ORIGINAL: Atico Continues to Expand Footprint with High Grade Copper-Gold Intercepts Reporting 34.1g/t Au, 112 g/t Ag and 11% Cu over 3 meters at La Plata Project, Ecuador
2021-01-26 08:50 ET - News Release
VANCOUVER, British Columbia, Jan. 26, 2021 (GLOBE NEWSWIRE) -- Atico Mining Corporation (the “Company” or “Atico”) (TSX.V: ATY | OTC: ATCMF) is pleased to report on the last results of its 2020 drilling program at the La Plata precious metals-rich volcanogenic massive sulphide (“VMS”) project in Ecuador. These results continue to report very encouraging intercepts of volcanic massive sulfides while the new 2021 drill campaign begins in Ecuador.
La Plata Drilling Highlights Include:
| Hole | From
(m) | To
(m) | Interval
(m) | Au
(g/t) | Ag
(g/t) | Cu
(%) | Zn
(%) |
| CMLP-20-146 | 64.44 | 74.75 | 10.31 | 2.79 | 43.04 | 2.65 | 0.91 |
| Including | 69.69 | 71.64 | 1.95 | 6.14 | 182.08 | 7.77 | 2.68 |
| and | 85.05 | 98.75 | 13.70 | 4.49 | 35.09 | 1.10 | 6.35 |
| Including | 93.15 | 96.75 | 3.60 | 11.35 | 88.5 | 1.85 | 7.50 |
| CMLP-20-150 | 91.45 | 102.00 | 10.55 | 13.19 | 76.84 | 5.51 | 4.47 |
| Including | 94.47 | 97.49 | 3.02 | 34.1 | 111.5 | 11.33 | 3.49 |
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.
- Drill holes CMLP-20-146 & CMLP-20-150 were both drilled outside of the existing resource polygon. Drilling was performed to test the “Guatuza extension” of the North Block as it shows continuity of the mineralization of the North block in the direction of the Guatuza zone.
- Drill holes CMLP-20-165 & CMLP-20-167 which were exploratory holes drilled between the South and the North Block, reported additional intercepts which demonstrates the continuity of massive sulfides mineralization between the two known blocks.
Joseph Salas, Atico’s V.P. Exploration mentioned “With the 2021 drilling campaign restarted this month, we are excited to continue this program with two rigs and look forward to testing the new target areas we identified in proximity to the La Plata mineralized footprint.”
VMS footprint continues to expand around the North Block
Diamond drill holes CMLP-20-146 and CMLP-20-150 confirmed continuity of high-grade intercepts as the drilling progressed in the North Block towards the Guatuza zone. This newly discovered continuity is now called the “Guatuza Extension” of the North Block. Even though these latest results are less remarkable than what we are used to seeing at this project, they still confirm that mineralization within the VMS lenses continue and repeat as we progress north. The Guatuza zone will require more drilling during the 2021 campaign to fully understand the scale and geometry of this discovery.
Hole CMLP-20-146 shows two long intercepts of 10.3 and 13.7 meters of volcanic massive and semi-massive sulfides which represents the much larger footprint of the northern block that is fragmented by a post-mineral dyke. Each of these intercepts host a core zone of high-grade polymetallic VMS mineralization. This hole started reporting interesting mineralization at 35 meters from surface and confirmed continuity of the North Block lens as the mineralized body approaches the surface towards north.
Hole CMLP-20-150 hosts a high-grade gold-copper interval, reporting 34 g/t Au and 11% Cu over 3 meters within a larger 10.55-meter intercept. This intercept also represents strong copper and gold continuity as we progress northward towards the Guatuza Extension zone.
Successful conclusion of the 2020 drilling campaign
The 2020 La Plata exploration program was a success. It was intended to infill the south and north blocks of the La Mina area while upgrading the known mineralized resources from the inferred category. Atico also added strategic step out drill holes, which are planned to increase the known resources of the two main VMS lenses.
