Altiplano Metals Inc (TSX-V:APN, OTC:ALTPF) has announced assay results from an additional seven drill holes at the ongoing exploration drilling program at its Farellon copper-gold mine in Chile, which included 3% copper over 4.9 metres (m).
The company said all additional holes have intersected the mineralized vein system at depth observed up to 24m below the 360 kilometre (km) operational level and along the northeast (NE) to southwest (SW) strike extensions.
“We are very pleased with the results of the drill program which demonstrates that the Farellon Iron-Oxide-Copper-Gold vein system continues along strike and at depth,” Altiplano Metals CEO Alastair McIntyre said in a statement.
READ: Altiplano Metals advancing its Farellon mine in Chile with decline extension and upgraded ventilation
“We are also seeing encouraging high iron grades to the SW which will support our future mining operations as we build copper and iron processing capacity at our mill,” McIntyre added.
Altiplano noted that in the 14 reported intervals from the ongoing drill campaign, iron content ranges from 9.2% up to 70.6%, with an average value of 24.2%.
It added that it expects to utilize lower grade copper zones in the coming quarters with additional revenue anticipated from iron recovery.
As well, the company said recent drill results further demonstrate the mineralized areas observed in the core are consistent with the mineralized areas of the upper zones of Farellon vein system that were previously drilled and consistent with ongoing mining operations.
The company noted that 18 holes have been completed at Farellon for a cumulative total of 3,261m of drilling.
Altiplano said the objective of the 2021 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.
The company said it will continue to use its positive cash flow to invest in infrastructure and exploration to increase productivity and advance its assets to production.
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 Sean at sean@proactiveinvestors.com