Altamira Gold Provides Drilling Update
Altamira Gold Provides Drilling Update
Vancouver, British Columbia--(Newsfile Corp. - June 16, 2022) -
Altamira Gold Corp. (TSXV: ALTA)
(FSE: T6UP) (OTC Pink: EQTRF)
("
Altamira
" or the "
Company
") is pleased to provide an exploration
update on its 3 main project areas Cajueiro, Apiacas and Santa Helena covering a surface area of
163,000 hectares in the Alta Floresta Gold Belt in Northern Mato Grosso, Brazil.
Highlights
Results have been returned on all thirteen of the diamond drill holes completed at the Mutum target
on the Apiacas project. Nine of the thirteen holes returned significant intervals of low-grade
disseminated gold mineralization including
30.5m @ 0.52g/t gold
in DDMUT007 and
62m @
0.32g/t gold
in DDMUT013
The drill results at Mutum define an east-west trending zone of low grade disseminated gold
mineralization of over 2km in strike length, which is open both to the west and east
Drilling is in progress at the Cajueiro project which hosts an Indicated resource of 5.66Mt @ 1.02
g/t gold (185,000oz) and an Inferred resource of 12.66Mt @ 1.26 g/t gold (515,000oz) for total
contained gold of 700,000 oz. The Baldo target is being tested initially where previous trenching
returned values including
28m @ 3.0 g/t gold and 7m @ 5.5 g/t gold
Following the completion of six holes at the Baldo target at Cajueiro, the rig will move to the
previously untested Maria Bonita target which is a very strong gold-in-soil anomaly with values in
excess of 1g/t gold in soils
A total of 23 diamond drill holes have been completed at the Santa Helena project where porphyry-
style alteration has been identified and results are pending
Michael Bennett, President and CEO of Altamira Gold, commented, "The initial drill results at Mutum
(Apiacas) have provided significant encouragement regarding the potential for a large disseminated
gold system extending over at least 2km strike length. Whilst we wait for drill results from 23 holes at
the Santa Helena Project , the rig is currently testing several highly prospective targets at Cajueiro
including the previously untested Maria Bonita gold-in-soil anomaly where gold values in soils
exceed 1g/t gold. This is an exciting time for Altamira with more work planned at Mutum (Apiacas),
drill results pending on Santa Helena, and drilling in progress at Cajueiro."
Figure 1: Regional Map showing the location of the Apiacas, Santa Helena (drill results pending) and
Cajueiro projects. Cajueiro which contains an Indicated resource of 5.66Mt @ 1.02 g/t gold
(185,000oz) and an Inferred resource of 12.66Mt @ 1.26 g/t gold (515,000oz) for total contained gold
of 700,000 oz.
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/4500/128024_dd9111d664391875_001full.jpg
Apiacas Project- Mutum target
The Mutum target, located within the Apiacas project (Figure 1), measures approximately 6km by 1km
and is the site of former major alluvial workings conducted since 1980 by both organised companies,
using scalable dredging, plus artisanal garimpeiro operations that continue to the present day.
Approximately 1 million ounces of gold is inferred to have been recovered historically from alluvial and
eluvial sources at Mutum. To date there has been only minimal hard-rock (primary) extraction in the area.
Primary gold mineralization is poorly exposed, particularly in the large areas of former alluvial workings.
To date, drilling has been confined to 4 environmental permits totaling just 250 hectares within the central
zone of the former Mutum alluvial workings. Several highly prospective targets have not yet been
accessed and await the grant of further environmental permits.
Altamira has completed 13 diamond drillholes at Mutum (Apiacas) totaling 2,056m. This widely spaced
drilling has outlined wide zones of hydrothermal alteration and mineralization within the host rock granites
and syenogranites. Nine of the 13 holes intersected significant zones of low-grade gold mineralization
(See Table 1) including;
DDMUT001
131.75m@ 0.15g/t Au from 50.25m depth
DDMUT002
2.0m@ 0.45g/t from 43m depth
DDMUT004
0.9m@ 1.57g/t Au from 41.5 m depth
DDMUT006
7.0m @ 0.98g/t Au from 48m depth
DDMUT007
14.0m @ 0.32g/t Au from 10m depth
DDMUT007
30.5m @ 0.52g/t Au from 27.5m depth
DDMUT009
6.8m @ 0.60g/t Au from 47.2m depth
DDMUT011
13.4m @0.62g/t Au from 96m depth
DDMUT011
9.1m @ 0.45g/t Au from 120m depth
DDMUT012
11.0m @ 0.70g/t Au from 98m depth
DDMUT013
62.0m @ 0.32g/t Au from 50.5m depth
The initial drill results at Mutum define an east-west trending zone of low grade disseminated gold
mineralization +2km in strike length (Figure 3), which is open both to the west and east.
Magnetic susceptibility logging of core has confirmed that the alteration is associated with destruction of
magnetic minerals (most likely magnetite) in the host intrusives. This results in relative magnetic lows
which will be used to more accurately map the trend of alteration zones. A drone magnetometer survey is
scheduled to commence during mid-June and is expected to map magnetite depletion in altered
intrusive rocks and therefore better define likely trends of hydrothermal alteration associated with gold
mineralization.
Figure 2: Schematic cross section showing drill hole DDMUT-0007 in Mutum.
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/4500/128024_dd9111d664391875_002full.jpg
Figure 3: Apiacas project, Mutum target photos of visible gold in the drill core from hole DMUT0013 at
102.3m depth and hole DMUT0007 at 34,80m depth.
