Altiplano Reports Q4 2023 Operational Results at Farellon with Improved Cu Grade and Output
Altiplano Reports Q4 2023 Operational Results
at Farellon with Improved Cu Grade and
Output
Edmonton, Alberta--(Newsfile Corp. - February 29, 2024) -
Altiplano Metals Inc
. (TSXV: APN) (WKN:
A2JNFG) ("
Altiplano
" or the "Company") is pleased to report on Q4 2023 operation results from the
Farellon Copper-Gold-Iron (Cu-Au-Fe) mine located near La Serena, Chile.
The Company extracted a total of 9,114 tonnes of mineralized Cu-Au material and processed 8,125
tonnes during Q4 2023 at Farellon. This represents a 12% and 13.6% increase respectively from the Q3
production and processing figures. Mine production in Q4 represented the highest quarterly production
over the 2024-year period. Copper grade improved in Q4 to 1.87% representing an 8.7% increase from
the 1.72% Cu recovered in Q3. Sales of 325,328 pounds of copper in 2023 Q4 generated
approximately US$798,919 in revenue (after processing costs), an increase of 25% over the $639,458
revenue figure received in Q3 - an increase related mainly to processing higher Cu grade material.
Waste removal decreased 52% to 1,221 tonnes in Q4 2023 as the new 336 m operating level was
reached.
Work on the advance to the next level at 328m began in late November and is expected to be
intersected in April. Level 328 m will bring an additional production level, with mining planned on drifts to
the NE and SW direction.
President and CEO Alastair McIntyre comments: "In the last two years, Farellon has produced and sold
on average approximately 300,000 pounds of copper per quarter and we are pleased to see that we
closed out in Q4 2024 well above that average. Copper grades in Q4 also came in above our overall
1.8% average at 1.87%, which is an excellent achievement considering global grades of copper
average 0.5% copper. Production increases and recovery of high-grade copper, combined with the
benefits of the reduction in processing and transportation costs at the El Peñón processing plan, will
drive the operation success at APN in 2024."
At the end of December 2023, the Company had 540 tonnes in stockpiles at the Farellon site and a total
of 1,555 tonnes of stockpiles at the El Peñón mill site. An additional 8,381 tonnes of lower-grade
material are stockpiled at Farellon site and ready to be shipped for processing at the El Peñón facility
over the next several months. This stockpile will be blended with newly mined material to optimize
processing efficiencies. In addition, the Company currently has 1,314 tonnes of material in process with
third party processors. This material will be processed for copper sales and the revenue will be realized
in the coming months.
Figure 1.
Quarterly Review of US$ Revenue and Copper Pounds Sold
Period
Mined
USD Revenue*
Cu Pounds Sold
Copper Grade
Q1 2022
9,843
$908,419
295,199
2.06%
Q2 2022
10,742
$967,685
310,062
1.96%
Q3 2022
13,440
$692,731
297,403
1.87%
Q4 2022
11,340
$691,103
295,397
2.05%
Q1 2023
7,675
$822,764
307,104
1.90%
Q2 2023
8,315
$745,162
294,162
1.75%
Q3 2023
8,116
$639,458
263,232
1.72%
Q4 2024
9,114
$798,919
325,358
1.87%
* After processing costs
Figure 2. Mined, Processed, Waste Removed and Cu Grade by Quarter 2021-2023
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4303/199840_altiplanoimage1.jpg
Figure 3. Processed Material, Income vs. Mining Costs by Quarter 2021-2023
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4303/199840_altiplanoimage2.jpg
Figure 4. Chalcopyrite with Bornite in Stockpiles.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4303/199840_49c55a7d3413baf5_003full.jpg
Figure 5. Bench Mining on Floors and Roofs in the 336m North Mining Area
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4303/199840_49c55a7d3413baf5_004full.jpg
Altiplano has generated over
US$14.2 million
from the recovery and sale (after processing costs) of
more than
6.25 million pounds of copper
with an average grade of
1.8% Cu
(2018 Q1-2023 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, 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 TSX.V 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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