Altiplano Reports February 2022 Results at Farellon with Record Copper Grade at 2.17%
Altiplano Reports February 2022 Results at
Farellon with Record Copper Grade at 2.17%
Edmonton, Alberta--(Newsfile Corp. - March 17, 2022) -
Altiplano Metals Inc
. (TSXV: APN) (WKN:
A2JNFG) ("
Altiplano
" or the "Company") is pleased to report on the February 2022 results from the
Farellon Copper-Gold (Cu-Au) mine located near La Serena, Chile.
Approximately 3,720 tonnes in total of mineralized copper-gold material was extracted at Farellon and
2,303 tonnes were processed during the month of February. This work represented a 4% improvement
over the January output of 3,580 tonnes and a 4.5% improvement over the 2,110 tonnes processed in
January. The grade in February improved to 2.17% for the month compared to the January grade of
2.05%. The February copper grade is recorded as the highest monthly grade recovered from Farellon
since operations began in Q1 2018. Grade improvements in the last few months are noticeable and
attributed to accessing higher grade material in the lower levels of the NE sections of the mine at the 368
m and 360 m levels.
Revenue generated in February was approximately US$327,436 after processing costs, representing an
18% improvement over January's revenue of $277,845. Revenue continues to improve as a result of
higher grade and increased copper sales. At February month end, an additional 250 tonnes were
stockpiled at site where the revenue will be credited to the following months after processing has been
completed. In addition, 1,450 tonnes of low-grade copper/high grade iron are stockpiled at site for
processing at El Peñón site when that facility is completed.
CEO Alastair McIntyre commented, "Productivity improvements at Farellon are generating positive
returns in improving grade and increased production. We are pleased to see higher grades, especially
at depth, which drives increased revenues and supports our plans for continuing the development at
Farellon to deeper levels."
Figure 1. Comparative 2021 Monthly Review of Farellon Output
To view an enhanced version of Figure 1, please visit:
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Figure 2. Monthly Processed Material, Income and Mining Cost at Farellon
To view an enhanced version of Figure 2, please visit:
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Month 2021
USD Income*
Copper Pounds
Cu grade %
January
$218,695
104,741
1.77%
February
$137,990
68,806
1.38%
March
$184,028
83,974
1.43%
April
$230,655
88,053
1.64%
May
$99,614
39,330
1.23%
June
$269,442
93,277
1.49%
July
$243,853
90,654
1.52%
August
$162,783
69,950
1.20%
September
$154,709
60,914
1.42%
October
$176,318
69,401
1.44%
November
$373,668
121,849
1.94%
December
$229,068
76,667
1.82%
January
$277,845
92,594
2.07%
February
$327,436
105,734
2.17%
Figure 3. Comparative 2021 Income, Copper Contained and Grade
*After processing costs
Figure 4. Farellon Mine Section
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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 the production decision.
Figure 5. Jumbo setting up on the 360 m level
To view an enhanced version of Figure 5, please visit:
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Note the copper in yellow on the right side of the picture as chalcopyrite. The darker steel grey areas are magnetite which will be also recovered at
the El Peñón processing facility.
Altiplano has generated over US$7.98 million from the recovery and sale of 3.86 million pounds of
copper with an average grade of 1.74% Cu (2018 Q1-2021 Q4). 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 commencement of the permitted 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, 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.
Altiplano is part of the Metals Group portfolio of companies. Metals Group is an award-winning team of
professionals who stand for technical excellence, painstaking project selection, uncompromising
corporate governance and a unique ability to pan through the rubble to discover and develop golden
opportunities.
www.metalsgroup.com
ON BEHALF OF THE BOARD
/s/ "John Williamson"
Chairman
For further information, please contact:
Alastair McIntyre, 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
.
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