Altiplano Metals Inc. (TSXV: APN) (WKN: A2JNFG) ("Altiplano" or the "Company") is pleased to report on underground and surface channel sample results from the Santa Beatriz Copper-Gold-Iron Project. These sample results confirm high grade copper-gold mineralization in the Santa Beatriz vein complex. With this information, the Company will review the opportunity to develop Santa Beatriz for the potential to produce incremental Cu-Au-Fe mineralized material to support feed for the El Peñón mill plant. Currently, the mine has a 3,000 tonnemonth permit which can be increased to 5,000 tpm through application with the mining authorities. The Santa Beatriz Mine is located 2 kilometres (km) by road from the Company's existing operation at the Farellon Copper-Gold-Iron Mine and 13 kms from the El Peñón processing plant near La Serena, Chile. Santa Beatriz and Farellon are iron oxide copper-gold (IOCG) deposits located within the NNE-trending Chile's copper-rich IOCG belt that has been associated to the Atacama Fault zone.
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MTM to Acquire West Arunta Niobium-REE Project
Prospective for mineralised carbonatites adjacent to WA1.
MTM Critical Metals Limited (ASX:MTM) (MTM or the Company) has entered into a binding agreement to acquire 100% of Flash Metals Pty Ltd (Flash), the beneficial owner of three key exploration licenses prospective for niobium and rare earth elements (REE) in the West Arunta region of Western Australia.
Highlights:
- MTM to acquire 100% of Flash Metals Pty Ltd, the beneficial owner of 3 granted exploration licences in Western Australia’s West Arunta region, immediately adjacent to ground held by WA1 Resources (ASX:WA1) and Encounter Resources (ASX:ENR).
- Deal includes acquisition of the Mukinbudin Niobium-REE Project, comprising 2 granted exploration licences located 250km northeast of Perth in the South West Mineral Field of Western Australia.
- Flash also holds an option to exclusively negotiate the rights to Flash Joule Heating technology developed by Rice University in Houston, USA which has demonstrated the potential to treat REE mineralisation and more efficiently recover critical metals from critical metal-rich recycling and waste streams.
Covering ~140km2, the granted West Arunta Niobium-REE licences are located immediately adjacent to tenements held by WA1 Resources Limited (ASX:WA1, $484m mkt. cap.) and Encounter Resources Limited (ASX:ENR, $107m mkt. cap.), where niobium-REE mineralised carbonatites have recently been discovered:
The West Arunta region is one of Australia’s critical metal exploration hotspots with over $60m in exploration expenditure collectively invested in the district by a number of ASX companies including Rio Tinto Limited (JV with Tali Resources Pty Ltd) (ASX:RIO), CGN Resources Limited (ASX:CGR), and IGO Limited (ASX:IGO).
The Flash transaction also includes the acquisition of the Mukinbudin Niobium-REE Project, comprising two exploration licences located 250km northeast of Perth in the South West Mineral Field of Western Australia. The tenements that are included in the Flash transaction comprising the West Arunta Niobium REE Project (E/80/5858, E80/5874 and E80/5875) and the Mukinbudin Niobium-REE Project (E70/6048 and E70/6359) are together, the WA REE Tenements (Appendix I).
Flash also has an option (FJH Option) to exclusively negotiate the licencing rights to an early-stage processing technology for REE and precious metals known as Flash Joule Heating (FJH), which has been developed by researchers at Rice University in the USA (see Rice University article at https://news.rice.edu/news/2022/rare- earth-elements-await-waste).
MTM Managing Director, Mr Lachlan Reynolds said the Flash acquisition provides the Company with compelling exploration opportunities in line with its strategy to discover and develop critical metal projects.
“We are very excited to acquire such prospective ground in the West Arunta province, where there is an opportunity to discover new niobium-rare earth deposits in historically untested ground right next door to some emerging mineralised carbonatite projects identified by both WA1 Resources and Encounter Resources,” Mr Reynolds said.
