|By Marketwired .||
|January 29, 2014 09:15 AM EST||
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
The essence of data analysis involves setting up data pipelines that consist of several operations that are chained together – starting from data collection, data quality checks, data integration, data analysis and data visualization (including the setting up of interaction paths in that visualization). In our opinion, the challenges stem from the technology diversity at each stage of the data pipeline as well as the lack of process around the analysis.
May. 28, 2016 01:30 AM EDT Reads: 1,425
Many banks and financial institutions are experimenting with containers in development environments, but when will they move into production? Containers are seen as the key to achieving the ultimate in information technology flexibility and agility. Containers work on both public and private clouds, and make it easy to build and deploy applications. The challenge for regulated industries is the cost and complexity of container security compliance. VM security compliance is already challenging, ...
May. 28, 2016 01:15 AM EDT Reads: 1,254
Designing IoT applications is complex, but deploying them in a scalable fashion is even more complex. A scalable, API first IaaS cloud is a good start, but in order to understand the various components specific to deploying IoT applications, one needs to understand the architecture of these applications and figure out how to scale these components independently. In his session at @ThingsExpo, Nara Rajagopalan is CEO of Accelerite, will discuss the fundamental architecture of IoT applications, ...
May. 28, 2016 01:00 AM EDT Reads: 1,234
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
May. 28, 2016 01:00 AM EDT Reads: 1,910
Enterprise networks are complex. Moreover, they were designed and deployed to meet a specific set of business requirements at a specific point in time. But, the adoption of cloud services, new business applications and intensifying security policies, among other factors, require IT organizations to continuously deploy configuration changes. Therefore, enterprises are looking for better ways to automate the management of their networks while still leveraging existing capabilities, optimizing perf...
May. 28, 2016 12:45 AM EDT Reads: 1,313
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
May. 28, 2016 12:30 AM EDT Reads: 2,001
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 18th International CloudExpo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
May. 28, 2016 12:15 AM EDT Reads: 2,396
In his session at 18th Cloud Expo, Bruce Swann, Senior Product Marketing Manager at Adobe, will discuss how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects). Bruce Swann has more than 15 years of experience working with digital marketing disciplines like web analytics, social med...
May. 28, 2016 12:00 AM EDT Reads: 1,314
SYS-CON Events announced today that EastBanc Technologies will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. EastBanc Technologies has been working at the frontier of technology since 1999. Today, the firm provides full-lifecycle software development delivering flexible technology solutions that seamlessly integrate with existing systems – whether on premise or cloud. EastBanc Technologies partners with p...
May. 27, 2016 11:30 PM EDT Reads: 2,292
The pace of innovation, vendor lock-in, production sustainability, cost-effectiveness, and managing risk… In his session at 18th Cloud Expo, Dan Choquette, Founder of RackN, will discuss how CIOs are challenged finding the balance of finding the right tools, technology and operational model that serves the business the best. He will discuss how clouds, open source software and infrastructure solutions have benefits but also drawbacks and how workload and operational portability between vendors...
May. 27, 2016 11:00 PM EDT Reads: 1,863
SYS-CON Events announced today that AppNeta, the leader in performance insight for business-critical web applications, will exhibit and present at SYS-CON's @DevOpsSummit at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. AppNeta is the only application performance monitoring (APM) company to provide solutions for all applications – applications you develop internally, business-critical SaaS applications you use and the networks that deli...
May. 27, 2016 11:00 PM EDT Reads: 2,491
SYS-CON Events announced today that BMC Software has been named "Siver Sponsor" of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. BMC is a global leader in innovative software solutions that help businesses transform into digital enterprises for the ultimate competitive advantage. BMC Digital Enterprise Management is a set of innovative IT solutions designed to make digital business fast, seamless, and optimized from mainframe to mo...
May. 27, 2016 10:30 PM EDT Reads: 2,189
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device. For more information, please visit https://www.mangoapps.com/.
May. 27, 2016 09:30 PM EDT Reads: 761
In the rush to compete in the digital age, a successful digital transformation is essential, but many organizations are setting themselves up for failure. There’s a common misconception that the process is just about technology, but it’s not. It’s about your business. It shouldn’t be treated as an isolated IT project; it should be driven by business needs with the committed involvement of a range of stakeholders.
May. 27, 2016 09:00 PM EDT Reads: 2,484
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discuss how businesses can gain an edge over competitors by empowering consumers to take control through IoT. We'll cite examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He'll also highlight how IoT can revitalize and restore outdated business models, making them profitable...
May. 27, 2016 07:45 PM EDT Reads: 2,858