TIDMATYM
RNS Number : 1263O
Atalaya Mining PLC
06 October 2021
6 October 2021
Atalaya Mining Plc.
("Atalaya" or the "Company")
Proyecto Masa Valverde Exploration Update
Positive drilling results from Proyecto Masa Valverde including
significant high-grade zones from both Masa Valverde and Majadales
massive sulphide deposits.
Atalaya Mining Plc (AIM:ATYM, TSX:AYM) is pleased to announce
positive progress regarding ongoing resource definition drilling at
Proyecto Masa Valverde ("Proyecto Masa Valverde") in Huelva,
Spain.
A version of this announcement containing all referenced maps
can be found on the Company's website at www.atalayamining.com (the
"Website Announcement").
About Proyecto Masa Valverde
As announced on 21 October 2020, the Company entered into a
definitive purchase agreement to acquire 100% of Proyecto Masa
Valverde which includes the Masa Valverde polymetallic deposit, the
Majadales discovery and the unexplored Campanario-Descamisada
area.
Masa Valverde is a large single undeveloped massive sulphide
deposit strategically located 28 km south of Atalaya's 15 Mtpa mill
at Proyecto Riotinto and 6 km south from Sotiel underground mine
owned by MATSA recently acquired by Sandfire Resources (ASX:SFR).
Refer to figure 1 on the Website Announcement.
Recent Drilling Highlights
The recent drilling campaign has intersected broad intervals of
massive and stockwork type polymetallic sulphide mineralization
including significant high grade intercepts at both Masa Valverde
and Majadales.
A summary of select recent drill holes intersections is inserted
below:
Masa Valverde
DDH From To Interval Cueq Cu Zn Pb Au Ag
(m) (m) (m) (%) (%) (%) (%) (g/t) (g/t)
=========== ===== ===== ========= ===== ===== ===== ===== ======= =======
MJ-38 421 590 169 1.55 0.52 2.00 0.94 0.47 26
including 423 444 21 2.63 0.43 5.23 1.56 0.72 34.90
Including 478 486 8 2.18 1.99 0.30 0.08 0.11 10.50
Including 538 553 15 3.24 0.32 6.83 2.47 0.65 39.27
including 580 586 6 3.63 0.18 6.84 3.88 0.83 65.67
----------- ----- ----- --------- ----- ----- ----- ----- ------- -------
MJ-40 460 612 152 1.24 0.39 1.77 0.44 n.a. 27.79
including 506 564 58 2.27 0.42 4.28 0.96 n.a. 43.28
and
688 789 101 1.67 0.70 2.31 0.41 n.a. 22.52
including 710 789 79 1.93 0.72 2.93 0.52 n.a. 27.18
----------- ----- ----- --------- ----- ----- ----- ----- ------- -------
Majadales
DDH From To Interval Cueq Cu Zn Pb Au Ag
(m) (m) (m) (%) (%) (%) (%) (g/t) (g/t)
=========== ======= ===== ========= ===== ===== ===== ===== ======= =======
MJ-39 351.80 370 18.2 2.83 0.87 3.58 2.03 0.21 53.79
including 351.80 364 12.2 3.94 1.21 4.91 2.83 0.27 76.72
----------- ------- ----- --------- ----- ----- ----- ----- ------- -------
Complete assay results are presented in tables 1 and 2
below.
Campanario-Descamisada
Campanario-Descamisada is a 5 km long NW trending mineralized
corridor located approximately 1.5 km NE of Masa Valverde and
Majadales and defined by numerous small, old workings with Au-rich
gossans and occasionally relicts of massive sulphides. Limited
historical drilling had returned promising results at shallow
depths: for example, 8.25 meters at 1.27% Cu from 86.25 meters
depth.
Forward plan for Proyecto Masa Valverde
Drilling will continue beyond the initial 8,000 meters planned
for this campaign with two rigs and an aim to: (i) gain confidence
in the resource estimate and obtain samples for metallurgical
testing; (ii) define the extensions of known mineralization at both
the Masa Valverde and Majadales deposits; (iii) test the main
geophysical anomalies generated during the recently completed FLEM
survey; and (iv) determine the ultimate exploration potential of
the promising new area named Campanario-Descamisada target
zone.
