Mr. Michael Bennett reports
ALTAMIRA GOLD INTERSECTS DISSEMINATED SULPHIDE MINERALIZATION IN INITIAL DIAMOND DRILL HOLES AT THE APIACAS PROJECT
Altamira Gold Corp. has provided an update regarding drilling at the central part of the Mutum target area in the Apiacas project area, which historically produced an estimated one million ounces of placer gold. The project is located within the Alta Floresta gold belt in Northern Mato Grosso, Brazil.
Highlights
Initial diamond drilling at the Mutum target has intersected several zones of disseminated sulphide mineralization associated with shear zones within altered granitic rocks. Thus far, five diamond drill holes totalling 1,003 metres have been completed within the area initially permitted for drilling within the central part of the Mutum target, Apiacas project.All holes have been drilled to investigate both the chargeability anomalies identified in the IP survey completed in August, 2021, and the depth extension of the surface gold mineralization seen in channel samples and artisanal workings which include 12 metres at 2.00 grams per tonne gold (see June 4, 2019, news release for more information).An application has been submitted to the local environmental authority, SEMA, to expand the area presently permitted for drilling. The expanded permit area will enable Altamira to both extend the drilling over a further 1.3 kilometres of east-west strike length within the target area and to access priority drill targets in areas where interpreted mineralized structures intersect.Soil sampling over three new areas covering a total of 8,000 hectares, both to the west and the east of the Mutum target has been completed. A total of 3,724 soil samples have been collected over three areas to date and results are expected shortly.Soil sampling, trenching and geological mapping are also being accelerated at the Santa Helena project to define drill targets with the objective of commencing drilling during Q1 2022.
Michael Bennett, president and chief executive officer of Altamira Gold, commented: "The initial diamond drill holes at Mutum have intersected broad zones of disseminated sulphide mineralization and we look forward to receiving the geochemical results. At the same time, the environmental applications that are in process will more than double the available area for drill testing to the west. While diamond drilling continues to test the Mutum target, three new target areas within the Apiacas project have been mapped and soil sampled and will progress to trenching and drilling in the near future. We are also advancing drill targets at the Santa Helena project."
Apiacas project
The Mutum target is part of the Apiacas project area, located 50 kilometres west of Altamira's Cajueiro gold project which hosts National Instrument-43-101-compliant indicated resources of 5.66 Mt (million tonnes) at 1.02 g/t gold for a total of 185,000 ounces and inferred resources of 12.66 Mt at 1.26 g/t gold for a total of 515,000 oz. An estimated one million oz of alluvial and colluvial gold was reportedly recovered from the Mutum target, suggestive of the presence of a significant underlying hard-rock source.
In 2019, geological mapping outlined an area of pervasive disseminated-style gold mineralization over at least four square kilometresat Mutum. A total of 93 surface rock samples of disseminated and altered rocks collected on surface over this area returned gold values of up to 406.6 g/t gold (see news release dated Sept. 11, 2019). Recent exploration has also identified four high-grade vein structures with channel samples returning values up to three m at 10.39 g/t gold. Silver assays have also returned high grade values up to 871 g/t silver (see March 8, 2021, news release for more information). An IP survey completed over the area in August shows extensive high chargeability anomalies over an east-west corridor covering about six kilometers which is coincident with the historic alluvial and colluvial workings in the target area.
Initial diamond drilling has been limited to the areas with active drill permits covering the central one kilometre east-west corridor within the Mutum target.The first five diamond drill holes were drilled to downhole depths of between 126 m and 276 metres and targeted both chargeability anomalies and the depth extension of the surface gold mineralization indicated by both the historic artisanal mining and the channel sample results collected by Altamira (see news releases dated June 4, 2019, and June 8, 2021). Broad zones of hydrothermal alteration, accompanied by disseminated sulphide mineralization were logged within the granitic host rocks intersected. These alteration zones appear to correlate with known clay alteration zones mapped within several of the artisanal placer gold workings. Drill core samples have been submitted to the SGS laboratory in Belo Horizonte and results are pending.
In addition, soil sampling has been ongoing over three new areas both to the west and the east of the Mutum target.A total of 3,724 soil samples have been collected over the three areas to date and samples have been submitted to the SGS laboratory in Belo Horizonte for both gold and multielement geochemical analyses.Results are expected shortly.
Santa Helena project
Soil sampling, trenching and geological mapping are also being accelerated at the Santa Helena project to define drill targets with the objective of commencing drilling during the first quarter of 2022.Targets comprise both discrete quartz vein structures known to host sulphide mineralization with associated gold, which are the objective of historic and current artisanal mining operations plus base metal soil anomalies associated with intrusives.
Qualified person
Guillermo Hughes, FAIG, and M AusIMM, a consultant to the company as well as a qualified person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.
About Altamira Gold Corp.
The company is focused on the exploration and development of gold projects within western central Brazil. The company holds eight projects comprising approximately 190,000 hectares, within the prolific Juruena gold belt which historically produced an estimated seven million to 10 Moz of placer gold. The company's advanced Cajueiro project has NI 43-101 resources of 5.66 Mt at 1.02 g/t gold for a total of 185,000 oz in the indicated resource category and 12.66 Mt at 1.26 g/t gold for a total of 515,000 oz in the inferred resource category.
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