Altiplano Provides Update on Ongoing Decline Advancement and Drilling at Maria Luisa
Altiplano Provides Update on Ongoing Decline
Advancement and Drilling at Maria Luisa
Edmonton, Alberta--(Newsfile Corp. - May 16, 2022) -
Altiplano Metals Inc
. (TSXV: APN) (WKN:
A2JNFG) ("
Altiplano
" or the "
Company
") is pleased to provide an update on decline progress and
ongoing exploration activities at the Maria Luisa Project (the
"Project"
), located 100 km north of La
Serena within the Atacama region in Incahuasi, Chile.
Program Highlights
The Company has completed 245 metres of the NW-SE trending Maria Luisa decline and is now
approximately 90 metres from the projected target depth. Cross cuts to the SW will soon begin to
intersect the vein sets to support the mining plan.
Approximately 780 metres of planned underground and surface drilling has been completed
across 10 drill holes.
The drill program is designed to confirm the presence of gold-copper vein material to guide
development, and to test for additional veins at depth where they have been observed or inferred
from surface mapping.
Extensive surface bedrock and underground mapping is ongoing. Additional vein systems and
previously unknown vein orientations have been delineated.
Mapping observations regarding vein orientations and the distribution and intensity of alteration
associated with mineralization are used to inform and guide exploration drill targeting and future
decline advancements.
The Company has delineated previously unrecognized N-S trending gold-copper vein sets via
surface and underground mapping and in initial drill logging observations that may prove important
in future production scenarios.
A total of 210 tonnes of bulk sample copper oxide material was mined and shipped for sale from a
secondary vein system first exposed in the early stages of the decline development (See news
release dated
February 14, 2022
). Processing of the material returned an average grade of 1.41%
copper. Sales of this material generated approximately US$13,000.
Alastair McIntyre, President and CEO comments "We are pleased with the progress and the advance of
the Maria Luisa decline, and are on track to reach the targeted vein system within the next few months.
The completion of the decline and subsequent crosscuts to access gold-copper vein material will
provide the opportunity to generate additional sales revenue moving forward."
Figure 1:
Maria Luisa decline progress, drill collars, and mapped gold-copper veins.
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/4303/124083_2d02e0d2947de820_001full.jpg
* The decision to commence underground exploration and development at the Maria Luisa site 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 this decision.
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.
Altiplano has generated over US$8.83 million from the recovery and sale of 4.15 million pounds of
copper with an average grade of 1.76% Cu (2018 Q1-2022 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 at Maria Luisa,
and the near completion construction 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.
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 is no current mineral resource at Maria Luisa and
further exploration may or may not define a resource estimate (M. Dufresne, NI 43-101 Technical
Report, February 10, 2017). In addition, a decision to commence underground exploration and
development at the Maria Luisa site 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 this 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
.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/124083