Canadian exploration company Altiplano Minerals has acquired a 50% interest in Comet joint venture (CJV) with Comet Exploration.
The CJV comprises the Farellon and Maria Luisa copper-gold development projects, which are located near the town of La Serena in Chile.
The parties are currently collecting copper-gold-magnetite mineralised vein material from the Farellon mine.
Recently, the CJV started initial bulk sampling after completing development of crosscuts towards the Cu-Au vein system.
Altiplano Minerals CEO John Williamson said: “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 2,000t of mineralised material to evaluate the projects’ potential.”
So far, the joint venture has stockpiled more than 200t of mineralised vein material in order to undertake toll milling.
Currently, the CJV is engaged in negotiations with a toll mill in connection with the delivery of its initial batch of Cu-Au vein material.
Under its ongoing programme, the CJV is implementing the recommendations contained in the APEX Report filed on SEDAR to carry out the exploration development of the Farellon project.
In addition, it is using past production records, underground sampling and related activities, as well as current diamond drilling to forecast grade and widths of the mineralisation.
Ongoing exploration activities are directed at determining the presence of mineral resources.
In May, Altiplano fulfilled its requirements to earn a 35% interest in the CJV.