Altamira Gold Commences Drilling at Maria Bonita Target and Receives Initial Results from Drilling at the Cajueiro Gold Deposit
Altamira Gold Commences Drilling at Maria
Bonita Target and Receives Initial Results
from Drilling at the Cajueiro Gold Deposit
Vancouver, British Columbia--(Newsfile Corp. - August 18, 2022) -
Altamira Gold Corp. (TSXV: ALTA)
(FSE: T6UP) (OTC Pink: EQTRF),
("
Altamira
" or the "
Company
") is pleased to announce that it has
commenced drilling at the Maria Bonita target, and has received initial drill results from one hole at the
Baldo East zone which forms part of the Cajueiro gold deposit.
Highlights:
Diamond drilling has commenced at the untested Maria Bonita target which is located 7km north
west of the Cajueiro gold deposit and is characterised by a large gold-in-soil anomaly which is at
least 800 x 800m in size with several gold values in soils up to 1g/t gold. An initial program of 6
diamond drillholes is planned
Whilst there is no known surface exposure at Maria Bonita, a recently identified surface float
sample of gossanous breccia in silicified and strongly sericitized rock suggests a relationship of
the gold-in-soil anomaly to a possible underlying hard-rock hydrothermal alteration system
The Company recently completed a 7-hole diamond drilling program aimed at proving up
extensions to several mineralized structures within the Baldo target which forms part of the current
Cajueiro mineral resource. The first hole, CAJ-0106, returned
4m @ 4.76g/t Au
from 79m depth,
below a trench intercept of
7m @ 5.54g/t Au
CEO Mike Bennett commented; "We are excited to be drilling an untested target within the Cajueiro
project. The gold-in-soil anomaly at Maria Bonita is by far the strongest and most consistent gold-in-
soil anomaly we have identified to date in the Cajueiro area. The recent identification of highly
brecciated and altered float material on surface suggests the presence of an underlying hydrothermal
system, and we look forward to the results of this first phase drill program. Furthermore, the initial
results of the recently completed diamond drill program at Baldo East are encouraging and
demonstrate the down-dip extension of surface mineralization, suggesting the potential to add
additional resource ounces in this section of the Cajueiro deposit."
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 and is easily accessible by road and has grid power.
Cajueiro forms one of three key projects that Altamira controls in the region, the other two being Apiacas
and Santa Helena (Figure 1).
Figure 1: Location of the Cajueiro, Apiacas and Santa Helena projects.
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/4500/134216_1cff07ab74881867_001full.jpg
The Cajueiro 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.
Several adjacent mineralized zones comprise the Cajueiro resource and include Baldo, Crente,
Marines, Matrincha and Baldo East (Figure 2). Most of these zones remain open along strike and at
depth. Several strong, but as yet, untested gold-in-soil anomalies occur within a short radius of the
Cajueiro resource area and include Sossego, Maria Bonita and Novo Sonho (Figure 2). Maria Bonita is
the strongest of these peripheral gold-in-soil anomalies and is open to the west, with the current footprint
covering an area comparable in size to the entire Cajueiro mineral resource area.
Figure 2: Location of the Cajueiro (Baldo) mineral resource and the Maria Bonita target showing
relative size and intensity of the soil responses. The Maria Bonita soil anomaly remains open to the
west and north.
To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/4500/134216_1cff07ab74881867_002full.jpg
Maria Bonita Target
The Maria Bonita target is located approximately 7km north west of the Cajueiro resource area (Figure
2) and is defined by an unexplained gold-in-soil anomaly which is at least 800 x 800m in size and open
to the west. The central part of the anomaly returned gold values in excess of 1g/t gold in soils (Figure 3).
Figure 3: Gold-in-soil values at the Maria Bonita target over background aeromagnetic total magnetic
intensity (TMI).
To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/4500/134216_1cff07ab74881867_003full.jpg
There is no history of any hard-rock gold mining activity at Maria Bonita and no rock exposure on
surface. Historic placer workings in the stream immediately south of the target suggest that there is a
physical dispersion train of gold eroding from the area.