“Additionally, Flash Joule Heating has shown promise during test work for metal recycling and for treatment of waste such as coal fly ash but we are very keen to see what applications it may have for treating rare earth mineralisation, where a breakthrough could unlock immense value from otherwise economically marginal deposits.”
Mr Reynolds said the immediate focus at West Arunta is to complete heritage agreements with the local Native Title holders and proceed with a first-pass exploration program.
West Arunta Niobium REE Project
Figure 1: The West Arunta Niobium-REE Project comprises three granted exploration licences in eastern central Western Australia, located within the Gibson Desert about 130km west of the Northern Territory/ Western Australia border in the East Kimberley Mineral Field.
Historical exploration in the West Arunta WA REE tenement areas is very limited. There has been no drilling on the ground, nor have any systematic geochemical sampling or geophysical surveys been completed. The West Arunta region has historically been explored for gold and copper with reconnaissance airborne geophysics and limited ground geophysical and geochemical surveys. The location of the West Arunta WA REE Tenements and their proximity to tenements held by WA1 and Encounter are shown in Figure 1.
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This article includes content from MTM Critical Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Adina Mineral Resource Increases 33% to 78Mt at 1.15% Li2O with 79% Indicated
Lithium explorer / developer Winsome Resources (ASX:WR1 ; “Winsome” or “the Company”) is pleased to announce a Mineral Resource Estimate (MRE) upgrade at its 100 per cent owned Adina Lithium Project (Adina) in the Eeyou Istchee James Bay region of Quebec, Canada.
HIGHLIGHTS
- Mineral Resource increased 33% to 77.9Mt at 1.15% Li2O at Winsome’s flagship Adina Lithium Project (Adina) in the Eeyou Istchee James Bay region of Quebec, Canada.
- Mineral Resource corresponds to 2.21Mt Lithium Carbonate Equivalent (LCE) and confirms Adina’s positioning as one of the largest undeveloped lithium deposits in the world.
- 61.4Mt at 1.14% Li2O in the higher confidence Indicated category derived from systematic drilling is a strong foundation for long life project feasibility studies.
- The Adina Mineral Resource outcrops at surface and includes 48.7Mt at 1.20% Li2O in the top 150m from surface (vertical depth) allowing it to be mined by open pit methods.
- Near surface Main Zone resource now stands at 37Mt at 1.23% Li2O (Indicated and Inferred.).
- Ongoing exploration drilling focussed on testing extensions to mineralisation is expected to support continued resource growth with the potential inclusion of mineralisation intersected in drilling west and southwest of Adina Main.
- This new Mineral Resource update and current metallurgical test work will underpin both Greenfield and Brownfield project studies on track for completion 2H 2024.
- Simultaneous technical studies, permitting support studies, and environmental and social impact assessment processes for Adina underway in parallel with Project development studies ongoing, including comprehensive environmental baseline work and infrastructure planning.
- Dense Media Separation (DMS) test work results provides encouragement for a strong business case for Adina1.
- Due diligence work continues on the option to acquire nearby Renard Operation and associated infrastructure with project studies including Renard as an operating scenario.
- Appointment of Ms. Kim-Quyen Nguyen as VP Projects to lead project studies and Mr. Walter Mädel, an internal hard rock lithium processing expert, to support the project team in assessing the potential repurposing of the Renard process plant.
The MRE upgrade significantly increases the global tonnage by 33% to 77.9 million tonnes (Mt) at an improved grade of 1.15% Li2O, with an increase of 37% in Lithium Carbonate Equivalent (LCE) to over 2.21 million tonnes LCE. Importantly the MRE now includes 61.4Mt at 1.14% Li2O in the higher confidence Indicated category as a result of the systematic drilling which has been carried out at Adina (refer Table 1 below for full details including the quantities of Indicated and Inferred material).
WINSOME’S MANAGING DIRECTOR CHRIS EVANS SAID:
“The update to the MRE affirms the significance of our global resource and solidifies our position and strategic location at the heart of the green energy industry and EV supply chain in North America.
“To increase the resource by almost 20Mt while also enhancing our grade and resource category is an exceptional outcome from our latest phase of systematic drilling. In particular the grade which has been defined close to surface in the Main Zone is a key advantage as we progress the Adina Lithium Project.
