During Q1, 2023, the Company extracted a total 7,675 tonnes of mineralized Cu-Au material at Farellon. This represents a decrease of 32% from the 11,340 tonnes of material mined in Q4. Mined tonnes were lower in Q1 2023 as the Company transitioned from scoop trams to haulage trucks to transport material to surface. This new transportation system will begin to show improvements over the coming months. Tonnes processed in Q1 represented 7,584 tonnes, up 11.5% from the previous quarter of 6,804 tonnes. The copper grade recovered was 1.90%, down 7.3% from the previous 2022 Q4 result of 2.05%. Waste removal decreased by 125% to 628 tonnes in 2023 Q1. Sales of 307,104 pounds of copper in 2023 Q1 generated approximately
At the end of
President and CEO
Mining activity in the first quarter was focused on the extraction of copper and gold material from the 344 m and 352 m north levels where grades in the NE section produced copper grades above 1.9%. In this area of extraction, the IOCG vein maintained an average width of 4.5 meters, ideal for minimizing dilution. Bench mining continued between the 360m and 352 m levels in the NE section of the mine. Bench mining was also conducted at the 344 m south level using the Jumbo machinery to improve efficiencies. Mining was reactivated at level 352 m South level in anticipation of shipping this material to the El Penon processing facility. Development work on the Hugo Decline has begun to reach the intersection of the new 336m level.
Altiplano has generated over
Management Cease
The Company also announces that it anticipates a delay in the filing of the financial statements required pursuant to Part 4 of National Instrument 51-102 Continuous Disclosure Obligations (the 'Instrument'). The potential for delay is due to the Company's and its auditors' joint assessment of the time required for the remaining audit procedures and the auditors' review process. Both the Company and its auditors continue to work diligently towards the completion and filing of the financial statements.
The Instrument requires that the Company's audited financial statements and MD&A for the fiscal year ended
In connection with the anticipated delays in making the Required Filings within the time periods mandated by the Instrument, the Company has made an application under National Policy 12-203 Cease
The Company confirms that it intends to satisfy the provisions of the alternative information guidelines described in NP 12-203 by issuing bi-weekly default status reports in the form of a news release for so long as it remains in default of the requirement to make the Required Filings. The Company has not taken any steps towards any insolvency proceeding and the Company has no material information relating to its affairs that has not been generally disclosed.
About Altiplano
Contact:
Tel: (416) 434-3799
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. A qualified person has not done sufficient work to classify any historical estimates as current mineral resources or mineral reserves and the issuer is not treating the historical estimates as current mineral resources or mineral reserves. The Farellon mine was previously in production dating back to the 1970's with a reported historical production (to a depth of 70 m) yielding approximately 300,000 tonnes at an average grade of 2.5% copper and 0.5g/t gold. This material was processed locally and sold to ENAMI. Altiplano is relying upon past production records, underground sampling and related activities and current diamond drilling to estimate grade and widths of the mineralization to reactivate production. The decision to commence production on the Farellon deposit is not based on a feasibility study of mineral reserves demonstrating economic and technical viability and there is increased uncertainty and economic and technical risks of failure associated with any production decision. 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.
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