Altiplano Provides Update and Reports First Quarter 2020 Results from Its Operations in Chile
EDMONTON, April 21, 2020 – Altiplano Metals Inc. (TSXV: APN) (WKN: A2JNFG) (“Altiplano” or the “Company”) is pleased to provide an update on progress and report the Q1 January to March 2020 results at the historic Farellon Copper-Gold Mine near La Serena, Chile.
Since Q1 2018, Altiplano has extracted, processed and sold between 2,499 and 7,988 tonnes of copper material averaging 5,300 tonnes per quarter at Farellon Mine. This material has averaged between 1.25% and 1.97% copper per quarter with and overall average during this period of 1.58%. In addition, the Company has sold over 1.6 million pounds of copper with revenues of over US$3.65 million.
During Q1, 2020, the Company extracted 5,250 tonnes of mineralized Cu/Au material at Farellon and processed 4,489 tonnes at an average grade of 1.97% Cu receiving 320,960 USD from the sale. The grade at Farellon continues to improve demonstating a 6% increase in from the previous quarter. Total tonnes extracted represent a 12% decrease as the operations concentrated on higher grade as the price of copper dropped. In addition, the Company embarked on a mine expansion program and reduced extraction to facilitate development of the Hugo decline to access lower levels. In March 2020, the Company completed 68 m of the scheduled 100 m of advance and removed 3,400 tonnes of waste rock. As of March 31, the Company has 650 tonnes in stockpiles at the Farellon site and 1,045 tonnes in processing.
John Williamson, Chairman comments “I am pleased to see expanded productivity at Farellon as our underground mine teams work together to focus on accessing higher grade copper material while expanding the decline for future extraction. All this work has progressed while our site has been adhereing to Covid19 protocols. Lastly, we are fortunate to report that we have now been cash flow positive for 6 consecutive quarters at the Farellon operations. In addition, our team is working to procure the necessary equipment for our planned fit for purpose mill construction ”.
Table 1. Tonnes Processed and Grade
Figure 1. Farellon Copper Grade by Quarter
Photo 1. Underground advance Hugo Decline
John Williamson, P.Geol., President and CEO of Altiplano, is the Qualified Person as defined in National Instrument 43-101 who has reviewed and approved the technical contents of this press release.
Altiplano Metals Inc. (APN: TSX?V) is a mineral exploration company focused on evaluating and acquiring projects with significant potential for advancement from discovery through to production, in Canada and abroad. Management has a substantial record of success in capitalizing on opportunity, overcoming challenges and building shareholder value. Additional information concerning Altiplano can be found on its website at www.apnmetals.com.
|ON BEHALF OF THE BOARD||For further information, please contact:|
|Jeremy Yaseniuk, Director|
|/s/ "John Williamson"||email@example.com|
|Chairman||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 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. 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.