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Altamira Gold (TSXV: ALTA) has encountered a second new porphyry body at their flagship Cajueiro project in Brazil. The new body of mineralization was intersected followed reconnaissance drilling that was conducted at the Morro Verde target.
Highlights from the assay results include:
- MVR003: 3.5 g/t gold over 8.0 metres from a depth of 176 metres
- Including 15.4 g/t gold over 1.0 metre
Reconnaissance drilling conducted at Morro Verde consisted of three drill holes that were targeting a gold in soil anomaly associated with broad sericite alteration. The target, found 1.5 kilometres to the north of the Cajueiro Central zone, has been found to contain gold mineralization associated with an altered quartz porphyry intrusive with host rocks similar to those found at the Maria Bonita resource area.
“The discovery of higher-grade gold in a new and previously unrecognized porphyritic intrusive body at Morro Verde significantly extends the corridor of interest that runs east from the Maria Bonita porphyry. Following the recent discovery of gold mineralization at Tavares Norte, we now have drill intercepts in two separate gold-mineralized porphyry intrusives over an east-west distance of 6.5km from the Maria Bonita mineral resource,” commented Mike Bennett, CEO of Altamira Gold.
WATCH: Is Altamira Gold Sitting On Brazil’s Next Big Gold Discovery?
The Morro Verde target was previously defined by two separate gold in soil anomalies with values of up to 178 ppb gold. Previous rock chip grab sampling conducted on surface meanwhile returned grades of up to 5.2 g/t gold in altered intrusive rocks. Follow up scout drilling conducted on the target consisted of three widely spaced drill holes, with MRV003 testing the southern soil anomaly, where an outcrop of veined and altered quartz porphyry coincides with the soil anomaly.
MRV003 is said to have encountered over 236 metres of porphyritic intrusive from surface, with a discrete altered phase of quartz porphyry within this interval associated with gold mineralization. The intercept is said to be approximately 300 metres to the north of the northern limit of the Cajueiro Central mineral resource. Hole MRV001 and MRV002 meanwhile targeted separate anomalies. MRV001 drill tested a gabbro dyke that had no surface expression and returned no gold values. MRV002 intersected 65 metres of quartz porphyry intrusive alteration but returned no significant gold values.
“Scout drilling has now intersected mineralized intrusives at the first two of our eight district targets. The grade in the Morro Verde intercept is particularly encouraging as it confirms the potential to find mineralization with a combination of grades and widths that could have economic potential for both open-pit and underground mining operations With two rigs on site, we will continue follow-up drilling of these two new discoveries while also advancing expansion drilling of the two mineral resources at Maria Bonita and Central gold deposits,” continued Bennett.
Two drill rigs are still operating at Cajueiro, with the focus being to extend the current mineral resources at Maria Bonita and Central. Further drilling is also planned at both Morro Verde and Tavares Norte to further delineate these newly discovered porphyry systems.
Altamira Gold last traded at $0.24 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.
