Discovery of a Significant Gold Mineralized System at the Cajueiro project, Brazil
Altamira Gold Drills 69m @ 1.0 g/t gold and
71m @ 0.6 g/t Gold in Step-Out Drillholes at
the Maria Bonita Target, Confirming the
Discovery of a Significant Gold Mineralized
System at the Cajueiro project, Brazil
Vancouver, British Columbia--(Newsfile Corp. - January 18, 2023) -
Altamira Gold Corp. (TSXV:
ALTA) (FSE: T6UP) (OTC Pink: EQTRF),
("
Altamira
" or the "
Company
") is pleased to announce that
it has received assay results from the remaining five initial diamond drillholes holes (MBA005 to
MBA009) which were recently completed at the Maria Bonita target within the Cajueiro project in Para
state, Brazil.
Highlights:
Drillhole MBA005 returned
69m @ 1.0g/t
gold from surface in altered porphyritic intrusive host
rocks identical to mineralized rocks intercepted in the previous four holes (MBA001 - MBA004)
Drillhole MBA007 intersected
71m @ 0.6g/t
gold from 34m down hole in a similar lithology to that
of holes MBA001 - MBA0005. The hole also intersected
43m @ 0.5g/t
gold
below this interval
from 105m to the end of the hole at 148m
Drillholes MBA005 and MB007 extend the area with known coherent gold mineralization at least
120m to the east of the original drillholes MBA001 - MBA004
The new mineralized system at Maria Bonita, which has remarkably consistent gold grades,
remains open in several directions (see Figures 5 and 6)
CEO Mike Bennett commented, "The results from the final five reconnaissance drill holes at Maria
Bonita confirm that we have discovered a significant gold mineralized system at Cajueiro which is
located just 7 km west of the existing resource base. Whilst the mineralized system remains open in
several directions, the initial drill results indicate consistent gold values over broad intervals and the
size of the gold-in-soil geochemical anomaly (800 x 800m) means that additional drilling will be
required to determine the size of the mineralized system."
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.
Cajueiro forms one 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.
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/4500/151666_fad5b69834fcca24_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.
Several strong mainly untested gold-in-soil anomalies occur within a short radius of the Cajueiro
resource area and include Maria Bonita, Sossego and Novo Sonho (Figure 2). Maria Bonita is the
strongest of these peripheral gold-in-soil anomalies and is open to the west, with the current footprint of
the geochemical anomaly covering an area comparable in size to the entire Cajueiro mineral resource
area.
Figure 2: Location of the Cajueiro (Baldo) mineral resource and the Maria Bonita target showing relative
size and intensity of the soil responses. The Maria Bonita soil anomaly remains open to the west and
north.
To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/4500/151666_fad5b69834fcca24_002full.jpg
Maria Bonita Target
The Maria Bonita target is located approximately 7km northwest of the Cajueiro resource area (Figure 2)
and is defined by a gold-in-soil anomaly which is at least 800 x 800m in size and open to the west. The
central part of the anomaly returned gold values in excess of 1g/t gold in soils (Figure 3).
Figure 3: Gold-in-soil values at the Maria Bonita target over background aero-magnetic data (derivative
of total magnetic intensity - TMI) with structural interpretation.
To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/4500/151666_fad5b69834fcca24_003full.jpg
There is no outcrop in the target area and no prior hard-rock gold mining activity at Maria Bonita. The
target has never been previously tested by drilling prior to the current drill program. Historic placer
workings in the stream immediately south of the target suggest that there is a physical dispersion train of
gold eroding from the area.
Results have now been received for all nine initial diamond drill holes. These holes were designed to
determine the source of the extensive 800 x 800m soil anomaly which remains open to the west.
Holes MBA001 - MBA004 have been reported previously (see press releases dated 7
th
September and
16
th
November 2022, and Figure 4, Table 1). All four initial holes cut significant intervals of gold
mineralization and include
50m @ 1.0 g/t gold
from surface in MBA001,
55m @ 1.0 g/t gold
from
surface in MBA002,
45m @ 1.4 g/t gold
from surface in MBA003 and
50m @ 1.1 g/t gold
from surface
in MBA004.
Core recoveries for the initial programme exceeded 99% in each drillhole.
Hole MBA005 was a step-out hole and was collared approximately 70m east of Holes MBA003 and
MBA004 (Figure 4). It was drilled on an azimuth of 305º to a depth of 157m. The hole intersected
pervasively altered quartz porphyritic rhyolite with some brecciated zones. The hole returned
69m @ 1.0
g/t gold
from surface but gold values are strongly anomalous throughout with the upper 83.6m averaging
0.9g/t gold (Table 1, Figure 5). The remainder of the hole from 83.6m depth to the end of hole at 157m
returned 73.4m @ 0.3g/t gold and the hole ended in mineralization.
Figure 4: Drill hole locations and results on gold-in-soil contoured values (ppb gold) and magnetic
intensity background at the Maria Bonita target.
