Altamira Gold Corp. [ALTA-TSXV, EQTRF-OTC Pink, T6UP-FSE] on Tuesday released an update on ongoing exploration at the Maria Bonita discovery which forms part of the Cajueiro project in Para state, Brazil.
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.
Previous drilling at Maria Bonita suggested that the company has made a significant new gold discovery at our Cajueiro project, the company has said.
“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,’’ said Altamira CEO Mike Bennett.
“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.’’
On Tuesday, the company said a recently completed deep motorised auger drilling over the Maria Bonita discovery has extended the footprint of gold mineralization in weathered bedrock to the north, east and west of the mineralized area defined by the initial drilling program.
The program follows excellent results from the initial nine diamond drill holes, which include 69 metres at 1.0 g/t gold , 50 metres of 1.1 g/t gold, and 55 metres of 1.0 g/t gold. Disseminated gold mineralization in the initial discovery holes is hosted with within rhyolitic intrusive rocks.
The company said 47 auger holes, covering 430 metres were completed. It said 266 samples (or 62% of the sample population) contained greater than 0.5 g/t gold. The company went on to say that 39 auger holes (83% of the total holes drilled) ended in gold mineralization greater than 0.5 g/t gold.
Bennett said the latest data supports the company’s interpretation of a significant new disseminated gold discovery in intrusive rocks and will assist exploration crews in designing a forthcoming second phase diamond drill program.
He said auger drilling has provided quick and low-cost data on the near surface distribution of gold, which can now be used for future resource estimates.
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 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).
On September 11, 2023, Altamira Gold shares closed at 13.5 cents, and currently trade in a 52-week range of 30 cents and 11 cents.