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Altiplano Reports On Q1 2022 Results at Farellon with Record Revenue
Edmonton, Alberta--(Newsfile Corp. - April 21, 2022) - Altiplano Metals Inc . (TSXV: APN) (WK...
About this update from Altiplano Metals Inc.
[{"type":"text","content":"Altiplano Reports On Q1 2022 Results at Farellon with Record RevenueEdmonton, Alberta--(Newsfile Corp. - April 21, 2022) - Altiplano Metals Inc. (TSXV: APN) (WKN: A2JNFG) (\"Altiplano\" or the \"Company\") is pleased to report on the Q1 2022 results from the Farellon Copper-Gold-Iron (Cu-Au-Fe) mine located near La Serena, Chile. During Q1, 2022, the Company extracted a total 10,075 tonnes of mineralized Cu-Au material at Farellon and processed 6,676 tonnes at an average copper grade of approximately 1.99%. Sales of 281,949 pounds of copper generated approximately US$857,238 in revenue (after processing costs) which represents the highest revenue total to date from Q1 2018. At the end of March 2022, the Company had 400 tonnes in stockpiles at the Farellon site to be shipped for processing and 1,330 tonnes of low-grade stockpiled material. The revenue from the stockpile at site will be realized in the coming months. The low-grade stock will be processed at the APN El Peñón mill site at a later date to recover the value of the contained copper and iron. To date, 800 tonnes of low-grade Copper-Iron material has been shipped to the El Peñón mill.Total tonnes extracted and processed in Q1 decreased by 10% and 8% respectively from the previous quarter; however overall grade, at 1.99%, represents a 15% increase from the fourth quarter. The increase in grade is attributed to accessing higher grade material in the NE sections of the mine in the 376 m, 368 m and 360 m levels with overall grade control and waste management also being a contributor. In addition, the waste removal in Q1 was 1,870 tonnes, a decrease of 43% from the Q4 total of 3,320 tonnes, as focus remains on extraction during Q1. President and CEO Alastair McIntyre comments: \"We are very pleased to report on continuing positive results at Farellon. Grade improvements over the past several quarters are generating significant positive results with Q1 2022 generating the highest reported revenue on record. Our focus on development and grade control will provide the foundation for enhanced returns as the mill comes on-line. The El Peñón facility is expected to provide a 45% decrease in trucking and processing costs over selling to third-party processors.\" Figure 1. Quarterly Review of US$ Revenue and Copper Pounds SoldPeriodUSD RevenueCu Pounds S...