Altiplano Metals posts sample assays from Santa Beatriz Project, Chile

Altiplano Metals Inc. [TSXV-APN; WKN-A2JNFG] reported on underground and surface channel sample results from the Santa Beatriz Copper-Gold-Iron Project, Chile.

These sample results confirm high grade copper-gold mineralization in the Santa Beatriz vein complex. With this information, the company will review the opportunity to develop Santa Beatriz for the potential to produce incremental Cu-Au-Fe mineralized material to support feed for the El Peñón mill plant.

Currently, the mine has a 3,000 tonne/month permit which can be increased to 5,000 tpm through application with the mining authorities. The Santa Beatriz Mine is located 2 km by road from the company’s existing operation at the Farellon Copper-Gold-Iron Mine and 13 km from the El Peñón processing plant near La Serena, Chile. Santa Beatriz and Farellon are iron oxide copper-gold (IOCG) deposits located within the NNE-trending Chile’s copper-rich IOCG belt that has been associated to the Atacama Fault zone.

Alastair McIntyre, President and CEO, commented, “We are excited and encouraged with the progress at Santa Beatriz. The geological information and sample results suggest the vein structures are identical to Farellon with the added benefit of higher gold grades and a larger land package containing several vein sets. The location of Santa Beatriz is ideal to supplement our processing capacity at El Peñón with the potential to generate a higher return based on significant gold credits. Our next steps involve moving the project forward at an advanced pace to support a development decision.”

Surface and underground mapping and sampling along NE-trending veins was conducted by the technical team as part of the 2024 ongoing exploration program at Santa Beatriz. A total of 5 veins/splays were identified either outcropping on surface, with old mine workings, or with excavator trenching. The total strike of these veins adds up to 1,050 metres and range in width from 0.30 to 3.13 metres. Inferred projections are not being considered and only actual outcrops were measured and sampled. The main vein, Santa Beatriz, was explored previously with underground workings along a strike length of 275 metres.

A total of 98 samples were taken along these veins to complete 37 sampling channels. The channels are perpendicular to the vein and consists of 1-4 contiguous samples. In underground workings, the channels include samples taken from the vein and its host-rock (footwall and hanging wall) and were taken systematically every 10 to 15 metres.

The best channel sample result belongs to the Santa Beatriz vein and yields 2.45 metres with 3.65% Cu; 0.29 g/t Au; and 26.97% Fe, including a 1.08-metre sample that yields 8.08% Cu, 0.63 g/t Au, and 39.49% Fe.

The Santa Beatriz vein is the best explored to date, strikes N70E, dips steeply to the south, and is hosted by fine grained diorite.

The positive geological mapping and sample results warrant further exploration and development at Santa Beatriz. The company is planning to continue with a bulk sample from the underground workings, geophysics, and diamond drilling program to confirm continuity of the vein and grades at depth and along strike. This information will form the basis of a potential mining decision. Existing underground infrastructure at Santa Beatriz can be used to assist in the development and access to the mineralized vein structure at depth.

Altiplano has generated over US$14.9 million from the recovery and sale (after processing costs) of more than 6.55 million pounds of copper with an average grade of 1.8% Cu (2018 Q1-2024 Q1). 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, and the start-up of the El Peñón fit-for-purpose mill and flotation plant located 15 km from the Farellon site.

Altiplano has a diversified portfolio of assets that include an operating copper/gold/iron mine and a state-of-the-art operating copper/gold and iron processing facility in the final stages of completion.

Altiplano is part of the Metals Group of companies.