Altamira Gold Confirms That the Maria Bonita Discovery Is a Porphyry Gold Deposit
Altamira Gold Confirms That the Maria Bonita
Discovery Is a Porphyry Gold Deposit
Vancouver, British Columbia--(Newsfile Corp. - June 19, 2024) -
Altamira Gold Corp. (TSXV: ALTA)
(FSE: T6UP) (OTC Pink: EQTRF)
, ("
Altamira
" or the "
Company
") is pleased to announce various
further initiatives to explore the Cajueiro district in the light of the identification of porphyry hosted gold
mineralization at the Maria Bonita discovery.
Highlights:
Field review of the drill core from the Maria Bonita discovery by renowned expert consultant, Dr R.
Sillitoe has confirmed the porphyry origin of the mineralization.
"Maria Bonita is undoubtedly a
porphyry gold deposit as shown by the control of quartz veinlet intensity and gold grade as well
as the A-type character of the quartz veinlets"
Dr Sillitoe also notes that "
Porphyry systems commonly occur as clusters or alignments so
additional examples might be anticipated in the general vicinity of Maria Bonita"
Initial diamond drilling previously reported at Maria Bonita has included the following mineralized
intercepts showing the consistency of gold mineralization over wide intervals within the quartz
porphyry:
146m @ 1.0g/t gold
in MBA029;
50m @ 1.4g/t gold
in MBA003;
55m @ 1 g/t gold
in
MBA 002;
50m @ 1 g/t gold
in MBA001 and
53m @ 0.7g/t gold
in MBA 022
The Company has retained expert consultants A.C.A. Howe (UK) and GeophysicsOne (Canada) to
undertake interpretations using satellite imagery and proprietary aeromagnetic and radiometric
surveys over the Cajueiro district to support the search for additional porphyry bodies
CEO Mike Bennett commented; "Following the receipt of recent drill results at Maria Bonita, we have
moved swiftly to further our understanding of the potential of the Cajueiro district, by engaging highly
regarded industry specialist consultants. The attribution of a porphyry gold style to the mineralization
at Maria Bonita is a very significant development for the company as it is the first discovery of this
type in Brazil. This realization provides a framework within which to interpret the current drill results,
allows us to better vector further drilling and also opens up new search areas for mineralized intrusive
bodies in the Cajueiro district."
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 and
local water supply. Cajueiro is the most advanced of three key projects that Altamira controls in the
region, the other two being Apiacas and Santa Helena (Figure1).
Figure 1: Location of the Cajueiro, Apiacas and Santa Helena projects.
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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 (estimated using a gold price of US$1,500/oz). The near-surface oxide portion of the
Cajueiro resource contains an estimated 75,000 oz of gold.
Maria Bonita Target
Maria Bonita is located 7km west of the Cajueiro mineral resource and is easily accessible by road.
Drilling to date has defined various intercepts of relatively uniform gold mineralization from surface
associated with quartz veining and pervasive potassic alteration within a rhyolite intrusive. The best
intercept to date is MBA029 which returned
146m @ 1g/t gold
from 23m depth.
Initial metallurgical characterisation tests returned very positive gold recoveries of 88% (column leach of
saprolite) and 90% (agitated leach in saprolite and fresh rock) on composite drill core samples.
The drill target was defined by a pronounced gold-in-soil anomaly measuring 250m by 300m with values
over 400 ppb Au, located within a larger magnetic low feature. There is no outcrop in the immediate
project area, however, recent mapping has identified similar rhyolite intrusive rocks one kilometre to the
north-east of the discovery area. The intervening area has no outcrop, is largely covered by thick
saprolite (8 to 16m depth) and thin alluvium which limits the effectiveness of soil sampling.
The drill core was reviewed on site with consultant Dr Richard Sillitoe, one of the leading global experts
in porphyry mineralization, who confirmed an interpretation of the system as a porphyry gold deposit.
Dr Sillitoe concludes;
"Maria Bonita is undoubtedly a porphyry gold deposit as shown by the control of
quartz veinlet intensity and gold grade by the relative timing of the porphyry phases as well as the A-
type character of the quartz veinlets"
. He further notes;
"Maria Bonita is a highly unusual porphyry gold
deposit…. [in that]... gold is part of a silicic (rhyolitic) system [with] weakly anomalous tin (20 ppm) and
tungsten (11 ppm) contents and the presence of fluorite."
Figure 2: Interpretative north-south cross-section of drill holes MBA022, and 015 looking west, showing
two interpreted zones of early potassic altered and veined mineralized porphyry with later, lesser
mineralized porphyry and a post-mineral barren porphyry phase. With the exception of minor late mafic
dykes, all of the drill section is in rhyolite porphyry.
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Figure 3: Typical "A-type" quartz veins in "red-rock" altered early rhyolite porphyry
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The drill section shown in Figure 2 is based on geological and grade correlation with textural
differentiation and contact relationships interpreted from drill core visible in drill core. The sub-cropping
early porphyry phase carries bulk gold mineralization at around 1g/t Au associated with potassic
alteration and quartz veining. The younger phases have significantly less quartz veining and a lower gold
grade.
Table 1: Summary of Phase 2 drill results at Maria Bonita
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Three-dimensional geological modelling is ongoing to identify untested extensions to the early porphyry
carrying the most consistent gold mineralization.
The Maria Bonita intrusive suite consists of rhyolite porphyries with varying amounts and sizes of quartz
and felspar phenocrysts. The early porphyry phase contains locally abundant quartz stockwork veining
with typical "A-type" quartz veins (Figure 3). In some places later porphyry intrusive phases have
unidirectional solidification textures (USTs) near their inferred upper contacts which can be used to
interpret age relationships.
A post-mineral felspar porphyry forms two sets of dykes trending through the mineralized area, as
defined by drilling. A similar felspar porphyry has been mapped approximately 1km to the north-east of
the centre of the mineralized zone, suggesting a potential continuation of the intrusive system in that
direction. A significant soil anomaly associated with an alluvial dispersion train is located along strike to
the south west at the Novo Sonho target (Figure 4).
Figure 4: Local setting of the Maria Bonita gold porphyry showing the mapped post mineral porphyry to
the north east of the drilled area. Prior soil sampling has defined the Novo Sonho target to the south west
of the gold porphyry and garimpo alluvial workings suggest that a SW-NE corridor of at least 5km,
centred on the Maria Bonita porphyry is shedding gold into the south draining streams.
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Dr Sillitoe notes;
"Porphyry systems commonly occur as clusters or alignments so additional
examples might be anticipated in the general vicinity of Maria Bonita. The most likely location would
be along strike of the currently defined system, to either the east or west."
Outcrop is very poor over much of the corridor of interest (Figure 4) and soil sampling results to date may
be negatively impacted by transported alluvial cover. Based on a porphyry model, re-interpretation of
relevant structural trends has been commissioned from A.C.A. Howe (UK) using available satellite
imagery. This study will focus on both the direct extensions of the Maria Bonita intrusive suite and the
potential for locating further intrusive centres within the larger Cajueiro exploration title.
Re-interpretation of proprietary regional fixed-wing aeromagnetic and radiometric data has also been
commissioned from GeophysicsOne (Canada). These two new expert inputs will be integrated with
Company regional geological mapping data to generate new targets for ground follow-up, using soil
sampling and drone magnetics, to fully evaluate the porphyry-type potential.
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.
About Altamira Gold Corp.
The Company is focused on the exploration and development of gold and copper projects within western
central Brazil. The Company holds 6 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
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.
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