“It’s important to emphasise the scale, tenor and metallurgical properties of Adina are equivalent to the tier one lithium assets globally.
“This is an exciting time for Winsome, the simultaneous implementation of our exploration, development and corporate strategies are achieving well planned and executed progress.
Also, it is a great pleasure to welcome Kim Nguyen to the Winsome team as VP Projects. Kim’s recent experience managing mine development projects within the James Bay region will prove to be a of huge benefit to Winsome and help us complete our due diligence and project studies in the coming months and years. I am also very pleased to be working with Walter Mädel again given his extensive relevant experience with lithium processing and DMS plants globally.
We look forward to updating our shareholders on the progress of our due diligence to acquire the Renard Operation, as well as our ongoing exploration and study activities.”
Click here for the full ASX Release
This article includes content from Winsome Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Newly Identified Niobium and Rare Earth Targets
HIGHLIGHTS
- A review of available geophysical data by Southern Geoscience on the Company’s 100% owned, Wabli Creek Project, Yinnetharra WA, has identified a large ovoid intrusive feature/magnetic target (Figure 1).
- The magnetic anomaly has been interpreted as a late-stage intrusive granitic sequence, internal to the regionally extensive Durlacher Supersuite, and proximal to the Chalba Shear Zone.
- The 3 highest priority existing geochemical targets, including an area where historical high- grade niobium eluvial mining has been undertaken, have been confirmed to be associated with structures located at the margin of the newly identified magnetic intrusive feature.
- This is the first time that such a potential link has been indicated at Wabli Creek and if correct, it expands the potential of the project to host significant Nb-Y-REE mineralisation.
- Including new targets, a total of 27 targets have now been identified which will be the focus for ongoing exploration.
- High grade eluvial results previously reported include:
- Niobium:
- 32% Nb2O5 (ASX Announcement 1 June & 13 December 2022)
- 14.3% Nb2O5 (ASX Announcement 1 June & 21 December 2023)
- Yttrium:
- 0.72% Y2O3 (ASX Announcement 13 December 2022)
- Rare Earth Elements:
- 2.6% TREO (ASX Announcement 13 December 2022)
- Niobium:
- Following the successful review by Southern Geoscience, detailed airborne geophysical surveys including magnetics, radiometrics and gravity are now planned to further refine priority targets, and potentially identify further additional targets.
The large intrusive feature is coincident with previously reported high grade Nb-Y-REE results from eluvial samples and high priority soil geochemical anomalies.
Figure 1: Wabli Creek Project showing structural interpretation and recently identified “Ovoid” feature represented as a magnetic low, overprinting surrounding magnetic feature. Background image is Total Magnetic Intensity First Vertical Derivative (TMI 1VD – linear).
Located in the highly prospective Gascoyne “Battery Metals” Province of Western Australia, approximately 150kms north of Gascoyne Junction, the Wabli Creek project has provided high grade niobium and TREO results up to 32% Nb2O5, 14.3% Nb2O5 and 2.6% TREO. (ASX Announcement 13 Dec 2022, 1 June 2023).
The newly identified ovoid magnetic feature is interpreted to be a younger granitic sequence which has intruded into the older, regionally extensive, Durlacher Supersuite, proximal to the Chalba Shear Zone, a major E-W trending structural corridor.
Importantly, the existing 3 highest priority geochemical anomalies, together with the area historically mined for high-grade niobium eluvium all occur along the margins of this newly identified feature, suggesting a potential genetic link between the intrusive and known mineralisation.
This is the first time that such a potential link has been indicated at Wabli Creek and if correct, it expands the potential of the project to host significant Nb-Y-REE mineralisation.
Geophysical Surveys
Southern Geoscience completed a review of all available geophysical data over the Wabli Creek Project area, with the aim of producing a structural interpretation based on public domain airborne magnetic data, radiometric data and satellite imagery. The key outcome following the study was the identification of a large “ovoid-shaped” magnetic feature central to E09/2377(Refer to Figures 1 and 2).
