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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Atacama Pacific Gold Corporation | TSXV:ATM | TSX Venture | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0 | - |
Hot Features
Premium
Atacama Pacific Gold Corporation (TSX VENTURE:ATM) ("Atacama Pacific") is
pleased to report that all assay results have been received from the recently
completed 45,995-metre Phase III drill program on its 100%-owned Cerro Maricunga
oxide gold project and work is progressing on an updated resource estimate. The
Cerro Maricunga project is located 140 kilometres by road northeast of Copiapo
in Chile's prolific Maricunga Mineral Belt. Highlights from the final set of
drill results, which are summarized in Table 1, include:
-- 124 metres ("m") grading 1.26 grams per tonne gold ("g/t Au") from the
Crux Zone (CMR-188)
-- including 42 m at 2.52 g/t Au
-- 256 m grading 0.60 g/t Au and 98 m with 0.80 g/t Au from the Phoenix
Zone (CMD-187)
-- including 46 m at 1.20 g/t Au
-- 414 m grading 0.67 g/t Au from the Lynx Zone (CMR-209)
-- including 92 m at 1.24 g/t Au
-- 376 m grading 0.44 g/t Au from the recently discovered Lower East Zone
(CMR-155B)
-- including 22 m at 1.00 g/t Au
With the Phase III infill drilling program completed, the Crux, Phoenix and Lynx
zones have been drilled on fifty metre sections further defining the continuity
of the oxide mineralization throughout the three zones. As highlighted above,
continuous intervals of gold mineralization, with higher grade cores, were
returned from each of the three main oxide gold zones and from the recently
discovered Lower East Zone.
Eleven drill holes have cut the Lower East Zone to date outlining a corridor of
0.3 to 0.5 g/t oxide gold mineralization, as highlight by the results from
CMR-155B above, over a width of 200 metres and a strike length of 400 metres.
CMR-155B, a 178-metre extension of CMR-155, finished at a depth of 428 metres.
The Lower East Zone remains open to the northwest and may transition into the
northern contact of the Crux Zone to the southeast. See attached drill plan.
"With all drill results in hand, an updated resource estimate for the Cerro
Maricunga oxide gold deposit is on schedule for release during the current
quarter," said Carl Hansen, President and CEO of Atacama Pacific. "It is
anticipated that the new resource estimate will include mineralization from the
Lower East Zone, which represents a high priority target for the upcoming Phase
IV drill program slated for Q4. The updated resource model will form the basis
of the preliminary economic assessment which is scheduled for a late 2012
release."
Water Exploration Update
Atacama Pacific has completed 134 kilometres of time domain electromagnetic
("TEM") geophysics within the boundaries of it AMX water property located 95
kilometres north of the Cerro Maricunga property. The TEM geophysical survey
identified a number of potential aquifers which will be the focus on a water
drilling campaign in the fourth quarter 2012.
Santa Rosa Property Acquired
Atacama Pacific recently staked the Santa Rosa property, located two kilometres
to the south of its Cerro Maricunga property. The 1,800 hectare property
encompasses a large volcanic complex in a geological setting similar to that
which hosts the Cerro Maricunga deposit.
Share Capital Update
As at March 31, 2012, Atacama Pacific had unexercised warrants of 744,316 at a
price of US$0.90 and 2,127,500 at a price of $1.25. All warrants were exercised
by the expiry date of June 30, 2012 giving Atacama Pacific a total cash position
of $28.5 million. Presently, Atacama Pacific's share capital comprises
50,937,411 outstanding shares and 4,772,000 options, at a weighted average
exercise price of $4.63, for a fully diluted outstanding balance of 55,709,411
shares.
About Atacama Pacific Gold Corporation
Atacama Pacific's primary mineral property is the Cerro Maricunga
oxide-associated, breccia-hosted gold project which hosts, as of August 2011, a
resource, at a 0.3 g/t Au cut-off grade, of 1.62 million ounces of gold (92.8
million tonnes grading 0.54 g/t Au) in the indicated category with a further
1.95 million ounces (116.7 million tonnes grading 0.52 g/t Au) in the inferred
category. Atacama Pacific's goal is to become a producer of gold through the
exploration and development of the Cerro Maricunga Gold Project. Atacama Pacific
also owns six other mineral properties within close proximity to the Cerro
Maricunga Project and a fifth property in Chile's Region I.
National Instrument 43-101 Compliance
The Cerro Maricunga resource estimate was prepared under Canadian Institute of
Mining, Metallurgy and Petroleum Definition Standards (2005). Michael Easdon is
the independent qualified person, as defined by National Instrument 43-101 ("NI
43-101"), for the resource estimate. SRK Consulting (Chile) S.A. undertook to
prepare and is responsible for the resource estimate. Joled Nur, Geostatistical
Engineer for SRK Consulting (Chile) and a member of the Australasian Institute
of Mining and Metallurgy, is the qualified person who prepared the resource
estimate. For further details on the resource estimate as well as quality
control and quality assurance procedures, please review Atacama Pacific's August
24, 2011 press release or review the NI 43-101 compliant Technical Report dated
October 7, 2011 filed at www.sedar.com. Mr. Easdon, an independent qualified
person as defined by NI 43-101, has reviewed and verified the contents of this
press release.
Table 1 - Summary of Cerro Maricunga Drill Assay Results (Intervals greater
than 10 metres)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Hole # Section From To Interval Grade Zone Notes
(metres) (metres) (metres) (g/t Au)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
CMR-132 2450 130 142 12 0.48 Lynx
----------------------------------------------------------------------------
CMR-139 2550 96 120 24 0.30 Lynx at a 0.2 g/t
Au cut-off
----------------------------------------------------------------------------
CMD-141 1300 236 352 116 0.48 Phoenix at a 0.2 g/t
Au cut-off
----------------------------------------------------------------------------
including 254 328 74 0.62
----------------------------------------------------------------------------
CMR-142 2450 148 164 16 0.40 Lynx
----------------------------------------------------------------------------
192 222 30 0.73
----------------------------------------------------------------------------
278 290 12 0.42
----------------------------------------------------------------------------
310 346 36 0.55
----------------------------------------------------------------------------
CMD-144 1350 No significant assay results Phoenix
----------------------------------------------------------------------------
CMD-154 1150 274 320 46 0.49 Phoenix
----------------------------------------------------------------------------
CMR-155B 1000 28 404 376 0.44 L. East at a 0.2 g/t
Au cut-off
----------------------------------------------------------------------------
including 116 170 54 0.63 178 m
extension of
CMR-155
----------------------------------------------------------------------------
and 236 258 22 1.00
----------------------------------------------------------------------------
CMR-162 1300 50 76 26 0.26 Phoenix at a 0.2 g/t
Au cut-off
----------------------------------------------------------------------------
CMD-165 1100 14 38 24 0.37
----------------------------------------------------------------------------
156 208 52 0.54
----------------------------------------------------------------------------
CMD-167 1650 262 282 20 0.82 Phoenix lost at 282 m
with 1.42 g/t
Au
----------------------------------------------------------------------------
CMR-168 650 150 210 60 0.28 Crux
----------------------------------------------------------------------------
including 170 190 20 0.42
----------------------------------------------------------------------------
CMR-172 1200 264 280 16 0.42 Phoenix numerous
intervals at
0.2 g/t cut
off
----------------------------------------------------------------------------
CMR-177 1250 No significant assay results Phoenix
----------------------------------------------------------------------------
CMD-178 1450 0 46 46 0.42 Phoenix twin of CMD-
184
----------------------------------------------------------------------------
82 102 20 0.67
----------------------------------------------------------------------------
CMD-182 2150 74 234 160 0.32 Lynx
----------------------------------------------------------------------------
including 76 90 14 0.35
----------------------------------------------------------------------------
and 212 234 22 0.50
----------------------------------------------------------------------------
CMD-184 1450 0 44 44 0.42 Phoenix twin of CMD-
178
----------------------------------------------------------------------------
76 130 54 0.78
----------------------------------------------------------------------------
including 114 122 8 1.81
----------------------------------------------------------------------------
CMD-187 1450 0 256 256 0.60 Phoenix
----------------------------------------------------------------------------
