Altiplano Metals Inc (CVE:APN) has released first-quarter production figures from its Farellon copper-gold project showing the company generated US$544,000 in revenue from the sale of 257,500 pounds of copper.
During the quarter ended March 31, 2021, Altiplano extracted a total of 9,770 tons of copper-gold material at the Chilean operation and processed 8,055 of that material at an average grade of nearly 1.5% copper.
The junior resource company said it had surpassed US$6 million in total revenue from Farellon since the first quarter of 2018.
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Edmonton-based Altiplano did say that total extracted tonnes in 1Q declined by 19.5% from the previous record quarter set in 4Q 2020, with processed material also 11.5% lower and overall grade falling 8.9% from 4Q. The firm attributed the decline to development work in non-productive areas and reduction in grade control as the benching process of removing ceilings between drift levels has begun.
Grades are expected to improve in April, Altiplano told shareholders, as new headings are developed and with access to higher grade zones. At the end of March, the company had 1,600 tonnes in stockpiles at the Farellon site and an additional 1,428 tonnes in process.
"The work in 1Q 2021 reflects our ongoing focus on development and sustainability,” Altiplano CEO Alastair McIntyre said in a statement accompanying the numbers. “As we advance to additional headings at depth, and begin to mine within existing levels, this provides us the opportunity to improve output and increase efficiencies.”
Altiplano is set to begin mining on the 369 metre level in the northeast and southwest directions, following up with an extension to the 360 metre level.
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