Importantly, a total of 27 targets have now been identified and will be the focus for ongoing exploration at Wabli Creek, for Niobium-Yttrium-Rare Earth Elements.
Given the success of the geophysical review, and the relatively low resolution of the existing magnetic and radiometric surveys at Wabli Creek (~400m line spacing, 80m station spacing), detailed airborne geophysical surveys including magnetics, radiometrics and gravity are now planned to further refine priority targets and to potentially identify additional exploration targets.
Jeremy Bower CEO commented:
“The identification of a potentially late stage, younger, granitic intrusive sequence at Wabli Creek is really exciting.
We have previously reported some very high grade Nb-Y-REE rock chip and soil results at Wabli Creek, and having now located what may be the source of mineralisation, could potentially be of significant importance in understanding the source of the mineralization at the project.”
Click here for the full ASX Release
This article includes content from Reach Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Drilling at Geikie Identifies 1.5km Alteration Zone Typical of Basement-Hosted Mineralisation
Basin Energy Limited (ASX:BSN) (‘Basin’ or the ‘Company’) is pleased to advise that it has completed the Phase 2 drilling program at its Geikie Uranium Project (‘Geikie’ or the ‘Project’), located on the eastern margin of the world-class Athabasca Basin in Canada.
Key Highlights
- Drilling of large gravity low located adjacent to 2023 Preston Creek drilling at Geikie identified extensive hydrothermal fluid alteration typical of basement-hosted uranium mineralisation along a 1.5km zone
- Alteration and structures intersected at Preston Creek are comparable to multiple world class basement-hosted uranium deposits of the Athabasca Basin
- Drilling confirms the prospectivity of the Geikie Project and the effectiveness of Basin’s targeting methodology utilising multilayered geophysical datasets
- Phase 2 drilling comprised 8 diamond drill holes totalling 2,295 metres of drilling
Basin’s Managing Director, Pete Moorhouse, commented:
“We have now completed ten drill holes over two drilling campaigns at the Preston Creek area of our Geikie Project. All six drillholes located in the southern part of the prospect have returned localised elevated radiometry with incredible structure and alteration.
Phase 2 drilling demonstrated that the gravity survey successfully delineated an area of extensive alteration at Preston Creek. The system encountered at Preston Creek compares remarkably well to other world class uranium deposits identified in the Athabasca Basin and this is extremely exciting. As you can see, we have demonstrated in the core photos shown in this news release how well Preston Creek compares. Our team is very optimistic that the style and scale of this alteration system is reminiscent of other high-grade uranium deposits in the Basin and is highly anticipating the next round of field work.
We will keep our shareholders and stakeholders informed on additional results, including relevant geochemical data and geological interpretations, along with the next exploration stages for the Geikie Project. We believe that with continued exploration, the Geikie Project holds immense promise for the future.
Finally, I want to express my gratitude to our dedicated team and contractors for their hard work and expertise throughout this drilling program. Their commitment to excellence has been instrumental in achieving these results.”
Basin’s Exploration Manager, Odile Maufrais, commented:
“The 2024 drilling program has clearly demonstrated that the Preston Creek area hosts a complex structure-related alteration system analogous to basement-hosted uranium deposits in the Athabasca or Thelon Basins. These results significantly upgrade the Preston Creek target area providing multiple compelling follow-up targets to continue testing the wide gravity low anomaly along strike.
We are still awaiting geochemical results which we believe will be critical to interpreting this system and allowing preparation to commence further drill testing.”
Figure 1: Comparison of alteration styles encountered in drill core at Preston Creek (left photos) compared to mineralised basement-hosted alteration equivalent (right photos)
Five drill holes were completed at Preston Creek for 1,403 metres, which mostly focused on the southern portion of the prospect (Figure 2). The intensity and scale of the alteration and structure demonstrated by Phase 2 drilling shows all the key ingredients of high-grade uranium mineralisation reminiscent to basement uranium deposits (Figure 1).
