Altiplano Samples 8.73 g/t Gold Over 5.75 Metres Underground From Second Vein System On Maria Luisa and Proposes Location of a New Decline System
EDMONTON, May 26, 2021 – Altiplano Metals Inc. (TSXV: APN) (WKN: A2JNFG) (“Altiplano” or the “Company”) is pleased to present recent exploration results and a proposed location for a new decline that will target the existing workings and also access a second mineralized system at the Maria Luisa gold-copper mine. The Maria Luisa project is located within the Atacama Region 100 km north of La Serena in Incahuasi, Chile
The Maria Luisa project hosts gold-copper mineralization in two major NW-SE and N-S trending vein systems. Historical mining has largely been from the main NW-trending system, the Maria Luisa vein, (Figure 1) which is an anastomosing set of structures traceable for approximately 500 metres along-strike. Limited underground workings exist on the N-S vein system and there are no known production records or grades available in this area. However, recent surface and underground grab and chip sampling results along the N-S vein system indicate that this system may be of similar caliber to the Maria Luisa Vein. An underground chip sample from the N-S vein system returned 8.73 g/t gold over 5.75 metres, confirming continuity from surface where recent grab samples have returned up to 4.96 g/t gold and 3.51 % copper*. Anomalous gold-copper surface rock grab sampling of the N-S vein system defines a strike extent of over 450 metres that remains open.
An extensive road network on the project and favourable topography are proving very valuable as the Company designs the future underground development. A proposed portal entrance and southwest oriented decline (Figure 1) will allow for the development of both vein systems in tandem and provide excellent exploration and discovery opportunities as the decline is advanced between the two vein systems.
CEO Alastair McIntyre commented “Maria Luisa is a high-grade gold copper project that has yielded excellent grades from previous drill sampling and historical underground workings. In addition, the results of our recent underground sampling along a previously underexplored zone to the NE of the project are also very encouraging. These results provide the Company an excellent opportunity to further explore and develop the asset by connecting both high grade zones with our proposed underground decline system. Our next steps are to finalize engineering studies and submit the appropriate applications to begin the development work.”
The vein ranges between 1–5 metres in width with associated structures including faults, magmatic-hydrothermal breccias, and tectonic breccias. Numerous other structural and vein systems on the project have not been effectively explored and could provide additional upside.
The mineralization was emplaced in two different stages:
- Au-rich mineralization consists of specular hematite-quartz banded veins with epithermal textures including open spaces, crustiform quartz, and bladed calcite indicative of boiling. Grades up to 25 g/t Au across 1.6 m obtained from a vein of massive hematite suggest an association between Au and hematite, although supergene enrichment is suspected due to the presence of jarosite. This stage is brecciated and cut by a second stage of mineralization.
- Cu-rich mineralization consists of magmatic-hydrothermal breccia with abundant angular fragments of stage I mineralization and andesitic rock either clast-supported or cemented by siderite and iron-copper oxides.
Figure 1 – Location and sample map.
*Rock chip samples from outcrop/bedrock are selective by nature and may not be representative of the mineralization hosted on the project. Channel sample 001 is composite in nature and comprised of six samples that range in length from 0.7-1.2 metres. The reported gold value is a weighted average.
Recent Diamond Drilling
A limited four-hole, 495 metre diamond drill program was completed in 2017 that was intended to test mineralization below the historical workings of the main Maria Luisa vein system (Figure 1). The drill program intersected both the hematite Au-rich mineralization with hole 17MLD001 (1 m @ 6.95 g/t Au and 0.03% Cu), and Cu-rich mineralization with hole 17MLD003 (0.6m @ 5.90% Cu and 0.22 g/t Au). However, core recovery within the mineralized structures (fault gouge) was very poor ranging between 45 and 60%.
Historical Resource and Exploration Target
The Maria Luisa veins consistently yield significant grades of gold, with recent selective mining (2013 to 2015) of over 600 tonnes with an average grade of approximately 6.85 grams per tonne (g/t) Au and 1.89 percent (%) Cu (M. Dufresne, NI 43-101 Technical Report, February 2017). An exploration target has been defined for the Maria Luisa Property based upon the historical resource estimate conducted by ENAMI, recent underground sampling and mapping, historical production records and the author’s own sampling and three-dimensional modelling. The target ranges from 200,000 to 400,000 tonnes with a range in grades of 1.5% Cu and 2 g/t Au to 2.5% Cu and 5 g/t Au. This estimation of quantity and grade is conceptual in nature with insufficient work to define a mineral resource, and further exploration may or may not define a resource at Maria Luisa (M. Dufresne, NI 43-101 Technical Report, February 2017). In addition, a decision to commence underground development at the Maria Luisa site is not based on a feasibility study of mineral reserves demonstrating economic and technical viability and there is increased uncertainty and economic and technical risks of failure associated with this decision.
Altiplano Metals Inc. (APN: TSX-V) is a Canadian mining company focused on the acquisition and development of near-term cash flowing assets and exploration projects of significant scale. Altiplano’s goal is to grow into a mid-tier producer of copper, gold and silver with immediate plans of generating profits from three cash flowing projects in 2021. Management has a substantial record of success in capitalizing on opportunity, overcoming challenges and building shareholder value.
John Williamson, B.Sc., P.Geol., a Qualified Person as defined by NI 43-101, has reviewed and approved the technical contents of this document
|www.metalsgroup.com||Altiplano is part of the Metals Group of companies, managed by an award-winning team of professionals who stand for technical excellence, painstaking project selection and uncompromising corporate governance, with a proven ability to capitalize on investment opportunities and deliver shareholder returns.|
ON BEHALF OF THE BOARD
/s/ "John Williamson"
For further 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 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. A qualified person has not done sufficient work to classify any historical estimates as current mineral resources or mineral reserves and the issuer is not treating the historical estimates as current mineral resources or mineral reserves. Any decision to commence production is not based on a feasibility study of mineral reserves 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 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.