Investors were in a good mood sending shares of Atico Mining Corp. (TSX-Venture:ATY) (OTCQX:ATCMF) higher after the company updated shareholders on the positive advances of its drilling program at the La Plata precious metals-rich volcanogenic massive sulphide project in Ecuador.
Highlights of the drilling included drill hole number CMLP-20-137 confirming the presence of very high-grade zones reporting 204 g/t gold, 486 g/t silver, 17.4 % copper and 4.18 % Zinc on 1.45m. This high-grade zone is located inside a larger 3.4 meters VMS intercept.
Alain Bureau, Atico’s President, commented: “As VMS deposits tend to occur in clusters, we are seeing significant evidence that this project is no exception to this thesis. The drill rigs will keep turning during for rest of 2020 and all of 2021 as good results keep coming and confirming the possibility of adding significant tonnage with the discovery of a third lens.”
Shares of U.S. traded ATCMF moved higher on the news to the tune of 7.62% as shares traded at $0.339 in late-morning trading. A bounce off the $0.30 support should be viewed favorably by technical traders.