Altiplano Recommences Hugo Decline Development to Access Additional Cu-Au Mineralization at the Historic Farellon Mine, Chile
Altiplano Recommences Hugo Decline Development to
Access Additional Cu-Au Mineralization at the Historic
Farellon Mine, Chile
Edmonton, Alberta--(Newsfile Corp. - February 21, 2020) -
Altiplano Metals Inc.
(TSXV: APN) (WKN: A2JNFG)
("Altiplano"
or the
"Company")
is pleased to
announce that management has recommenced advancement of the Hugo decline which
currently accesses the 401M and 395M underground extraction levels at the Company's historic Farellon Copper-Gold Mine
near La Serena, Chile. The advancement of the decline will continue over the next few months and will provide access to deeper
parts of the Farellon Cu-Au vein system, which was intersected in 5 diamond drill holes completed in 2019 (see Table 1). This
advancement will provide access for further bulk sampling of the Farellon mineralization below the 395M level (see Figure 1).
CEO Alastair McIntyre stated, "We are pleased to report the continuation of the Hugo decline which will facilitate continued
evaluation of the Farellon Cu-Au vein system. We are excited to move the project forward as we work on this expansion and the
development and building of the onsite processing facility."
Table 1 - 2019 Drill Results
Drill Hole
Length
(m)
Azimuth
Dip
(°)
Vein
from (m)
Vein
to (m)
Interval
(m)
Estimated
True Width
(m)
Average Cu
grade (%)
19FNDH033
35.8
110
-35
23.40
32.05
8.65
4.90
1.41
19FNDH034
32.6
150
-38
23.50
30.20
6.70
1.53
1.20
19FNDH035
43.0
118
-36
26.10
35.70
9.60
2.97
1.50
19FNDH036
31.2
205
-43
15.00
29.40
14.40
2.50
3.55
19FNDH037
88.0
110
-50
53.50
77.50
24.00
4.30
2.28
Over the next several months the company plans to advance the Hugo decline up to 53 m vertically below the 395M level. The
decline extension will allow access to a potential 200,000 tonnes of Cu-Au mineralized material.
Limited drilling completed in
2019 indicates that the vein system persists to depth with similar grades and widths as has been extracted over the last 15
months of bulk sampling. During this period Altiplano has extracted and processed 57,000 tonnes of mineralized material at an
average grade of 1.75% Copper. This compares closely to the vein's Inferred mineral resource, which was 278,360 tonnes at an
average grade of 1.92% Copper (and 0.12 g/t Au) at a 1.0% Cu cut-off grade, as discussed in an independent Technical Report
by APEX Geoscience Ltd. (Dufresne et al, 2018 - Link to associated
press release
).
The Company plans to continue diamond
drilling to provide additional information on the geometry of the vein system, as well as its resource potential, and to guide the
Hugo exploratory drift advancement.
Figure 1: Simplified cross-section of the Farellon vein system showing the potential Cu resources below the 395M level. Based
on the 2019 rate of extraction 200,000 tonnes may represent 3-4 years of future extraction.
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/4303/52657_2a4ecfec44a57969_001full.jpg
Altiplano is utilizing information gained from past production records, ongoing diamond drill testing, and the current underground
bulk sampling program itself, to estimate grades, widths and tonnages of the mineralization ahead of additional bulk sampling.
The Company has not reported any Mineral Reserves for the project and no production decision has been made at this time.
Should a production decision be made without completing a feasibility study demonstrating economic and technical viability,
there would be increased uncertainty as well as economic and technical risks of failure associated with such a production
decision.
John Williamson, P.Geol., Chairman of Altiplano, is the Qualified Person as defined in National Instrument 43-101 who has
reviewed and approved the technical contents of this press release.
Altiplano Metals Inc. (TSXV: APN)
is a mineral exploration company focused on evaluating and acquiring projects with
significant potential for advancement from discovery through to production, in Canada and abroad.
Management has a
substantial record of success in capitalizing on opportunity, overcoming challenges and building shareholder value.
Additional
information concerning Altiplano can be found on its website at
www.apnmetals.com
.
ON BEHALF OF THE BOARD
/s/ "John Williamson"
Chairman
For further information, please contact:
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. 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/52657