News Column

Atico Extends High Grade Copper-Gold Mineralization at El Roble Mine, Colombia

Mar 26 2013 12:00AM

Marketwire

LogoTracker

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/26/13 -- Atico Mining Corporation (TSX VENTURE: ATY)(PINKSHEETS: ATCMF) announces that ongoing underground drilling at its El Roble mine project in Colombia has increased the volume of massive sulfide mineralization at the north end of the deposit.

The company also reports that a newly discovered mineralized body, Ares, appears to be a fault offset of the Zeus massive sulfide body. This interpretation suggests that the Ares-Zeus-Aquiles body, and possible extensions inferred from ground gravity surveys, have the potential to be considerably larger than the mined-out Main body. That body measured 100 meters down dip by 80 meters along strike by 45 meters thick and produced over 700,000 tonnes of ore.

"Underground diamond drilling at the El Roble mine continues to add high grade copper-gold mineralization below current mining operations. The north end of the El Roble deposit is quickly becoming an area with great potential to add more massive sulfide volume," Fernando E. Ganoza, CEO, commented. "Drill results to date are very encouraging in light of the open areas still to be tested below level 2000 and support Atico's plan of bringing newly discovered resources into production using the existing operating mine and mill infrastructure."

This news release includes results of three new drill holes (ATDHR-27 through ATDHR-29) and assays of MINER drill holes (MEI-205I and MEI-207I through MEI-209I) which confirm the high grade mineralization in the Orion body.

El Roble mine underground drilling highlights--------------------------------------------------------------------------- From To Interval Cu Au AgHole (m) (m) (m) (%) (g/t) (g/t)---------------------------------------------------------------------------ATDHR-27 158.0 207.9 49.89 2.21 3.30 12.93---------------------------------------------------------------------------ATDHR-28 242.8 292.0 49.20 4.11 2.32 6.36---------------------------------------------------------------------------ATDHR-29 288.6 313.9 25.30 3.19 1.81 9.25---------------------------------------------------------------------------MEI-209I 10.0 25.8 15.76 2.18 1.80 5.98---------------------------------------------------------------------------All reported Atico drill intercepts represent down-hole intercepts and nottrue widths. Owing to the pod-like nature of the massive sulfidemineralization no true width estimates of the mineralization can be made.



Underground diamond drilling program

Atico's latest drill results have extended the mineralization 360 meters along strike and at least 350 meters below level 2000, the lowest production level at the El Roble mine. Mineralized intercepts in drill hole ATDHR-27 are interpreted as being part of the Aquiles and Zeus bodies. Intercepts in drill holes ATDHR-28 and ATDHR-29 represent a new body named Ares (see El Roble Long Section on http://www.aticomining.com/i/pdf/Longitudinal-2013_03_24_Fig2.pdf).

Interpretations of these bodies are based on mineralized intercepts, characteristics of the massive sulfide mineralization, known strike and dip of the host black chert unit and structural controls of mineralization at El Roble. Textures and metal content in the mineralized bodies discovered to date are consistent with zoning patterns found in other volcanogenic massive sulfide (VMS) systems and suggest that further mineralization remains to be discovered near the mine.

Zeus and Aquiles massive sulfide bodies

Drill hole ATDHR-27 has multiple intercepts of massive sulfides which show characteristics of both Zeus (high grade copper) and Aquiles (high grade gold) styles of mineralization, including a 34.7 meter halo of gold mineralization grading 2.3 g/t. This interpretation suggests that the two bodies might be connected and may have a combined thickness of at least 65 meters. The Aquiles style of mineralization represents the top of the VMS deposit, with lower copper but relatively strong gold values, while the higher grade copper content of the Zeus body represents mineralization at stratigraphically lower levels of the VMS deposit.

Ares massive sulfide body

The newly discovered Ares body is located at the north end of the 360-meter strike of the El Roble mine's mineralized system and extends 75 meters below and adjacent to the known base of the Zeus body. Ares was intersected by drill holes ATDHR-28 andATDHR-29, which encountered 49 meters and 25 meters, respectively, of copper mineralization. Grades in these intersections are higher than the historical average grade of ore mined at El Roble.

Metal zoning suggests that the Ares body is a more distal facies of the Zeus-Aquiles bodies but possibly displaced slightly by faulting. This interpretation suggests that the Ares-Zeus-Aquiles body has the potential to be the largest massive sulfide body discovered to date at the El Roble mine (see Figure 1 http://www.aticomining.com/i/pdf/Schematic-models.pdf).

