Altamira Gold Announces Maiden Mineral Resource Estimate for Maria Bonita Porphyry Gold Project, Cajueiro District, Brazil
Altamira Gold Announces Maiden Mineral
Resource Estimate for Maria Bonita Porphyry
Gold Project, Cajueiro District, Brazil
Vancouver, British Columbia--(Newsfile Corp. - May 5, 2025) -
Altamira Gold Corp. (TSXV: ALTA)
(FSE: T6UP) (OTC Pink: EQTRF),
("
Altamira
" or the "
Company
") is pleased to announce the results
of an independently assessed, maiden mineral resource estimate for the Maria Bonita porphyry gold
deposit within the Cajueiro Project. Maria Bonita is a separate discovery, located 7km to the west of,
and additional to, the Cajueiro Central Mineral Resource (previously reported under NI 43-101).
Highlights:
The maiden open-pit resource consists of total Indicated Resources of 24.19Mt @ 0.46g/t gold (for
a total of 357,800oz) and Total Inferred Resources of 25.64Mt @ 0.44g/t gold (for a total of
362,400oz). These resources include near-surface saprolite Indicated Resources of 2,02Mt @
0.59g/t gold (for a total of 38,000oz) and Inferred Resources of 0.68t @ 0.40g/t gold (for a total of
8,700oz). These resources were calculated using a 0.2 g/t gold cut-off grade.
A significant higher grade near-surface resource has also been identified and at a 0.5 g/t gold cut-
off comprises Indicated Resources of 7.56Mt @ 0.72g/t gold (176,250oz) and Inferred Resources
of 5.18Mt @ 0.92g/t gold (152,940oz).
Mineralization extends to surface and the relative volume of waste to mineralized material within
the optimised pit is 0.5:1. The deposit remains open to the west, south and at depth.
Maria Bonita is the first of nine porphyry-gold targets that have been identified so far within the
Cajueiro district and further drilling will be aimed at both expanding Maria Bonita and initial drill
testing of the eight other targets.
CEO Mike Bennett commented; "We are thrilled with the maiden mineral resource estimate for our
Maria Bonita project. This is a transformational step forward for the company and, together with the
existing resources at Cajueiro, doubles Altamira's Indicated and Inferred resource base. The
mineralization at Maria Bonita is notably coherent and regular, with higher grades returned from near
surface material. Coupled with our portfolio of nine drill-ready targets within the Cajueiro district, we
now have an excellent opportunity to add to these resources through both the expansion of the
defined mineral resources at both Maria Bonita and Cajueiro Central, and additional discoveries of
porphyry-related mineralization in the district. We will be mobilising a drill rig shortly to continue
testing of the extensions to the Maria Bonita mineralization and our district targets
.
We look forward to
the continued delineation of the deposit and unlocking the potential of the other eight targets."
CAJUEIRO PROJECT
The Cajueiro project is located approximately 75km NW of the town of Alta Floresta in the state of Mato
Grosso (Figure 1) in central western Brazil. The project is easily accessible by road, lies on open
farmland and has grid power and a local water supply (Figure1).
Figure 1: Location of the Cajueiro, Apiacas and Santa Helena projects.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4500/250784_7bf8a4c5340228dd_001full.jpg
The Cajueiro Central project has current NI 43-101 resources* of 5.66Mt @ 1.02 g/t gold for a total of
185,000 oz in the Indicated Resource category and 12.66Mt @ 1.26 g/t gold for a total of 515,000 oz in
the Inferred Resource category (estimated using a gold price of US$1,500/oz).
The maiden mineral resource estimate for Maria Bonita was completed by VMG Consultoria e Soluções
Ltda of Belo Horizonte, Minas Gerais, Brazil under the direction of Volodymyr Myadzel PhD, MAIG. The
estimate is based on drilling undertaken by Altamira between August 2022 and April 2024.
A total of thirty-one diamond drillholes (4,710m) have been completed at the Maria Bonita target. Of this
total, twenty-nine drill holes were used to estimate the mineral resource (4,518m).
