Altiplano Metals Inc. (TSX-V:APN) told investors that initial results from eight drill holes at its Farellon copper-gold mine in Chile have confirmed the continuation of a copper sulphide vein system.
The company said the drill holes have completed 1,857 metres (m) in the ongoing 6,200m underground exploration drilling program and continuity of the vein system at depth has been confirmed, with all holes intersecting the system up to 28m below the current 360m development level.
Drilling has confirmed the strike extent of the vein system over 230m where mineralized sections vary in width from 2.5m to 5m and averaging 3.68m.
READ: Altiplano Metals begins mining at 360 meter level at Farellon copper-gold mine in Chile
"We are pleased with the initial results from the first eight holes in the ongoing drill program,” CEO Alastair McIntyre said in a statement.
“Visual inspection of the core has confirmed copper sulphide and magnetite mineralization in the Farellon vein at depth and we look forward to the completion of the program and releasing assay results in the coming weeks,” he added.
The company said the drill has been moved to the second location at Drill Pad 2 to begin the next planned series of holes.
The intent of the 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 tons per month extraction rate at Farellon. In addition, the drilling is expected to aid in grade control and optimize development.
Altiplano noted that it has generated over US$6,600,000 from the recovery and sale of approximately 3.375 million pounds of copper with an average grade of 1.77% copper.
Cash flow has been re-invested into equipment, underground drilling, expanding underground development, enhancing ventilation to increase productivity and capacity, and the commencement of the permitted El Peñón fit-for-purpose mill and flotation plant located 15 kilometres from the Farellon site.
Altiplano Metals is a growing gold, silver, and copper company focused on the Americas.
The company has a diversified portfolio of assets that include an operating copper/gold/iron mine, development near term producing gold/copper projects, and exploration land packages with district-scale potential.
Contact the author at stephen.gunnion@proactiveinvestors.com