Andean Precious Metals Reports Positive Initial Drill Results FOR Bolivian GOLD Projects
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ANDEAN PRECIOUS METALS REPORTS POSITIVE INITIAL DRILL RESULTS
FOR BOLIVIAN GOLD PROJECTS
53.8 m @ 1.17 g/t Au at San Pablo
87.6 m @ 0.87 g/t Au including 16.0 m @ 2.07 g/t Au at Rio Blanco
Toronto, Ontario – November 30, 2021. Andean Precious Metals Corporation (TSXV:APM)
(OTCQB:ANPMF) (“Andean” or the “ Company”), a leading Latin American precious metals
producer, is pleased to report initial results from the Company’s Phase One drill program being
carried out at the wholly owned San Pablo and Rio Blanco gold projects in Bolivia.
“We are encouraged by the results of our exploration program in Bolivia, in particular those at the
San Pablo gold project where we have early indications of a porphyry target,” said Simon Griffiths,
President and CEO. “All of the drill holes returned anomalous gold – in sheeted veinlets, breccias
and discrete veins – with mineralized intersections in half the holes, indicating the presence of a
large gold system.” Mr. Griffiths went on to say, “At Rio Blanco, we are beginning to define a
large, low-grade gold system that may be amenable to bulk tonnage mining. So far, we have only
tested the shallow portion of the first 2,000 m of a 7,000 m long vein that crops at surface.”
Mr. Griffiths closed by saying, “I would like to take this opportunity to welcome Dr. Stewart
Redwood to the Andean team as a technical advisor on exploration. Dr. Redwood is among the
most experienced geologists in Bolivia, where he has worked extensively o ver the last several
decades. With Dr. Redwood’s guidance, we believe that Andean is very well positioned to create
value through exploration, building on the encouraging results of our current drill program.”
San Pablo
The 100% owned San Pablo Project in the department of Potosí comprises 650 hectares. San Pablo
is located in the southern part of the prolific Bolivian tin -silver and polymetallic belts that hosts
several of Bolivia's largest deposits including the former Kori Kollo gold mine (Newmont) which
produced more than 5 million ounces, and the Cerro Rico of Potosí which produced 1 to 2 billion
ounces of silver and significant tin, where the Company’s San Bartolomé Mine is located.
Twelve diamond drill holes were completed at San Pablo for a total of 3,580.50 m, with an average
length of 298.38 m, individual lengths between 95.00 m and 625.50 m, and inclinations of -36° to
-57° (below the horizontal). They were drilled in three zones, San Pablo (2 holes with prefix SP),
Willacollito (7 holes with prefix SPW) and Willacollito East (3 holes with prefix SPWE). All
twelve holes have anomalous gold throughout their lengths, and six holes have intervals above
0.20 g/t Au. Highlights from the initial results of Phase One drill program at the San Pablo gold
project are detailed in Table 1 below.
“The San Pablo gold system is a new type of gold deposit for Bolivia ,” explained Dr. Stewart D.
Redwood, technical advisor to the Company. “Remarkably, it has never been drilled before, apart
from three holes in 2007. The mineralisation is gold-only without any significant silver or tin. The
gold system is large with widespread anomalous gold hosted by sulphide veinlets in sandstones of
the Cancañiri Formation, which is a good host rock for mineralization in other gold deposits such
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as Kori Cancha and San Bernardino. The discovery of mineralised dykes and a late-stage porphyry
stock shows that the mineralization is probably related to a porphyry intrusion, which is the prime
exploration target for the next phase of drilling,” continued Redwood. “The mineralogy and
geochemistry show that it is a reduced porphyry -related gold system similar to those of the well -
known Tintina gold belt in Alaska and the Yukon,” concluded Redwood.
