FULL DISCLOSURE: Altamira Gold is a sponsor of theDeepDive.ca.
Altamira Gold (TSXV: ALTA) has released assay results for the latest five drill holes conducted at their Cajueiro Central project in Brazil. The holes were targeting extensions of the current resource as well as infilling of the resource.
Highlights from the results include:
- CJO 114: 1.02 g/t gold over 7.5 metres from a depth of 1.9 metres
- And 1.46 g/t gold over 5.0 metres from a depth of 112.0 metres
- CJO 116: 3.34 g/t gold over 0.84 metres from a depth of 53.0 metres
- CJO 117: 6.1 g/t gold over 2.3 metres from a depth of 34.0 metres
- Including 19.0 g/t gold over 0.7 metres
- And 1.7 g/t gold over 2.9 metres from a depth of 78.1 metres
Drill hole CJO 117 notably intersected the highest-grade primary intercept to date at the Baldo sector within the Cajueiro Central resource area, which is said to suggest the potential for additional higher grade shoots within the mineralized structure. Hole CJO 114 meanwhile intersected mineralization outside of the current resource, suggesting the potential for resource expansion.
READ: Altamira Gold Appoints Dr Richard Sillitoe, Porphyry Expert, As Technical Advisor
Drilling across the five holes is said to have intersected mineralization consistent with the geological model previously established at the resource area.
“Drilling continues to advance both within and around the Cajueiro Central resource, in tandem with drilling of several previously untested porphyry targets across the Cajueiro district. Results from initial drillholes in the current program at Cajueiro Central confirm the style, width and grade of structures extending laterally beyond the existing resource. Our objectives are to add additional ounces to the current inventory and to increase confidence in the existing resource estimate by converting Inferred resources to Indicated resources,” commented Mike Bennett, CEO of Altamira Gold.
READ: Altamira Gold Encounters Second Porphyry Body, Hitting 3.5 g/t Gold Over 8.0 Metres
Five drill holes have been conducted to date under the current drill program at Cajueiro Central, while drilling has now begun at the untested Mombaque and Guillermo targets. Mombaque is said to consist of a significant gold-in-soil anomaly with porphyry-style alteration 1.6 kilometres to the east of Maria Bonita, while Guillermo has seen grab samples return values as high as 39 g/t gold 2.6 kilometres northeast of Cajueiro Central.
“Our second drill rig is focused on the initial drill testing of the previously untested district targets at Mombaque and Guillermo. Together with ongoing drilling at the Cajueiro and Maria Bonita mineral resources, we expect this will generate a steady flow of drill results in the coming months,” continued Bennett.
An exploration camp meanwhile has been established at Maria Bonita, consisting of low-cost modular facilities that include accommodations, an office, and purpose built core logging and sample preparation areas.
Altamira Gold last traded at $0.26 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.
