Expanded resource estimate from Altamira Gold for their Cajueiro gold project in Brazil

October 11, 2019

Altamira Gold


Altamira Gold Corp has reported a strongly increased resource estimate for their Cajueiro project in the northern state of Mato Grosso in Brazil.

The 2019 headline figures for inferred resources show a 83% increase in the total amount of contained ounces of gold, and a 61% increase in the gold grade. This means inferred resources now total 12,665,000t @ 1.26 g/t gold for a total of 515,000oz of gold of which 1,673,000t @ 1.12 g/t gold (for 60,000 oz) is weathered rock and 10,992,000t @ 1.29 g/t (for 455,000oz) is fresh rock.

Altamira Gold - project locations in Brazil

Turning to indicated resources, here there is a 13.5% decrease in the total amount of contained ounces but also represent a 33% increase in grade. This constitutes 5,661,000t @ 1.02 g/t gold for a total of 185,000 oz of gold of which 854,000t @ 0.92 g/t gold (for 25,000 oz) is weathered rock and 4,806,000t @ 1.04 g/t (for 160,000 oz) is fresh rock.

Resource estimates for the Altamira Gold - Cajueiro gold project in Brazil
Resource table showing Indicated and Inferred resources by geological domain and weathered versus fresh rock

The 2019 resource estimate includes several deposits which are all open at depth and are confined to an area of 285 ha. The Cajueiro concession area is largely unexplored and totals 39,053 ha with numerous untested gold-in-soil anomalies.

The resource estimate utilizes all exploration information to date which includes 13,390 m of diamond core drilling and 5,282 m of surface trenches. Higher grade mineralized structures trending approximately north-south and east-west were modeled along with disseminated mineralization surrounding the structures. A saprolite layer overlying the rhyolite base rocks, approximately 15 meters thick, was incorporated into the model using the trenching and drill hole intercepts.

The President and CEO of Altamira Gold, Michael Bennett, commented on the revised estimates, “The updated resource estimate for our flagship Cajueiro project in Brazil represents an important milestone for the Company. This estimate has added significantly to the total number of ounces in the Inferred category and more importantly has significantly improved the grade of the total resources in both the Indicated and Inferred categories.”

Looking forward to next steps for Altamira, Mr Bennett stated that because the bulk of the Cajueiro area remains unexplored the company anticipates a further increase in resources once further trenching and drilling has been carried out.

About Altamira Gold Corp.

The Company is focused on the exploration and development of gold projects within western central Brazil. The Company holds 11 projects comprising approximately 300,000 hectares, within the prolific Juruena gold belt which historically produced an estimated 7 to 10Moz of placer gold. The Company’s advanced Cajueiro project has NI 43-101 resources of 5.66Mt @ 1.02 g/t gold for a total of 185,000 oz in the Indicated Resource category and 12.66Mt @ 1.26 g/t gold for a total of 515,000oz in the Inferred Resource category.

Find out more at www.altamiragold.com

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James Hyland, MiningIR