Click here to close now.




















Welcome!

News Feed Item

Atacama Reports Cerro Maricunga M&I Oxide Resources Increase to 3.470 Million Ounces of Gold

TORONTO, ONTARIO -- (Marketwired) -- 01/29/14 -- Atacama Pacific Gold Corporation (TSX VENTURE: ATM) ("Atacama") is pleased to report the updated pit constrained oxide-associated resource estimate for its Cerro Maricunga gold deposit located in northern Chile, 117 kilometres northeast of Copiapo.

Undiluted measured and indicated ("M&I") resources increased by 1.01 million ounces to 3.470 million ounces of gold in 248.8 million tonnes grading 0.43 grams per tonne gold ("g/t Au") with a further 43,000 ounces of gold in 3.1 million tonnes grading 0.43 g/t Au in the inferred category. The gain in M&I resources is largely due to the conversion of inferred resources to the M&I category as a result of the 25,457-metre Phase IV infill drilling program completed in 2013.

The current resource estimate was confined within a Whittle pit shell modelled at a gold price of US$1,200 per ounce whereas the previous resource was modelled at a US$1,400 per ounce gold price. Table 1 summarizes the resource estimate by zone. A cut-off grade of 0.18 g/t Au was used to estimate the current resource.

"With the 1.01 million ounce increase in M&I gold resources, we surpassed our goal of converting 750,000 inferred ounces of gold from our previous estimate to the current M&I category and underlined the remarkable consistency of the oxide gold mineralization at Cerro Maricunga," said Carl Hansen, President and CEO of Atacama. "Over a period of three years, we have aggressively advanced Cerro Maricunga from a grassroots discovery to one of the largest undeveloped oxide gold deposits in the world with 3.470 million ounces of gold outlined to date. With the majority of the resources now in the M&I category, the updated estimate will form the foundation of a prefeasibility study, the next stage in the development of Cerro Maricunga, which is anticipated to be completed during the second quarter 2014."


Table 1 - Cerro Maricunga Oxide Resource(1) Estimate by Zone, January 2014

----------------------------------------------------------------------------
                                      Measured and
         Measured     Indicated        Indicated             Inferred
       ------------ ------------- -------------------- ---------------------
       Tonnes Grade Tonnes  Grade Tonnes Grade    Gold Tonnes  Grade    Gold
       (mill-  (g/t (mill-   (g/t (mill-  (g/t  Ounces (mill-   (g/t  Ounces
Zone    ions)   Au)  ions)    Au)  ions)   Au) (000's)  ions)    Au) (000's)
----------------------------------------------------------------------------
Lynx     16.9  0.48   43.1   0.46   60.0  0.46     893    1.7   0.48      27
----------------------------------------------------------------------------
Crux     36.1  0.47   59.9   0.44   96.0  0.45   1,398    0.9   0.35      10
----------------------------------------------------------------------------
Phoenix  54.4  0.40   37.4   0.40   91.7  0.40   1,171    0.3   0.52       5
----------------------------------------------------------------------------
Other     0.9  0.23    0.3   0.23    1.1  0.23       8    0.1   0.20       1
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Totals
 (2)    108.2  0.43  140.6   0.43  248.8  0.43   3,470    3.1   0.43      43
----------------------------------------------------------------------------
1. Resource estimated at a 0.18 g/t Au cut-off grade.
2. Apparent summation errors are due to rounding

The previously reported pit constrained resource, used in the Cerro Maricunga preliminary economic assessment ("PEA") issued January 28, 2013, was estimated at 2.460 million ounces in the M&I category (185.8 million tonnes grading 0.41 g/t Au) with a further 0.938 million ounces in the inferred category (75.4 million tonnes grading 0.39 g/t Au).

