Atico Mining Corporation (TSX-V: ATY) (OTC: ATCMF) announces its operating results for the three months ended September 30, 2018 from its El Roble mine. Production for the quarter totaled 5.36 million pounds of copper and 3,010 ounces of gold in concentrates, an increase of 5% for copper and 6% for gold, respectively, over the same period in 2017.
“We are pleased to report another strong quarter of production as the El Roble mine continues to operate at a steady state level while the Company remains on track to deliver on our 2018 operational objectives,” said Fernando E. Ganoza, CEO. “For remainder of the year, we will continue optimizing the operation and executing the aggressive exploration drilling program at the El Roble property looking for additional mineralization both regionally and at mine vicinity.”
Third Quarter Operational Highlights
Third Quarter Operational Review
Processed ore was in line with Company budget for the third quarter. The increase in higher copper and gold output for the quarter relative to Q3 2017 is mostly explained by an 8% increase in processed ore. Copper and gold recoveries were in line with Company projections. Gold recovery continues to remain in the low sixties due to a higher copper content in the concentrate, the copper content in the concentrate provides a net economic benefit offsetting the lower gold recovery. The Company will continue to explore improving the copper content in the concentrate in the following quarters while also trying to increase the gold recovery.
The operation remains on track to deliver on set guidance throughout the remainder of the year.
Third Quarter Operational Details
|Q3 2018 Total||Q3 2017 Total||% Change|
|Production (Contained in Concentrates)|
|Copper (000s pounds)||5,358||5,099||5%|
|Tonnes of ore mined||70,652||74,919||-6%|
|Tonnes processed per day||837||794||5%|
|Copper grade (%)||3.63||3.68||Nil%|
|Gold grade (g/t)||2.17||2.16||Nil%|
|Copper and Gold Concentrates (dmt)||10,877||10,551||3%|
|Payable copper produced (000s lbs)||5,105||4,844||5%|
Note: Metal production 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 800 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 a measured and indicated resource of 1.87 million tonnes grading 3.46% copper and 2.27 g/t gold, at a cut-off grade of 0.93% copper equivalent. Mineralization is open at depth and along strike and the Company plans to further test the limits of the resource.
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.
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 operates the El Roble mine and is pursuing additional acquisition opportunities.
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