Altamira Gold Secures Electrical Power Supply for 1,000t/d Processing Plant at the Cajueiro Gold Project, Brazil
Altamira Gold Secures Electrical Power
Supply for 1,000t/d Processing Plant at the
Cajueiro Gold Project, Brazil
Vancouver, British Columbia--(Newsfile Corp. - July 2, 2020) -
Altamira Gold Corp.'s (TSXV: ALTA)
(FSE: T6UP) (OTC Pink: EQTRF),
("
Altamira
" or the "
Company
") is pleased to announce that it has
received notice from Centrais Eletricas do Para ("CELPA"), the electrical power supplier in the state of
Para and a division of Grupo Equatorial Energia, approving Altamira's recent application to draw power
from the existing transmission line which runs through the Central resource area by installing a 1.5 MW
substation at the Cajueiro gold project.
Highlights:
The acceptance of Altamira's application allows for the use of up to 1.5MW of electricity via the
installation of a substation which will be sufficient to power both the processing plant and all mine
camp facilities
The power will be sourced from an existing 34.5 kV transmission line originating from the nearby
Teles Pires hydro-electric scheme. The powerline traverses the central resource area and will
provide a cheap and reliable power source for the Cajueiro Gold Project
The Company has hired Lider Construcoes Eletricas LTDA to prepare detailed design plans for
the substation which will be submitted to CELPA within the next 50 days. This will allow Altamira to
run its 1000 t/d processing plant and the mine camp facilities using a clean and environmentally
friendly power source
Michael Bennett, President and CEO stated, "This prompt approval from CELPA secures grid power
for the Cajuiero gold project and marks a major step forward in our overall objective of transforming
Altamira Gold from an exploration company to a near-term gold producer and will help the company
to fast track the plant construction and begin production in 2021 using an environmentally friendly
power supply."
Powerline Specifications
The project design and application for the connection of a 1.5 MW substation to the 34.5 kV powerline
which crosses the property is a significant initial step in the progress of the Cajueiro gold project. With
the supply of 1.5 MW all plant and mine camp facilities will be powered by an efficient and reliable
electrical power supply, avoiding the need to use diesel fueled generators, thereby lowering costs and
reducing carbon emissions.
Cajueiro Project Updates
The initial engineering and design work phase of the Cajueiro project is expected to be completed by
the end of July 2020. The initial payment of US$1M required pursuant to the April 24, 2020 Precious
Metals Purchase Agreement between the Company and Metalstream is on track and expected on July
14, 2020. Construction of the plant is scheduled to commence during H2 2020.
The Company is collecting several additional bulk samples of oxide ore from the Cajueiro project which
will be sent for further metallurgical evaluation in order to ensure that the plant design is optimised for
maximum gold recovery. Samples are being sent to both Brazilian Metallurgical Test laboratories to
maximise plant flow through processes and to the CSIRO lab in Australia to determine whether fine gold
in the oxide ore is amenable to recovery using thiosulphate solution which would avoid the requirement
for cyanidation.
Additional soil sampling is also being carried out on areas outside of the Central resource area.
Apiacas and Santa Helena Projects Updates
Core Geophysics of Perth has been contracted to complete processing and interpretation work of the
Altamira and CPRM airborne geophysical surveys covering the Apiacas and Santa Helena project
areas. Interpretation of both magnetic and radiometric data is expected to assist Altamira in identifying
important structural controls on known mineralization and defining target areas for geochemical follow up
within these extensive property packages.
Cajueiro Gold Project
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.
A total of 14,000m of drilling (105 holes) and over 4,000m of trenching have been completed to date
within 285ha in the central part of the 28,577ha claim package (or 1% of the Cajueiro project area).
Numerous other gold-in-soil anomalies remain untested.
A production decision at Cajueiro is not based on a feasibility study of mineral reserves demonstrating
economic and technical viability, and as a result there is increased uncertainty and there are multiple
technical and economic risks of failure which are associated with this production decision. These risks,
among others, include areas that are analyzed in more detail in a feasibility study, such as applying
economic analysis to resources and reserves, more detailed metallurgy and a number of specialized
studies in areas such as mining and recovery methods, market analysis, and environmental and
community impacts. In accordance with NI 43-101 and the companion policy to that instrument, Altamira
cannot provide any guidance either in terms of anticipated gold production or net cash flows.
Qualified Person
Guillermo Hughes, P. Geo., 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 it's 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 9 projects comprising approximately 280,000 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/58999