The Cerro Maricunga resource is largely located within three gold zones, the Lynx, Phoenix and Crux zones (see Figure 1, attached), which outcrop on surface. A small portion of the M&I resource (8,000 ounces of gold in 1.1 million tonnes grading 0.23 g/t Au) lies outside the confines of the three zones but within the pit boundaries and is classified as Other In-Pit. While the strike extent of the three main zones has been defined by drilling, the full potential of the Cerro Maricunga volcanic complex has not been fully tested. The oxide-associated gold mineralization has been drilled to depths in excess of 600 metres and remains open to depth.

The Cerro Maricunga gold deposit is hosted in intrusive subvolcanic rocks and genetically related breccia emplaced along a main north-west striking structure. The mineralization consists mainly of free gold commonly associated with black/grey-banded quartz veinlets. Sulphides are scarce.

Resource Estimation Methodology

The Cerro Maricunga resource estimate is based upon 29,547 metres of diamond drilling (86 holes) and 75,496 metres of reverse circulation ("RC") drilling (234 holes) for a total of 105,043 metres of drilling along with five trenches totalling 266 metres. A total of 21,385 two-metre samples were used in the estimation: Lynx Zone - 4,102 samples; Phoenix Zone - 11,746 samples; and, Crux Zone - 5,537 samples. A total of 31,227 two-metre samples fell outside the mineralized zones and were used to estimate these areas. The previously designated Pollux Zone has been incorporated into the Phoenix zone.

The resource estimate has been constrained by a conceptual pit shell in order to confirm reasonable prospects of economic extraction as set out in the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition Standards for Mineral Resources and Mineral Reserves and National Instrument 43-101 ("NI 43-101").

Three-dimensional solids were built for each zone using a 0.15 g/t Au grade shell and taking into account structure controls. The following zones were defined based on the structural pattern of the 2013 geological model: Crux + South Phoenix, North Phoenix and Lynx. Standard geostatistical analyses including basic statistics, histograms, scatterplots, declustering, contact profiles, and variography were carried out for each zone as well as areas falling outside the mineralized zones. Directional variography revealed that the aforementioned zones had a vertical anisotropy. Resources within and outside the 0.15 g/t Au grade envelopes were estimated via Ordinary Kriging in three passes.

Resources were classified according to the following criteria: blocks located within a 50 x 50 metre grid were placed in the measured category; blocks located within a 100 x 100 metre grid were categorized as indicated, while the remaining blocks within the mineralized envelope were classified as inferred.

A total of 527 10-centimetre core specimens were tested for specific gravity. The specific gravity for each block in the model was estimated via Ordinary Kriging.

Parameters used to establish the conceptual pit were: mining costs of US$1.40 per tonne mined, processing costs of US$2.53 per tonne, G&A of US$0.51 per tonne processed, gold recovery of 81%, an overall pit slope angle of 42 degrees, a gold price of US$1,200 per ounce and a 0.18 g/t raised cut-off grade. These parameters were similar to those used in the Cerro Maricunga PEA issued by Atacama in January 2013 with minor adjustments to costs due to changes in the estimated exchange rate.

The updated M&I and inferred mineral resource estimates reported herein are contained within a resource-limiting open-pit shell along a 2,500 metre trend, 800 metres wide and up to 460 metres deep.

Readers are cautioned that the conceptual pit shell for the resource model disclosed above does not constitute an economic analysis of mineral resources. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Quality Assurance / Quality Control Program

RC chips and diamond drill core from Atacama's drilling campaign were collected at the drilling site under the direct supervision of Atacama staff. The RC samples and drill core were appropriately tagged, secured and transported to the Atacama exploration camp and then to Atacama's secure sample, logging and storage facility in Copiapo, Chile. Each RC chip sample was split to obtain an approximate 15 kilogram sample for assay purposes. Representative chips were collected from each sample for logging purposes. Drill core was logged, marked at two metre intervals for sampling and split longitudinally with a diamond saw. One half of the core was bagged and sample tags attached. The second half of the core was returned to the core boxes. All samples were appropriately tagged and sent to Asesoria Minera Geoanalitica Ltda.'s sample preparation facility in Copiapo. Resulting pulps were then returned to Atacama's storage facility for insertion of quality assurance and quality control ("QA-QC") pulps and standards and thereafter re-numbered using bar codes. Final sample batches were then transported by Atacama personnel to Activation Laboratorios Ltda. in Coquimbo, Chile for assaying. Samples were analyzed for gold using 50 gram fire assay with atomic absorption spectrographic finish for a sensitivity of 5 ppb (.005 ppm) gold.

