Altamira Gold Commences Drilling at the Mutum Target, Apiacas Project IP Geophysical survey completed, and second environmental license granted
Altamira Gold Commences Drilling at the
Mutum Target, Apiacas Project
IP Geophysical survey completed, and second environmental
license granted
Vancouver, British Columbia--(Newsfile Corp. - August 3, 2021) -
Altamira Gold Corp.'s (TSXV:
ALTA) (FSE: T6UP) (OTC Pink: EQTRF),
("
Altamira
" or the "
Company
") is pleased to provide an
update regarding the upcoming maiden drill program at the Mutum target within the Apiacas project and
to provide further information regarding the environmental licensing at the project which is located in
northern Mato Grosso, Brazil.
Highlights:
The initial 3,000m diamond drill program at Mutum is targeting part of the 4.4 km long high
chargeability Induced Polarization ("IP") anomaly identified during phase 1 of the IP ground
geophysical survey. Phase 2 of the survey which extends the IP coverage 2.4km to the west has
now been completed and the data is being processed
Altamira has identified quartz-sericite-pyrite alteration associated with disseminated gold
mineralization in an intrusive rock over 4 sq km on surface within the area of historic placer gold
workings where surface channel sampling has been encouraging and has returned significant gold
values including
12m @ 2.0 g/t gold
The second environmental license at Mutum has been granted and is located to the west of the
previously announced environmental permit and allows for the drilling of a large portion of the
chargeability anomaly, and is valid until 06/04/2024
Michael Bennett, President and CEO of Altamira Gold commented "The commencement of the initial
drilling program at the Mutum target at Apiacas is truly exciting and is the culmination of several years
of effort. During the last few months, Altamira has identified a geophysical chargeability anomaly that
is now in excess of 4km in east-west extent and is coincident with an area of historic workings which
produced 1Moz of gold as well as widespread quartz-sericite-pyrite alteration and disseminated gold
mineralization. The target is simply enormous, and we look forward to the results of the initial drill
program."
The Mutum target is part of the Apiacas Project area and is located 50 km west of Altamira's Cajueiro
gold project which hosts 43-101 compliant indicated resources of 5.66Mt @ 1.02 g/t gold for a total of
185,000oz and inferred resources of 12.66Mt @ 1.26 g/t gold for a total of 515,000oz. An estimated
1Moz of colluvial gold was historically recovered from the Mutum target, suggestive of the presence of a
significant underlying hard-rock deposit.
In 2019, geological mapping outlined an area of pervasive disseminated-style gold mineralization over
at least 4 sq km at Mutum. A total of 93 surface rock samples of disseminated and altered rocks
collected on surface over this area returned gold values of up to 406.6 g/t gold (see news release dated
September 11, 2019). Recent exploration has also identified four high-grade vein structures with channel
samples returning values up to 3m @ 10.39 g/t gold. Silver assays have also returned high grade values
up to 871 g/t silver (see news release dated March 8, 2021).
IP Survey
The initial phases 1 and 2 of the IP survey have now been completed in the Mutum target area and the
geophysical team has been demobilised. The results of phase 2 are being processed over the western
extension of the target area. A total of 26 N-S oriented lines were opened and surveyed covering a total
length of 53 km (see Figure 1).
Figure 1 Completed IP survey lines at the Mutum target covering an east-west extension of 6.6 kms.
Note distribution of historic colluvial gold workings in yellow
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/4500/91929_403017b564624ba9_001full.jpg
Drill Program
The initial 3,000 metre diamond drill program will investigate the depth continuity of the surface gold
mineralization mapped and sampled within the syenogranite intrusive rock between lines 3 and 8 where
three separate channel samples collected from the outcropping mineralized intrusive returned values
of
2.0 g/t gold over 12 metres, 0.9 g/t gold over 6 metres and 0.41g/t gold over 12 metres
in the
northern part of lines 3, 4 and 5 and will investigate part of the high chargeability anomaly which lies
directly beneath areas of historic alluvial and colluvial workings on the southern extensions of the lines
between lines 3 to 8. Drill holes will be targeted to an initial depth of 150 metres and 8 initial holes have
been sited within the area which has received recent environmental permission for both trenching and
drilling (see Figure 2). Further holes will be sited once geological and assay data is on hand from the
initial holes.
Drilling is expected to continue until October and samples will be submitted to the SGS laboratory in
Belo Horizonte where the turn around time is expected to be between 4-6 weeks.
Figure 2 Map showing proposed initial drill holes and new area with environmental license.
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/4500/91929_403017b564624ba9_002full.jpg
Granting of Second Environmental License at Mutum
The environmental department of the state of Mato Grosso, SEMA/MT has approved a second
environmental permit LOP No 324020/2021 covering part of the central area of the Mutum target which
allows Altamira to trench and drill under both the chargeability anomaly and areas with mineralized
syenogranite intrusive rock which has been mapped and sampled on surface. The permit covers part of
the ANM 846.947/2018 exploration permit and is valid until 06/04/2024. This is a significant milestone
as it expands the area within the Mutum target which can now be drill tested in order to prove the
potential of the target.
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 515,000 oz 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/91929