Drilling has highlighted a wide quartz-rich fault zone showing cataclastic reactivation, intense hydrothermal fluid activity (redox-style alteration and pervasive clay alteration - Figures 3 and 4) and localised elevated radiometry. Critically, observations demonstrate that a previously identified gravity low is mapping a fluid system with over 1,500 metres of explorable strike length and 500 metres of width. This is now seen as a priority focus for Basin’s exploration program. Final geochemical data is expected over the next four weeks, allowing preparation to commence for further drill testing.
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This article includes content from Basin Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Key Safety Permit Received for China Battery Grade Manganese Sulphate Plant
Firebird Metals Limited (ASX: FRB, “Firebird” or “the Company”) is pleased to announce its subsidiary Hunan Firebird Battery Technologies has received the critical safety permit for Stage 1 of the Battery Grade Manganese Sulphate Plant in China, which will utilise third party manganese ore to produce high-purity manganese sulphate (MnSO4).
HIGHLIGHTS
- Critical safety permit received for the construction and operation of the Company’s battery grade manganese sulphate plant, which will be located in Jinshi, Hunan Province, China
- The safety permit is one of three critical permits required to commence construction, with the other two being environmental and energy
- Environmental Impact Permit Report - completed and has gone through initial Expert Panel review – Full approval expected within the June quarter
- Energy Consumption Report - completed and has been lodged with local Jinshi Government - Full approval expected within the June quarter
- Efficient receipt of the Safety Permit and advanced status of remaining key permits highlights the strong in-country support Firebird has to establish the Company as a key high-purity manganese sulphate producer
- Once all permits are obtained and following a Final Investment Decision (FID), which is anticipated to be made in H2 2024, Firebird will be ready to immediately commence construction of the sulphate plant, with completion projected to take ~12-15 months and operations expected to commence in late 2025
- The Company’s Battery Grade High-Purity Manganese Feasibility Study released in early May (ASX announcement dated 7/5/24) with projected CAPEX of US$83.5 million and OPEX of ~US$609/metric tonne (mt) for the production of battery grade manganese sulphate
Cautionary Statement
The Feasibility Study referred to in this announcement is a Technical Feasibility of the establishment of the Battery Grade Manganese Sulphate Plant Stage 1 Processing Plant in China (the Plant). Please refer to ASX announcement dated 7/5/24 for full Feasibility Study details.
The Feasibility Study is based on the material assumptions contained in the Feasibility Study document which accompanied the announcement. This announcement and the Feasibility Study include assumptions about the availability of funding. While the Company considers all the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated will be achieved.
Notwithstanding the Finance Update as set out in the ASX announcement dated 14/5/24, investors should note that there is no certainty that the Company will be able to raise the amount of funding to develop the Plant when needed. It is also possible that such funding may only be available on terms that may be dilutive to or otherwise affect the value of Company’s existing shares.
It is also possible that the Company could pursue other ‘value realisation’ strategies such as a sale, partial sale or joint venture of the Plant. If it does, this could materially reduce the Company’s proportionate ownership of the Plant. Given the uncertainties involved, investors should not make any investment decisions based solely on the results of the Feasibility Study.
In China there are total of 8 major permits required for construction and operation, which are outlined below, along with status updates for each permit:
These permit applications can proceed concurrently with Feasibility Studies, engineering assessments, and financing endeavours, with the critical permits being environmental, safety & energy permits.
Once all key permits are obtained, with the expectation that the remaining two permits will be received before the end of the financial year and following the anticipated Final Investment Decision in the second half of 2024, Firebird will be ready to immediately begin construction on its battery-grade manganese sulphate plant.
Construction is projected to take only 12-15 months, with operations expected to commence in late 2025.
Firebird Managing Director Mr Peter Allen commented: “As we continue to efficiently advance the necessary permits for our battery grade manganese sulphate plant, I am pleased to announce that we have received the first of three critical permits, being the safety permit, and expect the remaining two permits to be received by the end of June.
