Altamira Gold Corp. [ALTA-TSXV, EQTRF-OTC Pink, T6UP-FSE] on Wednesday released assay results from the first two diamond drill holes completed at the previously untested Maria Bonita target, which forms part of the Cajueiro project in Para state, Brazil.
The company said Hole MBA001 returned 50 metres at 1.0 g/t gold from surface in a strongly altered felsic porphyritic intrusive host rock, crosscut by several phases of quartz veining indicative of an underlying porphyry intrusive system. Gold values range from 0.14 to 2.4 g/t gold.
The remainder of the hole MBA001 contained consistent gold mineralization returning 71.4 metres at 0.3 g/t gold from 50 metres to 121.4 metres. All samples contained gold above the detection limit, indicating a very pervasive mineralizing event, the company said in a press release.
“These initial result on the first two diamond drill holes at the previously untested Maria Bonita suggest that we have made a significant new gold discovery at our Cajueiro project located within the Alta Floresta Belt,’’ said Altamira CEO Mike Bennett.
“The intense quartz stockwork veining observed in the first two holes is unlike any other style of mineralization thus far encountered in the Cajueiro area,’’ he said. “This style of gold mineralization, together with the size of the gold-in-soil anomaly (800 x 800 metres), suggest that Maria Bonita may have significant bulk-tonnage potential.’’
Bennett went on to say that the company looks forward to receiving the results on the other seven reconnaissance drill holes at this exciting new gold discover, as the company works to determine the size of the mineralized system.
On Wednesday, Altamira Gold shares rose 3.7% or $0.005 to 14 cents. The shares are currently trading in a 52-week range of 31 cents and 10 cents.
With the acquisition of Alta Floresta Gold Ltd. in April 2016, the company acquired a 100% interest in six gold properties consisting of licenses covering 186,000 hectares and four production licenses in the prolific Alta Floresta Gold Belt of central Brazil. Since then, the company has added additional claims and increased its land position to approximately 290,000 hectares with the addition of the Santa Helena, Apiacas, Firmino and Sao Joazinho licenses.
The Alta Floresta Gold Belt has produced an estimated 7.0-10 million ounces from placer mining operations during the gold rush of the 1980s when gold was washed from streams in a number of areas.
The Cajueiro project is currently the largest known gold deposit with a 43-101-compliant resource and is expected to grow with additional exploration, the company has said.
It hosts an indicated resource of 5.7 million tonnes of grade 1.02 g/t gold (185,000 ounces) and an inferred resource of 12.7 million tonnes of grade 1.26 g/t gold (515,000 ounces).
Before the drill rig was moved to Maria Bonita, the Baldo target was being tested in an area where previous trenching returned values that include 28 metres at 3.0 g/t gold and 7.0 metres of 5.5 g/t gold.