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MarketScreener Homepage  >  Equities  >  TSX VENTURE EXCHANGE  >  Atico Mining Corporation    ATY   CA0475591099

ATICO MINING CORPORATION

(ATY)
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Atico Mining : Intercepts 70.8g/t Au, 1,140g/t Ag and 8.9% Zn over 0.77m Within 7.2g/t Au, 118g/t Ag, and 2.0% Zn Over 8.9m at its Precious Metals Rich La Plata Project in Ecuador.

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07/09/2020 | 10:33am EDT

Vancouver, July 9, 2020 -- Atico Mining Corporation (TSX.V: ATY | OTC: ATCMF) ('Atico' or the 'Company') is pleased to announce six holes from its ongoing drill program at the La Plata precious metals-rich volcanogenic massive sulphide ('VMS') project in Ecuador. The present campaign has the objectives of completing the infill drilling on the La Mina resources as well as extending the mineralization outside of the known envelope.

La Plata Drilling Highlights Include:

Hole From
(m)
To
(m)
Interval
(m)
Au
(g/t)
Ag
(g/t)
Cu
(%)
Zn
(%)
CMLP-20-98 385.35 395.00 9.65 3.27 83.50 0.28 1.42
Including 385.35 386.20 0.85 12.79 428.22 2.61 6.86
CMLP-20-100 371.07 379.96 8.89 7.19 117.78 0.12 2.06
Including 371.07 371.84 0.77 70.80 1,140.00 0.48 8.90
CMLP-20-103 345.39 359.87 14.48 4.65 103.39 0.58 5.85
Including 347.28 352.9 5.62 7.96 143.51 0.68 10.51

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.

Fernando E. Ganoza, CEO, commented: 'We are pleased to report a successful batch of drill results where the infill drilling at the La Plata property continued to intercept significant high-grade mineralization at La Mina's south massive sulfide lens. These results continue to increase confidence in our view that high grade mineralization remains strong and open at depth beyond the known envelope. We plan to continue the drill program at the property well into the second half of the year.'

Infill Drilling Program

The 2020 La Plata exploration program includes 11,000 meters of diamond drilling and is intended to infill the south and north blocks of the La Mina area while upgrading the known mineralised resources from the inferred category. This program is also designed to increase the known resources at the main La Mina VMS lenses while providing the necessary samples to further metallurgical testing along with geotechnical investigations. When completed, these new findings and results will then be included in the upcoming feasibility study, planned for 2021.

Drill holes are planned to continue testing mineralization mainly at depth and along strike of the La Mina area while also stepping out 275 meters north to further test the Guatuza target area. The previous operator of the property reported high grade values from their earlier trenching program at the Guatuza target. These results included a surface trench cutting 2.5m of 5.36 g/t Au, 71.18 g/t Ag, 2.14% Cu, 3.22% Pb & 10.86% Zn as reported in Toachi Mining Inc. press release dated January 16, 2019.

'Our drilling is continuing to outline the high-grade nature of the mineralization at La Plata gold rich VMS. This year will focus in testing the potential for expanding the high grade lens to the north at near surface mineralization at the Guatuza target as well as expanding the resources at depth' added Joseph Salas, V.P. Exploration.

Infill 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-20-95 307.5 -73 334.23 305.43 308.80 3.37 2.39 69.18 0.11 0.21 0.89
and 310.91 320.44 9.53 0.75 15.89 2.22 0.15 1.58
CMLP-20-96 279.0 -61 434.64 381.12 382.65 1.53 9.19 196.86 0.49 4.10 6.26
and 402.67 405.66 2.99 3.17 98.82 0.67 0.89 6.70
CMLP-20-97 298.5 -66 336.65 311.91 322.67 10.76 0.38 1.99 0.28 0.06 2.66
CMLP-20-98 268.5 -59 405.68 385.35 395.00 9.65 3.27 83.48 0.28 0.42 1.42
Including 385.35 386.20 0.85 12.79 428.22 2.61 1.39 6.86
CMLP-20-99 313.0 -78 372.95 352.55 357.04 4.49 0.91 12.79 1.01 0.14 1.70
CMLP-20-100 283.5 -71 421.28 371.07 379.96 8.89 7.19 117.78 0.12 0.58 2.06
Including 371.07 371.84 0.77 70.80 1,140.00 0.48 4.42 8.90
Including 376.37 379.96 3.59 2.35 40.80 0.16 0.41 3.05
and 387.00 397.04 10.04 1.14 25.62 0.09 0.31 1.34
CMLP-20-101 314.0 -63 293.55 267.38 275.82 8.44 2.85 91.09 1.94 1.09 5.25
Including 267.38 269.60 2.22 8.04 213.84 0.73 2.40 7.60
Including 273.98 275.82 1.84 1.42 28.00 5.55 0.02 1.22
CMLP-20-102 271.0 -77 471.33 426.72 427.79 1.07 1.32 108.00 0.03 0.13 0.18
CMLP-20-103 300.0 -71 377.78 345.39 359.87 14.48 4.65 103.39 0.58 1.21 5.85
Including 345.39 352.90 5.62 7.96 143.51 0.68 2.12 10.51

*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 mineralised 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 mineralisation, and an extension of mineralisation to the north has been discovered by recent trenching results.

The La Plata independent Preliminary Economic Assessment ('PEA') dated March 30th 2019, was prepared pursuant to National Instrument 43-101 ('NI 43-101') and reports the La Plata resources at 1.9 million tons at an average grade of 4.1 g/t Au, 49.4g/t silver, 3.3% Cu, 4.5% Zn, 0.6% Pb as available on SEDAR.

The La Plata project consists of two concessions covering a total area of 2,300 hectares along its 4-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 centreline, 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 North Vancouver 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 it's 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 | OTC: 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

Disclaimer

Atico Mining Corporation published this content on 09 July 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 July 2020 14:32:06 UTC

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Financials
Sales 2020 82,8 M 61,9 M 61,9 M
Net income 2020 - - -
Net Debt 2020 - - -
P/E ratio 2020 -
Yield 2020 -
Capitalization 48,8 M 36,4 M 36,5 M
Capi. / Sales 2020 0,59x
Capi. / Sales 2021 0,62x
Nbr of Employees -
Free-Float 87,6%
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 2
Average target price 0,80 CAD
Last Close Price 0,41 CAD
Spread / Highest target 95,1%
Spread / Average Target 95,1%
Spread / Lowest Target 95,1%
Managers
NameTitle
Fernando E. Ganoza Durant Chief Executive Officer & Director
Alain Bureau President
Luis Dario Ganoza Non-Executive Chairman
Jorge Alberto Ganoza Durant Vice President-Operations
Mario David Szotlender Independent Non-Executive Director
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