Altamira Gold (TSXV: ALTA) has secured surface access to the western portion of its Cajueiro exploration licenses in Brazil, opening up 58 square kilometres of largely untested ground and clearing the way for drilling at one of the company’s most compelling targets.
Only about 5 square kilometres of that area has been systematically sampled to date.
The main prize is Novo Sonho, a target roughly three kilometres west-southwest of the Maria Bonita porphyry gold deposit. It is defined by a gold in soil anomaly with a strike extent of about 3,000 metres and an associated alluvial dispersion train, which is a signature that suggests a source nearby rather than something washed in from elsewhere.
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Historical artisanal workings in south-draining streams point to an east-west gold bearing corridor of at least five kilometres centred on Maria Bonita, and radiometric imaging shows the deposit’s distinctive signature carrying toward Novo Sonho.
Planned work includes confirmation of the soil anomaly, trenching and scout drilling at Novo Sonho, plus stream sediment and soil sampling across the remaining license areas. Resource extension drilling will continue immediately west of Maria Bonita, where mineralization appears to run onto the newly accessible ground.
“Novo Sonho is also one of the most geologically attractive targets in our portfolio,” said President and Chief Executive Officer Mike Bennett. “With access now secured, we can move quickly to drill test these targets and systematically explore the remainder of our license areas.”
Maria Bonita holds indicated resources of 24.2 million tonnes grading 0.46 g/t gold, or 357,800 ounces, and inferred resources of 25.6 million tonnes at 0.44 g/t for 362,400 ounces. Drilling reported in July pushed the porphyry system northwest beyond the current resource boundary, with gold turning up in volcanic tuff wall rocks outside the intrusive complex.
Altamira Gold last traded at $0.17 on the TSX Venture.
