Altiplano Acquires Mineral Properties Expanding Exploration Potential

Rhea-AI Summary

Altiplano Metals (TSXV: APN) has announced the acquisition of two new mineral concessions, Socorro III and Regalo, adding 229 hectares to their existing 308-hectare land package. The properties are located within 15 km south of the El Peñón processing plant along a 4.5 km northeast-trending mineralized corridor hosting eight active small-scale Cu-Au mines in the Tambillos IOCG district.

Socorro III (29 hectares) was acquired for 30m Chilean Pesos (US$30,500) with a rent-to-own agreement, while Regalo (200 hectares) was acquired from the land claims registry. The company has generated over C$22.8 million from recovering and selling more than 6.95 million pounds of copper with an average grade of 1.8% Cu between December 2018 and September 2024.

Positive

• Expansion of land package by 229 hectares in strategic location near existing mines
• Proximity to El Peñón processing facility (15 km)
• Strong historical performance with C$22.8M generated from copper sales
• Favorable acquisition terms with rent-to-own option for Socorro III
• Location along strike of currently producing mines indicates exploration potential

Negative

• geological information available for both properties
• Additional investment required for mapping and magnetometry studies
• Monthly rental payments required until August 2026 for Socorro III

Edmonton, Alberta--(Newsfile Corp. - February 6, 2025) - Altiplano Metals Inc. (TSXV: APN) (WKN: A2JNFG) ("Altiplano" or the "Company") is pleased to announce the acquisition of two new mineral concessions, Socorro III and Regalo, adding an additional 229 hectares to the Company's 308 hectares land package.

This expanded land package is situated within 15 km south of the El Peñón processing plant and lies along a 4.5 km northeast-trending mineralized corridor (Figure 1). The corridor hosts eight active small-scale Cu-Au mines in the Tambillos Iron-Oxide-Copper-Gold (IOCG) mineral district, further enhancing for exploration upside for Altiplano.

President and CEO Alastair McIntyre comments:

"We are very pleased to acquire these projects under very favourable terms. These acquisitions enhance the Company's exploration and discovery potential for additional mineralization within the Tambillos IOCG district and leverages the close proximity to our processing facilities. Socorro looks very promising considering its location along strike of currently producing and past producing Cu-Au mines. Our next steps involve establishing a geological program to identify the mineralized potential."

Highlights:

• Socorro III spans 29 hectares and is located 400 meters north of the Farellon mine, 1.7 km northwest of the Sta Beatriz mine, 1 km SW from the producing Socorro II mine and approximately 15 kms form the El Peñón processing plant.
• The Socorro III Iron Oxide Copper Gold (IOCG) vein structure is observed on surface and is supported by a geophysics magnetic signature (Figure 2).
  • The vein appears to be the continuation along strike of the producing Socorro II mine.
• Socorro III was acquired through a private sale under the following terms:
  • Purchase price $30m Chilean Pesos (US$30,500) with a rent to own agreement of 1mm CLP per month.
  • The final payment is due August 2026 with the monthly rental prices to be deducted from the original purchase price.
• The Regalo concession covers 200 hectares and lies 500 meters southwest of the Sta Beatriz mine just north of the producing La Perla and Carbonillos IOCG mines.
• The Regalo concession was acquired up from the land claims registry.
• Together with the 54-hectare Sta Beatriz option, these new claims bring the total land package to 308 hectares.
• Both properties have limited geological information but have considerable mineral potential considering their proximity to former and producing mines.
• Next steps for the projects involve basic mapping and follow up with detailed magnetometry to assist in identifying potential drill targets.

Figure 1: Plan View of APN land package, small-scale active mines, and mapped IOCG veins.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4303/239837_4683cd22a4bcb9e6_001full.jpg

Figure 2: Plan View of Socorro III claim, small-scale active mines, mapped and inferred IOCG veins, and vertical derivative magnetic data.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4303/239837_fig2.jpg

Altiplano has generated over C$22.8 million from the recovery and sale (after processing costs) of more than 6.95 million pounds of copper with an average grade of 1.8% Cu (December 2018 Sep 2024). Cash has been re-invested into acquisition, exploration, new equipment, underground drilling, expanding underground development and production and the completion of the El Peñón copper-gold-iron processing facility located 30 km from La Serena, Chile.

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 exploration projects, a developing copper/gold/iron mine and a state-of-the-art operating copper/gold and iron processing facility. Altiplano is focused on creating long-term stakeholder value through developing safe and sustainable production, reinvesting into exploration and development, and pursuing acquisition opportunities to provide scalable upside opportunities. Management has a substantial record of success in capitalizing on opportunity, overcoming challenges and building shareholder value.

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.

www.metalsgroup.com

Altiplano is part of the Metals Group of Companies, led by a dynamic group of resource sector professionals with a long record of success in evaluating and advancing mining projects from exploration through to production, attracting capital, and overcoming adversity to deliver exceptional shareholder value.

ON BEHALF OF THE BOARD

/s/ "John Williamson"
Chairman

For further information, please contact:
Alastair McIntyre, CEO
alastairm@apnmetals.com
Tel: (416) 434 3799

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 any historical information or estimates as current mineral resources or mineral reserves. The Santa Beatriz mine was previously in production mid 2010's with little known production records. This material was processed and sold locally to a private processing facility. Altiplano is relying upon limited past production records, underground sampling and related activities to further explore and potentially develop Santa Beatriz. The decision to develop the project and extract material for potential processing 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 future potential 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/239837

FAQ

What is the total size of Altiplano's (ALTPF) land package after the new acquisitions?

After acquiring Socorro III and Regalo concessions, Altiplano's total land package is 308 hectares.

How much copper has Altiplano (ALTPF) sold between December 2018 and September 2024?

Altiplano has sold more than 6.95 million pounds of copper with an average grade of 1.8% Cu, generating over C$22.8 million after processing costs.

What is the purchase price and terms for the Socorro III acquisition by ALTPF?

Socorro III was acquired for 30m Chilean Pesos (US$30,500) with a rent-to-own agreement of 1mm CLP per month until August 2026.

How far are the new ALTPF properties from the El Peñón processing plant?

The new properties are situated within 15 km south of the El Peñón processing plant.

What is the size of the Regalo concession acquired by ALTPF?

The Regalo concession covers 200 hectares.