“We are moving at a rapid pace on-the-ground in China and that is due to the hard work of our leading manganese team and the strong level of in-country support we have and continue to receive. Importantly, we continue to tick all the boxes in the delivery of our high-purity manganese sulphate strategy and have defined a low-cost, near-term pathway to production. We expect to make a Final Investment Decision in the second half of 2024, immediately commence construction activities and work extremely hard towards commencing operations in late 2025.”
Click here for the full ASX Release
This article includes content from Firebird Metals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Groundwater Issues Derail Glencore's Queensland Carbon Capture Project
The Australian government has rejected Glencore’s (LSE:GLEN,OTC Pink:GLCNF) proposal to develop a carbon capture and storage (CCS) project in Queensland due to potential risks to groundwater resources.
The decision halts the global commodities miner's plan to inject CO2 into underground aquifers to reduce emissions from a coal-fired power plant. The CO2 would have been stored 2.3 kilometers underground in the Surat Basin.
Glencore's pilot project, managed by its subsidiary, Carbon Transport and Storage Company, aimed to capture 330,000 metric tons of liquefied CO2 annually from the Millmerran power plant in Southern Queensland.
The initiative was part of Glencore's strategy to develop large-scale CCS capabilities, with the goal of capturing up to 90 percent of the plant's emissions. Japanese companies Marubeni (TSE:8002) and Electric Power Development (TSE:9513), which operates under the brand name J-POWER, each committed AU$10 million to the project in 2022.
The Queensland Department of Environment and Science announced on May 24 that the project would not proceed due to concerns about its impact on groundwater. The proposed site is not a contained aquifer, and the CO2 “could migrate, likely causing irreversible or long-term change to groundwater quality and environmental values."
Potential contaminants identified included chloride, sulfate, lead and arsenic, which could harm the Great Artesian Basin, a key water source for agriculture and communities in Eastern Australia.
The rejection comes as CCS is gaining traction as a technology for achieving global net-zero emissions goals. According to the Global CCS Institute, Australia has one active CCS project, with two more under construction and 14 in development.
Glencore expressed disappointment with the decision, attributing it to a "misinformation campaign and political opportunism." It also argued that its plan is scientifically sound and targets an area with low-quality groundwater.
"The Queensland government has now effectively banned carbon capture and storage projects in Queensland. It's now up to the Queensland government to explain how it's going to meet its emissions reductions targets," Glencore said.
"It's a missed opportunity for Queensland and sends mixed messages on emissions reduction to industry who are looking to invest in low emission technologies, including CCS,” ABC News also quotes the company as saying.
Farmers and environmental groups praised the news, highlighting the risks to one of Australia's key water resources.
"We applaud the government's decision but call for further federal scrutiny to ensure the protection of the Great Artesian Basin," said a spokesperson for AgForce, a Queensland farm group.
Glencore is currently reviewing its options, including a potential appeal.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Altiplano Reports Assay Results From its Santa Beatriz Copper-Gold-Iron Project of up to 2.45 m at 3.65 %Cu; 0.29 g/t Au; and 26.97 %Fe
President and CEO, Alastair McIntyre, comments, "We are very excited and encouraged with the progress at Santa Beatriz. The geological information and sample results suggest the vein structures are identical to Farellon with the added benefit of higher gold grades and a larger land package containing several vein sets. The location of Santa Beatriz is ideal to supplement our processing capacity at El Peñón with the potential to generate a higher return based on significant gold credits. Our next steps involve moving the project forward at an advanced pace to support a development decision."
Surface and underground mapping and sampling along NE-trending veins was conducted by the technical team as part of the 2024 ongoing exploration program at Santa Beatriz. A total of 5 veins/splays were identified either outcropping on surface, with old mine workings, or with excavator trenching (Figure 2). The total strike of these veins adds up to 1,050 m and range in width from 0.30 to 3.13 m. Inferred projections are not being considered and only actual outcrops were measured and sampled. The main vein, Santa Beatriz, was explored previously with underground workings along a strike length of 275 m.