Current and new drilling data will be incorporated into the NI
43-101 compliant report for Proyecto Masa Valverde that is
currently being prepared by CSA Global and expected by early Q1
2022.
Alberto Lavandeira, CEO, commented :
"These excellent drilling results from both Masa Valverde and
Majadales confirm our belief that the historical resource at Masa
Valverde, which excluded Majadales, can be improved and also
expanded. The definition of higher grade Cu and Zn zones inside the
larger mineralized intervals will be one of the keys for moving
this project to production. Based on these encouraging results we
have decided to extend the 8,000 meter drilling program initially
planned for this campaign to include the first systematic drilling
program at the promising Campanario-Descamisada target zone. We
believe that Proyecto Masa Valverde is an important growth project
for Atalaya and has the potential to become a source of high grade
ore to supplement mill feed at Proyecto Riotinto, which continues
to operate above nameplate capacity."
Proyecto Masa Valverde drilling
The aim of the current drilling program at Proyecto Masa
Valverde is to confirm, expand and upgrade historical NI 43-101
resources reported to be 66 Mt at 0.67% Cu, 1.92% Zn, 0.90% Pb, 34
g/t Ag and 0.63 g/t Au (refer to the announcement made on 21
October 2020). The core obtained during the drilling campaign will
also be used for metallurgical test work.
To date, a total of 5,874 meters through 8 diamond drill holes
have been completed by Atalaya and two more holes are in progress.
Four holes were drilled at the Masa Valverde polymetallic sulphide
deposit and four in the Majadales satellite body (refer to figures
2 and 3 of the Website Announcement). Majadales, located 1 km to
the east of Masa Valverde, was discovered by Atalaya's exploration
team in July 2019 when drill testing a coincident gravity and
ground electromagnetic geophysical anomaly.
First resource estimation for Majadales will be included in the
NI 43-101 report for Proyecto Masa Valverde that is currently in
progress.
Drill holes at Masa Valverde deposit
Three drill holes at Masa Valverde, MJ36, MJ-38 and MJ-40, were
designed as infill holes while MJ-34 was a step out hole that did
not extend known mineralization to the east.
Results so far confirm and improve the previously known
mineralization in terms of widths and grades. Mineralization
remains open in several sections of the deposit as indicated in
figure 4 of the Website Announcement.
Additional drilling at Masa Valverde will continue filling the
main gaps of the historical drilling as well as testing the
potential extensions. Priority will be given to demonstrate the
continuity and size of the higher-grade Cu and Zn zones.
Drill holes at Majadales deposit
The four holes completed at Majadales sulphide body were step
out holes, three of which (MJ-35, MJ-39 and MJ-41) extended known
mineralization to the east, up dip and down dip 70, 30 and 15
meters respectively as can be seen in figure 5 of the Website
Announcement. Additional drilling at Majadales will be focused on
testing those zones that remain open.
Overall drill results
Assay results were received for six holes while two more were
not sampled due to lack of visible mineralization. Table 1 below
includes most significant intercepts received from the current
campaign over Masa Valverde deposit, while Table 2 includes all the
intercepts had so far at Majadales.
Table 1.
