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TSX-V:APN
$0.32 +0.05

La Serena, Chile

Farellon

Farellon is located near the town of La Serena, Chile, approximately a one-hour flight north from the Chilean capital, Santiago. Acquired in 2017, Farellon is an Iron Oxide Copper Gold mineralized system, currently being developed and explored from an underground decline and drift system.

The underground development program at Farellon since Q1 2018 has resulted in the extraction of greater than 112,900 tonnes of mineralized Cu/Au material of copper at a grade of approximately 1.77%. The processing of this material has generated over US$6.6 mm from the credit of over 3,375,000 pounds of copper. This material is presently processed off site where proceeds generated from the sale of the copper material have resulted in a cash positive position that has been used to support operations and facilitated further development underground.

Figure 1. Illustration of Underground Operations at Farellon

Figure 3. Illustration of Underground Operations at Farellon

Figure 2. Mined, Processed, Waste Removed and Cu Grade by Quarter

Figure 2. Mined, Processed, Waste Removed and Cu Grade by Quarter

Figure 3. Processed Material, Income and Mining Costs

Graph 2. Processed Material, Income and Mining Costs

Figure 4. Comparative Analysis

Quarter Mined
tonnes
Sold/Processed
Tonnes
Cu
Contained
pounds
Revenue
USD
Cu grade
%
Q1 2020 5,557 4,489 188,671 $320,960 1.97%
Q2 2020 9,075 6,962 310,256 $477,805 2.09%
Q3 2020 9,660 10,795 460,384 $827,298 2.00%
Q4 2020 11,685 9,149 322,130 $579,276 1.68%
Q1 2021 9,770 8,055 257,522 $544,019 1.53%
Q2 2021 10,090 7,047 220,660 $599,711 1.49%
  55,837 46,497 1,759,623 2,205,339 1.78%
 
  La Serena, Chile
Farellon
  Incahuasi, Chile
Maria Luisa
  EL PEÑÓN, CHILE MILL Site

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