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Altiplano Reports Q2 Results with Improved Grade, Tonnes Extracted and Achieves Seven Straight Quarters of Positive Cash Flow from Operations at Farellon
Edmonton, Alberta--(Newsfile Corp. - July 14, 2020) - Altiplano Metals Inc . (TSXV: APN) (WKN...
About this update from Altiplano Metals Inc.
[{"type":"text","content":"Altiplano Reports Q2 Results with Improved Grade, Tonnes Extracted and Achieves Seven Straight Quarters of Positive Cash Flow from Operations at FarellonEdmonton, Alberta--(Newsfile Corp. - July 14, 2020) - Altiplano Metals Inc. (TSXV: APN) (WKN: A2JNFG) (\"Altiplano\" or the \"Company\") is pleased to report on the Q2 2020 results of 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 2.1 million pounds of copper with an average copper grade of 1.82% (since Q1 2018). Cost reductions and grade control at Farellon have generated seven consecutive 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. To date, Altiplano has conducted 80 m of drifting along the NE-SW 382 m access level. In addition, the Company began extraction at the new 389 m level where the company now operates a total of four working faces.During Q2, 2020, the Company extracted a total 9,940 tonnes of mineralized Cu/Au material at Farellon and processed 6,962 tonnes at an average grade of approximately 2.09% Cu. In addition, there are 1,470 tonnes in stockpiles at the Farellon site and 1,400 tonnes in processing. The copper grade at 2.09% for Q2 continues to improve demonstrating a 6.5% increase in from the previous quarter. Total tonnes extracted also improved in Q2 showing a 78% increase from the previous quarter benefiting from accessing the new 382m level. Q2 sales generated approximately US$480,000. In addition, the planned 389 m level and the crosscut drift have intersected new access points within the Farellon Vein system. These new access points provide the opportunity to further increase the extraction of mineralized Cu/Au material by operating four faces.Table 1. Comparative Quarterly Review of Farellon OutputTo view an enhanced version of Table 1, please visit:https://orders.newsfilecorp.com/files/4303/59748_b9e8f7ed84021a78_001full.jpgFigure 1. Illustration of Underground Operations at FarellonTo view an enhanced version of Figure 1, please vi...