APN has continued extraction and testing beyond the bulk sample stage.
Altiplano Metals (TSXV:APN) has reported the results of the 5,000 tonne bulk sample of the 395M northeast zone at the historic Farellon copper gold mine near La Serena, Chile.
As quoted in the press release:
During the last quarter, the company concluded the bulk sample with a total of 4,453 tonnes of copper-bearing material having been extracted from the 395M level. This material was sent to various processing facilities and sold as either copper-bearing material or copper concentrate. The average grade of this material was 1.77 percent copper. The proceeds generated on the sale of copper-bearing material or concentrate from the bulk sample averaged approximately US$71per tonne, due in part to the price of copper having decreased approximately 20 percent over the past month.
Prior to these results, based on results from the initial 2,000 tonne bulk sample (which graded 1.89 percent copper and returned proceeds of US$80 per tonne at a price of $3.00 copper per tonne) and an evaluation of its cost structure, APN had determined that private toll processing and producing concentrate for sale was the best option going forward.
Under these new operating parameters, APN has continued extraction and testing from the 395M level beyond the bulk sample stage, proceeding to open up and commence extraction and testing on the 401M and 414M levels. With these adjustments, the average grade of copper shipped for processing in the last month has increased to 1.91 percent copper. The company continues to improve its grade control and extraction procedures to adapt within the lower price environment by both lowering costs and increasing productivity going forward.