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Altiplano Announces Expansion Initiated with Rise in Copper-Gold Tonnes Extracted, Grade and Revenue Increased
Edmonton, Alberta--(Newsfile Corp. - June 16, 2020) - Altiplano Metals Inc . (TSXV: APN) (W...
About this update from Altiplano Metals Inc.
[{"type":"text","content":"Altiplano Announces Expansion Initiated with Rise in Copper-Gold Tonnes Extracted, Grade and Revenue IncreasedEdmonton, Alberta--(Newsfile Corp. - June 16, 2020) - Altiplano Metals Inc. (TSXV: APN) (WKN: A2JNFG) (\"Altiplano\" or the \"Company\") is pleased to report strong results from the ongoing bulk sampling program from the historic Farellon Copper-Gold (Cu-Au) mine located near La Serena, Chile. Farellon is a high-grade Iron-Oxide-Copper-Gold system with a 5,000 t/m license and permit. Altiplano has been conducting and ongoing underground bulk sampling program where the company has extracted approximately 1.7 m pounds of copper with an average grade achieved of 1.78%. Cost reductions and grade control at Farellon have generate 6 quarters of positive cash flow. Altiplano began an approximately 100 m decline extension in March to access new mineralized copper-gold zones at the 382 m which was completed in late April.During May 2020, the Company extracted 3,440 tonnes of mineralized Cu/Au material at Farellon and processed 2,405 tonnes at an average grade of 2.46 % Cu receiving US$205,000 in sales. These numbers compare to the April output of 2,362 tonnes extracted and 2,257 tonnes processed and sold generating US$109,463 in revenue. The April copper grade is reported at 1.69%, lower than the global average of 1.78% copper (since October 2018), as the Company focused on expanding the Hugo decline while recovering lower grade material in stopes above. May's higher grade is a reflection of improved grades observed at the 382 m level. To date, the Hugo decline extension totals 476 m, including 98 m of expansion that began in March 2020 to reach the 382 m level.CEO Alastair McIntyre commented, \"We are pleased to see increasing revenue from improved grade and increased output efficiencies at Farellon during the month of May. Operations have benefited from equipment upgrades and access to new mineralized zones at the 382 m level where we are seeing copper grades in excess of 3% in the NW - SE trending drifts. These grades are correlating with our earlier drill program where intercepts assayed 3.55% copper over 14.4 m.\" In addition, the Company reports that new expansion is currently underway to access the 389 m drift level. This additional level will provide the opportunity to extract material from four working faces thus increas...