The recent drilling gives Atico’s geology team a higher degree of confidence that VMS mineralisation is present between the three lenses (South, North and Guatuza). Today’s laboratory results are reporting these additional zones of mineralization located between those three previously identified blocks. Additional drilling will continue in these target areas starting this month as part of the 2021 exploration campaign to try to increase the polygon size.
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-20-116* | 299 | -71 | 364.64 | 344.4 | 352.78 | 6.38 | 3.32 | 24.88 | 0.45 | 0.54 | 4.89 | |
| including | | | | 346.4 | 348.00 | 1.60 | 8.54 | 64.00 | 0.62 | 1.50 | 8.29 | |
| CMLP-20-138 | 264 | -67 | 351.08 | No significant intercept | |
| CMLP-20-139 | 90 | -59 | 120.00 | 96.60 | 101.40 | 4.78 | 0.62 | 2.83 | 0.83 | 0.05 | 0.04 | |
| CMLP-20-140 | 90 | -38 | 128.15 | No significant intercept | |
| CMLP-20-141 | 301 | -54 | 116.32 | 55.40 | 59.10 | 3.70 | 1.09 | 16.09 | 0.51 | 0.19 | 1.74 | |
| and | | | | 63.30 | 67.42 | 4.12 | 0.98 | 11.84 | 0.89 | 0.07 | 0.84 | |
| CMLP-20-142 | 90 | -61 | 144.25 | 82.45 | 83.48 | 1.03 | 6.31 | 24.00 | 0.43 | 0.31 | 36.29 | |
| and | | | | 103.90 | 104.69 | 0.79 | 5.66 | 93.00 | 4.36 | 0.83 | 6.65 | |
| CMLP-20-144 | 90 | -41 | 120.15 | No significant intercept | |
| CMLP-20-145 | 360 | -90 | 60.04 | No significant intercept | |
| CMLP-20-146 | 45 | -75 | 140.95 | 36.76 | 37.17 | 0.41 | 21.7 | 324.0 | 4.31 | 7.32 | 24.10 | |
| and | | | | 64.44 | 74.75 | 10.31 | 2.79 | 43.06 | 2.65 | 0.18 | 0.91 | |
| including | | | | 69.69 | 71.64 | 1.95 | 6.14 | 182.1 | 7.77 | 0.74 | 2.68 | |
| and | | | | 85.05 | 98.75 | 13.70 | 4.49 | 35.09 | 1.10 | 0.94 | 6.35 | |
| including | | | | 93.15 | 96.75 | 3.60 | 11.35 | 88.5 | 1.85 | 2.82 | 7.50 | |
| CMLP-20-147 | 90 | -79 | 68.66 | No significant intercept | |
| CMLP-20-148 | 305 | -45 | 55.24 | No significant intercept | |
| CMLP-20-149 | 90 | -55 | 65.26 | No significant intercept | |
| CMLP-20-150 | 21 | -61 | 125.82 | 36.2 | 38.17 | 1.97 | 2.43 | 19.00 | 0.87 | 0.70 | 2.20 | |
| and | | | | 91.45 | 102.00 | 10.55 | 13.19 | 76.84 | 5.51 | 0.71 | 4.47 | |
| including | | | | 94.47 | 97.49 | 3.02 | 34.1 | 111.5 | 11.33 | 0.53 | 3.49 | |
| CMLP-20-151 | 180 | -90 | 50.44 | 10.49 | 15.00 | 4.51 | 0.44 | 4.40 | 0.90 | 0.01 | 0.56 | |
| CMLP-20-152 | 128 | -55 | 49.03 | 12.19 | 16.28 | 4.09 | 0.48 | 3.49 | 1.57 | 0.03 | 0.20 | |
| and | | | | 18.06 | 19.06 | 1.00 | 1.99 | 14.00 | 0.46 | 0.36 | 2.59 | |
| CMLP-20-153 | 13 | -48 | 125.46 | 21.57 | 29.4 | 7.83 | 0.86 | 5.97 | 0.56 | 0.02 | 0.49 | |
| CMLP-20-154 | 90 | -55 | 50.00 | 17.00 | 25.65 | 8.65 | 0.59 | 7.15 | 0.36 | 0.20 | 1.40 | |