Sample QA-QC control measures for the Phase IV program included the insertion of duplicates, standards and blanks. Statistical analyses were performed for: 335 field duplicates for RC drilling; 134 coarse duplicates (10#) for diamond drilling; and 469 pulp duplicates for chemical laboratory analysis. Additionally, analyses were performed for 481 standards and 150 blank samples. Overall conclusions drawn from the QA-QC programme are as follows:


--  Analyses of duplicates show good precision, indicating that the
    protocols used for sample preparation and assaying were adequate.
--  Analyses of standards used during exploration show good accuracy.
--  Analyses of blanks show no serious cross contamination problems between
    samples.

The overall conclusion is that QA-QC data generated throughout the Cerro Maricunga Phase IV drilling program meets acceptability criteria and therefore the exploration data can be used with confidence for resource modeling and estimation.

National Instrument 43-101 Compliance

The Cerro Maricunga resource estimate was prepared under CIM Definition Standards (2005). Dr. Eduardo Magri, a mining engineer (University of Witwatersrand) and a Fellow of the Southern African Institute of Mining and Metallurgy with over 30 years of industry experience, is the independent qualified person, as defined by defined by Section 1.5 of NI 43-101, for the resource estimate. Dr. Magri has reviewed and verified the contents of this press release, however is not responsible for the conceptual pit shell.

Mr. Manuel Arre is a mining engineer with 12 years of experience in mine planning and is a registered member of the "Comision Calificadora de Competencias en Recursos y Reservas Mineras" (Chilean Mining Commission, registry n degrees 0193), an accepted foreign association as defined by NI 43-101 (Appendix A). Mr. Arre, an independent qualified person as defined by NI 43-101, generated, reviewed and approved the conceptual pit shell disclosed in this press release.

About Atacama Pacific Gold Corporation

Atacama's business is the acquisition, exploration and development of precious metals resource properties in Chile. Atacama's goal is to become a producer of gold through the exploration and development of the its Cerro Maricunga gold project, located in Region III, 117 kilometres northeast of the city of Copiapo. Atacama also has interests in four other mineral properties within close proximity of Cerro Maricunga and a fifth property in Chile's Region I.

FORWARD LOOKING STATEMENTS

This news release contains forward-looking statements, including predictions, projections and forecasts. Forward-looking statements include, but are not limited to: statements with respect to details of the Cerro Maricunga PEA which was press released January 28, 2013, including, but not limited to, references to potential gold production, estimated operating cash costs, preliminary initial and sustaining capital cost estimates and reference to the potential economic viability and economic returns; statements regarding the expectation to increase mineral resources; statements regarding expectations for receipt of permits and environmental approvals; exploration results (including with respect to water resources); 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's publicly filed documents.

Although Atacama 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.

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.

To view Figure 1 please click on the following link: http://media3.marketwire.com/docs/ATM0129.pdf

