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Altiplano advances Hugo decline

Altiplano Metals (TSXV: APN) says it has recommenced advancing the Hugo decline at its Farellon copper-gold mine in Chile.
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Bulk sampling at Altiplano Metals’ Farellon project in Chile

Staff reporter

Altiplano said it planned to advance the Hugo decline up to 53m vertically below the 395m level and allow it to access a potential 200,000 tonnes of copper-gold mineralised material.

"We are excited to move the project forward as we work on this expansion and the development and building of the onsite processing facility," recently-appointed CEO Alastair McIntyre said.

Altiplano is planning to build a 5,000t/month mill, flotation plant and iron recovery circuit.

Bulk sampling had generated a "fifth straight quarter of positive results" from the past-producing operation,  McIntyre said in January.

Over the course of 2019, Altiplano bulk sampled 57,000t grading an average 1.75% copper, which it said compared closely to the vein's 2018 inferred resource of 278,360t at 1.92% copper and 0.12g/t gold.

The company is chaired by industry identity John Williamson, of Kaminak Gold/Coffee fame.

It said Farellon had historically produced about 300,000t at an average grade of 2.5% copper and 0.5g/t gold.

Altiplano proposed a placement at C6c per unit to raise up to $400,000 (US$301,000) earlier this month.

It followed a debt financing plan outlined in January.

The company had reported a working capital deficiency of $201,751 (US$151,000) at September 30.

Its shares have ranged from 5-19c over the past year and were unchanged on Friday at 9c, to capitalise Altiplano at $6.1 million (US$4.6 million).