Altiplano earns half of Comet JV; starts bulk sample

VANCOUVER (miningweekly.com) – Exploration junior Altiplano Minerals has earned a 50% stake in the Comet Joint Venture (CJV) with Comet Exploration, which is conducting exploration on the Farellon and Maria Luisa copper/gold development projects, in Chile.

Headed by John Williamson, co-founder of Kaminak Gold, which discovered the Coffee gold project, in Canada’s Yukon Territory, and which was later sold to Goldcorp for $520-million, the explorer has funded $2-million in exploration expenses during 2017 to earn the milestone.

“We are excited to have advanced our initial project to the bulk-sampling stage and look forward to the results of the sale of the initial copper/gold/magnetite mineralised vein material. We expect to collect 2 000 t of mineralised material to evaluate the project's potential,” Williamson said in a statement on Wednesday.

At Farellon, the CJV is now collecting ore from the historic Farellon copper/gold mine, after completing development of crosscuts towards the vein system last week.

To date, the CJV has stockpiled more than 200 t of vein ore in preparation for toll milling. The CJV is currently in discussion with a toll mill to process its initial batch of ore.

Altiplano advised that it was implementing the exploration recommendations contained in a February technical report, however, it is also relying on past production records, underground sampling and related activities, as well as current diamond drilling, to estimate the grade and widths of the mineralisation. There are no mineral resources or reserves on the property and the current mineral exploration activities are intended to be part of a programme to determine if mineral resources can be identified.

EXPLORATION STRATEGY
At Farellon, three separate and discreet iron-copper-gold (Fe-Cu-Au) veins named Farellon, Laura and Rosario strike north-east and have been traced in outcrop and underground workings for more than 1.2 km. The veins range from 1 m to 10 m in width, averaging about 2 m, are sub vertical and are well mineralised over much of their strike lengths.

Edmonton, Alberta-based Altiplano advised that the CJV would start work at the Farellon Vein. At Farellon, a 500-m exploration decline will be constructed about 50 m below the existing workings, which is designed to drive through the mineralised Fe-Cu-Au vein to a point about 10 m north of the vein. This 500-m tunnel will be the main access and will used to facilitate underground cross cut sampling and drilling along the length of the mineralised Fe-Cu-Au vein. The CJV will drill about 150 core holes of between 10 m and 30 m in length to evaluate and establish initial resources. 

Once the Farellon project is under way, the CJV will turn its focus to similar exploration activities at the Maria Luisa project. According to Altiplano, the Maria Luisa mineralised Fe-Cu-Au vein system and exploration drive will be developed about 50 m beneath existing workings and will be used to facilitate drilling the Maria Luisa Fe-Cu-Au vein system, to evaluate and establish resources.