Projects

Overview

FARELLON

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 since Q1 2018 has resulted in the processing of greater than 119,000 tonnes of mineralized Cu/Au material at a grade of approximately 1.78% (Q2 2022). The processing of this material has generated US$9.86 million (after processing costs) from the recovery and sale of 4.47 million pounds of copper (Q2 2022). This material was 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, purchase of equipment, and facilitated further development underground. A mill to support the production at Farellon was commissioned at the end of Q2 2022 at El Peñón, located 15 km from Farellon. Processing of the copper, gold and iron contained in the material at Farellon will begin at El Peñón in Q3 2022.

Illustration of Underground Operations at Farellon (click on image to enlarge)

Mined, Processed, Waste Removed and Cu Grade by Quarter

Processed Material, Income and Mining Costs

Quarterly Comparative Analysis

Period (Quarter) Mined (Tonnes) Processed (Tonnes) Cu Sales (Pounds) Cu Grade (%) Revenue (US$)
Q1 2018 2,520 2,395 94,909 1.85 148,200
Q2 2018 10,269 4,732 118,287 1.25 210,492
Q3 2018 6,298 3,231 109,283 1.58 274,499
Q4 2018 11,365 7,988 272,381 1.60 695,386
Q1 2019 8,075 6,795 233,425 1.61 589,098
Q2 2019 6,935 5,775 229,986 1.87 578,282
Q3 2019 5,643 6,411 318,832 2.33 460,273
Q4 2019 5,968 5,964 238,371 1.86 381,427
Q1 2020 5,557 4,489 188,671 1.97 320,960
Q2 2020 9,075 6,962 310,256 2.09 431,906
Q3 2020 9,660 10,795 460,384 2.00 831,241
Q4 2020 11,685 9,149 322,130 1.68 576,386
Q1 2021 9,770 8,055 257,522 1.53 540,713
Q2 2021 10,090 7,047 220,660 1.49 599,711
Q3 2021 11,624 7,635 221,518 1.38 561,345
Q4 2021 11,189 7,254 267,927 1.75 779,054
Q1 2022 9,843 6,751 295,199 2.06 908,419
Q2 2022 10,742 7,488 310,062 1.96 967,686

Total

156,308 118,916 4,469,803 1.78% $9,855,078

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