Masa Valverde Drill Hole
Table(1)
Hole Length From (m) To (m) Interval (2) Cu Zn Pb % Au g/t Ag g/t
ID (m) (m) CuEq % %
%
MJ34BIS 622.1 No Significant Intersection
--------- ---------- -----------------------------------------------------------------------------
MJ36 632 412.00 575.00 163.00 1.14 0.48 1.09 0.65 0.42 23.15
------- --------- ------ ----- ------ ----- ------- -------
Including 425.00 466.90 41.90 2.17 0.46 3.41 1.65 0.64 38.94
------- --------- ------ ----- ------ ----- ------- -------
Inc. 431.00 450.00 19.00 2.69 0.42 5.05 1.78 0.75 43.84
------- --------- ------ ----- ------ ----- ------- -------
Including 509.00 575.00 66.00 1.00 0.72 0.18 0.22 0.50 22.12
------- --------- ------ ----- ------ ----- ------- -------
Inc. 515.00 532.00 17.00 1.45 1.06 0.37 0.44 0.33 22.13
------- --------- ------ ----- ------ ----- ------- -------
Inc. 566.00 573.00 7.00 1.26 1.02 0.02 0.17 1.13 24.57
--------- ---------- ------- --------- ------ ----- ------ ----- ------- -------
MJ38 739.5 421.00 590.00 169.00 1.55 0.52 2.00 0.94 0.47 26.63
------- --------- ------ ----- ------ ----- ------- -------
Including 423.00 444.00 21.00 2.63 0.43 5.23 1.56 0.72 34.90
------- --------- ------ ----- ------ ----- ------- -------
Inc. 423.00 428.00 5.00 4.70 0.21 10.11 4.45 1.07 57.20
------- --------- ------ ----- ------ ----- ------- -------
Including 444.00 488.00 44.00 1.27 0.82 0.76 0.40 0.24 16.20
------- --------- ------ ----- ------ ----- ------- -------
Inc. 478.00 486.00 8.00 2.18 1.99 0.30 0.08 0.11 10.50
------- --------- ------ ----- ------ ----- ------- -------
Including 538.00 553.00 15.00 3.24 0.32 6.83 2.47 0.65 39.27
------- --------- ------ ----- ------ ----- ------- -------
Inc. 545.00 553.00 8.00 4.35 0.27 9.48 3.72 0.73 49.38
------- --------- ------ ----- ------ ----- ------- -------
Including 557.00 576.00 19.00 1.50 0.64 0.89 1.08 1.11 43.32
------- --------- ------ ----- ------ ----- ------- -------
Including 580.00 586.00 6.00 3.63 0.18 6.84 3.88 0.83 65.67
--------- ---------- ------- --------- ------ ----- ------ ----- ------- -------
(3)
MJ40 831.5 460.00 612.00 152.00 1.24 0.39 1.77 0.44 NA 27.79
------- --------- ------ ----- ------ ----- ------- -------
Including 506.00 564.00 58.00 2.27 0.42 4.28 0.96 NA 43.28
------- --------- ------ ----- ------ ----- ------- -------
688.00 789.00 101.00 1.67 0.70 2.31 0.41 NA 22.52
------- --------- ------ ----- ------ ----- ------- -------
Including 710.00 789.00 79.00 1.93 0.72 2.93 0.52 NA 27.18
------- --------- ------ ----- ------ ----- ------- -------
Inc. 772.00 788.00 16.00 2.83 0.53 5.45 1.26 NA 47.31
--------- ---------- ------- --------- ------ ----- ------ ----- ------- -------
(1) Table showing detailed drill results over sulphide mineralized
intervals.
(2) Metal prices used: Cu 4.00 USD/lb, Zn 1.20 USD/lb, Pb 0.90
USD/lb, Ag 22 USD/oz. Copper Equivalent (CuEq) values are for exploration
purposes only and no metallurgical recovery was applied. Au is
not included.
(3) Assays from Proyecto Riotinto laboratory. See QA/QC section
for further details.
Table 2.
