Atacama Pacific Reports Cerro Maricunga Phase IV Drill Results
12 April 2013 - 10:20PM
Marketwired Canada
Editors Note: There is an image associated with this release.
Atacama Pacific Gold Corporation (TSX VENTURE:ATM) ("Atacama Pacific") is
pleased to report further Phase IV drill results, including 114 metres grading
0.93 grams per tonne gold ("g/t Au") with a higher grade interval of 1.75 g/t Au
over 30 metres, from its 100% owned Cerro Maricunga oxide gold project located
in Chile's Maricunga Mineral Belt. Table 1, attached, summarizes the current
drill results and figure 1 presents the location of the drill holes.
Diamond drill hole CMD-262, cored into the centre of the Lynx Zone cut four
intervals of oxide mineralization including 24 metres grading 0.28 g/t Au, 46
metres grading 0.32 g/t Au and 80 metres grading 0.53 g/t Au followed by 0.93
g/t Au over 114 metres which expanded the dimensions of the higher grade area on
section 2350 previously intersected by CMR-124 (60 m @ 0.91 g/t Au).
Reverse circulation drill holes CMR-271 (3 intervals including 78 m @ 0.42 g/t
Au - section 950) and CMR-294 (100 m @ 0.33 g/t Au - section 1050 Au) returned
significant intervals of +0.3 g/t Au mineralization in an area located between
the Crux and Phoenix Zones previously modelled as barren. These holes follow up
on two drill holes (CMR-239 and CMR-241 released January 17, 2013) located on
section 900 which, when taken together, outline a new area of east-west trending
oxide gold over a strike length of approximately 150 metres and widths of over
100 metres.
The drilling component of the Phase IV campaign has now been completed and
mapping, surface channel sampling and metallurgical sampling will continue
through early May. Originally planned for 20,000 metres of drilling, the
identification of additional infill targets within the Cerro Maricunga deposit
necessitated increasing the program to a total of 27,200 metres. In addition to
infill drilling, condemnation holes were drilled in the leach pad and plant area
and a sixth water monitoring well was also completed.
The goal of the Phase IV drilling program is to convert inferred category
resources, located within the US$1,400 pit shell outlined in Atacama Pacific's
recently released preliminary economic assessment (released January 28, 2013),
to the measured and indicated categories. Overall, the current results of the
Phase IV campaign have confirmed the interpretation of the resource model with
the exception of the Pollux Zone where the mineralization is orientated in an
east-west direction compared to the general northwest trend of the main deposit.
Changes in the Pollux Zone interpretation are not expected to have a significant
impact on the Cerro Maricunga resource estimate.
Final drill results should be available by June 2013 with an updated resource
estimate planned for the third quarter of 2013 after which Atacama Pacific will
commence feasibility work.
Metallurgical Update
As part of the continuing development of the project, a further 14 column and 34
bottle roll tests have been completed at Kappes, Cassidy and Associates'
extractive metallurgical laboratory in Reno, Nevada. The test work focused on
low to average grade mineralization from the three main gold zones typically
crushed to 19 millimetres. The final results from the testing are anticipated
this month.
Santa Teresa Drilling
Atacama Pacific recently completed three reverse circulation drill holes (1,450
m) targeting a strong chargeability anomaly identified from a recently completed
induced polarization survey. The Santa Teresa property is located within the
northwest corner of the Cerro Maricunga property, 8 kilometres northwest of the
Cerro Maricunga deposit. All three drill holes intersected intervals of
disseminated pyrite and fragments of quartz veining were noted in the reverse
circulation chips. The chargeability anomalies are associated with magnetic
highs and overlie a series of trenches which have returned anomalous gold
grades.
National Instrument 43-101
Michael Easdon, a professional geologist registered with the American Institute
of Professional Geologists, is the independent qualified person for the current
exploration program and has reviewed, approved and verified the content of this
press release. Carlos Guzman, a mining engineer, Fellow of the Australasian
Institute of Mining and Metallurgy and a registered member of the Chilean Mining
Commission, is the independent qualified person as defined by National
Instrument 43-101 ("NI 43-101") for the Preliminary Economic Assessment for the
Cerro Maricunga project. Mr. Guzman is a Principal and Project Director with NCL
Ingeneiria y Construccion Ltda., Santiago, Chile.
FORWARD LOOKING STATEMENTS
This news release contains forward-looking statements, including predictions,
projections and forecasts. Forward-looking statements include, but are not
limited to the success of exploration activities generally, mine development
prospects, and potential future gold production. Often, but not always,
forward-looking statements can be identified by the use of words such as
"plans", "planning", "expects" or "does not expect", "continues", "scheduled",
"estimates", "forecasts", "intends", "potential", "anticipates", "does not
anticipate", or "belief", or describes a "goal", or variation of such words and
phrases or state that certain actions, events or results "may", "could",
"would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements involve known and unknown risks, future events,
conditions, uncertainties and other factors which may cause the actual results,
performance or achievements to be materially different from any future results,
prediction, projection, forecast, performance or achievements expressed or
implied by the forward-looking statements. Such factors include, among others,
the results of due diligence activities, changes in economic parameters and
assumptions, the interpretation and actual results of current exploration
activities; changes in project parameters as plans continue to be refined; the
results of regulatory and permitting processes; future prices of gold; possible
variations in grade or recovery rates; failure of equipment or processes to
operate as anticipated; labour disputes and other risks of the mining industry;
the results of further economic and technical studies, delays in obtaining
governmental approvals or financing or in the completion of exploration, as well
as those factors disclosed in Atacama Pacific's publicly filed documents.
