Altiplano Metals Inc. (TSX-V: APN) (WKN: A2JNFG) is pleased to report on assay results from the first 7 drill holes of its ongoing exploration drilling program at the Farellon copper-gold (Cu-Au) mine located near La Serena, Chile.

Highlights

• 8 holes were completed for a total depth of 1,857 m
• Assay results were received from 7 of the 8 holes and range in grades from 0.63% Cu to 2.54% Cu over a range of widths from 1.70m to 5.50m. The highest observed grade yielded 2.54% Cu over 5.5m (See Figure 1. Assay Results)
• Continuity of the Farellon Vein System at depth has been confirmed with holes intersecting the Farellon Vein System up to 28 metres below the current 360 m development level and 198 m below surface (See also News Release dated 13 October 2021).
• Mineralized areas analyzed in the drill core are consistent with mineralized areas of the upper zones of Farellon vein system that were previously drilled and consistent with observations from the ongoing mining of the vein system. Since 2018, the grade at Farellon has averaged 1.77% Cu through sales of Cu-Au material extracted from the Hugo Decline.
• Iron grades are also consistent with previous analysis and support the opportunity for iron recovery using magnetic separation.
• Drilling has completed an additional 4 holes on the second drill pad to the NE intersecting the vein system. These 4 holes demonstrate similar mineral properties to previous drilling including confirmation of the vein extension along strike and down dip.
• Drilling has now moved to Drill Pad 3 to complete the drill program

CEO Alastair McIntyre comments “I am pleased to see continuity of the vein along strike and down dip from our current workings in structure, and now confirmed with grade. Assay results from these seven holes are very similar to grades that we observed in our previous drill program at higher levels and from the recovery of copper through our mining operations.”

Figure 1. Assay Results

* DDH 21FND038 is pending assay results
**Intervals are core length. True width is estimated between 80-90% of the core length.

Figure 2. Mine Section and Drill Intercepts

The intent of the 6,200-metre drilling program is to further delineate the iron-oxide copper-gold vein system at depth and to outline additional tonnage available to support the planned 5,000 tonnes/month extraction rate at Farellon. In addition, the drilling is expected to aid in grade control and optimize development.

Altiplano has generated over US$6,600,000 from the recovery and sale of approximately 3.375 million pounds of copper with an average grade of 1.77% Cu (2018 Q1-2021 Q2). Cash flow has been re-invested into equipment, underground drilling, expanding underground development, enhancing ventilation to increase productivity and capacity, and the commencement of the permitted 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, development near term producing gold/copper projects, and exploration land packages with district-scale potential. 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.

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.