Orion Massive sulfide Body

This body has been intersected by Minera El Roble above level 2000 and found to continue at depth. It is located very close to the south along strike of Apollo and 50 meters above Maximus. It has been constrained by

18 drill holes by Minera EL Roble independently assayed and logged by Atico. Mineralization is similar to Apollo with massive textures and higher Au-Ag values.

Development of exploration concepts

The continuing discovery of massive sulfide bodies such as Ares-Zeus-Aquiles, Maximus, Goliath, Orion, Apolo and Andromeda has provided data that supports and enhances the current exploration model of the El Roble VMS system. Stockwork feeder mineralization in Orion and the stratigraphic footwall of Maximus and Goliath shows that the feeder system has dimensions of at least 100 meters by 100 meters. The discovery of the Ares body confirms the current zoning model of the mineralization and supports the concept of finding additional mineralization lateral to and below the existing drill intercepts.

The presence of a strong gold-silver halo in the "black chert' unit enclosing the mineralization is becoming a powerful exploration indicator, which may also have important implications for the economics of the El Roble project. Atico will to use its growing understanding of the El Roble VMS deposit to continue exploring for new massive sulfide bodies in the near-mine environment. Additionally, the company will apply those concepts to exploration within the 10 kilometer strike of prospective host horizon within El Roble's highly prospective land package of more than 6,600 contiguous hectares.

All reported Atico drill intercepts represent down-hole intercepts and not true widths. Owing to the pod-like nature of the massive sulfide mineralization no true width estimates of the mineralization can be made.

Assay results for El Roble mine underground diamond drilling ----------- Intercept--------------------------------------------------------------------------- Total Azimuth Dip Depth From To Interval Cu Au AgHole ID (degrees) (degrees) (m) (m) (m) (m) (%) (g/t) (g/t)---------------------------------------------------------------------------ATDHR-27 353 -65 298 158.0 207.9 49.89 2.21 3.30 12.93---------------------------------------------------------------------------Including 158.0 167.3 9.30 2.85 3.67 9.99--------------------------------------------------------------------------- 174.3 183.6 9.30 5.27 6.18 22.43--------------------------------------------------------------------------- 198.9 202.9 3.94 6.61 4.46 26.08---------------------------------------------------------------------------And 251.3 254.4 3.07 3.12 4.08 15.76---------------------------------------------------------------------------As well as a gold halo(i) 216.7 251.3 34.70 --- 2.33 7.94------------------------------------------------------------------------------------------------------------------------------------------------------ATDHR-28 40 -75 388 242.8 292.0 49.20 4.11 2.32 6.36---------------------------------------------------------------------------Including 257.4 266.5 9.12 6.69 1.71 7.07--------------------------------------------------------------------------- 271.1 282.9 11.77 6.89 1.67 6.04------------------------------------------------------------------------------------------------------------------------------------------------------ATDHR-29 25 -70 389 288.6 313.9 25.30 3.19 1.81 9.25---------------------------------------------------------------------------And 326.8 336.5 9.72 0.42 3.08 17.94---------------------------------------------------------------------------And 55.4 60.1 4.70 3.00 1.70 29.94---------------------------------------------------------------------------And 63.0 66.4 3.40 1.91 3.81 21.14------------------------------------------------------------------------------------------------------------------------------------------------------MEI-205I 103 -60 55.39 12.4 17.0 4.60 4.82 4.07 7.90---------------------------------------------------------------------------And 20.9 26.3 5.35 6.87 1.69 3.90---------------------------------------------------------------------------MEI-207I 123 -20 50.4 8.6 13.1 4.76 2.10 1.02 3.75---------------------------------------------------------------------------And 37.2 44.0 6.80 5.19 1.91 8.95---------------------------------------------------------------------------MEI-208I 123 -50 30.42 10.0 25.8 15.76 2.18 1.80 5.98---------------------------------------------------------------------------MEI-209I 123 -45 56.44 9.8 24.9 15.1 4.01 1.44 5.32---------------------------------------------------------------------------(i) Represents a gold halo with anomalous copper in brecciated semi-massive sulfide lateral to and below massive sulfide intervals.



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 mineralized material 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. Exploration 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.

About 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)

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.

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.



Contacts:
Atico Mining Corporation
Igor Dutina
Investor Relations
+1.604.633.9022
info@aticomining.com
www.aticomining.com





Source: Marketwire


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters