24 November, 2022

Atalaya Mining provides exploration update on its projects in Spain

Atalaya Mining Plc has provided an update on the ongoing exploration programme at its projects in southern Spain which include Proyecto Masa Valverde (PMV), Proyecto Ossa Morena (POM) and Proyecto Riotinto East (PRE). A total of four rigs are currently active, with three at PMV and one at POM.

Highlights

Mojarra Trend at PMV:
  • New potential discovery via intersection of 18.75 m of polymetallic massive sulfides from the 2nd hole in a previously undrilled area.
    • MR02: 18.75 m at 0.84% Cu, 0.63% Zn, 0.66% Pb and 76.24 g/t Ag including a higher-grade zone of 6.80 m at 1.22% Cu and 101.60 g/t Ag.
Masa Valverde deposit at PMV:
  • Step-out drilling in the western area has discovered a new high-grade zinc zone.
    • MJ54: Including a main mineralised interval of 18.00 m at 0.25% Cu, 8.30% Zn, 2.49% Pb, 60.17 g/t Ag and 0.89 g/t Au (4.06% CuEq).
    • New mineralised zone remains open laterally.
Campanario Trend at PMV:
  • Resource definition drilling encountered new zones of shallow polymetallic mineralisation, including:
    • CA42: 7.50 m at 0.45% Cu, 1.09 g/t Ag and 6.67 g/t Au from 35 m.
    • CA40: 9.80 m at 0.44% Cu, 8.16 g/t Ag and 0.15 g/t Au from 11 m.
    • Drillholes are located west and east of the historical Campanario mine where previously announced drilling defined shallow higher-grade zones.
Campanario Trend at PMV:
  • Additional drilling around the historical Campanario mine confirmed the lateral and up-dip continuity of the previously defined mineralisation, including:
    • CA25: 9.10 m at 0.72% Cu, 3.60% Zn, 2.65% Pb, 73.79 g/t Ag and 0.99 g/t Au from 100.90 m (2.90% CuEq).
 Hinchona Cu-Au prospect at POM:
  • Initial results from a four-hole campaign included an intersection of 3.40 m at 0.80% Cu, 1.84 g/t Ag and 479 ppm Co.
    • Riotinto East: First drilling is expected to commence shortly.

Alberto Lavandeira, CEO, commented:

“The discovery of the Mojarra Trend is very promising and demonstrates the value of the systematic exploration approach being implemented by our geological team.

We acquired PMV in 2020, having discovered the small but high-grade polymetallic Majadales deposit, and in April 2022 announced a new NI 43-101 compliance resource estimate for the Masa Valverde and Majadales deposits. Since then we have defined new, shallow and potentially economic mineralisation at the Campanario Trend and have now made a potentially new discovery at the previously undrilled Mojarra Trend.

All of these achievements, together with the numerous geophysical targets that remain untested, confirm our belief that the ultimate resource potential of PMV is under-explored and far from defined.

At POM, the encouraging initial results at Hinchona provide confidence that further drilling is warranted, with a focus on finding new zones of economic mineralisation and also increasing the currently defined resources at the flagship Alconchel Cu-Au deposit.

Exploration will remain a key activity for Atalaya in 2023 and our exploration budget is expected to reflect our geological team’s recent successes and the growing list of targets across our exploration portfolio. We remain focused on expanding our resource base and identifying higher grade material that could be processed at our Riotinto plant, potentially providing an uplift to copper production by increasing the blended head grade”, Global Mining Review reports.