Altamira Gold Intersects 131.75m of Disseminated Gold Mineralization in First Drill Hole at Mutum, Apiacas Project Second drill rig contracted for Santa Helena Project
Altamira Gold Intersects 131.75m of
Disseminated Gold Mineralization in First Drill
Hole at Mutum, Apiacas Project
Second drill rig contracted for Santa Helena Project
Vancouver, British Columbia--(Newsfile Corp. - November 18, 2021) -
Altamira Gold Corp. (TSXV:
ALTA) (FSE: T6UP) (OTC PINK: EQTRF)
("
Altamira
" or the "
Company
") is pleased to announce the
results of the first two diamond drill holes at the Mutum target within the Apiacas project area, and to
provide an update on exploration at the Santa Helena project. Both projects are located within the Alta
Floresta Gold Belt in Northern Mato Grosso, Brazil.
Highlights are as follows:
Results from the first two diamond drill holes at Mutum confirm the presence of a broad zone of
disseminated gold within altered intrusive rocks. Drill hole DDMUT-0001 returned 131.75m @
0.15g/t gold indicating the potential for significant volumes of primary gold mineralization within the
project area
Two new environmental permits totaling 110 hectares have been received to allow drill access to
additional areas of the central zone of the former Mutum alluvial workings which extend over an
east-west distance of 6km
A second diamond drill rig has been contracted to begin Altamira's maiden drill program at the
Santa Helena project. An initial 2000m of diamond drilling is planned to test both high-grade gold
and copper vein mineralization and possible porphyry targets with drilling expected to begin in
November 2021
Michael Bennett, President and CEO of Altamira Gold commented "The results of the first drill holes
at Mutum are encouraging and demonstrate that primary gold mineralization is disseminated over
wide intervals within altered intrusive rocks. Although the average grade encountered in the first drill
hole is subeconomic, permitting considerations meant that we were only able to commence drilling on
the periphery of the target area at Mutum. The new environmental permits now doubles the area of the
central portion of the Mutum target that Altamira can now drill test.
At the same time in the Santa
Helena Project area, we are preparing to drill test several targets for the first time with porphyry style
mineralization and high grade gold and copper veins to be targeted. Diamond drilling of these targets
is expected to begin during late November".
MUTUM TARGET, APIACAS PROJECT
The Mutum target is part of the Apiacas Project area and is located 50 km west of Altamira's Cajueiro
gold project (Figure 1) 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, suggesting the
presence of a significant underlying hard-rock deposit.
Figure 1. Regional Map showing the location of the Apiacas (drilling in progress) and Santa Helena
(drilling commencing Nov 2021) projects and the Cajueiro project
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/4500/104175_5d1ae30d541f1bc1_001full.jpg
In 2019, geological mapping outlined an area of pervasive disseminated-style gold mineralization over
at least 4 km
2
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).
In 2021, Altamira completed an extensive
Induced Polarization ("IP") geophysical program which
identified an east-west trending chargeability feature 6km in length, associated with quartz-sericite-pyrite
alteration and disseminated gold mineralization in intrusive rocks within the area of historic placer gold
workings.
Figure 2. Location of first six diamond drill holes within the Mutum target area in the Apiacas project
and the new environmental licenses where further drill testing to the west of the initial drill area will be
initiated
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/4500/104175_5d1ae30d541f1bc1_002full.jpg
Initial diamond drilling has been limited to the areas with active drill permits covering a 1.5 kilometer
east-west corridor within the Mutum target. The first six diamond drill holes were drilled to downhole
depths of between 126 m and 276 metres (see Figure 2) and targeted both chargeability anomalies and
the depth extension of the surface gold mineralization indicated by both the historic artisanal mining and
the channel sample results collected by Altamira (see press releases dated June 4
th
2019 and June 8
th
2021).