The parameters used to constrain a pit shell in the mineral resource estimate process are presented in
Table 1. A gold price of US$2,780/oz was used.
The resource estimations are based on a block model interpolated by the Ordinary Kriging (OK) method,
using Micromine software. The block model was created using wireframes and filled with blocks
measuring 25 (X) by 25 (Y) by 10 (Z) metres. The radii and the orientation of the search ellipses were
determined using standard variograms.
All Inferred Resources and Indicated Resources are defined in accordance with the Canadian Institute of
Mining, Metallurgy and Petroleum Definition Standards for Mineral Resources and Mineral Reserves
(2014) (the "CIM Standards"). For the Indicated Resources, a wireframe that encompasses the area with
a 50×50 and 50×100 metre regular drilling grid was created. For interpolation, an average of 3 holes
and 8 composite samples were used. The other blocks were classified as Inferred Resources. The block
model was validated in several ways: by running an Inverse Distance Weighted interpolation and
comparing the results, and by comparing the means and standard deviations of the block grades to the
composite data set.
Based on the geological disposition, an open pit mining configuration was used and, based on
metallurgical testwork to date, an agitated leach gold recovery was assumed. Industry standard
assumptions on unit costs and other parameters were applied.
Table 1: Maria Bonita independent Mineral Resource estimate parameters.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4500/250784_altamiratable1.jpg
Open-pit Indicated Resources are 24.19Mt @ 0.46g/t (for a total of 357,800oz) and Total Inferred
Resources are 25.64Mt @ 0.44g/t (for a total of 362,400oz). These resources include near-surface
saprolite Indicated resources of 2,02Mt @ 0.59g/t (for a total of 38,000oz) and Inferred Resources of
0.68t @ 0.40g/t (for a total of 8,700oz). These resources were calculated using a 0.2 g/t gold cut-off
grade and were estimated for the volume of mineralized material drill tested to date. Of particular
importance in the resource estimate is the uniform style of mineralization and the regular grade
distribution
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4500/250784_altamiratable2.jpg
1
.
CIM Standards were followed for Mineral Resources.
2
.
Mineral Resources are estimated at a cut-off grade of 0.20 g/t Au for open-pit fresh-rock mineralization, 0.20 g/t Au for saprolite.
3
.
Mineral Resources are estimated using a long-term gold price of US$2,780 per ounce.
4
.
Open pit Mineral Resources are reported within a conceptual open pit
5
.
Bulk density is 1.68t/m
3
for saprolite and 2.64 t/m
3
for fresh material based on site measurements on drill core
6
.
Metallurgical recovery used is 90% for saprolite, and 90% for fresh rock.
7
.
Numbers may not add due to rounding.
8
.
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
Table 2: Maria Bonita Mineral Resource at a 0.2g/t gold cut-off grade.
A significant higher grade near-surface resource has also been identified, and at a 0.5 g/t gold cut-off
comprises total Indicated Resources of 7.56Mt @ 0.72g/t (for a total of 176,250oz) and Total Inferred
Resources are 5.18Mt @ 0.92g/t (for a total of 152,940oz) - Table 3.
Table 3: Maria Bonita Mineral Resource sensitivity to gold cut-off grade.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4500/250784_altamiratable3.jpg
The Maria Bonita porphyry gold deposit is part of a district-scale, porphyry-related mineralizing event.
There are currently eight additional porphyry gold targets over a strike of 12km east-west awaiting scout
drill testing (Figure 2).
Figure 2: Maria Bonita maiden mineral resource, as described in this release, in relation to the Cajueiro
Central mineral resource which comprises 185,000 ounces of gold in the Indicated category (5.66Mt @
1.02 g/t) and an additional 515,000 ounces in the Inferred category (12.66Mt @ 1.26 g/t). Untested
district drill targets are depicted by yellow labels.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4500/250784_7bf8a4c5340228dd_005full.jpg
Qualified Person
Volodymyr Myadzel, PhD, MAIG, a consultant to the Company as well as a Qualified Person as defined
by National Instrument 43-101, supervised the preparation of the technical information in this news
release.