To view an enhanced version of Figure 4, please visit:
https://images.newsfilecorp.com/files/4500/151666_fad5b69834fcca24_004full.jpg
Hole MBA007 was a further step-out hole and was collared a further 50m east of MBA005 with an
azimuth of 360°, an inclination of 55° (Figure 4). It reached a total depth of 179m. This hole intersected
soil and saprolite to a depth of 25m downhole. The saprolite is developed in an interpreted younger
medium-coarse felspar porphyry dyke which is un-mineralized. However, from 34m down hole, the hole
cut altered reddish quartz porphyry rhyolite intrusive, similar to that found in holes MBA001-5. The hole
returned
71m @ 0.6g/t gold
from 34 - 105m. Below this depth, gold mineralization remains consistent,
albeit at lower levels to a depth of 148m, returning
43m @ 0.5g/t gold
(Figure 5, Table 1).
Figure 5: Section looking north-east showing projections of drillholes MBA003,4,5 & 7
To view an enhanced version of Figure 5, please visit:
https://images.newsfilecorp.com/files/4500/151666_fad5b69834fcca24_005full.jpg
Figure 6: Section looking north-west showing projections of drillholes MBA001,2,3 & 6
To view an enhanced version of Figure 6, please visit:
https://images.newsfilecorp.com/files/4500/151666_fad5b69834fcca24_006full.jpg
Table 1: Drill results for Holes MBA005-009 and results from prior releases for MBA001-4
To view an enhanced version of Table 1, please visit:
https://images.newsfilecorp.com/files/4500/151666_fad5b69834fcca24_007full.jpg
Hole MBA006 was collared 150m to the south of the original drillhole (MBA001) to test the southern area
of the soil anomaly (Figure 4). The upper 59m contains an average of 0.3g/t Au, indicating the presence
of a broad lower grade halo to the south of the main mineralized zone.
Holes MBA008 and 009 were drilled as significant 330m step-out holes to the east from the original
drillhole. Both holes were drilled to test the ENE trend of a subtle magnetic feature shown in Figure 4
plus the gold-in-soil trend in the same overall orientation. The holes cut deep saprolite extending to 36m
and 67m downhole respectively. Below this level, both holes cut medium grained volcanic agglomerates
with intermittent, occasionally strong sericite/chlorite alteration.
The style of alteration differs from that of
the western drillholes (MBA001-7) in not showing pervasive red (inferred potassic) alteration.
Gold
results were generally below 0.1g/t throughout, except for a veneer of up to 5m of
soil and upper saprolite
containing elevated anomalous gold in the range ~0.3g/t Au. These results imply that the soil anomaly in
this location is reflecting surficial dispersion of gold laterally from the sub-cropping mineralization known
to exist to the west.
At present the mineralized zone, hosted by rhyolitic quartz porphyry (intersected in holes MBA001-7) is
interpreted to dip shallowly to the east from the sub-crop around drillholes MBA001-5. The coherent,
near-surface mineralized zone remains unconstrained to the west.
The size of the mineralized zone at Maria Bonita remains unknown but the excellent results received from
six of the initial nine reconnaissance drill holes at Maria Bonita suggest the presence of a significant
discovery. As previously reported, there is no outcrop in the target area. Work has commenced on
mapping the identified sub-cropping geology using a shallow auger. This is achieving holes up to 13m
deep from which composite soil and saprolite samples will be collected to support future plans for
additional drilling aimed at determining the size of the mineralized system.
Preliminary metallurgical testwork on two composite mineralized samples from holes MBA 001-004 was
completed at TESTWORK Desenvolvimento de Processo Ltda in Nova Lima, Minas Gerais. The work
was conducted under the observation of the Company's consulting metallurgist Ian Gordon Hall Dun BSc
(Eng), MSc. Results are anticipated in the next few weeks and should provide indications as to what
proportion of the gold can be readily recovered by conventional technologies.
Proposed Warrant Extension
The Company proposes to make an application to the TSX Venture Exchange to extend the expiry dates
from February 5
th
, 2023 to November 5
th
, 2023 of an aggregate of 10,000,000 outstanding share
purchase warrants (the "Warrants").
The Warrants were issued pursuant to a private placement that was completed on February 5
th
, 2021
and were originally exercisable for two years from the closing date.
Each Warrant entitles the holder to
purchase one common share in the capital of the Company at a price of $0.30 per share. All other terms
of the Warrants will remain the same.
The extension of the Warrants remains subject to approval of the TSX Venture Exchange ("TSXV").
Stock Option Plan
Altamira also announces that its shareholders approved the amended 10% rolling stock option plan at
the annual meeting of shareholders held on November 23
rd
, 2022. The principal amendments to the
stock option plan ensure compliance with the revised TSXV Policy 4.4 and include: (i) a provision that
allows cashless exercise of stock options and net exercise of stock options; (ii) that share capital
adjustments are subject to the prior approval of the TSXV, except where they relate to share
consolidations or splits; and (iii) disinterested shareholder approval is required for any extension to
stock options granted to individuals that are insiders at the time of the proposed amendment.
The maximum number of common shares which may be issued under the stock option plan is 10% of the
Company's issued and outstanding share capital at the date of grant. The stock option plan has a
"rolling" limit, as the number of common shares reserved for issuance pursuant to the grant of stock
options will automatically increase as the Company's issued and outstanding share capital increases.
The limit includes outstanding stock options previously granted.
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 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
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.