- Altiplano Metals (APN) has revealed its second quarter operational results from the Farellon mine in Chile
- Farellon is a historic copper mine, which Altiplano has been permitted to bulk sample at a rate of 5,000 tonnes per month
- The company produced 9,940 tonnes of material for the quarter, a 78 per cent improvement on the previous quarter
- The company made C$653,000 in sales from copper this quarter, and improved its average grade by 6.5 per cent
- Altiplano Metals (APN) is down seven per cent and is trading at 13 cents per share
Altiplano Metals (APN) has revealed its second quarter operational results from the Farellon mine in Chile.
The company extracted 9,940 tonnes of mineralised copper and gold material from the Farellon mine for the quarter.
Altiplano is permitted to produced up to 5,000 tonnes a month of material, in a bulk sampling program from the underground mine. The company has thus far extracted 2.1 million pounds of copper for an average grade of 1.82 per cent.
Altiplano has expanded the underground mine to a depth of 389 metres and is now operating four working faces.
The copper grade for the quarter was a respectable 2.09 per cent and is a 6.5 per cent increase in the previous quarter.
The expanded workings on the mine increased total tonnage for the quarter by 78 per cent, compared to the previous quarter.
CEO of Altiplano Metals Alastair McIntyre said he was pleased to see the Farellon operation was producing consistency and sustainability on a quarter to quarter basis.
“Farellon is now in its seventh straight quarter of demonstrating positive cash flow from operations and a reflection of the focus on grade and cost controls.
“In addition, we continue to reach new milestones – not only were the tonnes extracted in the second quarter our third highest grades ever but in terms of copper extracted, it was also our best quarter to date,” he said.
Altiplano Metals (APN) is down seven per cent and is trading at 13 cents per share at 2:20 pm EDT.