Altiplano Metals Inc (TSX-V:APN, OTC:ALTPF) has unveiled plans for Phase 1 of an initial surface work program at the company's newly acquired Pastillas gold exploration project, located within the prolific Maricunga Gold Belt in the Atacama region of northern Chile.
The company said planned work activities include bedrock lithology and alteration mapping and an extensive short-wave infrared spectroscopy (SWIR) program over the southern portion of the property to target epithermal and porphyry-related alteration and mineralization.
An initial review of historical data suggests that older, altered rocks exposed within late volcanics in the southern portion of the property represent a high-level expression of potential epithermal and/or porphyry mineralization, it added.
In a statement, Alastair McIntyre, president and CEO of Altiplano commented: "The Maricunga Gold Belt is one the most identifiable gold districts in Chile, and we are very excited to begin our exploration program at Pastillias. Our work at Pastillas dovetails with the Company's strategy of developing near-term cash-flowing assets while also focusing on large scale exploration projects with the potential of identifying significant mineral resources."
READ: Altiplano Metals extracts 11,624 tonnes of mineralized copper-gold material at Farellon during 3Q
The mapping and SWIR programs will enhance Altiplano's understanding of the alteration systems identified in historical ASTER data and help characterize the alteration footprint. The work will assist with defining drill targets for Phase 2 of the exploration program, the company said
Altiplano has planned a high-density SWIR grid (up to 4,000 sample sites) covering approximately 6 square kilometres (km2) of the 30 km2 project area over two historical ASTER anomalies/
The company will complete extensive alteration and bedrock lithology mapping over the southern portion of the property that will follow up on limited historical work that identified evidence of advanced argillic and steam-heated type alteration, indicative of epithermal and porphyry systems.
Altiplano has generated greater than US$7.2 million from the recovery and sale of approximately 3.6 million pounds of copper (Cu) with an average grade of 1.74% Cu (2018 Q1-2021 Q3). 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 km from its Farellon site in Chile.
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.
Altiplano is part of the Metals Group of companies, managed by an award-winning team of professionals who stand for technical excellence, painstaking project selection and uncompromising corporate governance, with a proven ability to capitalize on investment opportunities and deliver shareholder returns.
Contact the author at jon.hopkins@proactiveinvestors.com