Altiplano Metals drills 4.86 metres of 2.97% copper at Farellon, Chile
Altiplano Metals Inc. [APN-TSXV; ALTPF-OTC; 9AJ1-FSE ] reported assay results from an additional seven drill holes at its continuing exploration drilling program at the 100%-owned Farellon copper-gold mine near La Serena, Chile.
Highlights include 18 holes completed at Farellon for a cumulative total of 3,261 metres of drilling. Assay results from 14 of the 18 holes drilled to-date have been received with 7 new holes reported. All additional holes have intersected the mineralized vein system at depth observed up to 24 metres below the 360 km operational level and along the NE-SW strike extensions. Strong results were observed from Drill Station 2 yielding 2.97% copper over 4.86 metres and 1.12% copper over 5.00 metres.
Recent drill results further demonstrate the mineralized areas observed in the core are consistent with the mineralized areas of the upper zones of Farellon vein system that were previously drilled and consistent with ongoing mining operations. Since 2018, the grade at Farellon has averaged 1.74% copper through sales of Cu-Au material extracted from the Hugo Decline.
Exploration holes at Drill Station 3 display elevated copper and substantial iron content, demonstrating continuity of the mineralized system thus providing additional exploration upside to the southwest of existing workings. Drilling results in this area delineate high iron content that has been historically discarded as waste material. The El Penon processing facility, currently in construction, will include an iron separation unit which will provide opportunity to capture significant secondary revenue from the sale of iron in future operations. Altiplano expects to utilize lower grade copper zones in the coming quarters with additional revenue expected from iron recovery.
In the 14 reported intervals from the ongoing drill campaign, iron content ranges from 9.2% up to 70.6%, with an average value of 24.15%. The drill program has two holes remaining at Drill Station 2 to complete the program and will be mobilized to the Maria Luisa project to begin a new drill program to support the current underground exploration program.
CEO Alastair McIntyre commeneds, “We are very pleased with the results of the drill program which demonstrates that the Farellon Iron-Oxide-Copper-Gold vein system continues along strike and at depth. Drilling has yielded very good assay results particularly in the NE portion of the mine and this work supports our underground expansion plans and delineates additional tonnage for extraction. We are also seeing encouraging high iron grades to the SW which will support our future mining operations as we build copper and iron processing capacity at our mill.”
The objective of the 2021 drilling program is to further delineate the iron-oxide copper-gold vein system at depth and to outline additional tonnage available to support the planned 5,000 tonnes/month extraction rate at Farellon. In addition, the drilling is expected to aid in grade control and optimize development.
Altiplano generated over US$7,200,000 from the recovery and sale of 3.597 million pounds of copper averaging 1.74% copper (2018 Q1-2021 Q3). In the New Year Altiplano will continue exploratory drill operations and add tonnage at Farellon for the nearly completed El Penon mill and flotation plant.