Altiplano Metals Inc (TSX-V:APN, OTC:ALTPF) said it has started a surface and underground delineation and exploration diamond drill program, and provided an update about its Maria Luisa project, located 100 kilometers north of La Serena within the Atacama Region in Incahuasi, Chile.
The NE-SW trending Maria Luisa decline has advanced a total of 115 meters, the company noted. The south orientation crosscut has intersected the first of the two vein systems. The intersection of the second vein system is expected in a few meters.
Two drill holes designed to test the newly intersected north-south vein system encountered in the upper portion of the decline produced strong results, including 2.50 meters of 1.44 gram per tonne gold (Au) and 4.65% copper (Cu) and 2.52m of 1.17 g/t Au and 0.93% Cu, respectively.
READ: Altiplano Metals says productivity and grade continuing to improve at Farellon mine in Chile
"The intersection of new vein systems with the presence of high-grade gold and copper are very encouraging,” CEO Alastair McIntyre said. “The new drill plan at Maria Luisa is designed to provide important geological information and mining control for the current decline operations and future mining potential.”
He noted that this work supports the company’s primary goal at Altiplano of rapidly advancing projects through exploration, development, and ultimately extracting material for sale.
Channel sampling results, underground mapping, and decline progress at Maria Luisa
Results from the first 38 tonnes of a 70-tonne bulk sample from a secondary vein system within the decline returned a grade of 1.54% Cu, the company noted. An additional 177 tonnes of material have been shipped for processing and analysis.
A surface and underground diamond drill program has commenced to delineate the Au-Cu vein systems at depth and guide future development.
Drilling has begun at another station, where a series of short holes will be drilled to support the current decline operations.
Additional drill stations are planned where a series of short holes will be drilled to identify the mineralogy, orientation, and structure of the vein systems, which have been poorly understood and not mined historically but appear to have significant potential upside, the company said.
Altiplano has generated over US$7.98 million from the recovery and sale of 3.86 million pounds of copper with an average grade of 1.74% Cu (2018 Q1-2021 Q4).
Cash flow has been re-invested into equipment, underground drilling, expanding underground development at Farellon, enhancing ventilation to increase productivity and capacity, new underground development and exploration at Maria Luisa, and the commencement of the permitted El Peñón fit-for-purpose mill and flotation plant located 15 km 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 or gold or iron mine, development near term producing gold/copper projects, and exploration land packages with district-scale potential.à
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