APN:TSXV
ALTPF:OTCQB
9AJ1:FWB
EDMONTON, April 10, 2018 /CNW/ - 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.
SOURCE Altiplano Minerals