Altiplano Reports 2.97% Cu Over 4.86 Metres in Recent Drilling at Farellon
Altiplano Reports 2.97% Cu Over 4.86 Metres
in Recent Drilling at Farellon
Edmonton, Alberta--(Newsfile Corp. - December 13, 2021) -
Altiplano Metals Inc
. (TSXV: APN) (WKN:
A2JNFG) ("
Altiplano
" or the "Company") is pleased to report assay results from an additional seven
drill holes at its ongoing exploration drilling program at the Farellon copper-gold (Cu-Au) mine located
near La Serena, Chile.
Highlights
18 holes have been completed at Farellon for a cumulative total of 3,261 metres of drilling.
Assay results from 14 of the 18 holes drilled to-date have been received with 7 new holes reported
as outlined in Table 1. (See news release dated 3 November 2021 for results from the initial seven
holes).
All additional holes have intersected the mineralized vein system at depth observed up to 24 m
below the 360 km operational level and along the NE-SW strike extensions. Strong results were
observed from Drill Station 2 yielding
2.97% Cu
over 4.86 m and
1.12% Cu
over 5.00 m (Figure
1.).
Recent drill results further demonstrate the mineralized areas observed in the core are consistent
with the mineralized areas of the upper zones of Farellon vein system that were previously drilled
and consistent with ongoing mining operations. Since 2018, the grade at Farellon has averaged
1.74% Cu through sales of Cu-Au material extracted from the Hugo Decline.
Exploration holes at Drill Station 3 display elevated copper and substantial iron content,
demonstrating continuity of the mineralized system thus providing additional exploration upside to
the southwest of existing workings.
Drilling results in this area delineate high iron content that has been historically discarded as waste
material. The El Péñon processing facility, currently in construction, will include an iron separation
unit which will provide opportunity to capture significant secondary revenue from the sale of iron in
future operations. Altiplano expects to utilize lower grade copper zones in the coming quarters with
additional revenue expected from iron recovery.
In the 14 reported intervals from the ongoing drill campaign, iron content ranges from 9.2% up to
70.6%, with an average value of 24.15%.
The drill program has 2 holes remaining at Drill Station 2 to complete the program and will be
mobilized to the Maria Luisa project to begin a new drill program to support the current
underground exploration program.
CEO Alastair McIntyre comments, "We are very pleased with the results of the drill program which
demonstrates that the Farellon Iron-Oxide-Copper-Gold vein system continues along strike and at depth.
Drilling has yielded very good assay results particularly in the NE portion of the mine and this work
supports our underground expansion plans and delineates additional tonnage for extraction.
We are also
seeing encouraging high iron grades to the SW which will support our future mining operations as we
build copper and iron processing capacity at our mill."
Figure 1. Assay Results
DDH*
From (m)
To (m)
Width**
Fe %
Au ppm
Cu %
21FND038
188.40
191.30
2.90
37.60
0.09
1.78
21FND052
181.75
186.61
4.86
40.64
0.09
2.97
including
181.75
185.11
3.36
47.44
0.13
4.20
21FND053
180.30
185.30
5.00
34.33
0.05
1.12
including
182.20
185.30
3.10
39.00
0.07
1.64
21FND062
107.58
108.08
0.50
52.00
0.03
0.65
21FND063
121.42
123.92
2.50
35.89
0.03
0.23
21FND065
112.80
113.70
0.90
53.10
0.08
0.79
21FND066
120.40
122.75
2.35
32.46
0.07
0.73
* Four completed drill holes have assays pending
**Intervals are core length. True width is estimated between 80-90% of the core length.
Figure 2. Mine Section and Drill Intercepts
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/4303/107456_3d6e24e23457191a_001full.jpg
.
The objective of the 2021 drilling program is to further delineate the iron-oxide copper-gold vein system
at depth and to outline additional tonnage available to support the planned 5,000 tonnes/month
extraction rate at Farellon. In addition, the drilling is expected to aid in grade control and optimize
development.
Altiplano has generated over US$7,200,000 from the recovery and sale of 3.597 million pounds of
copper with an average grade of 1.74% Cu (2018 Q1-2021 Q3). Altiplano will move the company-owned
drill to Maria Luisa in the new year to continue exploratory drill operations and, add tonnage at Farellon
for the nearly completed El Peñón mill and flotation plant. Altiplano will continue to use positive cash flow
to invest in infrastructure and exploration to increase productivity and advance the Company’s assets to
production.
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 of
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.
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
.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/107456