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Altamira Gold (TSXV: ALTA) has continued to make progress at proving out the Maria Bonita deposit, with further drill holes intercepting significant mineralization outside the current resource area.
The junior reported assay results Wednesday from MBA037, a scout drill hole punched in 110 metres north of the edge of the existing Maria Bonita mineral resource within the Cajueiro district in central western Brazil. The hole hit a wide zone of gold mineralization in porphyritic and tuffaceous host rocks, with grades and vein styles that mirror the early-stage porphyry sitting in the core of the current resource.
Key intercepts include:
- MBA037: 9.0 metres at 0.7 g/t gold from 39 metres downhole
- MBA037: 130 metres at 0.5 g/t gold from 97 metres downhole
- Including 40 metres at 0.8 g/t gold from 100 metres downhole
The geological read-across is the part management is leaning on. The mineralization style matches what Altamira found in the resource core and in MBA036, the previous step-out hole drilled roughly 300 metres to the south. Taken together, the two holes suggest the porphyry system is open to the west, to the north, and at depth.
That earlier hole, reported May 12, returned 70.6 metres at 0.5 g/t gold from 277 metres downhole, plus 19 metres at 0.5 g/t gold from 239 metres, in quartz-veined rhyolite porphyry sitting roughly 100 metres below and west of the resource edge.
READ: Altamira Gold Extends Maria Bonita Porphyry System Westward With 70.6 Metres At 0.51 g/t Hit
CEO Mike Bennett said both step-outs exceeded expectations, and that the consistency of mineralization over wide intervals tracks what the company has seen in the early-phase porphyry within the resource itself.
The Maria Bonita open-pit resource currently stands at 24.19 million tonnes grading 0.46 g/t gold for 357,800 indicated ounces, plus 25.64 million tonnes at 0.44 g/t for 362,400 inferred ounces. It is one of two resources in the broader Cajueiro district, alongside Cajueiro Central.
Additional step-out holes are planned to chase the newly identified mineralized zones north and south, with the company aiming to define how far the porphyry system extends beyond the existing pit shell.
Altamira Gold last traded at $0.22 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.
