Altiplano Begins Advance to the 352 m Level at Farellon and Completes Ventilation Upgrades
Altiplano Begins Advance to the 352 m Level
at Farellon and Completes Ventilation
Upgrades
Edmonton, Alberta--(Newsfile Corp. - December 7, 2021) -
Altiplano Metals Inc
. (TSXV: APN) (WKN:
A2JNFG) ("
Altiplano
" or the "Company") is pleased to provide an update on the underground mining
activity at the Farellon Copper-Gold (Cu-Au) mine located near La Serena, Chile.
Underground work has begun on the Hugo Decline to expand to the next targeted working heading at the
352 m level. The extension will require 60 m to reach the operational level and a further 15 m to reach the
iron oxide copper gold vein system. To date, 14 metres have been completed. The decline extension is
designed to provide two additional mining access points along the NE and SW drifts and, in the future,
provide access to remove the mineralization from the roofs and floors of the 360 m level above (Figure
1).
This work is part of the ongoing underground development and sustainability initiatives at Farellon.
To support upgraded ventilation, improvements to surface and underground infrastructure were
completed in early December. This work involved the installation of a 125 HP fan at the entrance of the
Almendro tunnel and the sealing of existing underground openings from previously mined areas. The
plan consists of a redesigned airflow that injects fresh air through the Almendro tunnel where this air flow
will descend and reach numerous production headings at lower levels. The new system will provide the
opportunity to conduct two blasts per day and improve the operational time of equipment and manpower
underground.
CEO Alastair McIntyre commented, "Increased operational efficiencies generated from the upgraded
ventilation and further expansion underground are part of the ongoing development and sustainability
activities at Farellon. With our mill construction on pace to be completed in Q1 2022, this work is
designed in advance to maximize the output and grade from our mining activities at Farellon in
preparation of the facility's completion."
Figure 1. Illustration of Underground Operations at Farellon
To view an enhanced version of Figure 1, please visit:
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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
Figure 2. 125 HP Fan at Almendro tunnel entrance
To view an enhanced version of Figure 2, please visit:
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Altiplano has generated greater than US$7.2 million from the recovery and sale of approximately 3.6
million pounds of copper with an average grade of 1.74% Cu (2018 Q1-2021 Q3). Cash flow has been
re-invested into equipment, underground drilling, expanding underground development, enhancing
ventilation to increase productivity and capacity, and the commencement of the permitted El Peñón fit-
for-purpose mill and flotation plant located 15 km from the Farellon site.
About Altiplano
Altiplano Metals is a growing gold, silver, and copper company focused on the Americas. The Company
has a diversified portfolio of assets that include an operating copper-gold-iron mine, development near
term producing gold-copper projects, and exploration land packages with district-scale potential.
Altiplano is focused on creating long-term stakeholder value through developing safe and sustainable
production, reinvesting into exploration, and pursuing acquisition opportunities to complement its
existing portfolio. Management has a substantial record of success in capitalizing on opportunity,
overcoming challenges and building shareholder value. Altiplano trades on the Toronto Venture
Exchange trading under the symbol APN and the Frankfurt Exchange under the symbol A2JNFG.
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, managed by 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, President and 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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