Altiplano Metals Inc has reported on assay results from the first seven drill holes of its ongoing exploration drilling program at the Farellon copper-gold (Cu-Au) mine near La Serena, Chile.
The company also said drilling has completed an additional four holes on the second drill pad to the NE intersecting the vein system. These four holes demonstrate similar mineral properties to previous drilling including confirmation of the vein extension along strike and down dip. Drilling has now moved to Drill Pad 3 to complete the drill program
"I am pleased to see continuity of the vein along strike and down dip from our current workings in structure, and now confirmed with grade,” said Altiplano CEO Alastair McIntyre in a statement. “Assay results from these seven holes are very similar to grades that we observed in our previous drill program at higher levels and from the recovery of copper through our mining operations."
READ: Altiplano confirms continuity in Farellon vein system at depth with ongoing exploration drill program
The company noted that the drilling highlights include:
- Eight holes completed for a total depth of 1,857 meters (m).
- Assay results were received from seven holes and ranged in grades from 0.63% Cu to 2.54% Cu over a range of widths from 1.70m to 5.50m. The highest observed grade yielded 2.54% Cu over 5.5m.
- Continuity of the Farellon Vein System at depth has been confirmed with holes intersecting the Farellon Vein System up to 28m below the current 360m development level and 198m below surface.
- Mineralized areas analyzed in the drill core are consistent with mineralized areas of the upper zones of Farellon vein system that were previously drilled and consistent with observations from the ongoing mining of the vein system. Since 2018, the grade at Farellon has averaged 1.77% Cu through sales of Cu-Au material extracted from the Hugo Decline.
- Iron grades are also consistent with previous analysis and support the opportunity for iron recovery using magnetic separation.
The intent of the 6,200-metre 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 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% Cu. 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 kilometers from the Farellon site.
Contact the author: patrick@proactiveinvestors.com
Follow him on Twitter @PatrickMGraham