The Prospector News

Altiplano Announces Offtake Agreement and Loan Facility to Support Start Up at El Penon

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

Altiplano Announces Offtake Agreement and Loan Facility to Support Start Up at El Penon

 

 

 

 

 

Altiplano Metals Inc. (TSX-V: APN) (WKN: A2JNFG) is pleased to announce that it has entered into a concentrates offtake and loan agreement dated April 18th, 2023  with ArrowMetals Asia Pte. Ltd. which is part of the ArrowResources AG group of companies.

 

Pursuant to the Offtake Agreement, Altiplano will sell copper concentrates produced at the El Peñón processing facility located 15 km from the Farellon Iron-Oxide-Copper-Gold mine in Chile, on an exclusive basis to ArrowMetals until December 31, 2025, and the agreement may be further extended. Pursuant to a Term Loan Facility Agreement dated April 18th, 2023, ArrowMetals has also agreed to make available to Altiplano up to USD$1.5 million as a loan facility, which will be repaid by delivery of such concentrates. The Facility will be by way of multiple drawdowns on request of Altiplano, with the first drawdown being for USD$500,000, which will be repaid with interest in monthly instalments, against Altiplano’s future shipments of concentrates over the next 12 months.

 

Under the Offtake Agreement, Altiplano will ship the concentrates at the rate of 300 DMT per month during the term of the Offtake Agreement, until a minimum quantity of 10,000 DMT has been delivered. Provided certain conditions are met for metal content, ArrowMetals will pay for the concentrates at the prevailing metal prices for their copper and gold content within either one month after delivery or four months after delivery, as may be declared prior to delivery, less treatment, refining, shipping and insurance charges. Interest will be charged on the loaned amount due to ArrowMetals from time to time at a rate of SOFR plus 4.70%.

 

The Company’s repayment of all amounts owing to ArrowMetals will be secured by a security interest granted to ArrowMetals over a proportion of Altiplano’s processing facility and mineral stockpiles in Chile as collateral, limited to the amounts owing.

 

Alastair McIntyre, President & CEO of Altiplano commented, “We are very pleased to complete this transaction with ArrowMetals and move forward with the completion of our processing facility. This new business relationship, and these agreements, mark a major milestone for Altiplano. ArrowMetals’s commitment to our business provides a significant seal of approval on the Company and our growth prospects . These favourable finance terms ensure that Altiplano will have access to working capital to further advance operations and continue with our growth strategy. The Facility demonstrates ArrowMetals’s support for Altiplano, and we expect Arrow will be a key contributor to our growing success.”

 

Raoul Meier, Head of Metals at the Arrow Group stated that, “We are delighted to have concluded this new long-term business relationship. Altiplano has a clear view on its growth plan and we are looking forward to working closely with them on what promises to be an exciting journey”.

 

The Company will use the prepayment amounts for working capital needed to transition from currently selling copper-gold mineralized material to third party processors to processing through its own El Peñón facility and to optimize development of the Farellon Mine project for increased productivity, as well as potential development in additional projects. Processing at the Company’s state of the art El Peñón facility is expected to significantly reduce operating, processing and transportation costs while focusing on the positive environmental impacts of using a dry stack tailings dewatering system expected to reduce water consumption by 75% and also eliminate the need for a conventional tailings dam. In full operation, the processing facility is also expected to reduce tailings output by 40% by capturing ~1,850 tonnes of >61% magnetic iron which can be sold as a secondary income stream.

 

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.

 

Posted April 19, 2023

Share this news article

MORE or "UNCATEGORIZED"


Millennial Announces Closing Private Placement for Total Proceeds of $9,188,880

Millennial Potash Corp. (TSX-V: MLP) (OTCQB: MLPNF) (FSE: X0D) is... READ MORE

July 31, 2025

Laramide Resources Announces Closing of Upsized $12,000,000 Private Placement

Laramide Resources Ltd. (TSX: LAM) (ASX: LAM) (OTCQX: LMRXF)  a ... READ MORE

July 31, 2025

SPC Nickel Closes $3.5 Million Rights Offering Backstopped by Dundee Corporation

SPC Nickel Corp. (TSX-V: SPC) and Dundee Corporation (TSX: DC.A) are pl... READ MORE

July 31, 2025

St. Augustine Announces Positive Results of the Kingking Copper-Gold Project Updated Preliminary Feasibility Study

