Altamira Gold defines new gold target within the Cajueiro District, Brazil

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Altamira Gold Corp. [TSXV: ALTA; FSE: T6UP; OTC Pink: EQTRF] reported the discovery of a new gold target, identified as part of the ongoing exploration program within the Cajueiro district, Brazil, which is targeting porphyry-related gold mineralization.

Highlights: Geological mapping, soil sampling and trenching at the Guillermo target, 2.5 km to the north-east of the Central Resource area within the Cajueiro mineralized district has identified a new high-ranking potential porphyry target. The gold-in-soil anomaly is open to the east and is surrounded on all sides by historic placer gold workings.

Rock grab sampling within the gold-in-soil anomaly of altered intrusive rocks, containing hydrothermal quartz veining and oxidized pyrite, returned 39g/t gold. A second grab sample from the same locality returned 1.1 g/t gold.

The identification of another gold target brings the number of new gold targets within a defined belt east of the Maria Bonita porphyry to three (Mombaque, Espirro and Guillermo). Thus far, only the Maria Bonita porphyry target has been drilled with initial drill results up to 146m at 1g/t gold.

CEO Mike Bennett commented; “Our progressive surface program in the Cajueiro district continues to identify exciting new gold targets through a combination of mapping, soil and rock sampling, plus drone magnetics. The Guillermo target is located 2.5 km to the north-east of the Cajueiro Central Resource area and was identified by a partially completed soil grid. Anomalous soil samples were followed up to reveal gold mineralization in rock grab samples on surface and subsequent trenching has exposed a quartz vein stockwork within altered felsic to intermediate volcanics and felsic porphyritic dykes. Guillermo is the third new gold target discovered in the last three months following the drilling of the Maria Bonita gold porphyry discovery and continues to suggest the presence of a significant district-scale potential in the Cajueiro area.”

The Cajueiro project is located approximately 75km NW of the town of Alta Floresta in the state of Mato Grosso in central western Brazil and is easily accessible by road and has grid power and a local water supply. Cajueiro is the most advanced of three key projects that Altamira controls in the region, the other two being Apiacas and Santa Helena.

The Cajueiro project has current NI 43-101 resources of 5.66Mt of 1.02 g/t gold for a total of 185,000 oz in the Indicated Resource category and 12.66Mt of 1.26 g/t gold for a total of 515,000 oz in the Inferred Resource category.

Reconnaissance drilling at the Maria Bonita target, located 7km west of the Cajueiro Central Mineral Resource, identified the first gold porphyry discovery at Cajueiro and returned gold values up to 146m of 1g/t gold.

The Guillermo target is located 2.5km north-east of the Cajueiro Mineral Resource and 8.7km east of the Maria Bonita gold porphyry. This area is also located 1.2km east of the Morro Verde target. A single prior scout drillhole at the Morro Verde target (CAJ-098 drilled in 2017) was re-examined as part of the ongoing exploration program and found to contain an intrusive breccia body in the lowermost 110m of the hole, indicating proximity to a centre of hydrothermal activity.

The Guillermo target was identified as the highest priority geophysical target by consultant geophysicist Guillermo Rodriguez, using proprietary aeromagnetics and radiometrics acquired by the company. These anomalies are currently being re-flown using a company owned and operated drone magnetometer to further define the anomalies and provide additional input to target ranking for ground follow-up.

Within the recently opened trenches the extension of observed north-east structural trends correlates with the upper limit of alluvial workings, approximately 1.2km north of the trench locations.

An incomplete soil grid identifies the western part of the Guillermo target. Soil values up to 845ppb gold were recorded in the original survey, conducted with a sample spacing of 100 by 25m. Anomalies were detected on four adjacent lines (300m east-west). The soil grid is currently being extended to the east.

Follow-up mapping and sampling of the Guillermo target identified significant areas of stockwork quartz veining in volcanic and intrusive porphyritic rocks. Results were returned on an initial six surface grab samples. Noting that surface grab samples are not representative of bulk grade, the results included one sample of 39g/t gold and another of 1.1g/t gold in sericitized and quartz veined volcanics.

The company is awaiting the results of sampling of the initial trenches over the Guillermo gold-in-soil anomaly and is conducting drone magnetics to assist in identifying a near-term scout drill target. The combination of, an unexplained alluvial gold source, hydrothermally altered volcanics overprinted by felsic porphyritic intrusives, an open-ended soil anomaly and high-grade gold in outcrop, plus stockwork hydrothermal quartz veining in two new trenches comprise a potentially significant new target for drill testing.

The company is focused on the exploration and development of gold and copper projects within western central Brazil. The company holds six projects comprising approximately 190,000 hectares, within the prolific Juruena gold belt which historically produced an estimated 7 to 10Moz of placer gold.


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