EDMONTON, Alberta, Dec. 12, 2016 (GLOBE NEWSWIRE) -- Altiplano Minerals Ltd. ((TSX-V:APN) or Altiplano) is pleased to provide this following summary of its recently acquired Orogrande Gold-Silver Project (the “Project” or the “Property”), which is located in Idaho County, Idaho, USA, near the head waters of the Crooked River within the Nez Perce National Forest. It is located approximately 100 km southeast of Grangeville, Idaho and approximately 15 km southwest of Elk City, Idaho. Altiplano optioned the property from Velocity Minerals Ltd. (Velocity; Altiplano release dated December 1, 2016). The Orogrande Gold Project is located immediately adjacent to Premium Exploration Inc.’s Friday-Petsite Deposit and has recently completed a NI 43-101 compliant Technical Report which is available on SEDAR. The Project is permitted for initial drill testing.
HISTORY
Placer gold was first discovered in Idaho County in the Elk City - Orogrande District in 1861. There have been numerous small “rich” placers and a number of small historic hard rock mining operations in the Elk City - Orogrande District with the bulk of the total placer gold being produced between 1861 and 1872. Total placer gold production for the district is estimated at somewhere between 550,000 and 800,000 ounces. Historic lode gold production did not commence in any significant fashion until about 1902. Total historic lode gold production for the district is estimated at about 100,000 ounces of gold. A couple of small historic lode gold producers including the Homestake, Penman, Badger Shaft, Badger Summit, Gold Master, Gold Bug and Eutopia exist within the south Orogrande Shear and are adjacent to or within the boundaries of Altiplano’s Property. Recent exploration conducted by Velocity personnel on the Property consists of soil sampling and geological mapping. No modern drilling has been completed at the Project area.
GEOLOGY
The Orogrande Gold Project is hosted within or at the edge of the Orogrande Shear Zone, a 40 km long north-south regional shear zone roughly at the contact between the Cretaceous Idaho Batholith and metamorphosed Proterozoic Belt-Purcell sedimentary rocks. The shear zone, or at least discrete faults associated with the shear zone, are reported to range from 100 to 200 m in width. Metasedimentary rocks along and in contact with granodiorite cover a large area within the shear zone. Numerous leucocratic pegmatite and aplite dykes along with small late Cretaceous to Tertiary felsic intrusions are present in the area. These features appear to be closely associated with areas of gold mineralization. The Orogrande Gold Project falls just on the edge of a southern portion of the shear zone. Gold mineralization in the district can be classified into two types with native (high grade) gold associated with quartz vein lodes and lenses within granodiorite, dacite or at contacts between granodiorite and metasedimentary schist and/or gneiss. The second type of gold mineralization is associated with zones of disseminated pyrite in silicified shear zones and breccias sometimes with a network or stockwork of thin veins and veinlets.
ADJACENT PROPERTY
In prior exploration, Premium identified the adjacent Friday - Petsite Gold Zone, which has a NI 43-101 compliant pit constrained indicated mineral resource of 647,000 oz of gold and an inferred mineral resource of 590,000 oz of gold (Simpson, 2013). The Altiplano Orogrande Project NI 43-101 Technical Report has not verified or validated this resource nor have they have visited the Friday – Petsite Project. The following information on the adjacent Friday – Petsite deposit is provided simply to illustrate the potential for mineralization that could exist on Alatiplano’s Property. Table 1 shows significant drill intercepts that occur within close proximity to portions of the Orogrande Project area (Simpson, 2013). The gold in soils anomaly associated with the Friday – Petsite Gold Zone and provided by Simpson (2013) appears to continue onto the Orogrande Project area based upon recent sampling by Velocity. Mineralization in the Friday - Petsite Gold Zone ranges from wide low grade intervals to more narrow high grade intervals. Precious metals are associated with quartz veining and sulphides along with strongly altered shear zones.
| Table 1: Significant Drill Intercepts at the Friday Gold Zone | |||
| Hole ID | Depth (m) | Intercept (m) | Au (g/t) |
| PFR2009_1 | 57.0-73.50 | 16.50 | 5.47 |
| PFR2009_10 | 201.80-353.80 | 152.00 | 3.28 |
| PFR2010_2 | 14.60-289.60 | 275.00 | 1.84 |
| PFR2010_2 | 213.40-228.30 | 14.90 | 22.18 |
| PFR2010_3 | 221.00-378.90 | 157.90 | 2.23 |
| PER2010_21 | 29.90-64.30 | 34.40 | 7.00 |
Based upon the favorable geological setting of the Orogrande Gold-Silver Project and the results of exploration work completed to date, which includes the mapping of significant areas of hydrothermal alteration and the identification of gold mineralization on surface and in historic lode mines, the Project is considered by Altiplano to represent an opportunity to discover a significant Gold-Silver deposit.
The technical content of this News Release has been reviewed and verified by John Williamson, B.Sc., P.Geol., of Altiplano Minerals Ltd., the company’s Qualified Person as defined by National Instrument 43-101.
About Altiplano
Altiplano Minerals Ltd. (TSX-V:APN) is a mineral exploration company focused on evaluating and acquiring projects with significant potential for advancement from discovery through to production, in Canada and abroad. Management has a substantial record of success in capitalizing opportunity, overcoming challenges and building shareholder value. Additional information concerning Altiplano can be found on its website at www.altiplanominerals.com.
ON BEHALF OF THE BOARD
/s/ "John Williamson"
President and CEO
Tel: (780) 437-6624
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the (TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review the Company's continuous disclosure filings that are available at www.sedar.com.