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Atico Receives Government’s Approval of Mining Regime Modification for the La Plata project in Ecuador

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Atico Receives Government’s Approval of Mining Regime Modification for the La Plata project in Ecuador

 

 

 

 

 

Atico Mining Corporation  (TSX.V: ATY) (OTCQX: ATCMF) is pleased to announce that it has received the administrative resolution to modify the mining regime of its 100% owned La Plata project in Ecuador.

 

As part of the necessary permit and licensing process to start the construction of the mine facilities, Atico has received the resolution from the sectoral ministry which contains the approval to place the La Plata VMS project into the economic evaluation stage. With this change, the Company can now proceed to develop its operations under the Medium Scale regime, according to Ecuadorian legislation. This mining regime allows the La Plata project to legally extract and process up to 1,000 tonnes per day of minerals from its high-grade VMS.

 

Alain Bureau, President of Atico, commented; “Our project has benefited from Presidential Decree #151, which sets an action plan for the mining sector in Ecuador by establishing policies aimed at promoting development of new mining operations and attracting foreign investments.” Mr. Bureau continued, “along with these government actions, strong cashflow generation at the El Roble mine and the recently announced US $10 millions financing, Atico is in a very strong position to move forward with its plan to put the La Plata Project into operation in the short term.”

 

For 2022, Atico is focused on completing the Feasibility Study, the Environmental Impact Study, and obtaining the necessary permits and licenses to begin construction of the La Plata project. The Project has been identified by the Government of Ecuador as one of the next mining operations and also included in its economic recovery plan. The Project consists of a high-grade polymetallic VMS which is planned to be extracted using modern underground mining methods and processed with a state-of-the-art flotation plant while using the latest filtered tailing technology to mitigate its environmental footprint. The Atico team continues to be dedicated towards its goals of developing efficient, environmentally and socially responsible mining projects in the Americas.

 

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 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 resources that are not mineral reserves do not have demonstrated economic viability.

 

The La Plata project consists of two (2) concessions covering a total area of 2,235 hectares along its 9-kilometer length, which contains known mineralization in two VMS lenses and nine priority exploration targets.

 

Qualified Control

 

Dr. Michael Druecker, CPG, is 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 Mining Corporation. Dr. Druecker has approved the scientific and technical content of this news release.

 

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.

 

Posted February 23, 2022

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