APN:TSXV
ALTPF:OTCQB
9AJ1:FWB
EDMONTON, Alberta, April 10, 2018 /PRNewswire/ -- Altiplano Minerals Ltd. (APN:TSXV) (ALTPF:OTCQB ) (9AJ1:FWB) ("APN" or the "Company") is pleased to report a Maiden Inferred Mineral Resource Estimate centered on the newly constructed 395M Level at the Farellon Copper-Gold (Cu-Au) project, near La Serena, Chile. APEX Geoscience Ltd. ("APEX") of Edmonton, Alberta has estimated an inferred mineral resource at Farellon of 278,360 tonnes at an average grade of 1.92% Cu and 0.12 parts per million (ppm) Au at a lower cutoff of 1.0% Cu and utilizing a minimum horizontal width of 1.2 m. The actual average higher-grade vein width from all sampling is 1.84 m. APN will file a technical report supporting this mineral resource estimate within 45 days.
CEO John Williamson stated, "The results of the independent inferred mineral resource estimate are in line with our initial estimate for the Farellon Mineralized Cu-Fe-Au vein system. Further work and data points will likely enhance the results of this maiden resource as the Company has identified higher grades over the last year than we had originally expected. Our target is to deliver mineralized material greater than 2% Cu for toll milling."
Bulk sampling at the 395M level of Farellon continues to support the Maiden Inferred Mineral Resource Estimate, as the Company has delivered an initial bulk sample of 2,000 tonnes for processing, with a total of 1,352.85 wet (1,311.54 dry) tonnes having been processed as of April 4, 2018 at an average grade of 2.04 % Cu. A second bulk sample program of 5,000 tonnes is now in progress as the Company refines procedures and assesses next steps. Figure 1 from the Company's announcement of March 26, 2018 (filed on the Company and SEDAR websites) shows locations and selected grade-width results of underground channel sampling and diamond drilling on the 395M Level that were completed in 2017 and 2018.
As part of its ongoing program, Altiplano has carried out the recommendations contained in the APEX Report of February 10, 2017 (filed on the Company's and SEDAR websites) for the exploration and development of the Farellon project and is also relying upon past production records, underground sampling, related activities and current diamond drilling to estimate grade and widths of the mineralization. There are currently no mineral reserves on the property. The Company's maiden inferred mineral resource and continuing exploration activities are intended to be part of a program to determine if additional mineral resources can be identified and reserves outlined with future work. No production decision has been made at this time. Should a production decision be made without completing a feasibility study demonstrating economic and technical viability, there would be increased uncertainty as well as economic and technical risks associated with such production.
Maiden Inferred Resource Estimate
APEX estimated the Maiden Inferred Mineral Resource at Farellon utilizing 173 underground channel samples from a total of 87 lines and 230 diamond drill core samples from a total of 21 core holes that have intersected the Farellon Cu-Fe-Au Vein. Copper mineralization exists throughout the width of the vein system, but usually has a higher-grade portion with lower-grade shoulders. In some cases, the zone is split into two high-grade intervals with a lower-grade interval in between. The width of the high-grade interval ranges between 1.09 m and 3.1 m. Drilling has yielded copper grades of up to 6.11 % over 3.1 m core length. Channel sampling on the 395M level near site of the 2,000 tonne bulk sample has yielded results of up to 11.33 % Cu over 2.55 m true width and 9.91 % Cu over 1.55 m true width.
Table 1: Farellon Maiden Inferred* Mineral Resource Estimate
| Lower Cu Cutoff |
Volume m3 |
Tonnes |
Density |
Copper (%) |
Gold (ppm) |
| 0.50% |
92,930 |
385,640 |
4.15 |
1.59 |
0.11 |
| 0.75% |
77,560 |
321,860 |
4.15 |
1.78 |
0.12 |
| 1.00% |
67,070 |
278,360 |
4.15 |
1.92 |
0.12 |
| 1.25% |
49,530 |
205,560 |
4.15 |
2.20 |
0.12 |
| 1.50% |
38,290 |
158,910 |
4.15 |
2.44 |
0.11 |
| 1.75% |
34,890 |
144,800 |
4.15 |
2.52 |
0.12 |
| 2.00% |
31,129 |
129,190 |
4.15 |
2.60 |
0.12 |
| * Inferred Mineral Resources are not Mineral Reserves. Mineral resources which are not mineral reserves do not have demonstrated economic viability. There has been insufficient exploration to allow for the classification of the inferred resources tabulated above as an indicated or measured mineral resource, however, it is reasonably expected that the majority of the Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. There is no guarantee that any part of the mineral resources discussed herein will be converted into a mineral reserve in the future. |
The estimated mineral resource was produced using inverse distance squared (ID2). The resource is based upon creating a composite file from the individual assays out to the full width of the mineralized portion of the vein including any intervening low grade samples (resulting in 109 composite samples). Search ellipses were based upon geology and variography. No capping was applied. A block model was created using a 2x2x2 m parent block size and sub-blocking down to 1x1x1 m. Drill core and channel sampling included an appropriate number of standards and blanks. No issues were identified in the QAQC work.
The mineral resource was divided into two main domains based upon a near vertical north-south fault and sequence of andesitic dykes that cut the vein. The fault and dykes were treated as a soft boundary for the purposes of estimating the grade in the two main domains on either side of the fault/dyke zone. The west-southwest domain is a lower-grade domain but contains the least amount of data and requires further drilling. The domain has the appearance of improving in grade to the far southwest and is open to the southwest and requires further drilling. The high-grade domain to the east-northeast of the fault and dyke zone is open to depth and to the east-northeast and also requires further drilling to improve the confidence level of the estimated resource and to potentially expand the resource to the east-northeast.
The technical contents of this press release have been reviewed by Apex Geoscience Ltd., as well as Osbaldo Zamora Vega, Ph.D, P.Geol., Vice President of Exploration for Altiplano and the Qualified Person as defined in National Instrument 43-101.
About Altiplano
Altiplano Minerals Ltd. (APN:TSXV) (ALTPF:OTCQB ) (9AJ1:FWB) is a mineral exploration company focused on evaluating and acquiring projects with significant potential for advancement from discovery through to production, in Canada and abroad. Management has a substantial record of success in capitalizing opportunity, overcoming challenges and building shareholder value. Additional information concerning Altiplano can be found on its website at www.altiplanominerals.com.
ON BEHALF OF THE BOARD
/s/ "John Williamson"
President and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the (TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review the Company's continuous disclosure filings that are available at www.sedar.com.
CONTACT: Jeremy Yaseniuk, Director, jeremyy@altiplanominerals.com, Tel: (604) 773-1467
