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Altiplano Metals Inc. (TSXV: APN) (WKN: A2JNFG) ("Altiplano" or the "Company") is pleased to report on the February 2022 results from the Farellon Copper-Gold (Cu-Au) mine located near La Serena, Chile.
Approximately 3,720 tonnes in total of mineralized copper-gold material was extracted at Farellon and 2,303 tonnes were processed during the month of February. This work represented a 4% improvement over the January output of 3,580 tonnes and a 4.5% improvement over the 2,110 tonnes processed in January. The grade in February improved to 2.17% for the month compared to the January grade of 2.05%. The February copper grade is recorded as the highest monthly grade recovered from Farellon since operations began in Q1 2018. Grade improvements in the last few months are noticeable and attributed to accessing higher grade material in the lower levels of the NE sections of the mine at the 368 m and 360 m levels.
Revenue generated in February was approximately US$327,436 after processing costs, representing an 18% improvement over January's revenue of $277,845. Revenue continues to improve as a result of higher grade and increased copper sales. At February month end, an additional 250 tonnes were stockpiled at site where the revenue will be credited to the following months after processing has been completed. In addition, 1,450 tonnes of low-grade copper/high grade iron are stockpiled at site for processing at El Peñón site when that facility is completed.
CEO Alastair McIntyre commented, "Productivity improvements at Farellon are generating positive returns in improving grade and increased production. We are pleased to see higher grades, especially at depth, which drives increased revenues and supports our plans for continuing the development at Farellon to deeper levels."
Figure 1. Comparative 2021 Monthly Review of Farellon Output
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Figure 2. Monthly Processed Material, Income and Mining Cost at Farellon
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| Month 2021 | USD Income* | Copper Pounds | Cu grade % |
| January | $218,695 | 104,741 | 1.77% |
| February | $137,990 | 68,806 | 1.38% |
| March | $184,028 | 83,974 | 1.43% |
| April | $230,655 | 88,053 | 1.64% |
| May | $99,614 | 39,330 | 1.23% |
| June | $269,442 | 93,277 | 1.49% |
| July | $243,853 | 90,654 | 1.52% |
| August | $162,783 | 69,950 | 1.20% |
| September | $154,709 | 60,914 | 1.42% |
| October | $176,318 | 69,401 | 1.44% |
| November | $373,668 | 121,849 | 1.94% |
| December | $229,068 | 76,667 | 1.82% |
| January | $277,845 | 92,594 | 2.07% |
| February | $327,436 | 105,734 | 2.17% |
Figure 3. Comparative 2021 Income, Copper Contained and Grade
*After processing costs
Figure 4. Farellon Mine Section
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The decision to commence production on the Farellon deposit 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 the production decision.
Figure 5. Jumbo setting up on the 360 m level
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Note the copper in yellow on the right side of the picture as chalcopyrite. The darker steel grey areas are magnetite which will be also recovered at the El Peñón processing facility.
Altiplano has generated over US$7.98 million from the recovery and sale of 3.86 million pounds of copper with an average grade of 1.74% Cu (2018 Q1-2021 Q4). Cash flow has been re-invested into equipment, underground drilling, expanding underground development at Farellon, enhancing ventilation to increase productivity and capacity, new underground development and exploration at Maria Luisa, and the commencement of the permitted El Peñón fit-for-purpose mill and flotation plant located 15 km from the Farellon site.
About Altiplano
Altiplano Metals is a growing gold, silver, and copper company focused on the Americas. The Company has a diversified portfolio of assets that include an operating copper/gold/iron mine, development of near-term producing gold/copper projects, and exploration land packages with district-scale potential. Altiplano is focused on creating long-term stakeholder value through developing safe and sustainable production, reinvesting into exploration, and pursuing acquisition opportunities to complement its existing portfolio. Management has a substantial record of success in capitalizing on opportunity, overcoming challenges and building shareholder value. Altiplano trades on the Toronto Venture Exchange trading under the symbol APN and the Frankfurt Exchange under the symbol A2JNFG.
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.
Altiplano is part of the Metals Group portfolio of companies. Metals Group is an award-winning team of professionals who stand for technical excellence, painstaking project selection, uncompromising corporate governance and a unique ability to pan through the rubble to discover and develop golden opportunities.
ON BEHALF OF THE BOARD
/s/ "John Williamson"
Chairman
For further information, please contact:
Alastair McIntyre, CEO
alastairm@apnmetals.com
Tel: (416) 434 3799
Jeremy Yaseniuk, Director
jeremyy@apnmetals.com
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. The Farellon mine was previously in production dating back to the 1970's with a reported historical production (to a depth of 70 m) yielding approximately 300,000 tonnes at an average grade of 2.5% copper and 0.5g/t gold. This material was processed locally and sold to ENAMI. Altiplano is relying upon past production records, underground sampling and related activities and current diamond drilling to estimate grade and widths of the mineralization to reactivate production. The decision to commence production on the Farellon deposit 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/117123
Figure 1. First Ore Haulage from Wallace North.
