Altiplano Announces Q1 2021 Results at Farellon
Altiplano Announces Q1 2021 Results at
Farellon
Edmonton, Alberta--(Newsfile Corp. - May 10, 2021) -
Altiplano Metals Inc
. (TSXV: APN) (WKN:
A2JNFG) ("
Altiplano
" or the "Company") is pleased to report on the Q1 2021 results from the Farellon
Copper-Gold (Cu-Au) mine located near La Serena, Chile.
During Q1, 2021, the Company extracted a total 9,770 tonnes of mineralized Cu/Au material at Farellon
and processed 8,055 tonnes at an average copper grade of approximately 1.53%. Sales of 257,500
pounds of copper generated approximately US$544,000 in revenue. Total revenue since Q1 2018
generated at the Farellon operation now represents more than US$6,000,000 from the sale of
approximately 2.96 mm pounds of copper.
Total extracted tonnes in Q1 declined by 19.5% from the previous record quarterly set in Q4 2020.
Processed material was also lower in Q1 representing a 11.5% decrease from the previously strong
quarter. Overall grade declined by 8.9% from Q4 2020. Grade and extraction declines are attributed to
development work in non-productive areas and reduction in grade control as the benching process of
removing ceilings between drift levels has begun. The grade is expected to improve in April as new
headings are developed and with access to higher grade zones.
At the end of March 2021, the
Company had 1,600 tonnes in stockpiles at the Farellon site and an additional 1,428 tonnes in process.
CEO Alastair McIntyre comments "the work in Q1 2021 reflects our ongoing focus on development and
sustainability. As we advance to additional headings at depth, and begin to mine within existing levels,
this provides us the opportunity to improve output and increase efficiencies. Our next steps are to begin
mining on the 369 m level in the NE and SW directions, following up with an extension to the 360 m
level."
Figure 1. Mined, Processed and Cu Grade
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/4303/83337_77735d69a47f48cb_001full.jpg
Figure 2. Processed Material, income vs. Mining Costs
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https://orders.newsfilecorp.com/files/4303/83337_altiplano2.jpg
Period
USD Revenue
Cu Pounds Sold
Q1 2020
$320,960
188,670
Q2 2020
$477,805
310,255
Q3 2020
$827,298
460,385
Q4 2020
$579,276
322,130
Q1 2021
$544,019
277,520
Total
$2,749,500
1,558,950
Figure 3.
Quarterly Review of US$ Revenue and Copper Pounds Sold
Figure 4. Farellon Mine Section
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The decision to commence production on the Farellon deposit is not based on a feasibility study of
mineral reserves demonstrating economic and technical viability and there is increased uncertainty
and economic and technical risks of failure associated with the production decision
Mining activity in Q1 2021 involved completing the advance on the 376 m NE and 382 m NE levels
where work has also begun to remove the ceilings between these drifts. This benching method is used to
extract the mineralized material remaining between the drift levels, which is removed to the surface. This
work also creates additional ventilation as the spaces between these levels open up. Two chimneys
were created to open two additional air flow channels by connecting the 382 m SW with 389 m SW
levels and also connecting the 389 m SW with 395 m SW levels. Finally, the extension of the Hugo
Decline to the 369 m level began at the end of March. This approximately 80 m extension is expected to
be completed in May (News Release 4 April 2021).
About Altiplano
Altiplano Metals Inc. (TSXV: APN) is a Canadian mining company focused on the acquisition and
development of near-term cash flowing assets and exploration projects of significant scale. Altiplano's
goal is to grow into a mid-tier producer of copper, gold and silver with immediate plans of generating
profits from three cash flowing projects in 2021. Management has a substantial record of success in
capitalizing on opportunity, overcoming challenges and building shareholder value.
John Williamson, B.Sc., P.Geol., a Qualified Person as defined by NI 43-101, has reviewed and
approved the technical contents of this document
Altiplano is part of the Metals Group of companies.
Metals Group is an award-winning team of
professionals who stand for technical excellence, painstaking project selection and uncompromising
corporate governance, with a proven ability to capitalize on investment opportunities and deliver
shareholder returns.
www.metalsgroup.com
ON BEHALF OF THE BOARD
/s/ "John Williamson"
Chairman
For further information, please contact:
Alastair McIntyre, CEO
Tel: (416) 434-3799
Jeremy Yaseniuk, Director
Tel: (604) 773-1467
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the (TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
This release includes certain statements that may be deemed "forward-looking statements". All
statements in this release, other than statements of historical facts, that address exploration drilling,
exploitation activities and events or developments that the Company expects are forward-looking
statements. A qualified person has not done sufficient work to classify any historical estimates as
current mineral resources or mineral reserves and the issuer is not treating the historical estimates as
current mineral resources or mineral reserves. The Farellon mine was previously in production dating
back to the 1970's with a reported historical production (to a depth of 70 m) yielding approximately
300,000 tonnes at an average grade of 2.5% copper and 0.5g/t gold. This material was processed
locally and sold to ENAMI. Altiplano is relying upon past production records, underground sampling
and related activities and current diamond drilling to estimate grade and widths of the mineralization
to reactivate production. The decision to commence production on the Farellon deposit is not based
on a feasibility study of mineral reserves demonstrating economic and technical viability and there is
increased uncertainty and economic and technical risks of failure associated with any production
decision. Although the Company believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are not guarantees of future
performance and actual results or developments may differ materially from those in the forward-
looking statements. Factors that could cause actual results to differ materially from those in forward-
looking statements include market prices, exploitation and exploration successes, continuity of
mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and
delays due to third party opposition, changes in government policies
regarding mining and natural resource exploration and exploitation, and continued availability of
capital and financing, and general economic, market or business conditions. Investors are cautioned
that any such statements are not guarantees of future performance and actual results or
developments may differ materially from those projected in the forward-looking statements. For more
information on the Company, investors should review the Company's continuous disclosure filings
that are available at
www.sedar.com
.
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