Altiplano Reports Q3 Operational Results with Record Tonnes Mined at Farellon
Altiplano Reports Q3 Operational Results with
Record Tonnes Mined at Farellon
Edmonton, Alberta--(Newsfile Corp. - October 31, 2022) -
Altiplano Metals Inc
. (TSXV: APN) (WKN:
A2JNFG) ("
Altiplano
" or the "Company") is pleased to report on quarterly results for Q3 2022 from the
Farellon Copper-Gold-Iron (Cu-Au-Fe) mine located near La Serena, Chile.
During Q3, 2022, the Company extracted a total 13,440 tonnes of mineralized Cu-Au material at
Farellon. This represents an increase of 25% from Q2 results of 10,742 tonnes with Q3 representing the
highest quarterly production since operations began in 2018. Tonnes processed in Q3 represented
7,570 tonnes, up 1% from the previous quarter of 7,488 tonnes. The copper grade recovered was
1.87%, down 4.8% from the previous Q2 result of 1.96%. Waste removal in Q3 decreased by 56% to
1,199 tonnes in Q2 as focus returned to advancing production headings.
Sales of 297,400 pounds of copper generated approximately US$691,000 in revenue (after processing
costs). While Q3 copper sales were generally in line with the previous quarter (down 4% from 310,0000),
revenues were reduced by 35% based on the effect of copper prices falling to $3.51/pound compared to
the previous Q2 average of $4.21/pound.
At the end of September 2022, the Company had 750 tonnes in stockpiles at the Farellon site and a total
of 3,160 tonnes of stockpiles at the El Peñón mill site. In addition, the company currently has 1,738
tonnes of material in process with ENAMI. This material will be processed for sale and the revenue will
be realized in the next coming months.
President and CEO Alastair McIntyre comments: "We are pleased to see operational improvements
continue at Farellon, with Q3 production being its highest on record. This puts us on track to achieve full
operational capacity at Farellon as El Peñón completes the commissioning process with full-scale
processing transitioning to the plant. We are also pleased to reach another significant milestone:
achieving US$10.5 mm in revenues from our total sales since operations began at Farellon."
Figure 1.
Quarterly Review of US$ Revenue and Copper Pounds Sold
Period
Mined
USD Revenue
Cu Pounds Sold
Q1 2018
2,520
$148,200
94,909
Q2 2018
10,269
$210,492
118,287
Q3 2018
6,298
$274,499
109,283
Q4 2108
11,365
$695,386
272,381
Q12019
8,075
$589,098
233,425
Q22019
6,935
$578,282
229,986
Q3 2019
5,643
$460,273
318,832
Q4 2019
5,968
$381,427
238,371
Q1 2020
5,557
$320,960
188,671
Q2 2020
9,075
$431,906
310,256
Q3 2020
9,660
$831,241
460,384
Q4 2020
11,685
$576,386
322,130
Q1 2021
9,770
$540,713
257,522
Q2 2021
10,090
$599,711
220,660
Q3 2021
11,624
$561,345
221,518
Q4 2021
11,189
$779,054
267,927
Q1 2022
9,843
$908,419
295,199
Q2 2022
10,742
$967,685
310,062
Q3 2022
13,440
$691,323
297,403
TOTAL
169,748
$10,546,400
4,767,208
Figure 2. Mined, Processed, Waste Removed and Cu Grade by Quarter
To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/4303/142424_altiplanofigure2.jpg
Figure 3. Processed Material, Income vs. Mining Costs by Quarter
To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/4303/142424_altiplanofigure3.jpg
Figure 4. Farellon Mine Section
To view an enhanced version of Figure 4, please visit:
https://images.newsfilecorp.com/files/4303/142424_1dfee8ca241da985_003full.jpg
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
Mining activity during Q3, 2022, focused on the 360 m and 352 m levels where grade of this material has
averaged approximately 1.95% copper to date in 2022. Widening of the first 150 m of the Hugo Decline
has begun to improve the operational efficiency of the Farellon mine. This work will provide transit trucks
to operate with greater efficiency thus reducing mining costs. The Hugo Decline continues the advance
to the next production area at the 344 m level. To date 50 m of this work has been completed with the
end of November targeted for completion.
Figure 5. Trucks Loading for Shipment to Processing Facilities
To view an enhanced version of Figure 5, please visit:
https://images.newsfilecorp.com/files/4303/142424_1dfee8ca241da985_004full.jpg
Figure 6. Jumbo at the Face of the 344 m Hugo Decline Advance
To view an enhanced version of Figure 6, please visit:
https://images.newsfilecorp.com/files/4303/142424_1dfee8ca241da985_005full.jpg
Altiplano has generated over US$10.5 million from the recovery and sale (after processing costs) of 4.77
million pounds of copper with an average grade of 1.78% Cu (2018 Q1-2022 Q3). 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 commissioning 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, development 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 of companies.
Metals Group is an award-winning team of
professionals who stand for technical excellence, painstaking project selection and uncompromising
corporate governance, with a proven ability to capitalize on investment opportunities and deliver
shareholder returns.
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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