To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/4500/128024_fig3en.jpg
Figure 4: Apiacas project, Mutum target, drill hole locations with significant results.
To view an enhanced version of Figure 4, please visit:
https://orders.newsfilecorp.com/files/4500/128024_fig4en.jpg
Mutum assay result summary (50g fire assays)
Hole
Depth
From
To
Metres
g/t Au
DDMUT0001
276.7
69
72
3
0.67
102
108
6
0.33
118
120
2
0.38
125
127
2
0.68
137
165
28
0.14
173
182
9
0.26
50.25
182
131.75
0.15
DDMUT0002
126.9
43
45
2
0.45
DDMUT0003
186.88
No intervals >0.1g/t Au
7
10
3
0.25
DDMUT0004
178.0
41.5
42.4
0.9
1.57
53.3
55
1.7
0.31
74
77.8
3.8
0.33
143
145
2
0.31
DDMUT0005
235.05
No intervals >0.1g/t Au
DDMUT0006
130.5
48
55
7
0.98
DDMUT0007
146.5
10
24
14
0.32
27.5
58
30.5
0.52
84.5
88.5
4
0.77
91
93
2
0.39
103.5
104.5
1
0.84
DDMUT0008
114.00
No intervals >0.1g/t Au
DDMUT0009
130.0
47.2
54
6.8
0.60
DDMUT0010
144.48
No intervals >0.1g/t Au
DDMUT0011
129.1
96
109.4
13.4
0.62
120
129.08
9.08
0.45
DDMUT0012
111.35
98
109
11
0.70
DDMUT0013
175.46
50.5
112.5
62
0.32
Table 1: Apiacas Project, Mutum target drill results.
Drone magnetometer surveys will be used to map magnetite depletion in altered intrusive rocks so as to
better define likely trends of hydrothermal alteration associated with gold mineralization.
Elsewhere within the Apiacas district, extensive soil sampling by Altamira totaling 10,642 samples, has
defined new targets for trenching and drilling at the Chaveta, João de Barro, Nelson Rocha and Mutum
East prospects.
The Chaveta target is of particular interest in showing coherent gold and copper values
over an area of approximately 13km
2
, indicating a different style of underlying bedrock mineralization to
that tested to date at Mutum. These targets will be progressed to drill testing during Q3 2022.
Cajueiro Project
A limited number of diamond drill holes are currently being drilled at Cajueiro (Figure 1) to test potential
extensions of the current resource. The Cajueiro gold project currently hosts an Indicated resource of
5.66Mt @ 1.02 g/t gold (185,000oz) and an Inferred resource of 12.66Mt @ 1.26 g/t gold (515,000oz) for
total contained gold of 700,000 oz.
Figure 5: Map showing Cajueiro project area and distribution of placer gold workings, gold-in-soil
anomalies and area of current resources.
To view an enhanced version of Figure 5, please visit:
https://orders.newsfilecorp.com/files/4500/128024_fig5en.jpg
The majority of the planned holes will be the first drill tests on previously identified trench intercepts as
listed in Table 2.
Trench
From
To
Interval (m)
g/t Au
TCBL-010
233
239
6
2.3
TCBL-019
30
39
9
1.8
43
44
1
13.3
TCBL-028
32
39
7
5.5
TCBL-026
57
85
28
3
TCBL-029
73
80
7
1.8
TCBL-038
46
50
4
8.4
TCBL-040
11
17
6
2.2
Table 2: Surface trench results at the Cajueiro project from zones which are now being drill tested.
These mineralized zones form part of the existing mineral resource from surface to approximately 50m
depth. The current drilling aims to test the continuation of this mineralization at depth and thus, potentially
extend the current resource blocks associated with the surface intercepts.
Following the completion of this drill programme, the rig will move to the previously untested Maria
Bonita target (Figure 4). Trenching is currently underway at Maria Bonita where previous soil sampling
defined an open-ended soil anomaly of 700 by 600m with coherent gold values over 150ppb and peak
values in soils of +1g/t Au.
The trenching will assist with characterising the style of mineralization and the
controlling structures and is expected to aid drillhole orientation.
Figure 6: Gold-in-soil anomaly at Maria Bonita target at Cajueiro showing planned trench locations.
To view an enhanced version of Figure 6, please visit:
https://orders.newsfilecorp.com/files/4500/128024_fig6en.jpg
Santa Helena Project
A total of 23 diamond drillholes totalling 3631.9m have been completed at Santa Helena (Figure 1).
Drilling has largely focused on vein-style Au (Cu) occurrences associated with historic garimpo
workings. This follows the recent identification of porphyry-style alteration in the three initial diamond drill
holes STH-001to STH-003 (see press release 1
st
December 2021).
The main copper-in-soil anomaly has been further defined by more detailed soil sampling, confirming a
target measuring 1000 by 650m with Cu values in soil up to 448ppm (see Figure 5), and remains
untested. An IP survey will shortly commence over the main copper-in-soil anomaly prior to defining
targets for drill testing in H2 2022.
Results from all 23 initial diamond drill holes at Santa Helena are pending.
Figure 7: Santa Helena copper-in-soil anomaly with planned IP survey lines.
To view an enhanced version of Figure 7, please visit:
https://orders.newsfilecorp.com/files/4500/128024_fig7en.jpg
Qualified Person
Guillermo Hughes, FAIG and MAusIMM., 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