FULL DISCLOSURE: Altamira Gold is a sponsor of theDeepDive.ca.
Altamira Gold (TSXV: ALTA) is looking to speed up the exploration of their flagship Cajueiro gold project in Brazil, announcing this morning that a second drill rig has been mobilized under an ongoing exploration program.
The additional rig is set to focus on drill testing the Central Resource Area alongside several porphyry targets that exist across the Cajueiro gold district that have been defined in recent months. The effort is expected to compliment the current rig on site, which is focused on drill testing the Maria Bonita gold resource.
Drilling at the Central target is set to focus on the expansion of resources, with the deposit currently boasting an open pit resource of 185,000 ounces of gold at 1.02 g/t in the indicated category and a further 515,000 ounces of gold at 1.26 g/t in the inferred category. Altamira has highlighted that it intends to focus on the down dip extensions of higher grade zones here, before the drill rig moves to conduct drilling at the Tavares Norte gold porphyry and other prospects.
The addition of the second rig is expected to shorten the timeline for both discovery and resource expansion.
READ: Altamira Gold Identifies Presence Of Second Mineralized Porphyry Body At Cajueiro
“Mobilizing a second drill rig to the Cajueiro district marks a big step forward for the Company. With one rig currently drilling at Maria Bonita and the second moving to the Central resource and nearby porphyry targets, we will double our current drilling rate which is aimed at increasing the known resource base at the Maria Bonia and the Central resource areas, as well as testing several new district porphyry targets. This approach allows us to build on the strong results at Maria Bonita, while aggressively testing the broader district potential,” commented Mike Bennett, CEO of Altamira Gold.
Altamira also indicated this morning that hole MBA033 has been completed at Maria Bonita, which is found to the northwest of the Central Resource Area. The hole was completed to a depth of 497 metres, and follows hole MBA032, which intersected 395.5 metres of 0.4 g/t gold from just 44.5 metres depth.
Hole MBA034 is now underway, which has been collared 100 metres to the south of hole MBA032 and is targeting a deeper intercept below that hole.
Altamira Gold last traded at $0.21 on the TSX Venture.
FULL DISCLOSURE: Altamira Gold Corp is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Altamira Gold. The author has been compensated to cover Altamira Gold on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.