There is no outcrop in the area of the soil anomaly, but a recently identified single float block of highly
brecciated and gossanous altered volcanic material (Figure 4), indicates the presence of a significant
hydrothermal alteration system at depth).
Figure 4: Gossanous sericitised breccia float found within the core of the gold-in-soil anomaly at Maria
Bonita.
To view an enhanced version of Figure 4, please visit:
https://images.newsfilecorp.com/files/4500/134216_1cff07ab74881867_004full.jpg
Regional airborne geophysics indicates the presence of a strong regional E-W trending magnetic low
immediately south of the soil anomaly and a weaker NE trending magnetic low in the area of the
anomaly. This type of response is a typical and positive indicator of hydrothermally altered host rocks in
other parts of the Cajueiro district.
Altamira has commenced drilling and is planning an initial 6-hole reconnaissance diamond drill program
to determine the source of the significant gold-in-soil anomaly at Maria Bonita.
Baldo East Drilling
The objective of the recently completed seven-hole diamond drilling program at the Baldo East zone of
the Cajueiro gold deposit was to evaluate the potential for extensions to the mineralization and
resources within this part of the deposit. Previous drilling in this area had not determined the limits of the
gold mineralization at depth or along strike. All of the drillholes intersected visible alteration and
geological structures consistent with the previous drilling.
The initial drillhole (CJO-0106) was drilled below a surface trench which returned
7m @ 5.54g/t gold
(Figure 5). The drill hole intersected
4m @ 4.76g/t
gold
(from 79m), indicating good grade continuity
down dip. This result is a positive indication of continuity of gold mineralization in the structure mapped
on surface. The assay results for the remaining six drillholes at Baldo East are expected in the coming
weeks.
Figure 5: Location of the Cajueiro (Baldo East) mineral resource extension drillholes and first drill
results from hole CJO0106.
To view an enhanced version of Figure 5, please visit:
https://images.newsfilecorp.com/files/4500/134216_1cff07ab74881867_005full.jpg
Figure 6: Drill hole section CJO-0106 below trench TCBL-0025 and typical core showing sericite/pyrite
alteration hosting gold mineralization.
To view an enhanced version of Figure 6, please visit:
https://images.newsfilecorp.com/files/4500/134216_1cff07ab74881867_006full.jpg
Santa Helena Project
A total of 23 diamond drillholes totalling 3631.9m have been completed at Santa Helena. Drilling has
largely focused on vein-style Au (Cu) occurrences associated with historic garimpo workings. This
follows the recent identification of porphyry-style alteration in the three initial diamond drill holes STH-
001to STH-003 (see press release 1st December 2021).
Results from all 23 initial diamond drill holes at Santa Helena are expected by early Q4 2022.
Stock Options
Altamira announces that it has granted 5,000,000 stock options to directors, officers, employees, and
consultants of the Company. The stock options are exercisable for a term of 5 years at an exercise price
of C$0.17 per common share based on the 90 day volume-weighted average price ("VWAP"). The
options are subject to the Company's Stock Option Plan.
Qualified Person
Guillermo Hughes, FAIG and M AusIMM., 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.
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.
About Altamira Gold Corp.
The Company is focused on the exploration and development of gold projects within western central
Brazil. The Company holds 8 projects comprising approximately 190,000 hectares, within the prolific
Juruena gold belt which historically produced an estimated 7 to 10Moz of placer gold. The Company's
advanced Cajueiro project has 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 515,000oz in the Inferred
Resource category.
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
Forward-Looking Statements
Statements in this document which are not purely historical are forward-looking statements, including
any statements regarding beliefs, plans, expectations or intentions regarding the future. It is important
to note that actual outcomes and the Company's actual results could differ materially from those in
such forward-looking statements. Except as required by law, we do not undertake to update these
forward-looking statements.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/134216