| CMLP-20-155 | 90 | -82 | 26.17 | No significant intercept | |
| CMLP-20-156 | 90 | -75 | 125.53 | 100.58 | 104.21 | 3.63 | 0.98 | 19.82 | 0.06 | 0.40 | 1.68 | |
| CMLP-20-157 | 90 | -55 | 141.96 | 77.65 | 83.70 | 6.05 | 1.10 | 7.63 | 0.10 | 0.22 | 1.77 | |
| CMLP-20-158 | 228 | -68 | 110.66 | 79.50 | 82.95 | 3.45 | 0.89 | 12.34 | 1.05 | 0.05 | 0.43 | |
| and | | | | 91.33 | 96.47 | 5.14 | 2.17 | 19.89 | 6.32 | 0.11 | 1.71 | |
| CMLP-20-159 | 245 | -52 | 92.62 | 76.71 | 79.75 | 3.04 | 2.15 | 53.03 | 3.80 | 0.30 | 2.13 | |
| CMLP-20-160 | 90 | -70 | 159.98 | 106.6 | 108.60 | 2.00 | 1.51 | 11.00 | 0.12 | 0.75 | 3.34 | |
| CMLP-20-161 | 195 | -80 | 123.43 | 110.6 | 117.15 | 6.55 | 2.49 | 20.76 | 1.66 | 0.20 | 1.66 | |
| including | | | | 114.19 | 115.90 | 1.71 | 3.22 | 34.74 | 4.68 | 0.26 | 2.00 | |
| CMLP-20-162 | 296 | -61 | 234.75 | 148.75 | 149.63 | 0.88 | 20.3 | 271.0 | 4.50 | 1.02 | 5.03 | |
| CMLP-20-163 | 311 | -59 | 313.32 | 296.59 | 297.49 | 0.90 | 1.87 | 34.00 | 0.13 | 0.33 | 1.31 | |
| CMLP-20-164 | 315 | -64 | 176.05 | No significant intercept | |
| CMLP-20-165 | 330 | -68 | 198.70 | 175.90 | 179.23 | 3.33 | 2.37 | 4.24 | 1.12 | 0.01 | 0.08 | |
| CMLP-20-166 | 320 | -59 | 316.46 | 299.50 | 300.09 | 0.59 | 1.98 | 41.00 | 0.85 | 0.32 | 2.26 | |
| CMLP-20-167 | 340 | -64 | 196.40 | 179.40 | 182.00 | 2.60 | 2.23 | 7.00 | 0.41 | 0.06 | 0.78 | |
| and | | | | 185.25 | 186.1 | 0.85 | 7.67 | 8.00 | 4.07 | 0.17 | 1.19 | |
| CMLP-20-168 | 323 | -56 | 277.34 | No significant intercept | |
| CMLP-20-169 | 332 | -54 | 268.61 | No significant intercept | |
| CMLP-20-170 | 335 | -49 | 254.58 | No significant intercept | |
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.
* Hole was drilled in the south block and used for new metallurgical testing
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 mineralized 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 mineralization, and an extension of mineralization to the north has been discovered by recent trenching results.
The La Plata independent Amended and restated NI 43-101 Preliminary Economic Assessment of the La Mina VMS Project Cotopaxi Province, Ecuador (“PEA”) originally dated March 30th, 2019, amended and restated July 17, 2019 was prepared by SGS Canada Inc. Mineral Services, Daniel Leroux, M.Sc., P.Geo. Brian Wolfe. M.Sc., MAIG, David Orava, P.Eng., Simon Meik, FAusIMM (CP), Qinghua (Jason) Jin, P.E and pursuant to National Instrument 43-101 (“NI 43-101”) and reports the La Plata inferred 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. Preliminary economic assessments are preliminary in nature, that include inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. Such projects have increased uncertainty and risk of failure. Mineral resource