Altiplano Reports on Concentrate Sample Results and Processing Updates at El Penon
Altiplano Reports on Concentrate Sample
Results and Processing Updates at El Penon
Edmonton, Alberta--(Newsfile Corp. - October 30, 2023) -
Altiplano Metals Inc
. (TSXV: APN) (WKN:
A2JNFG) ("
Altiplano
" or the "Company") is pleased to report on assays results of samples taken from
the copper-gold and iron concentrates produced at the El Peñón processing facility and to provide an
update on the progress at the plant.
The El Peñón processing facility is located approximately 15 kms
from the Farellon copper-gold mine, 45 kms south of La Serena, Chile.
Samples were collected from the copper-gold concentrate and iron concentrate produced at the El
Peñón facility and generated results meeting design expectations for the material processed. Of note,
gold and iron demonstrated improved results.
Figure 1.
Concentrate Sample Assay results:
Cu concentrate Samples
Fe concentrate
Samples
Sample*
Copper %
Gold ppm
Iron %
1
23.0
1.5
66.5
2
26.3
1.6
64.6
3
21.91
1.9
71.12
4
21.87
2.4
70.68
* Samples were taken an approximately one-month period and 1 week apart
**Copper percentages are in line with expectations with grades on the lower end based on the test material processed through the plant from
stockpiles contained >1 % copper. Lower grades have been purposefully used in the start-up phase to reduce recovery risk. Improvement in copper
grades is expected when the planned >1.5% material is processed.
To enhance productivity and optimize concentrate production, adjustments are being made in the
crushing, milling, and flotation circuits. Designs have been finalized and the work has begun to focus on
improving performance of these systems and to adapt to the specific mineralogy of the copper-gold-iron
material produced at Farellon. These adjustments will better integrate the copper-gold concentrate
production circuit with the iron separation and filter press systems that are designed to reduce water
consumption and tailings output. This work includes gearing adjustments for the two ball mills, replacing
reducers for the flotation cells and upgrading hydro-cyclones to improve the classification of material
from the ball mill discharge to the flotation cells. Testing of the filter press systems for the tailings and the
production of copper-gold concentrate and iron concentrate, through the magnetic drums and filter
systems, have all performed to specifications.
The company has organized a storage facility in San Antonio for the anticipated copper-gold
concentrate sales as part of the offtake agreement. Shipments will begin as the stockpile of concentrate
on site increases. In addition, the Company is negotiating the sale of the iron concentrate to local buyers
for use in the steel and construction industry where high grade iron concentrate is in high demand. The
company will maintain sales to ENAMI while the updates at the processing facility are completed.
President and CEO Alastair McIntyre commented; "We are pleased to see progress at the mill with the
first test runs of copper concentrate returning assays with expectations and in addition to higher-than-
expected gold and iron results. With final testing and adjustments soon to be completed we can move
from processing the lower grade stockpiles to processing high grade copper gold material produced
directly from Farellon. This will improve our productivity and increase the copper in concentrate."
Figure 2. Photos of the El Peñón Facility
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Altiplano has generated over
US$12.8 million
from the recovery and sale (after processing costs) of
more than
5.7 million pounds of copper
with an average grade of
1.80% Cu
(2018 Q1-2023 Q2).
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, led by a dynamic group of resource sector
professionals with a long record of success in evaluating and advancing mining projects from exploration
through to production, attracting capital, and overcoming adversity to deliver exceptional shareholder
value.
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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