Atico Produces 2.32 Million Pounds of Cu and 2,566 Ounces of Au in First Quarter 2023 and Resumes Full Operations at El Roble
April 27 2023 - 3:24PM
Atico Mining Corporation (the “Company” or “Atico”) (TSX.V: ATY |
OTCQX: ATCMF) announces its operating results for the three months
ended March 31, 2022 from its El Roble mine. Production for the
quarter totaled 2.32 million pounds of copper and 2,566 ounces of
gold in concentrates, a decrease of 51% and 3% for copper and gold,
respectively, over the same period in 2022.
“At the El Roble mine we had a lower than usual
copper head grade and output for the quarter as the mine plan
called for transitioning through the lower grade areas of the
deposit. The team anticipates that the operation will be moving
back into higher copper grades during the second quarter and remain
in these areas moving forward,” said Fernando E. Ganoza, CEO. “For
the remainder of the year, the operation is projected to make up
for lower first quarter production and deliver on this year’s set
guidance. In parallel, we continue to make progress on the mine
vicinity drilling with the goal to find additional reserves and
resources.”
First Quarter Operational
Highlights
- Production of 2.32 million pounds
of copper contained in concentrates; a decrease of 51% over Q1
2022.
- Production of 2,566 ounces of gold
contained in concentrates; a decrease of 3% over Q1 2022.
- Average processed tonnes per day of
747, a decrease of 10% over Q1 2022.
- Copper head grade of 1.88%, a
decrease of 47% over Q1 2022.
- Gold head grade of 2.20 grams per
tonne; an increase of 6% over Q1 2022.
- Copper and gold recovery of 89.2%
and 57.9%; a decrease of 3% for copper and gold over Q1 2022.
First Quarter Operational
Details
|
Q1 2023 Total |
Q1 2022 Total |
% Change |
Production (Contained in Concentrates) |
|
|
|
Copper (000s pounds) |
2,319 |
4,731 |
-51% |
Gold (ounces) |
2,566 |
2,636 |
-3% |
Mine |
|
|
|
Tonnes of ore mined |
60,568 |
66,594 |
-9% |
Mill |
|
|
|
Tonnes processed |
62,793 |
65,844 |
-5% |
Tonnes processed per day |
747 |
826 |
-10% |
Copper grade (%) |
1.88 |
3.55 |
-47% |
Gold grade (g/t) |
2.20 |
2.08 |
6% |
Recoveries |
|
|
|
Copper (%) |
89.2 |
91.8 |
-3% |
Gold (%) |
57.9 |
59.7 |
-3% |
Concentrates |
|
|
|
Copper and Gold Concentrates (dmt) |
5,813 |
10,719 |
-46% |
|
|
|
|
Payable copper produced (000s lbs) |
2,180 |
4,576 |
-52% |
Note: Metal production figures are subject to
adjustments based on final settlement. The reported results are
preliminary in nature and are awaiting independent lab
verification.
Concentrate Inventory
The number of shipments the Company can export
in any given quarter depends on several variables some of which the
Company does not control, hence there may be an inherent
variability in tonnes shipped quarter to quarter.
|
Q1 2023 Total |
Amounts in dry metric tonnes |
|
Opening inventory |
7,326 |
Production |
5,813 |
Sales |
-6,475 |
Number of shipments |
1 |
Closing inventory |
6,647 |
Note: Concentrate figures are subject to
adjustments based on final settlement.
El Roble Mine
The El Roble mine is a high grade, underground
copper and gold mine with nominal processing plant capacity of
1,000 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 November
22, 2013, Atico has upgraded the operation from a historical
nominal capacity of 400 tonnes per day.
El Roble has Proven and Probable reserves of
1.00 million tonnes grading 3.02% copper and 1.76 g/t gold, at a
cut-off grade of 1.3% copper equivalent as of September 30th, 2020.
Mineralization is open at depth and along strike and the Company
plans to further test the limits of the deposit.
On the larger land package, the Company has
identified a prospective stratigraphic contact between volcanic
rocks and black and grey pelagic sediments and cherts that has been
traced by Atico geologists for ten kilometers. This contact has
been determined to be an important control on VMS mineralization on
which Atico has identified numerous target areas prospective for
VMS type mineralization occurrence, which is the focus of the
current surface drill program at El Roble.
Qualified Person
Mr. Thomas Kelly (SME Registered Member
1696580), advisor to the Company and a qualified person under
National Instrument 43-101 standards, is responsible for ensuring
that the technical 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 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 its 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. GanozaCEOAtico Mining
Corporation
Trading symbols: TSX.V: ATY | OTCQX: ATCMF
Investor RelationsIgor DutinaTel:
+1.604.633.9022
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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
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