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Altamira Gold (TSXV: ALTA) has pushed the boundaries of its Maria Bonita gold deposit further west, with a scout drill hole intersecting a previously unknown body of early stage porphyry mineralization sitting outside the current resource envelope.
Drill hole MBA036, completed to a depth of 348 metres within the Cajueiro district, was designed to chase a surface grab sample of 0.6 g/t gold collected roughly 60 metres south of the western edge of the Maria Bonita pit shell. The hole delivered, and then some.
Key intercepts from MBA036:
- 3.0 metres at 0.41 g/t gold from 42.0 metres depth
- 19 metres at 0.46 g/t gold from 239 metres depth in quartz-veined rhyolite porphyry
- 1 metre at 1.61 g/t gold from 295 metres depth within typical early porphyry quartz veining
- 70.6 metres at 0.51 g/t gold from 277 metres depth to end of hole
The deeper intercept sits roughly 100 metres below and to the west of the previously estimated mineral resource, and is interpreted as a separate body of early-phase porphyry, the same style of mineralization that forms the higher-grade core of the existing Maria Bonita deposit. Mineralization remains open at the bottom of the hole, with grades continuing above the 0.2 g/t cut-off used in the resource model.
The company’s geological model now infers at least three distinct phases of felsic porphyry intrusion at Maria Bonita, with the initial phase carrying the most consistent gold and the strongest hydrothermal quartz veining. MBA036 hit that earlier phase well outside the modelled pit.
The result builds on assays released in March for Maria Bonita, where hole MBA034 extended mineralization more than 100 metres below the previously tested depth of the system, returning 75 metres at 0.3 g/t gold and 33.5 metres at 0.4 g/t gold. That same release flagged a high-grade hit at the Guillermo target nearby of 7 metres at 4.2 g/t gold, including 0.9 metres at 18.1 g/t.
READ: Altamira Gold Drills 4.2 g/t Over 7 Metres At New Target
The Maria Bonita resource currently stands at 24.19 Mt at 0.46 g/t gold indicated for 357,800 ounces and 25.64 Mt at 0.44 g/t inferred for 362,400 ounces, alongside a separate resource at Cajueiro Central. Both sit within a district hosting eight additional untested exploration targets.
Altamira plans to extend scout drilling around the newly identified western porphyry in tandem with ongoing infill work at Cajueiro Central.
Shares of Altamira Gold last traded at $0.205 on the TSX Venture Exchange.
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.