A total of 98 samples were taken along these veins to complete 37 sampling channels. The channels are perpendicular to the vein and consists of 1 - 4 contiguous samples. In underground workings, the channels include samples taken from the vein and its host-rock (footwall and hanging wall), and were taken systematically every 10 to 15 metres. The best channel sample result belongs to the Santa Beatriz vein and yields 2.45 m with 3.65 %Cu; 0.29 g/t Au; and 26.97 %Fe which includes a 1.08 m sample that yields 8.08 %Cu, 0.63 g/t Au, and 39.49 %Fe. The weighted average grades, true width, and measured strike length of all the veins are summarized in Table 1; and the composite grade of the 37 sampling channels is shown in Table 2.
The Santa Beatriz vein is the best explored to date, strikes N70E, dips steeply to the south, and is hosted by fine grained diorite. The vein consists of massive magnetite that contains discrete bands of chalcopyrite and lesser bornite in patches with halos of coarse grained (up to 3 cm long) crystals of euhedral apatite intergrown with actinolite partially altered to chlorite. These characteristics resemble both the Farellon and Rosario veins, which also share the same structural control. This confirms that these veins belong to the same ore forming hydrothermal system and precipitated under similar physical (depth and temperature) and chemical (ore fluids chemistry) conditions. The other veins mapped on surface to the north from the Santa Beatriz vein footwall (SBFW 01-04), albeit narrower, display similar characteristics suggesting that a larger and deeper hydrothermal system could be feeding these veins.
The positive geological mapping and sample results warrant further exploration and development at Santa Beatriz. The Company is planning to continue with a bulk sample from the underground workings, geophysics, and diamond drilling program to confirm continuity of the vein and grades at depth and along strike. This information will form the basis of a potential mining decision. Existing underground infrastructure at Santa Beatriz can be used to assist in the development and access to the mineralized vein structure at depth.
Figure 1. Location of Santa Beatriz in proximity to Farellon
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4303/210660_17da21fcb4f54bec_001full.jpg
Figure 2. Showing the identified veins and their projections, Cu% grade of vein samples, and underground workings
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4303/210660_17da21fcb4f54bec_002full.jpg
Table 1. Summary of veins dimensions and grades
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4303/210660_17da21fcb4f54bec_003full.jpg
Table 2. Composite grades of individual sampling channels per vein
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4303/210660_17da21fcb4f54bec_004full.jpg
Figure 3. Underground at Santa Beatriz
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4303/210660_17da21fcb4f54bec_005full.jpg
Altiplano has generated over US$14.9 million from the recovery and sale (after processing costs) of more than 6.55 million pounds of copper with an average grade of 1.8% Cu (2018 Q1-2024 Q1). Cash flow has been re-invested into equipment, underground drilling, expanding underground development at Farellon, enhancing ventilation to increase productivity and capacity, new underground development and exploration, and the start-up of the El Peñón fit-for-purpose mill and flotation plant located 15 km from the Farellon site.
About Altiplano
Altiplano Metals is a growing gold, silver, and copper company focused on the Americas. The Company has a diversified portfolio of assets that include an operating copper/gold/iron mine and a state-of-the-art operating copper/gold and iron processing facility in the final stages of completion. Altiplano is focused on creating long-term stakeholder value through developing safe and sustainable production, reinvesting into exploration, and pursuing acquisition opportunities to complement its existing portfolio. Management has a substantial record of success in capitalizing on opportunity, overcoming challenges and building shareholder value. Altiplano trades on the Toronto Venture Exchange trading under the symbol APN and the Frankfurt Exchange under the symbol A2JNFG.
John Williamson, B.Sc., P.Geol., a Qualified Person as defined by NI 43-101, has reviewed, and approved the technical contents of this document.
Altiplano is part of the Metals Group of companies. Metals Group is an award-winning team of professionals who stand for technical excellence, detailed project selection and uncompromising corporate governance, with a proven ability to capitalize on investment opportunities and deliver shareholder returns.
ON BEHALF OF THE BOARD
/s/ "John Williamson"
Chairman
For further information, please contact:
Alastair McIntyre, CEO
Tel: (416) 434 3799
alastairm@apnmetals.com
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. 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.sedarplus.ca.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/210660
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