Altiplano Samples 8.73 g/t Gold Over 5.75 Metres Underground From Second Vein System On Maria Luisa and Proposes Location of a New Decline System
Altiplano Samples 8.73 g/t Gold Over 5.75
Metres Underground From Second Vein
System On Maria Luisa and Proposes Location
of a New Decline System
Edmonton, Alberta--(Newsfile Corp. - May 26, 2021) -
Altiplano Metals Inc
. (TSXV: APN) (WKN:
A2JNFG) ("
Altiplano
" or the "Company") is pleased to present recent exploration results and a
proposed location for a new decline that will target the existing workings and also access a second
mineralized system at the Maria Luisa gold-copper mine. The Maria Luisa project is located within the
Atacama Region 100 km north of La Serena in Incahuasi, Chile.
The Maria Luisa project hosts gold-copper mineralization in two major NW-SE and N-S trending vein
systems. Historical mining has largely been from the main NW-trending system, the Maria Luisa vein,
(Figure 1) which is an anastomosing set of structures traceable for approximately 500 metres along-
strike. Limited underground workings exist on the N-S vein system and there are no known production
records or grades available in this area. However, recent surface and underground grab and chip
sampling results along the N-S vein system indicate that this system may be of similar caliber to the
Maria Luisa Vein. An underground chip sample from the N-S vein system returned
8.73 g/t gold
over
5.75 metres
, confirming continuity from surface where recent grab samples have returned up to
4.96 g/t
gold
and
3.51 % copper
*. Anomalous gold-copper surface rock grab sampling of the N-S vein system
defines a strike extent of over 450 metres that remains open
.
An extensive road network on the project and favourable topography are proving very valuable as the
Company designs the future underground development. A proposed portal entrance and southwest
oriented decline (Figure 1) will allow for the development of both vein systems in tandem and provide
excellent exploration and discovery opportunities as the decline is advanced between the two vein
systems.
CEO Alastair McIntyre commented "Maria Luisa is a high-grade gold copper project that has yielded
excellent grades from previous drill sampling and historical underground workings. In addition, the results
of our recent underground sampling along a previously underexplored zone to the NE of the project are
also very encouraging. These results provide the Company an excellent opportunity to further explore and
develop the asset by connecting both high grade zones with our proposed underground decline system.
Our next steps are to finalize engineering studies and submit the appropriate applications to begin the
development work."
Property Geology
The vein ranges between 1-5 metres in width with associated structures including faults, magmatic-
hydrothermal breccias, and tectonic breccias. Numerous other structural and vein systems on the project
have not been effectively explored and could provide additional upside.
Mineralization
The mineralization was emplaced in two different stages:
1
.
Au-rich mineralization consists of specular hematite-quartz banded veins with epithermal textures
including open spaces, crustiform quartz, and bladed calcite indicative of boiling. Grades up to 25
g/t Au across 1.6 m obtained from a vein of massive hematite suggest an association between Au
and hematite, although supergene enrichment is suspected due to the presence of jarosite. This
stage is brecciated and cut by a second stage of mineralization.
2
.
Cu-rich mineralization consists of magmatic-hydrothermal breccia with abundant angular
fragments of stage I mineralization and andesitic rock either clast-supported or cemented by
siderite and iron-copper oxides.
Figure 1 - Location and sample map.
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*
Rock chip samples from outcrop/bedrock are selective by nature and may not be representative of
the mineralization hosted on the project. Channel sample 001 is composite in nature and comprised
of six samples that range in length from 0.7-1.2 metres. The reported gold value is a weighted
average.
Recent Diamond Drilling
A limited four-hole, 495 metre diamond drill program was completed in 2017 that was intended to test
mineralization below the historical workings of the main Maria Luisa vein system (Figure 1). The drill
program intersected both the hematite Au-rich mineralization with hole 17MLD001 (1 m @ 6.95 g/t Au
and 0.03% Cu), and Cu-rich mineralization with hole 17MLD003 (0.6m @ 5.90% Cu and 0.22 g/t Au).
However, core recovery within the mineralized structures (fault gouge) was very poor ranging between 45
and 60%.
Historical Resource and Exploration Target
The Maria Luisa veins consistently yield significant grades of gold, with recent selective mining (2013 to
2015) of over 600 tonnes with an average grade of approximately 6.85 grams per tonne (g/t) Au and
1.89 percent (%) Cu (M. Dufresne, NI 43-101 Technical Report, February 2017). An exploration target
has been defined for the Maria Luisa Property based upon the historical resource estimate conducted
by ENAMI, recent underground sampling and mapping, historical production records and the author's
own sampling and three-dimensional modelling. The target ranges from 200,000 to 400,000 tonnes with
a range in grades of 1.5% Cu and 2 g/t Au to 2.5% Cu and 5 g/t Au. This estimation of quantity and
grade is conceptual in nature with insufficient work to define a mineral resource, and further exploration
may or may not define a resource at Maria Luisa (M. Dufresne, NI 43-101 Technical Report, February
2017). In addition, a decision to commence underground development at the Maria Luisa site 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 this decision.
About Altiplano
Altiplano Metals Inc. (TSXV: APN) is a Canadian mining company focused on the acquisition and
development of near-term cash flowing assets and exploration projects of significant scale. Altiplano's
goal is to grow into a mid-tier producer of copper, gold and silver with immediate plans of generating
profits from three cash flowing projects in 2021. Management has a substantial record of success in
capitalizing on opportunity, overcoming challenges and building shareholder value.
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, managed by 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
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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. Any decision to commence production 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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