Altiplano Signs Option Agreement to Acquire Santa Beatriz Cu-Au Mine
Altiplano Signs Option Agreement to Acquire
Santa Beatriz Cu-Au Mine
Edmonton, Alberta--(Newsfile Corp. - June 14, 2023) -
Altiplano Metals Inc
. (TSXV: APN) (WKN:
A2JNFG) ("
Altiplano
" or the "Company") is pleased to report it has entered into an agreement for the
acquisition of the Santa Beatriz Mine, located two kilometers (km) from the Company's existing
operation at the Farellon Copper Gold Mine site near La Serena, Chile. Copper, gold, and iron
mineralized material at the Santa Beatriz Mine is similar to what is currently extracted at Farellon and is
expected to be suitable material for processing at the Company's mill and processing facility, El Peñón,
located ~15 km from the mine.
Highlights
Low-cost potential acquisition of past producer covering an area of 54 ha.
Previous workings include two decline advances totaling 250 m and 180 m in length.
The Santa Beatriz Mine is permitted by the Chilean Mining Authority, SERNAGEOMIN (Servicio
Nacional de Geologia y Mineria) for ~ 2,000 tonnes per month (tpm) of production and can be
expanded.
Mineralized material at Santa Beatriz is of the same iron-oxide-copper-gold (IOCG) deposit type
and style as that at Farellon.
Copper, gold, and iron extracted from the Santa Beatriz Mine can be ideally suited for processing
at the Company's El Peñón processing facility, entering startup phase in July.
Material produced from the Santa Beatriz Mine has the potential to improve efficiencies and
increase overall production at the Mill, maximizing the Company's monthly revenue opportunities.
President and CEO, Alastair McIntyre, commented: "We are very excited for the opportunity to begin
work on the Santa Beatriz Mine. This project fits Altiplano's vision for consolidating projects located in
proximity to our existing operations, with low start-up costs hosting excellent material for optimal
production and processing. Acquiring an additional mine with ideal production material for Altiplano's
mill and processing facility creates added flexibility and sustainability while providing the potential to add
significant value for its shareholders."
Figure 1 - Location of Farellon Copper Gold Mine, processing facility, and Santa Beatriz Mine.
To view an enhanced version of this graphic, please visit:
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Figure 2 - Photo of Historical Workings
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Santa Beatriz Agreement
In exchange for US$5,000, Altiplano retains a 3-month exclusivity period to complete due diligence on
the Santa Beatriz Mine. At the end of this period, Altiplano can rent the mine for US$4,350/month and
provide the owner with a 15% share in net profits after expenses. During the first 12 months of the option,
APN can purchase the mine with no underlying royalty for a one-time cash payment of US$440,000 or
extend the option.
The due diligence phase will include a comprehensive analysis of the veins to determine grade, width
and consistency at depth, regional influence, and mining potential. Geologists will map and sample the
vein sets underground and on surface, and compile and review existing datasets to aid in the
determination of production and future exploration programs. A confirmation drill program will be
designed as part of the exploration work to test the continuity of the vein structure and mineralogy along
strike and at lower depths.
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.
Altiplano has generated over
US$12.1 million
from the recovery and sale (after processing costs) of
more than
5.2 million pounds of copper
with an average grade of
1.80% Cu
(2018 Q1-2023 Q1).
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 commissioning of the El Peñón fit-for-purpose mill and flotation
plant located 15 km from the Farellon site.
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.
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 any historical estimates as
current mineral resources or mineral reserves. 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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