Although Atacama Pacific has attempted to identify important factors that could
cause actual actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or intended.
There can be no assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place undue
reliance on forward-looking statements.
Table 1 - Summary of Cerro Maricunga Drill Results (greater than or equal to
10 m intervals composited at a 0.2 g/t cut-off)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Hole # Section From To Interval Grade Zone Notes
(metres) (metres) (metres) (g/t Au)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
CMD-262 2350 56 80 24 0.28 Lynx Core of Lynx
----------------------------------------------------------------------------
104 150 46 0.32
----------------------------------------------------------------------------
182 262 80 0.53
----------------------------------------------------------------------------
276 390 114 0.93
----------------------------------------------------------------------------
including 280 310 30 1.75
----------------------------------------------------------------------------
CMD-266 600 174 192 18 0.54 Crux SW contact
area
----------------------------------------------------------------------------
246 292 46 0.40
----------------------------------------------------------------------------
CMR-270 600 132 146 14 0.33 Crux Target barren
area within
Crux
----------------------------------------------------------------------------
CMR-271 950 54 64 10 0.60 Pollux New, between
Crux and
Phoenix
----------------------------------------------------------------------------
90 134 44 0.30
----------------------------------------------------------------------------
152 230 78 0.42 Ends in
mineralization
@ 230m
----------------------------------------------------------------------------
CMD-272 950 32 68 36 0.36 Phoenix SW contact,
Phoenix/Pollux
transition
----------------------------------------------------------------------------
226 248 22 0.23
----------------------------------------------------------------------------
CMR-273 950 54 128 74 0.41 Phoenix Phoenix/Pollux
transition
----------------------------------------------------------------------------
CMR-274 550 0 26 26 0.34 Crux Core of Crux
zone
----------------------------------------------------------------------------
80 190 110 0.52
----------------------------------------------------------------------------
224 238 14 0.23
----------------------------------------------------------------------------
CMD-275 950 174 184 10 0.25 Pollux
----------------------------------------------------------------------------
CMR-276 850 16 26 10 0.26 Pollux Southern
contact
----------------------------------------------------------------------------
CMR-277 850 0 24 24 0.33 Pollux Core area,
dike? cut at
approx. 100m
----------------------------------------------------------------------------
76 88 12 0.26
----------------------------------------------------------------------------
CMR-279 900 158 230 72 0.40 Pollux Centre of
Pollux
----------------------------------------------------------------------------
CMR-280 950 0 16 16 0.34 Pollux Centre of
Pollux
----------------------------------------------------------------------------
40 60 20 0.28
----------------------------------------------------------------------------
CMR-283 850 0 80 80 0.57 Crux NE contact
area
----------------------------------------------------------------------------
96 130 34 0.28
----------------------------------------------------------------------------
CMR-285 600 54 84 30 0.33 Crux NE contact
area
----------------------------------------------------------------------------
96 116 20 0.24
----------------------------------------------------------------------------
CMR-286 1200 10 54 44 0.32 Phoenix
----------------------------------------------------------------------------
90 100 10 0.31
----------------------------------------------------------------------------
114 160 46 0.35
----------------------------------------------------------------------------
CMR-288 300 2 54 52 0.45 Crux NE contact
area
----------------------------------------------------------------------------
CMR-290 1150 0 20 20 0.30 Phoenix
----------------------------------------------------------------------------
36 48 12 0.28
----------------------------------------------------------------------------
88 124 36 0.33
----------------------------------------------------------------------------
140 250 110 0.55
----------------------------------------------------------------------------
CMR-291 900 0 58 58 0.41 Pollux SW contact
area
----------------------------------------------------------------------------
CMR-294 1050 20 120 100 0.33 Phoenix Previously
considered
barren
----------------------------------------------------------------------------
CMR-297 550 6 16 10 0.26 Crux SW contact
area
----------------------------------------------------------------------------
34 46 12 0.26
----------------------------------------------------------------------------
66 220 154 0.46
----------------------------------------------------------------------------
NOTES: Unless otherwise noted, reported gold grades are composited at a 0.2
g/t Au cut-off. All intervals represent down-hole lengths and not true
widths. Drill holes prefixed "CMD" are diamond drill holes; holes prefixed
"CMR" are RC drill holes.
To view the map associated with this release, please visit the following link:
http://www.marketwire.com/library/20130411-AtacamaMap.jpg.
FOR FURTHER INFORMATION PLEASE CONTACT:
Atacama Pacific Gold Corporation
Carl B. Hansen
President and CEO
416 861 8267
info@atacamapacific.com
www.atacamapacific.com
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