20:53:38 EST Fri 09 Dec 2022
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Altamira Gold Corp
Symbol ALTA
Shares Issued 163,687,886
Close 2022-11-15 C$ 0.18
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Altamira drills 45 metres of 1.38 g/t gold at Cajueiro

2022-11-16 10:37 ET - News Release

Mr. Mike Bennett reports


Altamira Gold Corp. has received assay results from two additional diamond drill holes (MBA003 and MBA004) which were recently completed at the Maria Bonita target, which forms part of the Cajueiro project located in Para state, Brazil.


  • Drill hole MBA003 returned 45 m at 1.4 g/t (grams per tonne) gold from surface in a strongly altered porphyritic intrusive host rock, crosscut by several phases of quartz veining.
  • Drill hole MBA004 intersected 50 m at 1.1 g/t gold from surface in a similar lithology to that of MBA003.
  • Drill holes MBA003 and MBA004 returned results similar to the first two drill holes (MBA001 and MBA002) at Maria Bonita which previously returned 50 m at one g/t gold and 55 m at one g/t gold, respectively. Gold values in both of the new holes are also very consistent with peak values of 2.7 and 2.1 g/t gold for holes MBA003 and MBA004, respectively.
  • The Maria Bonita soil anomaly is 800 metres by 800 m (open) in size and has not been previously drill tested. All four initial drill holes have now returned thick intervals in the order of 50 m from surface with average gold grades of approximately one g/t.

Chief executive officer Mike Bennett commented: "These new results from holes 3 and 4 at Maria Bonita confirm the significant gold grades encountered in the first two drill holes, and support our belief that Maria Bonita represents a significant discovery for the company. The quartz stockwork style of gold mineralization in porphyritic rocks, together with the size of the gold-in-soil anomaly (800 by 800 m), is indicative of a significant mineralized system which is open in all directions. Given the consistency and continuity of mineralization found in the first four holes, we have commissioned preliminary metallurgical characterisation tests on mineralized core samples. The results of an additional five initial drill holes which were recently completed at Maria Bonita are awaited".

Cajueiro project

The Cajueiro project is located approximately 75 kilometres northwest of the town of Alta Floresta in the state of Mato Grosso in central-western Brazil; it 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.

The Cajueiro project has current National Instrument (NI) 43-101 resources of 5.66 Mt (million tonnes) at 1.02 g/t gold for a total of 185,000 ounces in the indicated resource category and 12.66 Mt at 1.26 g/t gold for a total of 515,000 ounces in the inferred resource category.

Several strong, but as yet untested, gold-in-soil anomalies occur within a short radius of the Cajueiro resource area and include Maria Bonita, Sossego and Novo Sonho. 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.

Maria Bonita target

The Maria Bonita target is located approximately seven km northwest of the Cajueiro resource area and is defined by a gold-in-soil anomaly which is at least 800 m by 800 m in size and open to the west. The central part of the anomaly returned gold values in excess of one g/t gold in soils.

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. 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.

Nine reconnaissance diamond-drill holes have been completed at the Maria Bonita target and results have now been returned for the initial four holes which were drilled in different directions from an area of approximately 100 m by 100 m in the western part of the gold-in-soil anomaly.

The first two drill holes (MBA001 and MBA002) were both drilled in a north-northeast direction and were located 80m apart. Hole MBA001 returned 50 m at one g/t gold from surface and the remainder of the hole returned 71.4 m at 0.3 g/t gold from 50 to 121.4 m depth. MBA002, drilled 80 m to the south-southwest, intersected 69.5 m at 0.9 g/t gold from surface, including 55 m at one g/t gold (see the associated table, or the press release dated Sept. 7, 2022).

Holes MBA003 and MBA004 were drilled from a platform midway between MBA001 and MBA002, but were drilled to the northwest and southeast, respectively, in order to better establish the dominant vein directions within the stockwork mineralization observed in the first two drill holes.

Hole MBA003 was drilled in a northwest direction at a 55-degree inclination within the central part of the gold-in-soil anomaly and intersected a porphyritic rhyolitic intrusive rock with variable amounts of quartz veining. The hole returned 45 m at 1.4g/t gold from surface, with the initial 12 m being saprolite. The mineralized zone is characterized by intense quartz veining and the presence of magnetite and secondary biotite in the alteration assemblage. From 45 m to 66 m, vein intensity is lower and this interval returned 0.24 g/t gold (see the associated table).

Hole MB004 was drilled from the same platform as MBA003, but in the opposite direction toward the south-east at an inclination of 55 degrees. The hole returned 50 m at 1.1 g/t gold from surface, with saprolite extending to a depth of nine m downhole (see the associated table). The host rock is the same porphyritic rhyolite unit with intense quartz veining that is found in Hole MBA003.

Results are pending on an additional five drill holes (MBA005 to MBA009), which include several stepout holes to the east.

In summary, the initial four diamond drill holes completed at Mara Bonita appear to have intersected a new mineralized porphyry system which is currently open in every direction. All four initial holes have returned gold values in the order of one g/t gold from surface to over 50 m depth.

In view of the excellent drill results thus far, the company has sent samples for metallurgical test work. Two composite samples, each of approximately 20 kilograms, were prepared from splits of analytical laboratory coarse rejects from the original half-core diamond drill assay samples. The two metallurgical composites were assembled so as to broadly represent the mineralization intersected in holes MBA001 to MBA004. One sample was compiled from saprolite intercepts within the weathering zone and a second sample was composited from mineralization in fresh, primary rock. These samples have been submitted to Testwork Desenvolvimento de Processo Ltda. laboratory in Nova Lima, Minas Gerais, for characterisation of metallurgical recoveries using gravity (Knelson concentrator), flotation and bottle roll agitated leach methods. With this preliminary information on the bench-scale recoveries and grades of concentrates that can be achieved, further drilling and metallurgical and mineralogical test work will be planned.

Stock options

Altamira announces that it has granted 250,000 stock options to a consultant of the company. The stock options are exercisable for a term of five years at an exercise price of 18 cents per common share under the terms of the company's stock option plan.

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 Moz (million ounces) to 10 Moz of placer gold. The company's advanced Cajueiro project has NI 43-101 resources of 5.66 Mt at 1.02 g/t gold for a total of 185,000 ounces in the indicated resource category and 12.66 Mt at 1.26 g/t gold for a total of 515,000 ounces in the inferred resource category.

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