Altamira Gold Continues to Expand the Intrusive-hosted Gold Discovery at Maria Bonita
Altamira Gold Continues to Expand the
Intrusive-hosted Gold Discovery at Maria
Bonita
Vancouver, British Columbia--(Newsfile Corp. - September 12, 2023) -
Altamira Gold Corp. (TSXV:
ALTA) (FSE: T6UP) (OTC Pink: EQTRF),
("
Altamira
" or the "
Company
") is pleased to provide an
update on its ongoing exploration program at the Maria Bonita discovery which forms part of the
Cajueiro gold project in the states of Mato Grosso and Para, northern Brazil.
Highlights:
A recently completed deep motorised auger drilling program over the Maria Bonita discovery has
extended the footprint of gold mineralization in weathered bedrock to the north, east and west of
the mineralized area defined by the initial diamond drilling program
This program follows excellent results from the initial nine diamond drill holes which include 69m @
1g/t in MBA005, 50m @ 1.1 g/t gold in MBA004, 55m @ 1.0 g/t gold in MBA002, 50m @ 1.0 g/t
gold in MBA001 and 45m @ 1.4 g/t gold in MBA003. Disseminated gold mineralization in the
initial discovery holes is hosted within rhyolitic
intrusive rocks
A total of 47 auger holes, comprising an aggregate 430m were completed. A total of 266 samples
(or 62% of the sample population) contained greater than 0.5g/t gold.
Thirty-nine auger holes (83%
of the total holes drilled) ended in gold mineralization greater than 0.5g/t Au
CEO Mike Bennett commented;
"These very positive results confirm that contiguous gold
mineralization is present in the saprolite (weathered bedrock) over a significantly wider area than that
established by our initial diamond drilling. These new data suggest that the axis of the stockwork
mineralization in the bedrock has an east-southeast orientation, dipping below a later inferred dyke to
the east and remaining open to the west. As the gold mineralization at Maria Bonita is present at the
surface, with no cover rocks, auger drilling has provided quick and low-cost data on the near surface
distribution of gold which can now be used for future resource estimates. These new data support our
interpretation of a significant new disseminated gold discovery in intrusive rocks and will assist us in
designing a forthcoming second phase diamond drill program."
CAJUEIRO PROJECT
The Maria Bonita target lies within the Cajueiro project, located approximately 75km north-west of the
town of Alta Floresta in the state of Mato Grosso in central western Brazil. Maria Bonita is located 7km
north-west of the Cajueiro resource, within Para state. It is easily accessible by both paved highway and
local well-maintained unsurfaced roads. Cajueiro forms one of three key projects that Altamira controls in
the region, the others being Apiacas and Santa Helena (Figure 1).
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.
Figure 1: Location of the Altamira project areas in Mato Grosso and Para states
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4500/180316_745ba367e408eb2a_001full.jpg
The Maria Bonita discovery is located 7km to the northwest of the central resource area within the
Cajueiro Project. This discovery was originally defined by regional soil sampling in an area with no
outcrop and no prior hard rock artisanal mining activity. Scout drilling conducted in 2022 in the central
part of an open-ended 800m by 800m gold-in-soil anomaly, resulted in the discovery of well-developed
three-dimensional gold mineralization within quartz stockwork vein systems hosted in porphyritic rhyolite
intrusive rocks.
Nine initial scout diamond drill holes have been completed at Maria Bonita, with the results of this work
released previously (see press releases dated September 7, November 16, 2022, and January 18,
2023). Of the seven holes completed in the centre of the soil anomaly, five holes returned thick intervals
of consistent gold mineralization (~50m downhole) in saprolite and include 69m @ 1g/t in MBA005, 50m
@ 1.1 g/t gold in MBA004, 55m @ 1.0 g/t gold in MBA002, 50m @ 1.0 g/t gold in MBA001 and 45m @
1.4 g/t gold in MBA003.
As the mineralization extends from surface (where soils contain greater than 1g/t gold in places), part of
a future mineral resource estimate will include the saprolite profile. This can be cost-effectively assessed
using shallow auger drilling and sampling. The gold grade distribution in the initial diamond drill holes is
remarkably consistent throughout both the weathered saprolite and the underlying intrusive bedrock.
A program of 47 deep auger holes was recently completed.
The results from the initial diamond drilling at Maria Bonita which previously defined consistent gold
mineralization averaging 1 g/t Au in bedrock in diamond drill holes 1,2,3,4,5 and 7 are shown in table 1.
The auger results confirm that consistent gold is found in deep saprolite over an area broadly correlating
with the 0.75g/t gold contour defined by the original soil sampling. It is interpreted that this zone
represents the near surface manifestation of the rhyolite intrusive-hosted stockwork mineralization found
in the primary zone during the scout diamond drilling program.
Hole
From
To
Metres
Gold g/t
MBA001
0
50
50
1.00
MBA002
0
55
55
1.00
110
135
25
0.70
MBA003
0
45
45
1.40
MBA004
0
50
50
1.10
50
122
72
0.60
MBA005
0
69
69
1.00
MBA007
34
105
71
0.60
105
148
43
0.50
Table 1: Key results of the scout diamond drilling program (previously released)
The distribution of gold in the lowermost sample in each augur drill hole (Figure 2) indicates a coherent
pattern, consistent with an east-southeast axis, reflecting one of the two perpendicular vein sets
identified in the prior diamond drilling. The mineralization plunges at a shallow angle below cover
between diamond drill holes MBA005 and MBA007 and the auger data supports this interpretation. A
coherent 200m wide zone of gold values above 0.7g/t Au in saprolite is now defined by the auger results.
Figure 2: Gold in basal power auger samples at the Maria Bonita discovery in relation to scout diamond
drill hole collar positions. Arrows indicate directions in which mineralization remains open from scout
diamond drilling.
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Importantly, thirty-nine of the total of forty seven auger holes (83%) ended in gold mineralization greater
than 0.5g/t Au which indicates the extent of potentially significant gold mineralization in the saprolite
A second stage diamond drill program is being designed to test the lateral and vertical extents of the
mineralized intrusive body and further augur drilling is aimed at defining the limits to the mineralized
system which remains open to the north, south, east, west, and at depth.
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 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
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/180316