Atico intercepts 87 meters with 3.52 % Cu and 2.7 g/t Au at El Roble mine, Colombia
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/03/13 -- Atico Mining Corporation (TSX VENTURE: ATY)(PINKSHEETS: ATCMF) is pleased to report results of eight underground drill holes at El Roble mine in Colombia which confirm the extension of mineralized boundaries along strike and down-dip of Maximus and Goliath bodies. The latest mineralized intercepts in these massive sulphide bodies support previously interpreted boundaries and high copper and gold grades.
Fernando E. Ganoza, CEO, commented, "The team on the field has done a superb job at discovering significant new resources below the 2000 meter elevation, the lowest production level at El Roble mine. We are very excited to have been able to extend the boundaries at depth of the Maximus body, confirm the boundaries of Goliath and consistently intercept high grade Cu-Au mineralization while doing so. The latest reported drill results support the recently published resource estimate on the El Roble mine and our initial view on the size of the Maximus and Goliath massive sulphide bodies, which will become primary targets for mining activities below the 2000 meter elevation." Mr. Ganoza continued, "Drilling has successfully identified massive sulphide bodies at depth, to the north and center of the known strike length of El Roble mine. The underground drill program will now focus on the south end of the deposit where we believe geological potential exists to discover additional massive sulphide mineralization."
El Roble Mine underground drilling highlights:
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Hole From (m) To (m) Interval (m) Cu (%) Au (g/t) Ag (g/t)
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ATDHR-38 64.70 152.05 87.35 3.52 2.70 6.89
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Including 64.70 73.15 8.45 10.40 2.99 4.99
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103.65 113.80 10.15 7.61 5.59 11.16
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126.75 133.20 6.45 8.40 3.52 8.19
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ATDHR-35 112.85 128.60 15.75 6.82 1.89 8.78
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ATDHR-30 127.84 139.82 11.08 6.04 3.68 12.03
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Underground diamond drilling program
Drill holes ATDHR-30 and ATDHR-33 through ATDHR-36 tested the boundaries of the Goliath body along strike and to the hanging-wall and footwall confirming previously interpreted boundaries. Mineralization in Goliath has now been extended to the north and is now interpreted as an ellipsoidal body.
Drill holes ATDHR-37 through ATDHR-39 intersected mineralization in the Maximus body along strike and at depth. ATDHR-38 and ATDHR-39 extended mineralization 12 meters above the previous intercept. ATDHR-40 has been completed and intercepted massive sulphide 10 meters below the known mineralization limit extending the body down-dip extent. Assay results for ATDHR-40 are pending.
Drilling will concentrate on the south-end of the deposit to test for massive sulphide below the 2000 meter elevation where alteration and trace element vectors suggest that the mineralization remains open at depth and along strike to the south.
New 1886 meter elevation adit at El Roble Mine
Maximus and Goliath's location at the center of the strike length of known mineralization and closest to the 2000 meter elevation make them primary targets for initiating mining activities below the current mine workings. The company has validated the location and upgraded the design of a new adit at the 1886 meter elevation, 114 meters below current mine workings, which will provide access to Maximus and Goliath bodies for mining activities. The new adit will also provide a platform from which diamond drilling can intercept the newly discovered massive sulphide bodies perpendicular to their strike direction, which the company believes necessary to be able to estimate measured and indicated resources.
Assay results for El Roble mine underground diamond drilling:
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Intercept
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Total
Azimuth Dip Depth From Interval Cu Au Ag
Hole ID (degrees) (degrees) (m) (m) To (m) (m) (%) (g/t) (g/t)
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ATDHR-30 10 -55 228.0 127.84 138.92 11.08 6.04 3.68 12.03
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including 127.84 131.55 3.71 9.43 2.91 11.93
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ATDHR-33 30 -55 175.1 104.20 116.95 12.75 7.22 0.86 11.54
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including 109.52 114.50 4.98 11.39 0.88 7.71
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ATDHR-34 30 -65 182.2 154.35 159.00 4.65 1.11 0.59 6.75
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158.10 159.00 0.90 3.44 1.68 8.71
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ATDHR-35 18 -58 200.7 112.85 128.60 15.75 6.82 1.89 8.78
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including 112.85 114.80 1.95 9.90 3.79 25.09
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119.35 126.05 6.70 11.87 1.31 9.01
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ATDHR-36 73 -58 193.5 126.55 129.65 3.10 1.58 2.04 5.51
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ATDHR-37 63 -75 182 57.10 76.60 19.50 1.80 5.37 14.78
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including 57.10 60.95 3.85 6.37 13.84 28.19
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ATDHR-38 25 -75 202.1 64.70 152.05 87.35 3.52 2.70 6.89
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including 64.70 73.15 8.45 10.40 2.99 4.99
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103.65 113.80 10.15 7.61 5.59 11.16
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126.75 133.20 6.45 8.40 3.52 8.19
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140.80 148.04 7.24 6.20 0.56 3.39
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ATDHR-39 351.2 -70 317.9 87.80 115.65 27.85 1.31 3.93 7.53
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including 87.80 92.40 4.60 5.73 7.69 7.85
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ATDHR-40 6.7 -78 196.9 Assays pending
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All reported holes have been drilled down dip
Holes ATDHR 31a, ATDHR31b and ATDHR 32 failed due to ground conditions and
did not reach their target area
El Roble Property
The El Roble property is the site of an operating underground copper and gold mine with nominal capacity of 400 tonnes per day. Over the past 22 years the mine has processed 1.5 million tonnes of ore at an average grade of 2.5% copper and an estimated 2.5 g/t gold. Copper and gold mineralization at El Roble occurs as volcanogenic massive sulfide (VMS) lenses. Atico's underground drilling has discovered additional high-grade mineralization below the mine workings. Exploration on the surrounding 6,679 ha property over the past two years has defined a productive contact and an enclosing package of host rocks that extend 10 kilometers across the property. The entire strike length is marked by VMS mineralization occurrence indicators.
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 7 to 10 kilograms per meter of sample are submitted to the ALS Chemex laboratory in Medellin where they are 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, 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.
Atico Mining Corporation
Atico is a growth oriented, copper and gold exploration and development company focused on mining opportunities in Latin America. The company's primary property is the El Roble project. The company is selectively pursuing additional acquisition opportunities. For more information, please visit our website at www.aticomining.com.
ON BEHALF OF THE BOARD
Fernando E. Ganoza, CEO, Atico Mining Corporation
Trading symbols: (TSX VENTURE: ATY)(PINKSHEETS: 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.
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.
Contacts:
Atico Mining Corporation
Investor Relations
Igor Dutina
+1.604.633.9022
www.aticomining.com