Atico Receives Approval of its EIA for the Construction and Operation of the 69 kV Powerline and Substation at its La Plata Project, Ecuador
13 January 2023 - 8:17AM
Atico Mining Corporation (the “
Company” or
“
Atico”) (TSX.V: ATY | OTC: ATCMF) is pleased to
announce that it has received approval of the Environmental Impact
Assessment (“EIA”) for the construction, operation, maintenance and
closure of the 69 kV powerline and substation required for its 100%
owned La Plata mining project in Ecuador (the “La Plata project”).
The Environmental Ministry of Ecuador, known as
“Ministerio del Ambiente, Agua y Transición Ecológica” (“MAATE”)
has reviewed and delivered a favorable technical review for the 6.5
km powerline that will power the operations of the La Plata
project. The La Plata project has been identified by the President
of Ecuador, Guillermo Lasso as a strategic project and a component
of the country’s economic growth strategy.
The EIA baseline process for the powerline
started over 2 years ago when Atico signed an agreement with the
country’s National Electricity Corporation (CNEL). CNEL along with
the Company’s team, independent environmental experts as well as
qualified professionals were responsible for delivering the
complete design, network integration and permitting of the
powerline. The powerline allows the interconnection of the La Plata
Project’s substation to the existing La Palma substation which will
integrate the La Plata project to the national power grid.
Mr. Alain Bureau, President of Atico stated, “We
are very pleased to announce the receipt of the EIA approval
allowing the La Plata project to be connected to the national power
grid. This approval is the result of a systematic review of all
aspects and benefits this project brings to the region and another
significant step towards construction.” Mr. Alain Bureau continued,
“I would like to thank CNEL and Atico’s engineers and technicians
for their tremendous teamwork and for delivering a study of such
high quality.”
The approval of the EIA is a key milestone
towards allowing the Company to begin construction of the new
process plant facility. This approval enables the Company to
advance on its normal course to complete the environmental hearings
as per the Country’s legislations while the Company remains
confident all permits, and public hearings, will be completed
during 2023.
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 mineralised 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 mineralisation, and an
extension of mineralisation to the north has been discovered by
recent trenching results.
The La Plata independent Preliminary Economic
Assessment (“PEA”) dated March 30th 2019, was prepared pursuant to
National Instrument 43-101 (“NI 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.
The La Plata project consists of two concessions
covering a total area of 2,300 hectares along its 9-kilometer
length, which contains known mineralization in two VMS lenses and
nine priority exploration targets.
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
CorporationTrading symbols: TSX.V: ATY | OTC: ATCMF
Investor RelationsIgor DutinaTel:
+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 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;
the world-wide economic and social impact of COVID-19 is managed
and the duration and extent of the coronavirus pandemic is
minimized or not long-term; disruptions related to the COVID-19
pandemic or other health and safety issues, or the responses of
governments, communities, the Company and others to such pandemic
or other issues; 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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