Majadales Drill Hole Table(1)
Hole ID Length (m) From (m) To (m) Interval (m) (2) CuEq % Cu % Zn % Pb % Au g/t Ag g/t
MVE-1 127.55 No Significant Intersection
------------- ----------- ----------------------------------------------------------------------------------------
MVE-1-BIS 593.4 No Significant Intersection
------------- ----------- ----------------------------------------------------------------------------------------
MVE-3 612.9 No Significant Intersection
------------- ----------- ----------------------------------------------------------------------------------------
MVE-4-BIS 484.9 350.20 365.60 15.40 1.58 0.75 1.45 0.62 0.17 31.59
-------- -------------- ----------- ----- ----- ----- ------- -------
Including 350.20 355.50 5.30 3.30 1.82 2.18 0.92 0.32 77.57
------------- ----------- -------- -------------- ----------- ----- ----- ----- ------- -------
MJ01 452.5 336.70 340.60 3.90 1.74 0.98 0.06 0.54 0.15 76.92
-------- -------------- ----------- ----- ----- ----- ------- -------
349.90 354.10 4.20 3.99 1.81 4.23 1.78 0.65 63.52
MJ02 417.9 323.15 327.15 4.00 3.74 1.17 3.86 2.31 0.40 111.35
-----------
MJ03 608.4 No Significant Intersection
------------- ----------- ----------------------------------------------------------------------------------------
MJ04 610.8 No Significant Intersection
------------- ----------- ----------------------------------------------------------------------------------------
MJ05 471.65 389.55 396.00 6.45 0.54 0.33 0.14 0.13 0.44 17.43
------------- ----------- -------- -------------- ----------- ----- ----- ----- ------- -------
MJ06 428.5 354.90 380.50 25.60 2.56 0.96 2.95 1.38 0.21 50.21
-------- -------------- ----------- ----- ----- ----- ------- -------
Including 357.90 369.00 11.10 3.64 1.22 4.39 2.18 0.29 76.47
------------- ----------- -------- -------------- ----------- ----- ----- ----- ------- -------
MJ07 428.45 377.65 392.70 15.05 2.26 0.60 3.14 1.54 0.17 46.58
-------- -------------- ----------- ----- ----- ----- ------- -------
Including 377.65 385.15 7.50 3.61 0.81 5.04 2.70 0.23 84.63
-------- -------------- ----------- ----- ----- ----- ------- -------
403.00 405.00 2.00 0.64 0.61 0.05 0.01 0.07 1.00
------------- ----------- -------- -------------- ----------- ----- ----- ----- ------- -------
MJ08 440.2 383.90 407.80 23.90 2.96 1.12 3.77 1.56 0.32 44.36
-------- -------------- ----------- ----- ----- ----- ------- -------
Including 383.90 393.50 9.60 4.34 1.47 6.09 2.25 0.32 67.41
------------- ----------- -------- -------------- ----------- ----- ----- ----- ------- -------
MJ09 458.6 397.50 422.20 24.70 1.92 1.14 1.45 0.53 0.36 27.72
------------- ----------- -------- -------------- ----------- ----- ----- ----- ------- -------
MJ10 509.5 419.50 424.50 5.00 1.25 1.08 0.29 0.10 0.21 7.80
------------- ----------- -------- -------------- ----------- ----- ----- ----- ------- -------
MJ11 425.5 337.55 349.65 12.10 3.53 0.95 5.26 2.21 0.43 62.70
-------- -------------- ----------- ----- ----- ----- ------- -------
361.50 371.50 10.00 1.29 1.18 0.24 0.02 0.02 4.00
------------- ----------- -------- -------------- ----------- ----- ----- ----- ------- -------
MJ12 465.9 No Significant Intersection
------------- ----------- ----------------------------------------------------------------------------------------
MJ13 451.5 392.10 404.90 12.80 3.38 0.89 4.38 2.51 0.30 75.64
------------- ----------- -------- -------------- ----------- ----- ----- ----- ------- -------
MJ14 488.65 No Significant Intersection
------------- ----------- ----------------------------------------------------------------------------------------
MJ15 405 343.20 349.50 6.30 0.56 0.32 0.31 0.19 0.28 13.00
------------- ----------- -------- -------------- ----------- ----- ----- ----- ------- -------
MJ16 452.6 386.75 398.60 11.85 1.12 0.59 0.83 0.18 0.23 29.49
