Altiplano Reports Assay Results From its Santa Beatriz Copper-Gold-Iron Project of up to 2.45 m at 3.65 %Cu; 0.29 g/t Au; and 26.97 %Fe
Altiplano Reports Assay Results From its
Santa Beatriz Copper-Gold-Iron Project of up
to 2.45 m at 3.65 %Cu; 0.29 g/t Au; and 26.97
%Fe
Edmonton, Alberta--(Newsfile Corp. - May 27, 2024) -
Altiplano Metals Inc
. (TSXV: APN) (WKN:
A2JNFG) ("
Altiplano
" or the "Company") is pleased to report on underground and surface channel
sample results from the Santa Beatriz Copper-Gold-Iron Project. These sample results confirm high
grade copper-gold mineralization in the Santa Beatriz vein complex. With this information, the Company
will review the opportunity to develop Santa Beatriz for the potential to produce incremental Cu-Au-Fe
mineralized material to support feed for the El Peñón mill plant. Currently, the mine has a 3,000
tonne/month permit which can be increased to 5,000 tpm through application with the mining authorities.
The Santa Beatriz Mine is located 2 kilometres (km) by road from the Company's existing operation at
the Farellon Copper-Gold-Iron Mine and 13 kms from the El Peñón processing plant near La Serena,
Chile. Santa Beatriz and Farellon are iron oxide copper-gold (IOCG) deposits located within the NNE-
trending Chile's copper-rich IOCG belt that has been associated to the Atacama Fault zone.
President and CEO, Alastair McIntyre, comments, "We are very excited and encouraged with the
progress at Santa Beatriz. The geological information and sample results suggest the vein structures are
identical to Farellon with the added benefit of higher gold grades and a larger land package containing
several vein sets. The location of Santa Beatriz is ideal to supplement our processing capacity at El
Peñón with the potential to generate a higher return based on significant gold credits. Our next steps
involve moving the project forward at an advanced pace to support a development decision."
Surface and underground mapping and sampling along NE-trending veins was conducted by the
technical team as part of the 2024 ongoing exploration program at Santa Beatriz. A total of 5
veins/splays were identified either outcropping on surface, with old mine workings, or with excavator
trenching (Figure 2). The total strike of these veins adds up to 1,050 m and range in width from 0.30 to
3.13 m. Inferred projections are not being considered and only actual outcrops were measured and
sampled. The main vein, Santa Beatriz, was explored previously with underground workings along a
strike length of 275 m.
A total of 98 samples were taken along these veins to complete 37 sampling channels. The channels are
perpendicular to the vein and consists of 1 - 4 contiguous samples. In underground workings, the
channels include samples taken from the vein and its host-rock (footwall and hanging wall), and were
taken systematically every 10 to 15 metres. The best channel sample result belongs to the Santa Beatriz
vein and yields
2.45 m with 3.65 %Cu; 0.29 g/t Au; and 26.97 %Fe which includes a 1.08 m
sample that yields 8.08 %Cu, 0.63 g/t Au, and 39.49 %Fe
. The weighted average grades, true width,
and measured strike length of all the veins are summarized in Table 1; and the composite grade of the
37 sampling channels is shown in Table 2.
The Santa Beatriz vein is the best explored to date, strikes N70E, dips steeply to the south, and is
hosted by fine grained diorite. The vein consists of massive magnetite that contains discrete bands of
chalcopyrite and lesser bornite in patches with halos of coarse grained (up to 3 cm long) crystals of
euhedral apatite intergrown with actinolite partially altered to chlorite. These characteristics resemble
both the Farellon and Rosario veins, which also share the same structural control. This confirms that
these veins belong to the same ore forming hydrothermal system and precipitated under similar physical
(depth and temperature) and chemical (ore fluids chemistry) conditions. The other veins mapped on
surface to the north from the Santa Beatriz vein footwall (SBFW 01-04), albeit narrower, display similar
characteristics suggesting that a larger and deeper hydrothermal system could be feeding these veins.
The positive geological mapping and sample results warrant further exploration and development at
Santa Beatriz. The Company is planning to continue with a bulk sample from the underground workings,
geophysics, and diamond drilling program to confirm continuity of the vein and grades at depth and
along strike. This information will form the basis of a potential mining decision. Existing underground
infrastructure at Santa Beatriz can be used to assist in the development and access to the mineralized
vein structure at depth.
Figure 1. Location of Santa Beatriz in proximity to Farellon
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Figure 2.
Showing the identified veins and their projections, Cu% grade of vein samples, and
underground workings
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Table 1. Summary of veins dimensions and grades
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Table 2. Composite grades of individual sampling channels per vein
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Figure 3. Underground at Santa Beatriz
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Altiplano has generated over
US$14.9 million
from the recovery and sale (after processing costs) of
more than
6.55 million pounds of copper
with an average grade of
1.8% Cu
(2018 Q1-2024 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 start-up of the 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 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.
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, detailed 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 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.sedarplus.ca
.
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