Altiplano reports on the progress of underground mining operations at Farellon
Edmonton, Alberta–(Newsfile Corp. – July 13, 2022) – Altiplano Metals Inc. (TSXV: APN) (WKN: A2JNFG) (“Altiplanoor the “Company”) is pleased to announce the intersection of the 352m mining level as part of the ongoing development of the Hugo decline at the Farellon copper gold mine located near La Serena, Chile.
Cross-cuts from the 352 m level have intersected the structure of the Farellon Iron Oxide Copper Gold vein with production headings now established in the northeast and southwest directions. Mining in this area has started and shoring operations continue between the roofs and floors of the 360m and 368m levels. Further development of the Hugo Decline to the 344m level is expected to commence over the next four weeks with a lead time of approximately 12 weeks to reach the new target intersection.
CEO Alastair McIntyre comments: “Ongoing development is part of our sustainability work at Farellon. Advancing to lower levels of the mine provides access to additional working faces which improve our ability to manage grade control and productivity. Going forward, copper-gold-iron material mined from these lower levels will make up the bulk of shipments to supply the newly commissioned El Peñón processing facility. »
Figure 1: Section of the Farellon mine
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The decision to commence production from the Farellon deposit is not based on a mineral reserve feasibility study demonstrating economic and technical viability and there is increased uncertainty and economic and technical risks of failure associated with the production decision.
Figure 2. Operating heading of 352 m NE
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About the Altiplano
Altiplano Metals is a growing gold, silver and copper company focused on the Americas. The Company has a diversified portfolio of assets that includes an operating copper/gold/iron mine, the development of near-term gold/copper production projects and exploration land packages with upside potential. district scale. Altiplano is focused on creating long-term value for its stakeholders by developing safe and sustainable production, reinvesting in exploration and seeking acquisition opportunities to complement its existing portfolio. Management has a substantial track record of success in capitalizing on opportunities, overcoming challenges and creating shareholder value. Altiplano trades on the Toronto Venture Exchange under the symbol APN and on the Frankfurt Stock Exchange under the symbol A2JNFG.
Altiplano generated over US$8.83 million (after processing costs) from the recovery and sale of 4.15 million pounds of copper averaging 1.76% Cu (Q1 2018- Q1 2022). Cash flow was reinvested in equipment, underground drilling, expansion of underground development at Farellon, improved ventilation to increase productivity and capacity, new underground development and exploration at Maria Luisa , and the construction of a suitable crusher and flotation plant in El Peñón. located 15 km from the Farellon site currently in operation.
John Williamson, B.Sc., P.Geol., a Qualified Person as defined by NI 43-101, has reviewed and approved the technical content of this document.
Altiplano is part of the Metals group of companies. Metals Group is an award-winning team of professionals distinguished by technical excellence, careful project selection and uncompromising corporate governance, with a proven ability to capitalize on investment opportunities and generate returns for shareholders. .
ON BEHALF OF COUNCIL
/s/ “John Williamson”
For more 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 press release includes certain statements that may be considered “forward-looking statements”. All statements in this release, other than statements of historical fact, that address exploration drilling, operating activities and events or developments that the Company expects are forward-looking statements. A qualified person has not performed sufficient work to classify historical estimates as current mineral resources or mineral reserves and the issuer does not treat historical estimates as current mineral resources or mineral reserves. The Farellon mine had previously been in production since the 1970s with historical production reported (to a depth of 70m) yielding approximately 300,000 tonnes at an average grade of 2.5% copper and 0.5 g/t d ‘gold. This material was processed locally and sold to ENAMI. Altiplano is relying on past production records, underground sampling and related activities and ongoing diamond drilling to estimate the grade and width of mineralization to reactivate production. The decision to commence production at the Farellon deposit is not based on a mineral reserve feasibility study 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 that the expectations expressed in these forward-looking statements are based on reasonable assumptions, these statements are not guarantees of future performance and actual results or developments may differ materially from those contained in the forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include market prices, mining and exploration success, continuity of mineralization, uncertainties relating to the ability to obtain necessary permits, licenses and titles and delays due to opposition from third parties, changes in government policies regarding mining and natural resource exploration and development, and the continued availability of capital and financing, and the terms general principles of economics, the market or business. Investors are cautioned that such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. For further information on the Company, investors should consult the Company’s continuous disclosure documents available at www.sedar.com.
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