Altiplano Metals Inc. announced a new discovery at the Maria Luisa Project, located 100 km north of La Serena within the Atacama region in Incahuasi, Chile. Drill hole 22MLDDH012 intersected 10.50 metres (m) of 3.76 grams per tonne (g/t) gold (Au) and 3.83% copper (Cu), including 3.00 m of 2.30 g/t Au and 8.26% Cu, and 4.50 m of 6.03 g/t Au and 2.19% Cu. This drill hole was collared at the 867 m level of the current underground workings at Maria Luisa.

The copper-sulphide-rich breccia intersected in 22MLDDH012 differs from the well-known near surface oxide veins that have been historically mined at the Maria Luisa Project. Intensely silicified fragments within this breccia also indicate fracturing of an existing hydrothermal system. While the Company is still delineating the extent of the sulphide zone, there is indication that oxide and sulphide mineralization are influenced by a larger fault system.

The decline advance enables access to and exploration of deeper, historically mined levels; the full extent of the gold -copper mineralized material mined in level 841 is unknown to the Company to-date. Underground drilling from the decline is planned to test the vertical continuity of structures and mineralization between the historically mined levels 858 and 841, and lateral continuity between historical mining and the new discovery in 22MLDDH012. Altiplano has generated over USD 9.86 million from the recovery and sale (after processing costs) of 4.47 million pounds of copper with an average grade of 1.78% Cu (2018 Q1-2022 Q2).

Cash flow has been re-invested into equipment, underground drilling, expanding underground development at Farellon, enhancing ventilation to increase productivity and capacity, new underground development and exploration at Maria Luisa, and the commissioning of the El Peñón fit-for-purpose mill and flotation plant located 15 km from the Farellon site.