------------- ----------- -------- -------------- ----------- ----- ----- ----- ------- -------
MJ17 830.5 No Significant Intersection
------------- ----------- ----------------------------------------------------------------------------------------
MJ18 446.55 376.20 385.15 8.95 2.58 0.72 3.52 1.75 0.22 50.88
-------- -------------- ----------- ----- ----- ----- ------- -------
Including 376.20 382.90 6.70 3.28 0.86 4.57 2.29 0.26 66.81
-------- -------------- ----------- ----- ----- ----- ------- -------
391.20 393.20 2.00 0.39 0.31 0.08 0.07 0.36 5.00
------------- ----------- -------- -------------- ----------- ----- ----- ----- ------- -------
MJ19 449 403.80 410.80 7.00 2.55 0.99 2.58 1.70 0.19 50.81
------------- ----------- -------- -------------- ----------- ----- ----- ----- ------- -------
MJ20 555.5 426.40 427.90 1.50 3.99 1.64 5.33 1.32 0.53 56.00
------------- ----------- -------- -------------- ----------- ----- ----- ----- ------- -------
MJ21 515.5 409.65 411.15 1.50 2.05 1.66 0.05 0.22 0.70 41.00
------------- ----------- -------- -------------- ----------- ----- ----- ----- ------- -------
MJ23 451.55 369.90 370.90 1.00 0.39 0.37 0.03 0.03 0.08 0.01
------------- ----------- -------- -------------- ----------- ----- ----- ----- ------- -------
MJ26 497.6 381.20 385.20 4.00 1.12 0.06 2.09 1.42 0.09 14.00
------------- ----------- -------- -------------- ----------- ----- ----- ----- ------- -------
MJ27 520.85 No Significant Intersection
------------- ----------- ----------------------------------------------------------------------------------------
MJ28 554.8 No Significant Intersection
------------- ----------- ----------------------------------------------------------------------------------------
MJ29 494.45 424.65 425.65 1.00 0.71 0.60 0.04 0.11 0.23 9.00
-------- -------------- ----------- ----- ----- ----- ------- -------
431.05 432.05 1.00 0.54 0.33 0.13 0.33 0.27 12.00
------------- ----------- -------- -------------- ----------- ----- ----- ----- ------- -------
MJ33 504.2 No Significant Intersection
------------- ----------- ----------------------------------------------------------------------------------------
MJ35 452.8 336.20 341.00 4.80 1.20 0.91 0.07 0.14 0.17 29.17
------------- ----------- -------- -------------- ----------- ----- ----- ----- ------- -------
MJ37 582 No Significant Intersection
------------- ----------- ----------------------------------------------------------------------------------------
MJ39 458 351.80 370.00 18.20 2.83 0.87 3.58 2.03 0.21 53.79
-------- -------------- ----------- ----- ----- ----- ------- -------
Including 351.80 364.00 12.20 3.94 1.21 4.91 2.83 0.27 76.72
------------- ----------- -------- -------------- ----------- ----- ----- ----- ------- -------
3MJ41 476.7 399.50 413.00 13.50 0.66 0.41 0.14 0.12 NA 22.44
------------- ----------- -------- -------------- ----------- ----- ----- ----- ------- -------
(1) Table showing detailed drill results over 0.30% Cu.
(2) Metal prices used: Cu 4.00 USD/lb, Zn 1.20 USD/lb, Pb 0.90 USD/lb, Ag 22 USD/oz. Copper
Equivalent (CuEq) values are for exploration purposes only and no metallurgical recovery was
applied. Au is not included.
(3) Assays from Proyecto Riotinto laboratory. See QA/QC section for further details.
Anomalous cobalt values are being encountered at both Masa
Valverde and Majadales, such as hole MJ-36 with an interval of 17.8
meters at 384 ppm cobalt and 1.00% Cu or hole MJ-39 with 7.2 meters
at 331 ppm cobalt and 1.81% copper. Frequently, the elevated cobalt
values are associated with high Cu values. Possibilities to
economically recover this cobalt content will be investigated.
Geophysical survey
A comprehensive Fixed Loop Electromagnetic survey ("FLEM")
survey covering most of the permit area was recently finalised
(refer to figure 6 in the Website Announcement).