NPV7% of $4.18 Billion After-tax IRR of 34.2% at $4.30/lb Copper ... READ MORE

July 31, 2025

Independence Gold Intersects 52.46 Metres Grading 2.51 g/t Gold and 19.73 g/t Silver in the Johnny Vein at the 3Ts Project, BC Independence Gold Corp. (TSX-V: IGO) is pleased to report assay results from three additional diamond drill holes completed at the Johnny Vein System at the 3Ts Project located in central British Columbia. These results further confirm the continuity and high-grade nature of the Johnny Vein System and expands the known footprint of mineralization. Located approximately 185 kilometres southwest of Prince George, British Columbia, the 3Ts Project comprises thirty-one mineral claims covering approximately 35,486 hectares in the Nechako Plateau region. The project lies 16 km southwest of Artemis Gold Inc.'s Blackwater Mine and hosts a low-sulphidation epithermal quartz-carbonate vein district within which at least nineteen known mineralized veins, ranging from 50 to over 1,100 metres in strike length and true widths of up to 32 m have been identified. Highlights from diamond drilling include: • Hole 3TS-25-31 intersected a broad zone of mineralization grading 2.51 g/t gold and 19.73 g/t silver over 52.46 metres (true width approximately 32m), including: o 2.32m grading 9.83 g/t gold and 28.02 g/t silver o 2.90m grading 7.16 g/t gold and 63.10 g/t silver o 1.14m grading 18.46 g/t gold and 33.33 g/t silver • Hole 3TS-25-29 returned 7.94 metres grading 2.65 g/t gold and 10.71 g/t silver (true width approximately 7.46m), including 1.94 metres of 7.53 g/t gold and 32.47 g/t silver. • Hole 3TS-25-30 returned 5.90 metres of 1.86 g/t gold and 17.29 g/t silver (true width approximately 5.54m), including 0.72 metres of 4.00 g/t gold and 26.39 g/t silver. "These results further validate the Johnny Vein System as a high-grade, laterally extensive target with strong potential for resource expansion," stated Randy Turner, President & CEO of Independence Gold. "We are particularly excited by the width and grade intersected in hole 3TS-25-31, which demonstrates consistent mineralization over more than 30 metres of true width and includes multiple zones of exceptional gold and silver values." The Johnny Vein System is one of several epithermal quartz-carbonate veins being explored at the 3Ts Project and appears to be comprised of several intertwining veins with mineralized breccias that produce wide zones of mineralization. The primary vein set is interpreted to have a true thickness of approximately 32 metres; however, including adjacent mineralized breccias and minor veins, the total mineralized width may extend up to 47.5 metres true width. The Johnny Vein indicates similarities in grade and continuity to the established Ted-Mint and Tommy Vein Systems, which form the foundation of the current 3Ts resource model (please see news release dated August 18th, 2022 for further details; "Technical Report on the Mineral Resource Estimate Update for the 3Ts Gold Project, Omineca Mining Division, British Columbia, Canada", authored by Armitage and Miller). The combined in-pit and underground components of Tommy and Ted-Mint vein systems contain a total inferred resource estimate of 4,469,297 tonnes grading 3.64 grams per tonne gold and 96.26 g/t silver, at a cut off grade of 0.4 g/t gold equivalent ("AuEq") in-pit and 2.0 g/t AuEq underground, containing 522,330 ounces of gold and 13,831,415 ounces of silver, totaling 678,156 AuEq ounces. Drill results from the Johnny Vein System will be incorporated in the updated NI 43-101 mineral resource anticipated to be completed in the third quarter of 2025. Drill Hole From (m) To (m) Interval (m) Gold (g/t) Silver (g/t) 3TS-25-29 4.00 6.00 2.00 1.15 9.50 and 10.00 11.80 1.80 0.61 3.89 and 20.92 21.66 0.74 2.85 9.46 and 25.66 27.53 1.87 4.09 20.32 and 33.00 38.00 5.00 1.22 2.40 and 44.06 52.00 7.94 2.65 10.71 including 44.06 46.00 1.94 7.53 32.47 3TS-25-29 63.17 63.68 0.51 1.10 13.73 and 66.00 66.70 0.70 1.71 28.57 and 71.00 74.00 3.00 0.75 15.33 and 80.68 86.58 5.90 1.86 17.29 and 88.00 91.00 3.00 0.80 2.00 and 102.70 104.88 2.18 2.03 4.13 3TS-25-31 65.05 66.50 1.45 4.68 5.52 and 67.69 68.10 0.41 6.24 4.88 and 73.54 126.00 52.46 2.51 19.73 including 79.18 81.50 2.32 9.83 28.02 and including 87.10 90.00 2.90 7.16 63.10 and including 109.36 110.50 1.14 18.46 33.33 and 155.00 156.54 1.54 1.82 5.84 Table 1: Significant Intercepts from the Johnny Vein *The true widths of the veins are average 80-95% of the reported interval width QA/QC Protocols Samples consist of saw-cut (NQ) drill core with one-half retained for reference and one-half submitted for analysis. Samples were submitted in sealed plastic bags delivered to Bandstra Transportation for shipping to SGS Natural Resources Canada (SGS) labs in Burnaby, British Columbia, for sample preparation and analysis. Robotic sample preparation is used to ensure reproducibility and samples are pulverized to greater than 85% passing 75 microns. All samples are submitted for four acid digest with an ICP finish. Gold grades are obtained by fire assay with AAS finish. Samples which return greater than 10 parts per million gold and 100 parts per million silver are resubmitted for fire assay with a gravimetric finish. Sample batches consist of core samples, control standards, blanks and duplicates. Blanks and control standards (QAQC) are inserted into each batch of samples, with one QAQC per 20 samples. QAQC samples that return values 10% outside of the expected range require samples from that internal batch to be rerun by the lab. SGS laboratories operate under a Quality Management System that complies with ISO/IEC 17025. SGS's minerals laboratory in Burnaby is accredited by the Standards Council of Canada (SCC) for specific mineral tests listed on the scope of accreditation to the ISO/IEC 17025 standard. Please see SGS Analytical Methods for further details regarding analytical procedures. About Independence Independence Gold Corp. is a well-financed mineral exploration company with holdings ranging from early-stage grassroots exploration to advanced-stage resource expansion in British Columbia and Yukon. The Company is positioned to add shareholder value through systematic project advancement, while management continues to evaluate additional gold and silver projects for possible acquisition. For additional information, visit the Company's website www.ingold.ca. Andy Randell, P.Geo., the Company's Qualified Person as defined by National Instrument 43-101 and who is an independent consultant for the Company, has reviewed the technical information in this news release. Drill Hole Information from this release Drill Hole Easting Northing Elevation Azimuth* Dip Total Meterage 3TS-25-29 363045 5876905 1218 170 70 144 3TS-25-30 363067 5876940 1216 270 70 106 3TS-25-31 363067 5876940 1216 220 65 158 * All drill hole locations are in NAD83, Zone 10 Datum **Based on true north. For magnetic declination add 17.5 degrees

Independence Gold Corp. (TSX-V: IGO) is pleased to report assay r... READ MORE

July 31, 2025

Copyright 2025 The Prospector News