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Be the first with the news that moves the market- Altiplano Metals (TSXV:APN) is expanding its Farellon copper-gold mine in Chile following strong results and six quarters of positive cash flow
- To date, the company has extracted roughly 1.7 million pounds of copper at an average grade of 1.78 per cent
- As such, the company is expanding the mine in order to access the 389 metre drift level
- The additional level will allow the company to extract material from four working faces, thereby increasing bulk sample capacities
- Altiplano Metals (APN) is currently steady and is trading at seven cents per share
Altiplano Metals (TSXV:APN) is expanding its Farellon copper-gold mine in Chile following strong results and six quarters of positive cash flow.
The company has been conducting an underground bulk sampling program which, to date, has extracted roughly 1.7 million pounds of copper at an average grade of 1.78 per cent.
A number of cost reduction initiatives, in conjunction with improved grade controls, have generated six quarters of positive cash flow.
As such, Altiplano began construction of a 100-metre decline extension in March this year, which has now enabled access to new mineralised copper-gold zones at the 382-metre level.
Since then, the company extracted 3,440 tonnes of mineralised copper-gold material during May this year, of which 2,405 tonnes was processed at an average grade of 2.46 per cent copper to generate approximately C$278,000 in sales.
This compares to a total output in April of 2,362 tonnes of material, of which 2,257 tonnes was processed to generate roughly $149,000 in sales.
The higher grades seen in May is attributable to the extension of the decline to the 382-metre level of the mine, which hosts richer mineralisation.
Alastair McIntyre, CEO of Altiplano Metals, said he is pleased to see increasing revenue from improved grades and increased output efficiencies at Farellon.
“Operations have benefited from equipment upgrades and access to new mineralised zones at the 382 metre level where we are seeing copper grades in excess of 3 per cent in the northwest-southeast trending drifts.
“Altiplano’s goal at Farellon is to create a sustainable operation capable of generating cashflows supportive of expansion, further development and profitability,” he added.
On the back of the promising results, the company is now expanding access to the 389 metre drift level. This is expected to offer the ability to extract from four working faces, thereby increasing bulk sample capacity and add further controls on dilution.
Altiplano Metals (APN) is holding steady and is trading at seven cents per share at 1:38pm EDT.
