Altamira Gold Identifies Third Centre of Hydrothermally Altered and Veined Porphyry Rocks at the New Espirro Target, Within the Cajueiro Gold District
Altamira Gold Identifies Third Centre of
Hydrothermally Altered and Veined Porphyry
Rocks at the New Espirro Target, Within the
Cajueiro Gold District
Vancouver, British Columbia--(Newsfile Corp. - October 30, 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:
Fieldwork at the Espirro target, south of the Mombaque intrusive, located 3.2km south-east of the
Maria Bonita porphyry gold discovery, has identified veined and altered porphyry intrusive rocks
within an area of historic placer workings ("garimpo")
Large blocks of float up to 50cm in size indicate a relatively short transport distance from source
A magnetic low anomaly, identified from an airborne drone survey correlates well with the area of
historic placer workings and has a similar appearance to the magnetic low covering the Maria
Bonita porphyry
The rock samples differ from those found to date within the Mombaque gold-in-soil anomaly and
suggest that further porphyry subcrops may be concealed beneath the garimpo itself
CEO Mike Bennett commented: "Our mapping programmes are systematically evaluating the
potential for sub-cropping elements of porphyry mineralization within the Cajueiro district, based on
the known porphyry discovery at Maria Bonita. We recently identified a second intrusive porphyry
system at the Mombaque target 1.6km east of Maria Bonita, and we believe that additional
mineralized porphyry intrusives are present in a prospective corridor extending east-west. The
samples recently found on surface at the Espirro target provide evidence for the presence of another
sub-cropping intrusive porphyry system upstream of or beneath the Espirro placer gold workings. The
historic placer workings extend over an area of 35 hectares indicating a significant primary source.
Espirro is the third intrusive porphyry target so far identified within the Cajueiro project area. The
presence of multiple intrusive porphyry systems at Cajueiro was predicted in June of this year by Dr.
Richard Sillitoe, an industry leading consultant on porphyry systems, and our recent field work has
validated that hypothesis."
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 (Figure1).
Figure 1: Location of the Cajueiro, Apiacas and Santa Helena projects.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4500/228327_bc43acff94f11a77_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 (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:
*NI 43-101 Technical Report, Cajueiro Project, Mineral Resource Estimate: Global Resource Engineering, Denver Colorado USA, October 10, 2019;
Authors K. Gunesch, PE; H. Samari, QP-MMSA; T. Harvey, QP-MMSA
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.
Espirro Target
The Espirro target is located 3.2km south-east of the Maria Bonita gold porphyry and 1.5km due south of
the Mombaque target (Figure 2).
The area forms a flat valley bottom that has been extensively worked for
alluvial placer gold.
The area of historic placer gold workings measures approximately 1,200m by 300m
wide and trends north-east along the valley. There are several other areas of placer gold workings with a
similar north-east trend in the Cajueiro area (see Figure 2).
Figure 2: Cajueiro project area showing the location of the existing Cajueiro mineral resource, the Maria
Bonita discovery, the Mombaque and Espirro targets plus postulated primary source areas for the
historic placer gold workings.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4500/228327_bc43acff94f11a77_003full.jpg
A drone magnetic survey (Figure 3) shows a pronounced magnetic low that is coincident with the area of
historic placer workings at Espirro and float blocks of highly altered porphyritic intrusive rocks with
intense quartz veining were located as shown in Figure 3.
A similar magnetic feature characterises the
Maria Bonita mineralized porphyry system and is thought to relate to a broad zone of hydrothermal
alteration associated with the porphyry intrusion.
Float samples of veined felsic porphyry from the Espirro target are shown in Figures 3 and 4. They
include networks of 'A' type veins similar to those observed within the mineralized sections of the Maria
Bonita porphyry.
Figure 3: Veined and hydrothermally altered rock samples from the Mombaque and Espirro targets.
Drone magnetics show a pronounced low with an internal NE structure, corresponding with the Espirro
garimpo and extending to the north-west.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4500/228327_bc43acff94f11a77_004full.jpg
Figure 4: Espirro float samples.
To view an enhanced version of this graphic, please visit:
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Samples have been submitted for chemical analysis and results will be reported upon receipt.
The ongoing field mapping, coupled with the use of drone magnetics and airborne radiometrics is
successfully generating new targets that were not readily identified by earlier soil geochemical surveys.
These targets are premised on a porphyry-style setting potentially being partially covered by thin older
volcanic rocks (Mombaque) or by shallow historic placer workings (Espirro).
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 115,000 hectares, within the
prolific Juruena gold belt. 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.*
*NI 43-101 Technical Report, Cajueiro Project, Mineral Resource Estimate: Global Resource Engineering, Denver Colorado USA, October 10, 2019;
Authors K. Gunesch, PE; H. Samari, QP-MMSA; T. Harvey, QP-MMSA
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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