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LONDON - Atalaya Mining Copper (LSE:ATYM) has reported results from its ongoing drilling program at Proyecto Masa Valverde (PMV) that confirm and extend high-grade copper zones expected to be the initial focus for mine development.
The drilling program, currently employing two rigs, has identified several notable high-grade copper intercepts, including 25 meters at 2.93% copper, 26 meters at 2.78% copper, and 46 meters at 2.11% copper. These results are primarily associated with stockwork-style mineralization that is expected to be amenable for processing at the company’s existing Riotinto facilities.
Located approximately 28 kilometers south of Atalaya’s 15 million tonnes per annum (Mtpa) processing plant at Proyecto Riotinto in southern Spain, PMV consists of the Masa Valverde and Majadales volcanogenic massive sulphide deposits.
The company plans to access these deposits by constructing a ramp from the surface, with underground mining to be completed by a mining contractor. Mined material will then be trucked to Proyecto Riotinto to leverage Atalaya’s existing processing plant.
"The high-grade copper zones that have been identified have the potential to be mined selectively and deliver high-grade material to our Riotinto processing plant," said Alberto Lavandeira, CEO of Atalaya Mining, in a press release statement.
Atalaya expects to continue infill drilling for the remainder of 2025 to further understand the copper zones that will form the basis for initial development, as well as separate zinc-rich and gold-rich areas that could be exploited in future development.
The company is currently finalizing the purchase of certain surface rights required to begin development of the ramp portal. Subject to final board approval, ramp development is expected to begin in late 2025.
Atalaya received all necessary permits for the project between 2023 and 2024, including the Unified Environmental Authorization, Exploitation and Restoration permits, and water permit.
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