Altamira Gold shares advance on Brazil drilling results
Altamira Gold Corp. [ALTA-TSXV, EQTRF-OTC Pink, T6UP-FSE] on Wednesday reported assay results from recent reconnaissance drill holes at the Morro Verde target, located within the company’s Cajueiro project in Para state, Brazil.
The company said reconnaissance drill testing of a gold-in-soil anomaly associated with broad sericite alteration at the Morro Verde target, located 1.5 kilometres north of the Cajueiro Central mineral resource has intersected a new zone of gold mineralization associated with an altered quartz porphyry intrusive. “The host rocks are similar to those at the Maria Bonita mineral resource and the more recently discovered mineralization at the Tavares Norte prospect, 1.5 kilometres west of Morro Verde,” the company said in a press release, Wednesday.
Drill hole MRV003 intersected 8.0 metres of 3.5 g/t gold from 176 depth, including 1.0 metre of 15.4 g/t gold, indicating potential for higher grade mineralization.
“This is the first intercept of high-grade gold associated with altered porphyritic host rocks in the district and the seventh highest grade (grade x length) in over 22 kilometres of drilling at Cajueiro to date,” the company said.
“A second drill rig is now operating at the Cajueiro mineral resource to test extensions of known gold-bearing structures and complete infill holes within the resource area.’’
Altamira Gold shares advanced on the news, rising 4.2% or $0.01 to 25 cents. The shares trade in a 52-week range of 38 cents and $0.085.
Altamira is focused on exploration and development of gold projects in western central Brazil where it is advancing five projects spanning over 100,000 hectares within the Juruena Gold Belt, an area that historically yielded over 6.0 million ounces of placer gold. The company’s advanced Cajueiro project contains two gold deposits. The central area hosts a NI 43-101-compliant resource of 5.66 million tonnes of 1.02 g/t gold for 185,000 ounces in the indicated category and 12.66 million tonnes at 1.26 g/t gold or 515,000 ounces in the inferred category. In addition, the Maria Bonita gold deposit consists of an open pit indicated resource of 24.19 million tonnes at 0.46 g/t or 357,800 ounces, and an inferred resource of 25.64 million tonnes at 0.44 g/t or 362,400 ounces.
The Cajueiro project is located approximately 75 kilometres northwest of the town of Alta Foresta in the state of Mato Grosso in central western Brazil and is easily accessible by road and grid power. Cajueiro is one of three key projects that Altamira controls in the region, the other two being Apiacas and Santa Helena.
“Following the recent discovery of gold mineralization at Tavares Norte, we now have drill intercepts in two separate gold-mineralized intrusives over an east-west distance of 6.5 kilometres from the Maria Bonita mineral resource,’’ said Altamira CEO Mike Bennett.