leadf
logo-loader
viewAltamira Gold Corp.

Altamira Gold reports 'highly encouraging' trenching results from Cajueiro gold project in Brazil

They include an intercept of 7 metres at 1.32 grams per ton gold at Baldo 3, which is an east-north-east structure around 350 metres north of the known Baldo 1 zone

Altamira Gold Corp. -
Previous channel sample results from known mineralized structures in the Baldo area include 14m at 1.27 grams per ton gold (Baldo) and 6m at 1.93 grams per ton gold (Baldo 1), the firm noted

Altamira Gold Corp (CVE:ALTA) (OTCPINK:EQTRF) has reported 'highly encouraging' channel sampling results from three new structures at its Cajueiro gold project in Brazil, underlining the potential to expand the current resource.

The results come from recent trenches at the Baldo area of the property, the firm said.

READ: Altamira Gold exploring alternative financing options for Cajueiro after Metalstream breaches obligations under US$6 million agreement

They include an intercept of 7 metres (m) at 1.32 grams per ton (g/t) gold at Baldo 3, which is an east-north-east (ENE) structure around 350m north of the known Baldo 1 zone and appears to be parallel to Baldo 1.

At Baldo C (a north-east trending structure located immediately south of Baldo 1), an intercept of 3m at 4.43 g/t gold, including 1m at 11.59 g/t gold was found, while  at Baldo D,  trenching identified 4m at 3.27 g/t gold, including 1m at 10.78 g/t of the yellow metal.

"The channel results from the three new mineralized structures in the Baldo area are highly encouraging and contain several high-grade intervals, confirming our belief that there is significant potential to expand the present 43-101 resource within the central area at Cajueiro," said Michael Bennett, the firm's CEO in a statement.

"The current resource corresponds to approximately 1% of the project area and we expect to identify further new zones both within and outside the resource area once the stripping of surface cover commences in advance of production."

Previous channel sample results from known mineralized structures in the Baldo area include 14m at 1.27 g/t gold (Baldo) and 6m at 1.93 g/t gold (Baldo 1), the firm noted.

Meanwhile, a large bulk sample of oxide material from the Cajueiro project has been sent to the Brazilian metallurgical test laboratory, and will shortly be sent to the CSIRO lab in Australia, in order to maximise plant recovery, Altamira added.

Also, soil sampling is in progress in and around the Maria Bonita gold-in-soil anomaly, which lies 5km north-west of the known deposits at Cajueiro in a bid to establish the source of placer gold in that area.

Cajueiro has an NI 43-101 resource of 5.7 million tons at 1 g/t gold for a total of 185,000 ounces in the indicated category and 12.7 million tons at 1.3 g/t gold for a total of 515,000 ounces in inferred.

A total of 14,000 metres of drilling and over 4,000 metres of trenching are completed to date within 285 hectares in the central part of the 28,577 hectare claim package, which is just 1% of the Cajueiro project area. Numerous other gold-in-soil anomalies remain untested.

Altamira added that it continues to explore alternative funding arrangements for the US$6 million required to fund the construction of a 1,000 tonnes per day gravity processing plant and surface mine, and is confident that it will secure funding soon.

Shares added over 5% on the day in Toronto to stand at C$0.20 each.

Contact the author at [email protected]

Quick facts: Altamira Gold Corp.

Price: 0.165 CAD

TSX-V:ALTA
Market: TSX-V
Market Cap: $16.67 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Altamira Gold Corp. named herein, including the promotion by the Company of Altamira Gold Corp. in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Altamira Gold identifies major anomaly at the Maria Bonita Target on...

Altamira Gold Corp (CVE: ALTA-OTCPINK: EQTRF) CEO Michael Bennett joined Steve Darling from Proactive with news the company has been able to identify a new major new gold-in-soil anomaly at the Maria Bonita area of the Cajueiro project. Bennett telling Proactive this area is about 4.5 km away...

on 10/28/2020

3 min read