Table 1: Drill intersections from San Pablo project
Hole No. From (m) To (m) Length (m) Au (g/t)
SPW21-01 54.00 162.40 108.40 0.29
183.00 195.10 12.10 0.42
209.80 279.65 69.85 0.23
SPW21-03 8.80 106.60 97.80 0.30
SPW21-04 4.50 27.60 23.10 0.47
44.35 136.70 92.75 0.37
225.90 233.20 7.30 0.96
inc. 229.00 229.30 0.30 12.15
244.75 278.95 34.20 0.20
311.10 328.35 16.05 0.34
SPW21-06 35.60 62.00 26.40 0.27
SPWE21-03 120.65 137.00 16.35 0.33
371.00 377.00 6.00 2.04
SP21-01 140.55 142.85 2.30 2.08
210.90 264.70 53.80 1.17*
277.80 281.45 3.65 0.64
534.35 536.50 2.15 0.87
607.00 609.50 2.50 0.46
SP21-02 229.50 234.50 5.00 1.92
470.80 473.90 3.10 7.39
Notes to the table:
• Cutoff grade 0.20 g/t Au used the compositing. A maximum of 5 m of dilution (less than cutoff) used in compositing.
• Intercepts > 5 g/t*m Au reported. Holes SPW21-02, SPW21-05, SPW21-07, SPWE21-01 and SPWE21-02 returned anomalous gold
below the cut-off grade.
• *The interval is 0.82 g/t Au if the sample grade is capped at 5.00 g/t. This affects 4 samples with values of 17.65, 9.31, 5. 75 and 5.69
g/t Au.
• True widths are currently unknown.
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Gold mineralisation at San Pablo is hosted by diamictites (pebble sandstones of glacio -marine
origin) of the Silurian Cancañiri Formation on the western limb on a major anticline over a large
area of at least 2.5 km elongated northwest by 1.5 km wide. Gold mineralization is related to
sulphides in narrow sheeted veins and veinlets, as well as wider discrete veins, and in sulphide -
cemented breccias. Veining is related to pervasive silica -sericite alteration which overprints
secondary biotite alteration that outcrops at lower elevations and in some drill core. The
mineralised zone is cross -cut by a stock and dykes of barren porphyry that is interpreted to be a
late stage, post-mineral intrusion. I n addition, a mineralised inter -mineral dacitic porphyry dyke
cutting breccia was intersected in one hole, and float of a mineralised, quartz-eye rhyodacitic was
observed on surface. The occurrence of inter-mineral to post-mineral porphyries suggests that gold
mineralisation is related to a porphyry stock. The dominant sulphides are pyrrhotite, arsenopyrite
and bismuth sulphides, which, together with the geochemical association of gold with arsenic,
bismuth and antimony, are characteristic of reduced intrusion-related gold deposits.
Rio Blanco
The 100% owned Rio Blanco Project comprises 13,462 hectares in the department of Potosí. Rio
Blanco is located on an historic gold and antimony belt that hosts some of the most prolific mining
districts in Bolivia, including Caracota, Chilcobija, Sucre, Candelaria and Rosa de Oro.
Ten diamond drill holes were completed at Rio Blanco with an average length of 215.40 m and
individual lengths of between 71.00 m and 266.00 m, for a total of 2,154.00 m. This is less than
half of the planned total of 5,550.00 m. The holes were drilled with inclinations of -45° to -50°
below the horizontal. The program was suspended temporarily beginning in August while
negotiations are held with local communities.
The holes tested 1 km strike length of a regional-scale, anticlinal structure, which is recognized to
extend further to the NW and SE. They returned wide, low-grade intersections across the anticline
limbs (“saddle reefs”) and axial plane of the anticlinal axis including shorter, high-grade intervals.
Highlights from the initial results of Phase One drill program at the Rio Blanco gold project are
detailed in Table 1 below.
Rio Blanco is an orogenic gold deposit hosted in an anticline in an Ordovician sedimentary
sequence of shales and sandstones. The Phase One diamond drill program covers an initial 7 km
of a 22 km long structural corridor along the axis of the northwest -trending Rio Blanco anticline.
