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Altamira Gold (TSXV: ALTA) this morning released assay results from the first deep drill hole conducted below the porphyry gold mineral resource at Maria Bonita. Drilling has continued to intersect long intervals of gold mineralization.
Highlights from the results include:
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- MBA032: 0.4 g/t gold over 395.5 metres from a depth of 44.5 metres
Drilling is reported to have intercepted quartz porphyry intrusive rocks, with the drill hole located 50 metres to the south of hole MBA029, which was previously reported to have intercepted 0.8 g/t gold over 213 metres, including 1.0 g/t gold over 146 metres. The latest assay results are said to have significantly extended the size of the mineralized system, especially to depth.
Ongoing drilling is expected to next target the higher grade core to the deposit, which is currently interpreted to plunge to the southeast. Drill hole MBA033, which is collared 100 metres to the east, is targeting this core, as well as further deep drilling.
“The first deep drill hole at Maria Bonita has demonstrated that the quartz porphyry intrusion is mineralized throughout. Results from MBA032 indicate that the mineralized system is considerably larger than previously thought, which has important implications for growing the resource base,” commented Mike Bennett, CEO of Altamira Gold.
READ: Altamira Gold Encounters Porphyritic Intrusive Rocks In Initial Scout Drilling At Regional Targets
“The very consistent grade of the quartz porphyry at Maria Bonita, together with indications of a higher-grade core averaging plus 1g/t gold, and the significant size of the mineralized system, all suggest the possibility of a considerably larger mineralized system than previously envisaged.”
Maria Bonita currently contains an open pit resource of 357,800 ounces of gold in the indicated category at 0.46 g/t gold, as well as 362,400 ounces of gold in the inferred category at 1.26 g/t gold. The property is part of a larger district scale portfolio of prospects that are believed to have similar geological origins.
Altamira Gold last traded at $0.32 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.
