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Altiplano reports improved grade and record income for November

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Altiplano Metals Inc (TSX-V:APN, OTC:ALTPF) has reported improved grade and record revenue from its Farellon Copper-Gold mine near La Serena in Chile for November 2021.

The company said a total of approximately 3,965 tonnes of mineralized copper-gold material was extracted at Farellon, and 2,980 tonnes were sent for processing, representing a 30% improvement over the 2,285 tonnes processed in October. 

Grade in November improved to 1.94% for the month compared to the October grade of 1.44%. The company attributed the grade improvements to accessing higher grade material in the northeast sections of the mine in the 376 metre (m) and 368m levels, with overall grade control and waste management also being contributors.

READ: Altiplano Metals releases new high-grade copper assays from its Farellon drill program

Altiplano said revenue generated in November was approximately US$373,700 after processing costs, representing the highest monthly revenue since Farellon began operations in the first quarter of 2018. 

It attributed the revenue improvements to grade control and firmer copper prices during the period. At November month-end, an additional 700 tonnes were stockpiled at site where it said the revenue will be credited to the following months after processing has been completed. In addition, 1,400 tonnes of low-grade copper/high-grade iron are stockpiled at site for processing at its El Peñón site when completed.

“We are pleased to see the improvements in grade at Farellon and the resulting increase in record revenue,” CEO Alastair McIntyre said in a statement. 

“Our focus will continue on grade and mine development thus enabling us to leverage production opportunities and maximize our returns.”

Altiplano noted it has already generated over US$7.2 million from the recovery and sale of around 3.6 million pounds of copper from the Farellon mine with an average grade of 1.74%.

The company said cash flow has been re-invested into equipment, underground drilling, expanding underground development at Farellon, enhancing ventilation to increase productivity and capacity, new development and exploration at Maria Luisa, and the commencement of the permitted El Peñón fit-for-purpose mill and flotation plant located 15 kilometres from the Farellon site.

Altiplano Metals has a diversified portfolio of assets that include an operating copper-gold-iron mine, development of near-term producing gold-copper projects, and exploration land packages with district-scale potential.

The company’s management has a substantial record of success in capitalizing on opportunity, overcoming challenges and building shareholder value.

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 [email protected]

Story by ProactiveInvestors


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