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Altamira Gold Corp
Symbol ALTA
Shares Issued 163,610,758
Close 2022-06-16 C$ 0.165
Recent Sedar Documents

Altamira Gold drills 62 m of 0.32 g/t Au at Apiacas

2022-06-16 09:11 ET - News Release

Mr. Michael Bennett reports

ALTAMIRA GOLD PROVIDES DRILLING UPDATE

Altamira Gold Corp. has provided an exploration update on its three 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 13 of the diamond drill holes completed at the Mutum target on the Apiacas project. Nine of the 13 holes returned significant intervals of low-grade disseminated gold mineralization, including 30.5 metres at 0.52 gram per tonne gold in DDMUT007 and 62 m at 0.32 g/t gold in DDMUT013.
  • The drill results at Mutum define an east-west-trending zone of low-grade disseminated gold mineralization of over two kilometres 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 5.66 million tonnes at 1.02 g/t gold (185,000 ounces) and an inferred resource of 12.66 million tonnes at 1.26 g/t gold (515,000 oz) for total contained gold of 700,000 oz. The Baldo target is being tested initially where previous trenching returned values including 28 m at three g/t gold and seven m at 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 one g/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 chief executive officer 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 two km 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 one g/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."

Apiacas project -- Mutum target

The Mutum target, located within the Apiacas project, measures approximately six km by one km and is the site of former major alluvial workings conducted since 1980 by both organized companies, using scalable dredging, plus artisanal garimpeiro operations that continue to the present day. Approximately one million ounces of gold are 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 four environmental permits totalling 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 drill holes at Mutum (Apiacas) totalling 2,056 m. 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, including:

  • DDMUT001 131.75 m at 0.15 g/t Au from 50.25 m depth;
  • DDMUT002 Two m at 0.45 g/t from 43 m depth;
  • DDMUT004 0.9 m at 1.57 g/t Au from 41.5 m depth;
  • DDMUT006 Seven m at 0.98 g/t Au from 48 m depth;
  • DDMUT007 14 m at 0.32 g/t Au from 10 m depth;
  • DDMUT007 30.5 m at 0.52 g/t Au from 27.5 m depth;
  • DDMUT009 6.8 m at 0.60 g/t Au from 47.2 m depth;
  • DDMUT011 13.4 m at 0.62 g/t Au from 96 m depth;
  • DDMUT011 9.1 m at 0.45 g/t Au from 120 m depth;
  • DDMUT012 11 m at 0.70 g/t Au from 98 m depth;
  • DDMUT013 62 m at 0.32 g/t Au from 50.5 m depth.

The initial drill results at Mutum define an east-west-trending zone of low-grade disseminated gold mineralization over two km in strike length, 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.

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, totalling 10,642 samples, has defined new targets for trenching and drilling at the Chaveta, Joao 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 13 square km, 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 to test potential extensions of the current resource. The Cajueiro gold project currently hosts an indicated resource of 5.66 million tonnes at 1.02 g/t gold (185,000 oz) and an inferred resource of 12.66 million tonnes at 1.26 g/t gold (515,000 oz) for total contained gold of 700,000 oz.

The majority of the planned holes will be the first drill tests on previously identified trench intercepts as listed in the attached table.

These mineralized zones form part of the existing mineral resource from surface to approximately 50 m 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 program, the rig will move to the previously untested Maria Bonita target. Trenching is currently under way at Maria Bonita where previous soil sampling defined an open-ended soil anomaly of 700 by 600 m with coherent gold values over 150 parts per billion and peak values in soils of over one g/t Au. The trenching will assist with characterizing the style of mineralization and the controlling structures and is expected to aid drill hole orientation.

Santa Helena project

A total of 23 diamond drill holes totalling 3,631.9 m have been completed at Santa Helena. 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-001 to STH-003 (see press release Dec. 1, 2021).

The main copper-in-soil anomaly has been further defined by more detailed soil sampling, confirming a target measuring 1,000 by 650 m with Cu values in soil up to 448 parts per million, and remains untested. An induced polarization 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.

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.

About Altamira Gold Corp.

The company is focused on the exploration and development of gold projects within western-central Brazil. The company holds eight projects comprising approximately 190,000 hectares, within the prolific Juruena gold belt which historically produced an estimated seven million to 10 million oz of placer gold. The company's advanced Cajueiro project has NI 43-101 resources of 5.66 million tonnes at 1.02 g/t gold for a total of 185,000 oz in the indicated resource category and 12.66 million tonnes at 1.26 g/t gold for a total of 515,000 oz in the inferred resource category.

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