The first diamond drill hole, DDMUT-0001, returned 131.75m @ 0.15g/t gold indicating the presence of
widespread disseminated gold mineralization within intrusive rocks at Mutum. The drill hole DDMUT-
0001 (see Figure 3) shows a wide section of silicified and sericitized syenogranite which is foliated and
displays disseminated pyrite mineralization similar to that mapped and sampled on surface. The second
drill hole DDMUT-002 collared to the south of the first hole did not intersect the same silicified and
sericitized syenogranite seen in the first hole but cut a two metre wide zone which assayed 0,45 g/t gold
within sericitized syenogranite host rock. Drilling of the first six holes was limited to a 1.5 kilometer east-
west corridor but with the extension of the environmental permit published recently drilling will be
expanded a further 1.5 kilometers to the west in areas which have been historically heavily worked for
gold on surface. Both disseminated pyritic and gold mineralization and north-easterly trending higher
grade vein structures will be targeted in the next series of drill holes planned for this recently permitted
area. Analyses from holes DDMUT-0003-6 are awaited.
Figure 3. Cross section showing the broad, shear related mineralization of drillhole DDMUT01 below
the three channel samples CMUT-0001,6 and 7 on surface
To view an enhanced version of Figure 3, please visit:
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SANTA HELENA PROJECT
The Santa Helena project is located immediately adjacent to the paved BR-163 federal highway in the
state of Mato Grosso and 60km SW of Anglo American's Jaca porphyry copper discovery (Figure 1).
Previous artisanal mining activity has focused on high-grade gold hosted in vein structures. However,
mapping, soil and rock chip sampling by Altamira has identified both extensions to the known vein gold
targets plus significant copper, molybdenum and gold anomalies related to areas of porphyry-style
alteration in a zone which extends 7km E-W by 4 km N-S, indicating the presence of a very large
hydrothermal system.
The area consists of undulating farmland with generally poor outcrop and deep weathering. Thus far, five
main target areas have been identified (Figure 4), all of which have significant gold and/or copper values
on surface. These include; Flecha Dourada (17 surface rock samples average of 31.2 g/t gold + 0.13%
Cu), Gabriel (20 surface rock samples average of 19 g/t gold + 0.11% Cu), Dorival (6 surface rock
samples average of 24.6 g/t gold) and Tucura (6 surface rock samples average 7.2 g/t gold).
Figure 4. Main targets within the Santa Helena project. Note the widely distributed garimpo pits on
high-grade gold veins. Soil sampling and trenching is in progress to define precious and base metal
anomalies and to develop ranked targets for ground geophysics and/or direct drill testing
To view an enhanced version of Figure 4, please visit:
https://orders.newsfilecorp.com/files/4500/104175_5d1ae30d541f1bc1_004full.jpg
A trenching program has been initiated at the Dorival North target where visible gold and copper oxides
in quartz veining have been observed and mapped from surface float and trench samples (see Figure 5).
Figure 5. Visible gold and copper oxide seen in grab samples within the Dorival north target
To view an enhanced version of Figure 5, please visit:
https://orders.newsfilecorp.com/files/4500/104175_5d1ae30d541f1bc1_005full.jpg
The most easterly target, Gabriel (Figure 4), includes a small historic open pit artisanal mine which
previously produced gold from a series of high-grade veins. A total of 20 rock chip samples were
collected on surface from this area in 2018 and returned gold values ranging up to
171.6 g/t gold and
0.96% Cu
and
averaged 19.0 g/t gold and 0.11% Cu
. Seven samples returned values above 10g/t
gold.
Recent channel sampling in the former Gabriel garimpo pit has exposed a zone of stockwork quartz
veining, 60m wide, in intrusive rocks (see Figure 6). This type of alteration is characteristic of porphyry
deposits and additional trenching is in progress to assist with the siting of the initial drillholes on this
target.
Figure 6. View of recently excavated trench wall at Gabriel target showing stockwork quartz veining
compared to the stockwork seen in the Jaca porphyry copper deposit some 60 kilometers to the north
east
To view an enhanced version of Figure 6, please visit:
https://orders.newsfilecorp.com/files/4500/104175_5d1ae30d541f1bc1_006full.jpg
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 515,000oz 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/104175