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

Rhea-AI Summary

Altiplano Metals has reported promising assay results from its Santa Beatriz Copper-Gold-Iron Project. Key findings include high-grade samples with up to 3.65% Copper, 0.29 g/t Gold, and 26.97% Iron over 2.45 meters. The results, gathered from a total of 98 samples and 37 sampling channels, reveal a significant mineralization potential. CEO Alastair McIntyre expressed optimism about the geological similarities with their Farellon mine and the project's potential to enhance processing at the El Peñón mill plant. The company plans further exploration, including bulk sampling, geophysics, and diamond drilling, and has the necessary infrastructure in place for development.

Positive

• High-grade assay results: 3.65% Copper, 0.29 g/t Gold, 26.97% Iron over 2.45 meters.
• Significant potential for increasing processing capacity at El Peñón mill.
• Proximity to existing operations reduces logistical costs: Santa Beatriz is just 2 km from Farellon and 13 km from El Peñón.
• Potential for higher returns due to increased gold credits.
• Existing underground infrastructure at Santa Beatriz aids development.

Negative

• Sampling results are based on a number of samples (98), which may not fully represent the entire vein system.
• Increased costs and risks associated with further exploration activities such as geophysics and diamond drilling.
• The requirement for permit increases to expand production from 3,000 to 5,000 tonnes/month may cause delays and incur additional regulatory costs.

Edmonton, Alberta--(Newsfile Corp. - May 27, 2024) - 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 tonne/month 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.

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 

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Figure 2. Showing the identified veins and their projections, Cu% grade of vein samples, and underground workings

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Table 1. Summary of veins dimensions and grades

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Table 2. Composite grades of individual sampling channels per vein

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Figure 3. Underground at Santa Beatriz

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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.

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FAQ

What are the key assay results from Altiplano's Santa Beatriz project?

The key assay results include up to 3.65% Copper, 0.29 g/t Gold, and 26.97% Iron over 2.45 meters.

How will the Santa Beatriz assay results impact Altiplano's operations?

The results suggest high mineralization potential, which could increase processing capacity at the El Peñón mill and enhance returns.

What are the next exploration steps for Altiplano at Santa Beatriz?

The next steps include bulk sampling, geophysics, and diamond drilling to confirm vein continuity and grades at depth.

Where is the Santa Beatriz project located relative to Altiplano's other operations?

Santa Beatriz is located 2 km from the Farellon mine and 13 km from the El Peñón processing plant near La Serena, Chile.

What is the potential production increase for Santa Beatriz?

The current permit allows for 3,000 tonnes/month, with potential increases to 5,000 tonnes/month pending regulatory approval.