Altiplano Metals Inc. (CVE:APN) has reported January 2021 production results from the Farellon Copper-Gold (Cu-Au) mine located near La Serena, Chile.
During January 2021, the company noted, Farellon produced approximately 3,480 tonnes of mineralized Cu/Au material at an approximate grade of 1.8% copper with shipments for processing totaling 2,770 tonnes.
Altiplano said January revenue (after processing costs) generated US$220,000 from the sale of 151,960 pounds of copper compared with US$150,000 and 90,660 pounds of copper in December. At the January month-end, an additional 610 tonnes were stockpiled and available to be shipped.
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In a statement, Altiplano CEO, Alastair McIntyre commented, "I am pleased to see January's revenue and grade improve as we begin the new year. Our development to the SW beyond the intrusive dyke has been completed on the 389 m SW and 382 m SW levels where we can now return our focus on advancement and production."
"I am also encouraged to see the copper grade along the SW 389 m and 382 m level drifts improve from 1.2% to 1.7% previously recovered from the upper levels on the 395 m SW and 401 m SW drifts. This demonstrates that copper grade is improving with depth as anticipated. Furthermore, we are also encouraged by the stronger copper market that has broken the US$4.20/pound level and is in close range to break the all-time high of $4.63/pound set in 2011. With strong demand fundamentals and investor sentiment, the copper market looks very constructive," he added.
The company noted that further development of the Hugo Decline at the mine is scheduled to extend the underground workings at depth to access the 370 metres (m) level. This work will provide two additional development headings to access the NE - SW trending vein system at the 370 m working level. These new access points will bring the total number of development headings to eight once fully operational. The Hugo decline extension to the new 370m level will be approximately 50m and is expected to begin in March.
Altiplano Metals is a Canadian mining company focused on the acquisition and development of near-term cash flowing assets and exploration projects of significant scale. The company's goal is to grow into a mid-tier producer of copper, gold and silver with immediate plans of generating profits from three cash flowing projects in 2021. Its management has a substantial record of success in capitalizing on opportunity, overcoming challenges and building shareholder value.
Contact the author at jon.hopkins@proactiveinvestors.com