Altiplano Metals acquires mineral properties, Chile
Altiplano Metals Inc. [TSXV: APN; WKN: A2JNFG] reported the acquisition of two new mineral concessions, Socorro III and Regalo, adding an additional 229 hectares to the company’s 308 hectares land package in Chile.
This expanded land package is situated within 15 km south of the El Peñón processing plant and lies along a 4.5 km northeast-trending mineralized corridor. The corridor hosts eight active small-scale Cu-Au mines in the Tambillos Iron-Oxide-Copper-Gold (IOCG) mineral district, further enhancing for exploration upside for Altiplano.
Alastair McIntyre, President and CEO, commented: “We are very pleased to acquire these projects under very favourable terms. These acquisitions enhance the company’s exploration and discovery potential for additional mineralization within the Tambillos IOCG district and leverages the close proximity to our processing facilities. Socorro looks very promising considering its location along strike of currently producing and past producing Cu-Au mines. Our next steps involve establishing a geological program to identify the mineralized potential.”
Highlights: Socorro III spans 29 hectares and is located 400 metres north of the Farellon mine, 1.7 km northwest of the Sta Beatriz mine, 1 km SW from the producing Socorro II mine and approximately 15 kms form the El Peñón processing plant.
The Socorro III Iron Oxide Copper Gold (IOCG) vein structure is observed on surface and is supported by a geophysics magnetic signature. The vein appears to be the continuation along strike of the producing Socorro II mine.
Socorro III was acquired through a private sale under the following terms: purchase price $30m Chilean Pesos (US$30,500) with a rent to own agreement of 1mm CLP per month.
The final payment is due August 2026 with the monthly rental prices to be deducted from the original purchase price.
The Regalo concession covers 200 hectares and lies 500 metres southwest of the Sta Beatriz mine just north of the producing La Perla and Carbonillos IOCG mines.
The Regalo concession was acquired up from the land claims registry. Together with the 54-hectare Sta Beatriz option, these new claims bring the total land package to 308 hectares.
Both properties have limited geological information but have considerable mineral potential considering their proximity to former and producing mines.
Next steps for the projects involve basic mapping and follow up with detailed magnetometry to assist in identifying potential drill targets.
Altiplano has generated over C$22.8 million from the recovery and sale (after processing costs) of more than 6.95 million pounds of copper with an average grade of 1.8% Cu. Cash has been re-invested into acquisition, exploration, new equipment, underground drilling, expanding underground development and production and the completion of the El Peñón copper-gold-iron processing facility located 30 km from La Serena, Chile.
Altiplano Metals has a diversified portfolio of assets that include exploration projects, a developing copper/gold/iron mine and a state-of-the-art operating copper/gold and iron processing facility.
Altiplano is part of the Metals Group of Companies.