemex in Lima and assayed. The remaining half-core sample 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, PhD, AIPG certified geologist, a qualified person under National Instrument 43-101, who is 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. Dr. Pohl has approved the scientific and technical content of this news release.
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