La Serena, Chile
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 has resulted in the extraction of greater than 108,000 tonnes of mineralized Cu/Au material of copper at a grade of approximately 1.83%. The processing of this material has generated over US$6 mm from the credit of over 3,000,000 pounds of copper (2018 Q1 – 2021 Q1). 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 3. Illustration of Underground Operations at Farellon
Graph 1. Monthly Production
Graph 2. Processed Material, Income and Mining Costs
Graph 3. Mined Processed and Cu Grade
Table 3. Comparative Analysis