Atico produces 4.82 million pounds of Cu and 2,636 ounces of Au in the first quarter of 2022 and resumes operations at El Roble
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 4.82 million pounds of copper and 2,636 ounces of gold in concentrate, an increase of 7% and 24% for copper and gold, respectively, over the same period in 2021.
“At the El Roble mine, we had an exceptional quarter compared to our forecast and to the same period last year. In some areas of the mine, we had much higher copper and gold grades than expected,” said Fernando E. Ganoza, CEO. . “We will continue to build on the operational success of this quarter to make up lost production in April, looking to take advantage of the current high metal price environment. In parallel, considerable emphasis will be placed on drilling near the mine in an effort to find additional resources.”
First Quarter Operational Highlights
- Production of 4.82 million pounds of copper contained in concentrates; an increase of 7% compared to Q1 2021.
- Production of 2,636 ounces of gold contained in concentrates; an increase of 24% compared to Q1 2021.
- Average tonnes handled per day of 826, down 13% from Q1 2021.
- Copper head grade of 3.55%, a 10% increase over Q1 2021.
- Gold content of 2.08 grams per ton; an increase of 22% compared to Q1 2021.
- 91.8% and 59.7% copper and gold recovery; no significant change for copper and a 5% increase for gold compared to Q1 2021
First quarter operational review
Copper and gold production was above the company’s budget for the first quarter, primarily due to higher copper and gold head grades. Copper recoveries decreased slightly compared to the same period last year, while gold recoveries in the quarter improved compared to the Company’s projections. The number of tons processed per day decreased compared to the same period last year, mainly due to the commissioning of recently installed equipment. For the quarter, the operation exceeded budget in almost all metrics.
Following the company update press release announced on April 5 and 2022, the Company is pleased to announce that operations at the El Roble mine resumed on Sunday, April 24 and 2022. All equipment affected by the landslide has been replaced or repaired and the mining circuit is once again operating at full capacity.
First quarter operational details
| Q1 2022
| Q1 2021
|Production (Contained in concentrates)|
|Copper (in thousands of pounds)||4,817||4,503||7||%|
|Tonnes of ore extracted||66,396||64 101||4||%|
|Tons processed per day||826||954||-13||%|
|Copper content (%)||3.55||3.23||ten||%|
|Gold grade (g/t)||2.08||1.71||22||%|
|Copper and gold concentrates (dmt)||10,719||10,365||3||%|
|Payable copper produced (in thousands of pounds)||4,576||4,278||7||%|
|Note: Metal production figures are subject to adjustments based on final settlement. The results reported are preliminary in nature and are pending verification by an independent laboratory.|
Mine El Roble
The El Roble mine is an underground high-grade copper and gold mine with a nominal processing plant capacity of 1,000 tonnes per day, located in the Choco department of Colombia. Its commercial product is a copper-gold concentrate.
Since gaining control of the mine on November 22, 2013, Atico has improved the operation from a historical design 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 30 and 2020. The mineralization is open at depth and laterally and the Company plans to further test the limits of the deposit.
On the largest body of land, the Company has identified a prospective stratigraphic contact between volcanic rocks and black and gray pelagic sediments and cherts that has been traced by Atico geologists for ten kilometers. This contact was determined to be an important check on the VMS mineralization over which Atico has identified numerous potential target areas for the occurrence of VMS-type mineralization, which is the focus of the current surface drilling program at El Roble.
Mr. Thomas Kelly (registered member PME 1696580), an advisor to the Company and a qualified person under the standards of National Instrument 43-101, is responsible for ensuring that the technical information contained in this press release is an accurate summary of the original reports and data. provided or developed by Atico.
About Atico Mining Corporation
Atico is a growth-oriented company focused on the exploration, development and operation of copper and gold projects in Latin America. The Company generates significant cash flow from 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 acquisitions of late-stage opportunities. For more information, please visit www.aticomining.com .
ON BEHALF OF COUNCIL
Fernando E. Ganoza
Atico Mining Corporation
Stock Symbols: TSX.V: ATY | OTCQX: ATCMF
Such. : +1.604.633.9022
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.
No securities regulatory authority has approved or disapproved of the contents of this press release. The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended (the “United States Securities Act”), or any state securities law securities, 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) except pursuant to an exemption from it. This press release is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy securities of the Company in any jurisdiction.
Caution Regarding Forward-Looking Statements
This announcement includes certain “forward-looking statements” within the meaning of Canadian securities laws. All statements, other than statements of historical fact, included herein, without limiting 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 the interpretation of drill results and the geology, continuity and grade of mineral deposits; the uncertainty of capital and operating cost estimates; the need to obtain additional financing to maintain its interest in and/or explore and develop the Company’s mining projects; uncertainty regarding the achievement of planned program milestones for the Company’s mining projects; and other risks and uncertainties disclosed under the heading “Risk Factors” in the Company’s prospectus dated March 2, 2012 filed with the Canadian securities authorities on SEDAR at www.sedar.com