Altiplano Confirms Santa Beatriz Mine Exhibits IOCG Mineralization Comparable to the Farellon Copper-Gold Mine
Altiplano Confirms Santa Beatriz Mine
Exhibits IOCG Mineralization Comparable to
the Farellon Copper-Gold Mine
Edmonton, Alberta--(Newsfile Corp. - June 26, 2023) -
Altiplano Metals Inc
. (TSXV: APN) (WKN:
A2JNFG) ("Altiplano" or the "Company") is pleased to report it has initiated technical due diligence on
the Santa Beatriz Copper-Gold mine and confirms similarities to the Farellon mine in mineralization,
lithology, and structural trends. The Santa Beatriz Mine is located only 2 kilometres (km) by road from the
existing operation at the Farellon Copper-Gold Mine near La Serena, Chile. Farellon and Santa Beatriz
are situated in the north/northeast trending 1,000-kilometre Atacama Fault zone within Chile's copper-
rich iron oxide copper-gold (IOCG) belt; this area is associated with several significant deposits.
Farellon and Santa Beatriz have the potential to be part of a larger IOCG system.
Highlights
Mineralized material at Santa Beatriz offers ideal potential for processing at the Company's El
Peñón facility located ~18 kilometres to the north.
IOCG-type veins at Farellon and Santa Beatriz share similar mineral characteristics and exhibit a
consistent northeast orientation, indicating the possibility that both projects could be part of a
larger system.
Copper and gold mineralization within the vein structures at both Farellon and Santa Beatriz host
excellent potential to develop a high-grade copper and iron resource with associated gold.
The Santa Beatriz Mine is permitted for ~ 2,000 tons per month of production by the Chilean
mining authority SERNAGEOMIN (Servico Nacional de Geologia y Mineria), with the potential to
expand to 5,000 tonnes per month.
Seven additional mapped IOCG veins on the Santa Beatriz property remain untested.
The previously mined veins at Santa Beatriz remain open with the potential to intersect at depth.
President and CEO Alastair McIntyre's comments: "Altiplano is very encouraged by the initial work at
Santa Beatriz confirming that the geological setting is similar to Farellon. We are currently designing a
program to further delineate and expand the mineralization to assist with mine planning. As the Cu-Au-
Fe mineralization is similar to the Farellon Mine, it is ideally suited for processing at our El Peñón facility.
Santa Beatriz aligns with APN's focus on maintaining low transport, processing, and production costs
while optimizing the recovery of the contained metals."
Figure 1
Location of Farellon Copper Gold Mine in proximity to the Santa Beatriz Mine, both projects
share similar northeast orientations of mapped and mined IOCG veins.
Estimation of quantity and grade is conceptual in nature with insufficient work completed to define a mineral resource. A decision to conduct
exploration or development at the Santa Beatriz site is not based on a feasibility study of mineral reserves demonstrating positive economic and
technical viability therefore resulting in increased uncertainty and risk. Further exploration may or may not define a resource at Santa Beatriz or
determine positive mining economics.
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Geology
The Farellon and Santa Beatriz properties are similar in lithology, structural setting, and mineralization
styles. The Santa Beatriz property contains multiple steeply dipping, northeast-trending IOCG-type veins
hosted in microdiorite and andesite. The two primary, historically mined veins, located in the southeast
section of the property, are up to 1.5 meters wide and remain open along strike and at depth. Similar
structures in the region widen at depth, indicating the potential for expanded downdip continuity of
mineralization.
Seven smaller untested veins mapped at the Santa Beatriz project are up to 50 centimeters wide.
Mineralization in veins includes chalcopyrite, bornite, and magnetite with abundant copper oxides
(malachite and chrysocolla).
Figure 2
. Displays similarities in mineralized material at Farellon and Santa Beatriz, both contain
dominantly chalcopyrite, bornite, and magnetite.
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Figure 3
. Underground Inspection at Santa Beatriz.
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Exploration Plan
After reviewing and evaluating the existing datasets for Santa Beatriz, an initial exploration program has
been formulated encompassing activities such as mapping, sampling, and drilling. The Exploration
program is scheduled to commence in July 2023. Channel sampling and mapping of the veins
underground and on the surface will aid in determining grade potential and extent. A 1,300-meter drill
program is planned to validate the width and consistency of the veins at depth to determine
mineralization and mining potential. A subsequent exploration program will include a detailed ground
magnetic survey to examine the potential depth and extent of the additional IOCG veins on the Santa
Beatriz project; drilling of the veins would be required to validate the geophysics. The additional untested
veins on the project have the potential to be included in the production of the Santa Beatriz project.
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 and in development copper/gold/iron mines
and a state-of-the-art operating copper/gold and iron processing facility in the final stages of completion.
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.
Altiplano has generated over
US$12.1 million
from the recovery and sale (after processing costs) of
more than
5.2 million pounds of copper
with an average grade of
1.80% Cu
(2018 Q1-2023 Q1).
Cash flow has been re-invested into equipment, underground drilling, expanding underground
development at Farellon, enhancing ventilation to increase productivity and capacity, new underground
development and exploration, and the commissioning of the El Peñón fit-for-purpose mill and flotation
plant located 15 km from the Farellon site.
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.
ON BEHALF OF THE BOARD
/s/ "John Williamson"
Chairman
For further information, please contact:
Alastair McIntyre, CEO
Tel: (416) 434 3799
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 any historical estimates as
current mineral resources or mineral reserves.
A decision to conduct exploration or development at
the Santa Beatriz site is not based on a feasibility study of mineral reserves demonstrating positive
economic and technical viability therefore resulting in increased uncertainty and risk
.
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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