Atico Produces 2.91 Million Pounds of Cu and 2,055 Ounces of Au in Third Quarter 2024
25 October 2024 - 7:30AM
Atico Mining Corporation (the “Company” or “Atico”) (TSX.V: ATY |
OTCQX: ATCMF) announces its operating results for the three months
ended September 30, 2024 from its El Roble mine. Production for the
quarter totaled 2.91 million pounds of copper and 2,055 ounces of
gold in concentrates, a decrease of 23% for copper and 19% for
gold, respectively, over the same period in 2023.
“The El Roble mine is undergoing a transition
from the lower areas of the mine towards the new higher-grade
reserves in upper areas. The mine is being prepared to shift to a
majority of ore being sourced from the new reserves in 2025. The
transition implies a planned reduction in production rates,
resulting in fewer tonnes of ore mined and processed, as well as
lower head grades during this period. We expect this phase to
conclude in the fourth quarter, allowing our operations team
gradual access to newly discovered high-grade reserves,” stated
Fernando E. Ganoza, CEO. “As we move into the remainder of the
year, our primary focus will be on achieving a steady state
production rate, while ensuring we remain on track to meet our
established guidance for the year.”
Third Quarter Operational
Highlights
- Production of 2.91 million pounds
of copper contained in concentrates; a decrease of 23% over Q3
2023.
- Production of 2,055 ounces of gold
contained in concentrates; a decrease of 19% over Q3 2023.
- Average processed tonnes per day of
858, a decrease of 3% over Q3 2023.
- Copper head grade of 2.12%, a
decrease of 14% over Q3 2023.
- Gold head grade of 1.51 grams per
tonne; a decrease of 14% over Q3 2023.
- Copper and gold recovery of 92% and
65%; no significant change for copper and an increase of 4% for
gold, respectively, over Q3 2023.
Third Quarter Operational
Details
|
Q3 2024 Total |
Q3 2023 Total |
% Change |
Production (Contained in Concentrates) |
|
|
|
Copper (000s pounds) |
2,906 |
3,794 |
-23% |
Gold (ounces) |
2,055 |
2,537 |
-19% |
Mine |
|
|
|
Tonnes of ore mined |
67,730 |
77,947 |
-13% |
Mill |
|
|
|
Tonnes processed |
67,354 |
74,580 |
-10% |
Tonnes processed per day |
858 |
888 |
-3% |
Copper grade (%) |
2.12 |
2.48 |
-14% |
Gold grade (g/t) |
1.51 |
1.75 |
-14% |
Recoveries |
|
|
|
Copper (%) |
92.3 |
93.0 |
Nil |
Gold (%) |
62.9 |
60.5 |
4% |
Concentrates |
|
|
|
Copper and Gold Concentrates (dmt) |
7,248 |
9,341 |
-22% |
|
|
|
|
Payable copper produced (000s lbs) |
2,729 |
3,567 |
-23% |
|
|
|
|
Note: Metal production figures are subject to
adjustments based on final settlement. The reported results are
preliminary in nature and are awaiting independent lab
verification.
Concentrate Inventory
The number of shipments the Company can export
in any given quarter depends on several variables some of which the
Company does not control, hence there may be an inherent
variability in tonnes shipped quarter to quarter.
|
Q3 2024 Total |
|
Amounts in dry metric tonnes |
|
Opening inventory |
10,627 |
|
Production |
7,248 |
|
Sales |
(11,944 |
) |
Adjustments |
(108 |
) |
Number of shipments |
1.4 |
|
Closing inventory |
5,823 |
|
|
|
|
Note: Concentrate 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
1,000 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’s reserves estimate, with an effective
date of March 12, 2024, includes Proven and Probable mineral
reserves of 828 thousand tonnes averaging 2.49% Cu, 2.20 g/t Au and
a life of mine until Q1-2027. A full NI 43-101 technical report is
available on SEDAR+. For more information on the reserves
estimate refer to SEDAR+ and on the Company’s website.
Mineralization is open at depth and along strike
and the Company plans to further test the limits of the deposit. 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.
Qualified Person
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 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
Corporation
Trading symbols: TSX.V: ATY | OTCQX: ATCMF
Investor RelationsIgor DutinaTel:
+1.604.633.9022
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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;
and other risks and uncertainties disclosed under the heading “Risk
Factors” in the AIF of the Company dated September 4, 2024 filed
with the Canadian securities regulatory authorities on the SEDAR+
website at www.sedarplus.com
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