15 Nov Altiplano Metals reports 15% higher Q3 copper-gold extraction in Chile
In the third quarter of 2021, Altiplano Metals extracted a total 11,624 tonnes of mineralised copper-gold material at its Farellon mine in Chile, according to the TSXV-listed junior’s latest quarterly report.
The Q3 total is a 15% improvement on the previous quarter, while the final amount of processed material also increased by 8.3% to 7,635 tonnes at an average copper grade of about 1.38%.
Farellon, located near the town of La Serena, Northern Chile, is an iron oxide copper-gold mineralised system, currently being developed and explored from an underground decline and drift system.
Sales of 221,518 pounds of copper generated approximately US$561,000 in revenue (after processing costs) in the three-month period. The company said that more than $7.2 million in revenue has been generated since Q1 2018, when the underground mine came into operation.
However, Altiplano did note in the quarterly update that overall grade declined by 7.3% from Q2, with the fall attributed to further development work in non-productive areas such as advancing the decline and preparation of bench mining in upper levels, where a total of 7,970 tonnes of waste was removed.
“Our Q3 activities highlight our work on efficiency and sustainability improvements at Farellon by focusing on upgrading underground infrastructure in ventilation, advancing to new operating levels, and conducting underground drilling to confirm continuity of the mineralisation at depth,” said CEO Alastair McIntyre in a statement. “This work will guide us to maximising our output in Q1 2022.”