Further details supporting the geological model, estimation procedure and block modeling will be
available in a National Instrument 43-101 Technical Report authored by Volodymyr Myadzel, PhD, MAIG,
of VMG Consultoria e Soluções Ltda of Belo Horizonte, Minas Gerais, Brazil.
The report will be posted
under the Altamira profile at
www.sedarplus.ca
within 45 days from the date of this news release.
About Altamira Gold Corp.
The Company is focused on the exploration and development of gold and copper projects within western
central Brazil, strategically advancing six projects spanning over 100,000 hectares within the prolific
Juruena Gold Belt—an area that has historically yielded over 6 million ounces of placer gold**. Leading
the portfolio is the Cajueiro project, a highly prospective asset with an NI 43-101 compliant resource
estimate of 185,000 ounces of gold in the Indicated category (5.66Mt @ 1.02 g/t) and an additional
515,000 ounces in the Inferred category (12.66Mt @ 1.26 g/t).
Ongoing exploration and fieldwork at Cajueiro indicate the presence of multiple porphyry gold systems,
reinforcing its potential for district-scale development. These hard-rock gold sources align with historical
alluvial gold production, highlighting the region's exceptional gold endowment and scalability. With a rich
geological setting and a track record of significant discoveries, the Company is well-positioned to unlock
further value across its expansive land package.
*NI 43-101 Technical Report, Cajueiro Project, Mineral Resource Estimate: Global Resource Engineering, Denver Colorado USA, 10
th
October
2019; Authors K. Gunesch, PE; H. Samari, QP-MMSA; T. Harvey, QP-MMSA
**
Juliani, C. et al; Gold in Paleoproterozoic (2.1 to 1.77 Ga) Continental Magmatic Arcs at the Tapajós and Juruena Mineral Provinces
(Amazonian Craton,Brazil): A New Frontier for the Exploration of Epithermal-Porphyry and Related Deposits. Minerals 2021, 11, 714.
https://doi.org/10.3390/min11070714
On Behalf of the Board of Directors,
ALTAMIRA GOLD CORP.
"Michael Bennett"
Michael Bennett
President & CEO
Tel: 604.676.5660
Toll-Free:1-833-606-6271
www.altamiragold.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
The securities described herein have not been registered under the U.S. Securities Act or any state
securities laws, and may not be offered or sold in the United States absent registration or an
applicable exemption from registration requirements under the U.S. Securities Act and any applicable
state securities laws.
Forward-Looking Statements
Certain information contained herein constitutes "forward-looking information" under Canadian
securities legislation.
Forward-Looking information includes, but is not limited to, statements with
respect to the extension of the Warrants.
Generally, forward-looking information can be identified by
the use of forward-looking terminology such as "will", "intends" or variations of such words and
phrases or statements that certain actions, events or results "will" occur.
Forward-Looking statements
are based on the opinions and estimates of management as of the date such statements are made
and they are subject to known and unknown risks, uncertainties and other factors that may cause the
actual results to be materially different from those expressed or implied by such forward-looking
statements or forward-looking information, including the receipt of all necessary regulatory approvals.
Although management of the Company has attempted to identify important factors that could cause
actual results to differ materially from those contained in forward-looking statements or forward-looking
information, there may be other factors that cause results not to be as anticipated, estimated or
intended.
There can be no assurance that such statements will prove to be accurate, as actual results
and future events could differ materially from those anticipated in such statements.
Accordingly,
readers should not place undue reliance on forward-looking statements and forward-looking
information.
The Company will not update any forward-looking statements or forward-looking
information that is incorporated by reference herein, except as required by applicable securities laws.
Notes
Gold analysis has been conducted by SGS method FAA505 (fire assay of 50g charge), with higher
grade samples checked by FAA525. Analytical quality is monitored by certified references and
blanks. Until dispatch, samples are stored under the supervision the Company's exploration office.
The samples are couriered to the assay laboratory using a commercial contractor. Pulps are returned
to the Company and archived. Drill holes results are quoted as down-hole length weighted
intersections.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/250784