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
Skeuomorphism usually means retaining existing design cues in something new that doesn’t actually need them. However, the concept of skeuomorphism can be thought of as relating more broadly to applying existing patterns to new technologies that, in fact, cry out for new approaches. In his session at DevOps Summit, Gordon Haff, Senior Cloud Strategy Marketing and Evangelism Manager at Red Hat, discussed why containers should be paired with new architectural practices such as microservices rathe...
SYS-CON Events announced today that G2G3 will exhibit at SYS-CON's @DevOpsSummit Silicon Valley, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Based on a collective appreciation for user experience, design, and technology, G2G3 is uniquely qualified and motivated to redefine how organizations and people engage in an increasingly digital world.
Any Ops team trying to support a company in today’s cloud-connected world knows that a new way of thinking is required – one just as dramatic than the shift from Ops to DevOps. The diversity of modern operations requires teams to focus their impact on breadth vs. depth. In his session at DevOps Summit, Adam Serediuk, Director of Operations at xMatters, Inc., will discuss the strategic requirements of evolving from Ops to DevOps, and why modern Operations has begun leveraging the “NoOps” approa...
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Organizations from small to large are increasingly adopting cloud solutions to deliver essential business services at a much lower cost. According to cyber security experts, the frequency and severity of cyber-attacks are on the rise, causing alarm to businesses and customers across a variety of industries. To defend against exploits like these, a company must adopt a comprehensive security defense strategy that is designed for their business. In 2015, organizations such as United Airlines, Sony...
The Internet of Things is in the early stages of mainstream deployment but it promises to unlock value and rapidly transform how organizations manage, operationalize, and monetize their assets. IoT is a complex structure of hardware, sensors, applications, analytics and devices that need to be able to communicate geographically and across all functions. Once the data is collected from numerous endpoints, the challenge then becomes converting it into actionable insight.
Puppet Labs has announced the next major update to its flagship product: Puppet Enterprise 2015.2. This release includes new features providing DevOps teams with clarity, simplicity and additional management capabilities, including an all-new user interface, an interactive graph for visualizing infrastructure code, a new unified agent and broader infrastructure support.
Consumer IoT applications provide data about the user that just doesn’t exist in traditional PC or mobile web applications. This rich data, or “context,” enables the highly personalized consumer experiences that characterize many consumer IoT apps. This same data is also providing brands with unprecedented insight into how their connected products are being used, while, at the same time, powering highly targeted engagement and marketing opportunities. In his session at @ThingsExpo, Nathan Trel...
Amazon and Google have built software-defined data centers (SDDCs) that deliver massively scalable services with great efficiency. Yet, building SDDCs has proven to be a near impossibility for ‘normal’ companies without hyper-scale resources. In his session at 17th Cloud Expo, David Cauthron, founder and chief executive officer of Nimboxx, will discuss the evolution of virtualization (hardware, application, memory, storage) and how commodity / open source hyper converged infrastructure (HCI) so...
In their Live Hack” presentation at 17th Cloud Expo, Stephen Coty and Paul Fletcher, Chief Security Evangelists at Alert Logic, will provide the audience with a chance to see a live demonstration of the common tools cyber attackers use to attack cloud and traditional IT systems. This “Live Hack” uses open source attack tools that are free and available for download by anybody. Attendees will learn where to find and how to operate these tools for the purpose of testing their own IT infrastructu...
The web app is agile. The REST API is agile. The testing and planning are agile. But alas, data infrastructures certainly are not. Once an application matures, changing the shape or indexing scheme of data often forces at best a top down planning exercise and at worst includes schema changes that force downtime. The time has come for a new approach that fundamentally advances the agility of distributed data infrastructures. Come learn about a new solution to the problems faced by software organ...
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...
IBM’s Blue Box Cloud, powered by OpenStack, is now available in any of IBM’s globally integrated cloud data centers running SoftLayer infrastructure. Less than 90 days after its acquisition of Blue Box, IBM has integrated its Blue Box Cloud Dedicated private-cloud-as-a-service into its broader portfolio of OpenStack® based solutions. The announcement, made today at the OpenStack Silicon Valley event, further highlights IBM’s continued support to deliver OpenStack solutions across all cloud depl...
Red Hat is investing in Tesora, the number one contributor to OpenStack Trove Database as a Service (DBaaS) also ranked among the top 20 companies contributing to OpenStack overall. Tesora, the company bringing OpenStack Trove Database as a Service (DBaaS) to the enterprise, has announced that Red Hat and others have invested in the company as a part of Tesora's latest funding round. The funding agreement expands on the ongoing collaboration between Tesora and Red Hat, which dates back to Febr...