Altiplano Metals Inc (CVE:APN) said it has acquired a diamond drill rig to support ongoing structural and geological grade control at its Farellon copper-gold mine in Chile.
In a statement, Altiplano CEO Alastair McIntyre told investors that the new drill rig at Farellon is an “important step” to maintain grade and structural control over the operations, as the firm advances to the lower levels of the Hugo Decline.
“With the drill rig on-site, we are able to efficiently support further development and resource definition on the Iron Oxide Copper Gold vein system that remains open at depth,” McIntyre said. “Previous drilling has yielded grades as high as 2.28% copper at lower levels and with the new equipment, we can test with greater certainty the continuity of grade in advance of the deeper development.”
READ: Altiplano Metals crosses halfway threshold of Hugo Decline extension at Farellon Copper-Gold in Chile
The new RIVPA model Katan 1000 is capable of drilling diamond drill holes and can operate from the horizontal at zero- to 180-degrees to support both surface and underground drilling, according to Altiplano.
The equipment, which includes supporting rods and a generator and is expected to be delivered in late May, when it will begin underground drilling as part of ongoing development plans and resource definition at Farellon.
McIntyre told investors that he was particularly excited about the drill’s mobility, which would allow the unit to be transported to Altiplano’s other projects.
“(The) mobile drill will provide us with the opportunity to obtain valuable cost effect geological information for our technical team to drill test prospective projects that may fit within our acquisition strategy,” McIntyre added. “I am also pleased to report the equipment is produced locally in Chile, supporting local manufacturers."
Altiplano is focused on the acquisition and development of near-term, cash-flowing assets and exploration projects of significant scale. The Edmonton-based company is looking to grow into a mid-tier producer of copper, gold, and silver with its goal to have three cash-flowing assets by mid to late 2021.
Contact Angela at angela@proactiveinvestors.com
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