Altamira Gold Defines Gold-in-Soil Anomaly at Mombaque Target, Expanding the Cajueiro Porphyry System
Altamira Gold Defines Gold-in-Soil Anomaly at
Mombaque Target, Expanding the Cajueiro
Porphyry System
Vancouver, British Columbia--(Newsfile Corp. - October 16, 2024) -
Altamira Gold Corp. (TSXV:
ALTA) (FSE: T6UP) (OTC Pink: EQTRF),
("
Altamira
" or the "
Company
") is pleased to announce
further progress in the ongoing evaluation of porphyry-related gold mineralization within the Cajueiro
project area.
Highlights:
Ongoing fieldwork at the Mombaque prospect, located 1.6km to the east of the Maria Bonita
porphyry gold discovery, has defined a coherent gold-in-soil anomaly measuring up to 600m by
500m, coincident with prospective sericite-altered volcanic tuffs and breccias
The target area is underlain by felsic intrusives, similar in appearance to the host rocks at the
Maria Bonita gold porphyry. Rock chip sampling at Mombaque has revealed porphyry-style quartz
veining in samples at surface with anomalous gold
The presence of a coincident magnetic anomaly and highly altered and brecciated porphyritic
rocks makes Mombaque a compelling drill target. It also suggests that porphyry-style gold
mineralization at Cajueiro extends over a much wider area than the initial Maria Bonita gold
discovery
CEO Mike Bennett commented; "The identification of a coherent gold-in-soil anomaly at the
Mombaque prospect is an exciting development for the Cajueiro project. Surface rock samples show
evidence of strong sericite alteration and hydrothermal quartz veining which are consistent with a
concealed porphyry centre and define a new priority drill target. As yet, we do not know if this is a
significant extension to the porphyry system at Maria Bonita or a separate porphyry system. Ongoing
field work has also identified priority targets to the north of the Cajueiro mineral resource in
association with magnetic anomalies along a wide east-west corridor. It is becoming clear that
porphyry-style gold mineralization at Cajueiro extends beyond the Maria Bonita mineralized system
where we recently drilled 146m @ 1 g/t gold in porphyritic host rocks and that this could be one of
several porphyry gold deposits at Cajueiro."
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 a
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 (Figure 1).
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).
Maria Bonita Target
Maria Bonita is a new discovery of a primary porphyry gold deposit, located 7km west of the existing
Cajueiro gold deposit. It is easily accessible by road and the surface rights have been acquired by the
company. Significant results, previously reported from two phases of diamond drilling are shown in Table
1 and include:
Drillhole
Interval
g/t
From
Drillhole
Interval
g/t
From
metres
gold
metres
metres
gold
metres
MBA001
50
1.0
0
MBA013
94
0.6
0
MBA002
55
1.0
0
MBA015
120*
0.5
69
25
0.7
110
MBA016
83
0.5
14
MBA003
45
1.4
0
65*
0.4
118
MBA004
50
1.1
0
MBA017
102
0.3
55
72
0.5
50
MBA018
105
0.5
23
MBA005
69
1.0
0
MBA020
72
0.4
59
MBA007
71
0.6
34
MBA022
96*
0.3
88
45
0.5
105
MBA025
40
0.4
118
MBA010
31
0.6
79
MBA029
146
1.0
23
*Interval open at depth
Table 1: Significant intercepts from diamond drilling to date at Maria Bonita. See press releases dated
07/09/22, 16/11/22, 18/01/23, 17/04/24, 22/04/24.
These very consistent drill results characterize a multi-phase felsic quartz porphyry-hosted system of
quartz veins and breccias carrying gold. Within the mineralized intervals, gold is relatively uniformly
distributed with a highest grade of 7.7g/t gold reported from the intervals listed above (Table 1). The
mineralized system remains open in several directions and parts of the same intrusive suite of rocks
have been mapped 1.5km to the northeast of the drilled area.
Mombaque Target
The location of the Mombaque magnetic anomaly is shown in Figure 2, approximately 1.6km to the east
of the Maria Bonita porphyry gold discovery.
Figure 2: Cajueiro project area showing the location of the existing Cajueiro mineral resource, the Maria
Bonita discovery and the Mombaque target plus postulated alluvial gold source areas. A conceptual
cross section is shown in Figure 5.
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The Mombaque intrusive centre was initially inferred from an interpretation of magnetic data suggesting
the presence of a concealed magnetic body with dimensions of 1.5 by 1.2km. Follow-up surface
mapping has identified extensive zones of intense sericite alteration in tuffs and intrusives with variable
amounts of quartz veining coincident with this magnetic body.
The intrusive is partially covered by tuffs,
implying the presence of a concealed porphyry body below the shallow cover.
Recent soil sampling over the Mombaque magnetic anomaly has defined a significant gold-in-soil
feature up to 100ppb gold measuring up to 600m by 500m extending over the eastern part of the
intrusive body and partly underlain by post-mineral volcanic tuff cover. The Mombaque gold-in-soil
anomaly is one of several gold-in-soil anomalies which are mainly located to the north and north-east of
the existing Cajueiro gold deposit (Figures 3 and 4). Most of these targets have yet to be drill tested.
Figure 3: Identified gold targets within close proximity to Cajueiro mineral resource
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.
Figure 4: Mombaque gold-in-soil anomaly showing large zone of sericite alteration in volcanic tuffs
overlying a felsic intrusive body plus anomalous rock chip samples.
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The juxtaposition of a deep-seated magnetic source at Mombaque with the regional structural
environment and the known presence of porphyry gold mineralization at Maria Bonita, plus mesothermal
vein/breccia hosted gold at the Cajueiro mineral resource, leads to a conceptual interpretation of several
porphyry centres along the Cajueiro trend as shown in Figure 5.
Figure 5: Mombaque conceptual porphyry target below altered tuff cover.
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Rock sampling of available outcrops on the northern and southern flanks of the Mombaque magnetic and
soil anomaly (Figure 4) shows a variety of hydrothermal alteration and brecciation features in felsic
porphyry rocks, similar to those that host the Maria Bonita mineralization. Notably, one of the rock
samples received to date returned a highly anomalous gold value of 0.39g/t gold.
Figure 6: Mombaque sericitized and veined quartz porphyry surface samples.
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The gold-in-soil anomaly, highly anomalous rock chip samples, plus the presence of strong sericite
alteration evident in the surface outcrops, strongly suggest the potential for a mineralized porphyry
system at relatively shallow depth at Mombaque (Figure 7).
Scout drill testing is planned.
The exploration work conducted to date at Cajueiro, and specifically the Maria Bonita - Mombaque area,
suggests the presence of a new porphyry-gold district with multiple porphyry centres.
A conceptual
model showing various levels of exposure and the Cajueiro resource and the Maria Bonita discovery, as
well as the Mombaque target, is shown in Figure 7.
Figure 7: Conceptual cross section of typical modern porphyry system showing inferred levels of
exposure in the Cajueiro district (not allowing for post-mineralization structural modification).
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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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