including 30 54 24 1.03
----------------------------------------------------------------------------
and 230 252 22 1.12
----------------------------------------------------------------------------
336 434 98 0.80
----------------------------------------------------------------------------
including 346 392 46 1.20
----------------------------------------------------------------------------
CMR-188 350 0 124 124 1.26 Crux
----------------------------------------------------------------------------
16 58 42 2.52
----------------------------------------------------------------------------
CMD-191 2050 60 88 28 0.29 Lynx
----------------------------------------------------------------------------
CMD-198 2200 0 56 56 1.08 Lynx at a 0.2 g/t
Au cut-off;
twin of CMR-89
----------------------------------------------------------------------------
including 30 50 20 2.24
----------------------------------------------------------------------------
68 80 12 0.55 ending in 0.30
g/t Au @ 80 m
----------------------------------------------------------------------------
CMR-199 1500 72 106 34 0.57 Phoenix
----------------------------------------------------------------------------
CMD-200 900 74 172 98 0.34 Crux at a 0.2 g/t
Au cut-off
----------------------------------------------------------------------------
including 142 170 28 0.56
----------------------------------------------------------------------------
CMD-201 1150 No significant assay results Phoenix
----------------------------------------------------------------------------
CMR-203 550 174 190 16 0.44 Crux
----------------------------------------------------------------------------
250 270 20 0.45
----------------------------------------------------------------------------
CMR-204 1050 40 102 62 0.58 L. East
----------------------------------------------------------------------------
282 304 22 0.38
----------------------------------------------------------------------------
320 352 32 0.34
----------------------------------------------------------------------------
CMR-206 1000 48 130 82 0.43 L. East
----------------------------------------------------------------------------
CMR-208 1750 90 112 22 0.37 Phoenix
----------------------------------------------------------------------------
284 426 142 0.55
----------------------------------------------------------------------------
CMR-209 2300 36 450 414 0.67 Lynx at a 0.2 g/t
Au cut-off;
ends in +0.3
g/t
mineralization
-------------------------------------------------------------
250 342 92 1.24
----------------------------------------------------------------------------
CMR-211 1850 120 136 16 0.41 Phoenix
----------------------------------------------------------------------------
344 378 34 0.25 at a 0.2 g/t
Au cut-off
----------------------------------------------------------------------------
CMR-212 2250 70 152 82 0.70 Lynx at a 0.2 g/t
Au cut-off
----------------------------------------------------------------------------
70 118 48 0.98
----------------------------------------------------------------------------
CMR-219 1000 72 208 136 0.35 L. East at a 0.2 g/t
Au cut-off
----------------------------------------------------------------------------
including 88 176 88 0.40
----------------------------------------------------------------------------
CMR-220 950 78 120 42 0.46 L. East
----------------------------------------------------------------------------
NOTES: Unless otherwise noted, reported gold grades are composited at a 0.3
g/t Au cut-off. All intervals represent down-hole lengths and not true
widths. Drill holes prefixed "CMD" are diamond drill holes; holes prefixed
"CMR" are RC drill holes.
FORWARD LOOKING STATEMENTS
This release contains forward-looking statements, including predictions,
projections and forecasts. Forward-looking statements include, but are not
limited to, statements with respect to completion of economic assessments,
exploration results, the success of exploration activities generally, mine
development prospects, and 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, the interpretation and actual results
of current exploration activities; changes in project parameters as plans
continue to be refined; 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; delays in obtaining
governmental approvals or financing or in the completion of exploration, as well
as those factors disclosed in Atacama Pacific's publicly filed documents.
Although Atacama Pacific 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.
To view the Cerro Maricunga Gold Project Drill Plan, please visit the following
link: http://media3.marketwire.com/docs/ATMF1.pdf.
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