Mr. Mike Bennett reports
ALTAMIRA GOLD ACQUIRES SURFACE RIGHTS OVER THE MARIA BONITA DISCOVERY, CAJUEIRO PROJECT, BRAZIL
Altamira Gold Corp. has entered into a definitive purchase agreement with the private owners of surface rights covering the Maria Bonita target, which forms part of the Cajueiro project in Para state, Brazil.
- Following the receipt of drill results for the initial four drill holes at Maria Bonita which returned consistent gold mineralization in porphyritic rocks, the company has entered into a definitive agreement to purchase a total of 409 hectares of surface rights that include the current known extension of the Maria Bonita target.
- Pursuant to the agreement, the company will make four equal payments to the vendors over a period of 18 months for a total of 2.5 million Brazilian reals (equivalent to $625,750 as of Nov. 23, 2022). The initial payment of 625,000 Brazilian reals (equivalent to $156,438 as of Nov. 23, 2022) was made on Nov. 14, 2022, upon execution of the agreement.
- The agreement provides the company with immediate unencumbered access to undertake further exploration over the Maria Bonita discovery and facilitates the fast-tracking of future development of the Cajueiro project.
Chief executive officer Mike Bennett commented: "It is clear from the initial drill results that we have discovered a significant new mineralized system at Maria Bonita. The acquisition of these surface rights provides us with the flexibility to design further exploration drilling within our own timeline. We are very pleased to have been able to move swiftly to acquire the surface rights at a competitive price in the local market context and look forward to the results of further drilling as we work to identify the extent of the new discovery at Maria Bonita."
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 (grams per tonne) 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.
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 by 800 m in size and open to the west; it north. The central part of the anomaly returned gold values in excess of one g/t gold in soils.
Nine initial reconnaissance diamond drill holes have been completed at Mara Bonita to date and results have so far been released on four of those holes (see the press releases dated Sept. 7 and Nov. 16, 2022). All four initial holes have returned gold values in the order of one g/t gold from surface to 50 m depth and include:
- MBA001 50 m at one g/t gold from surface;
- MBA002 55 m at one g/t gold from surface and 25 m at 0.7 g/t gold from 110 m of depth;
- MBA003 45 m at 1.4 g/t gold from surface;
- MBA004 50 m at 1.1 g/t gold from surface and 72 m at 0.6 g/t gold from 50 m of depth.
Results are pending on an additional five drill holes (MBA005 to MBA009), which include several stepout holes drilled to the east.
The company believes it has made a significant new discovery at Maria Bonita and has consequently entered into a definitive agreement to purchase a total of 409 ha of surface rights that include the current known extension of the Maria Bonita target.
Pursuant to the agreement, the company will make four equal payments to the vendors of 625,000 Brazilian reals (equivalent to $156,438 as of Nov. 23, 2022) for total payments of 2.5 million Brazilian reals (equivalent to $625,750 as of Nov. 23, 2022) over a period of 18 months. The initial payment of 625,000 Brazilian reals was made on Nov. 14, 2022, upon execution of the agreement.
The agreement provides the company with immediate unencumbered access to undertake further exploration over the Maria Bonita discovery.
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.
Gold analysis has been conducted by SGS method FAA505 (fire assay of 50-gram 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.
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 ounces (Moz) 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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