Altiplano Reports Significant Operational Success at Farellon in Q4 2023
Altiplano Metals has announced its operational results for the fourth quarter of 2023 at the Farellon Copper-Gold (Cu-Au) project, showcasing a remarkable increase in production and processing alongside improved copper grades. During Q4 2023, the company extracted a total of 9,114 tonnes of mineralized material and processed 8,125 tonnes, marking a 12% and 13.6% increase, respectively, from the previous quarter. This production level is the highest quarterly output observed throughout the year.
The copper grade experienced a notable improvement in Q4, reaching 1.87%, which is an 8.7% increase from the 1.72% Cu recovered in Q3. The enhanced copper grade led to sales of 325,328 pounds of copper, generating revenue of approximately US$798,919 after processing costs—a 25% increase over the previous quarter's revenue of $639,458.
Waste removal saw a significant reduction of 52% to 1,221 tonnes in Q4 as the company reached the new 336 m operating level. The advancement to the next level at 328m began in late November, with intersection expected in April, promising additional production opportunities.
Altiplano's President and CEO, Alastair McIntyre, expressed satisfaction with the quarterly results, highlighting the achievement of copper grades above the average and pointing towards a successful operational year in 2024.
The company reported having 540 tonnes in stockpiles at the Farellon site and a total of 1,555 tonnes at the El Peñón mill site by the end of December 2023. An additional 8,381 tonnes of lower-grade material is ready for processing, which will be blended with newly mined material to optimize processing efficiencies.
Altiplano Metals has successfully generated over US$14.2 million from the recovery and sale of more than 6.25 million pounds of copper since Q1 2018, demonstrating a strong commitment to reinvesting cash flow into equipment, underground development, exploration, and the establishment of the El Peñón processing facility.