Data interpretation is near completion. Based on internal
preliminary reports we anticipate that several high priority
anomalies potentially associated with massive sulphides will be
delineated. These will be recommended for immediate drill testing
to confirm the presence of a large and very conductive anomaly
located 1,300 meters to the NW and along the same structural and
stratigraphic setting as Masa Valverde and Majadales.
Additional metallurgical and mineralogical work is already in
progress and results will be incorporated into next NI 43-101
compliant report.
Qualified Person Statement
Alberto Lavandeira has reviewed the technical information
contained within this announcement in his capacity as a Qualified
Person, as required under the AIM Rules for Companies. Alberto
Lavandeira is the Chief Executive Officer for the Company and is a
member of good standing with the Association of Mining Engineers of
Spain, with over 41 years' experience.
Glossary of Terms
Ag Silver
As Arsenic
-----------------------------------------------------
Au Gold
-----------------------------------------------------
Cu Copper
-----------------------------------------------------
Co Cobalt
-----------------------------------------------------
FLEM Fixed Loop Electromagnetic Survey
-----------------------------------------------------
g/t Grams per tonne
-----------------------------------------------------
Gal Unit of gravity
-----------------------------------------------------
Hg Mercury
-----------------------------------------------------
Inferred mineral That part of a Mineral Resource for which
resource quantity, grade or quality, densities, shape
and physical characteristics are estimated
with sufficient confidence to allow the application
of Modifying Factors in sufficient detail
to support mine planning and evaluation of
the economic viability of the deposit. Geological
evidence is derived from adequately detailed
and reliable exploration, sampling and testing
and is sufficient to assume geological and
grade or quality continuity between points
of observation. An Indicated Mineral Resource
has a lower level of confidence than that
applying to a Measured Mineral Resource and
may only be converted to a Probable Mineral
Reserve.
-----------------------------------------------------
Mt Million tonnes
-----------------------------------------------------
n.a. Not available
-----------------------------------------------------
N.I. 43-101 National Instrument for the standards of
Disclosure for Mineral Projects for Canada
-----------------------------------------------------
Pb Lead
-----------------------------------------------------
PPM Part per million
-----------------------------------------------------
Stockwork It's a complex 3D network of structurally
controlled or randomly oriented veins. They
are common in many ore deposit types. They
are also referred to as stringer zones.
-----------------------------------------------------
Zn Zinc
-----------------------------------------------------
Contacts:
Elisabeth Cowell / Adam Lloyd / + 44 20 3757
Newgate Communications Tom Carnegie 6880
+44 20 3170
4C Communications Carina Corbett 7973
----------------------------------- -------------
Canaccord Genuity
(NOMAD and Joint Henry Fitzgerald-O'Connor / James +44 20 7523
Broker) Asensio 8000
----------------------------------- -------------
BMO Capital Markets +44 20 7236
(Joint Broker) Tom Rider / Andrew Cameron 1010
----------------------------------- -------------
Peel Hunt LLP +44 20 7418
(Joint Broker) Ross Allister / David McKeown 8900
----------------------------------- -------------
About Atalaya Mining Plc
Atalaya is an AIM and TSX-listed mining and development group
which produces copper concentrates and silver by-product at its
wholly owned Proyecto Riotinto site in southwest Spain. Atalaya's
current operations include the Cerro Colorado open pit mine and a
modern 15 Mtpa processing plant, which has the potential to become
a centralised processing hub for ore sourced from its wholly owned
regional projects around Riotinto that include Proyecto Masa
Valverde and Proyecto Riotinto East. In addition, the Group has a
phased, earn-in agreement for up to 80% ownership of Proyecto
Touro, a brownfield copper project in the northwest of Spain. For
further information, visit www.atalayamining.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
DRLEANESEDSFFFA
(END) Dow Jones Newswires
October 06, 2021 02:00 ET (06:00 GMT)
Atalaya Mining (LSE:ATYM)
Historical Stock Chart
From Mar 2024 to Apr 2024
Atalaya Mining (LSE:ATYM)
Historical Stock Chart
From Apr 2023 to Apr 2024