This structural system hosts ore mineralisation in quartz veins, stock works, saddle reefs and
lenticular bodies. There are extensive, small historical workings, including several placer gold
deposits. Similar saddle-reef gold deposits in anticlines in sedimentary rocks occur in some of the
main gold provinces in the world, such as Ballarat (historical production 14 Moz at 12 g/t Au) and
Bendigo (historical production 22 Moz grading 15 g/t Au) in the Victoria gold field, Australia, and
Goldboro in the Meguma Terrane, Nova Scotia, Canada.
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Table 2: Drill intersections from the Rio Blanco project
Hole No. From (m) To (m) Length (m) Au (g/t)
RB21-01 103.50 125.00 21.50 0.65
inc. 109.60 118.00 8.40 0.92
164.00 191.00 27.00 0.26
206.00 227.00 21.00 1.90
inc. 214.00 227.00 13.00 2.78
and 221.00 223.00 2.00 15.02
RB21-02 132.40 220.00 87.60 0.87
inc. 132.40 174.00 41.60 0.84
inc. 167.00 174.00 7.00 2.13
and 184.00 220.00 36.00 1.13
inc. 204.00 220.00 16.00 2.07
RB21-03 204.00 228.00 24.00 0.47
inc. 204.00 210.00 6.00 0.93
and 223.00 228.00 5.00 0.50
RB21-04 163.50 171.00 7.50 0.81
inc. 165.00 169.00 4.00 1.17
177.00 181.00 4.00 0.35
198.00 231.00 33.00 0.32
inc. 218.00 222.00 4.00 0.87
239.00 248.00 9.00 0.40
RB21-05 1.00 62.00 61.00 0.20
107.00 136.00 29.00 0.42
inc. 107.00 120.00 13.00 0.58
149.00 157.00 8.00 0.51
inc. 153.00 155.00 2.00 1.45
RB21-06 85.00 117.00 32.00 0.47
inc. 85.00 88.00 3.00 1.45
RB21-07 112.00 132.00 20.00 0.40
141.00 195.00 54.00 0.36
inc. 155.00 157.00 2.00 1.60
RB21-08 12.00 38.00 26.00 0.39
inc. 14.00 22.00 8.00 0.51
92.00 98.00 6.00 0.63
131.00 179.00 48.00 0.32
inc. 175.00 179.00 4.00 0.66
RB21-09 24.00 27.00 3.00 0.32
RB21-10 35.00 41.00 6.00 0.50
60.00 69.50 9.50 0.43
Notes to the table:
• Cutoff grade 0.20 g/t Au used the compositing. A maximum of 5 m of dilution (less than cutoff) used in compositing.
• Intercepts > 5 g/t*m Au reported. Holes SPW21-02, SPW21-05, SPW21-07, SPWE21-01 and SPWE21-02 returned anomalous gold
below the cut-off grade.
• True widths are currently unknown
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On-going exploration program
Quantec Geoscience has started a 17 line -kilometre Titan 24 deep induced polarisation survey
(“DCIP”) and magnetotelluric geophysical survey (“DCIP -MT”) at San Pablo that is expected to
be completed before the end of December. This method is expected to reach depths of investigation
of about 1 km. The objective is to test for the presence of a mineralised porphyry stock and identify
chargeability anomalies related to concentrations of sulphides beneath covered areas and at depth
in order to define subsequent drill targets. More than half of the concession area is covered by talus
slopes and glacial valleys with moraines, peat and marshes. A program of geochemical sampling
of talus fines will also start shortly.
The remainder of the Phase One drill program comprising approximately 3,400 m in 12 holes will
be completed at Rio Blanco as soon as the community negotiations are successfully completed.
The program of geological mapping and trenching – channel sampling will also be resumed along
the 7 km known strike of the quartz veining.
By and on behalf of the Company,
Simon Griffiths, President and CEO
Figure 1: Geological map of the San Pablo project showing drill hole locations
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Figure 2: Cross section of drill hole SP21-01 at San Pablo
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Figure 3: Cross section of drill holes SPW21-01 and SPW21-04 at San Pablo
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Figure 4. Geological map of the Rio Blanco project with drill hole locations