August 1, 2017 – Altamira Gold Corp. (TSXV: ALTA) (FSE: T6UP) (USA: EQTRF), (“Altamira” or the “Company”) is pleased to announce that it has identified two new previously unrecognized mineralized zones in recently constructed trenches at the Cajueiro project located in western Brazil. The trenching program was designed to test previously untested surface showing and gold in soil anomalies at the Cajuiero project ahead of drilling, with a view to expanding the existing resource of 8.64Mt @ 0.78g/t gold as Indicated resources and 9.53Mt @ 0.66g/t gold as Inferred resources and a further 1.37Mt @ 1.61g/t as Inferred resources in saprolite.
Highlights are as follows:
- Two new zones of mineralization have been identified at both Baldo East and Toninho comprising multiple parallel structures similar to known zones at Crente and Baldo
- Results from the initial five trenches at Baldo East, located 500m east of Baldo, have been received and include 3m @ 6.54g/t gold including 1m @ 17.54g/t gold, and 6m @ 2.26g/t gold, and 3m @ 5.83 g/t including 1m @ 16.24g/t, and 1m @ 9.15g/t, and 9m @ 1.19 g/t including 1m @ 5.62g/t
- Results from the first trench at Toninho located 900m west of Crente, have been received and include multiple mineralized sections. Highlights include 5m @ 4.35g/t and 10m @ 1.16 g/t
- Six diamond drill holes completed to date on three previously untested targets at Cajuiero with results pending
- The program of mechanical trenching has been expanded from the planned 1,200m to 3,450m with 2,062m completed to date in fourteen separate trenches
In terms of drilling, six diamond drill holes have been completed thus far on the Baldo East (three holes), Toninho (two holes) and Morro Verde (one hole) targets, and a seventh hole is currently in progress at the Toninho target which is located immediately west of the Crente deposit at Cajuiero (see attached map). Results are currently pending on all of the holes completed to date.
The Baldo East target area is located approximately 500m due east of the Baldo resource (comprising Inferred resources of 1.32Mt @ 0.78 g/t gold + 0.31Mt @ 3.03 g/t gold as saprolite) and constitutes an important previously untested gold-in-soil anomaly and a series of high grade rock samples from surface which range from 3.4 to 118.4 g/t gold. A series of NNW trending trenches have been completed at approximately 100m spacings and have identified a series of previously unrecognized WNW-trending mineralized structures (see map) extending over +250m of strike length which are open to the east and west. Significant results from the trenching program are as follows:
Results are currently pending on three diamond drill holes (96, 97 and 99) which were completed under these trenches.
The Toninho target area is a relatively small gold-in-soil anomaly but is coincident with several small historic placer workings and is located 900m west of the Crente resource (Indicated resources of 8.64Mt @ 0.78 g/t gold + Inferred resources of 5.83Mt @ 0.63 g/t gold and an additional 0.36Mt @ 1.56g/t gold as saprolite). The target has never been tested by trenching or drilling. The first trench at Toninho revealed multiple mineralized zones which appear to trend NE-SW and are currently open to the NE and SW. Results from the initial trench are as follows:
These initial results from the Toninho target area are highly encouraging and appear to indicate the presence of multiple new mineralized zones in close proximity to the existing Crente resource. Results are currently pending on two holes (100 and 101) at Toninho.
The Morro Verde target is located approximately 1.5km NE of Baldo and is a significant gold-in-soil anomaly. Three trenches have been completed over the target to date and results on one trench have returned modest results including 1m @ 0.63g/t and 1m @ 1.36 g/t gold. However, results are pending on an additional two trenches and one diamond drill hole (98).
The trenching and drilling work conducted thus far at Cajueiro has been successful in identifying two new mineralized zones over three of the targets that have been tested to date, namely Baldo East and Toninho, where total strike lengths have yet to be determined. Owing to the success of the trenching program a decision has been taken to expand the trenching program from the initial 1,200m reported on 15th June (see press release) to a total of 3,450m of which 2,062m has been completed thus far.
About Altamira Gold Corp.
The Company is focused on the exploration and development of gold deposits within western central Brazil. The Company holds 12 projects comprising approximately 200,000 hectares, within the prolific Juruena gold belt which historically produced an estimated 7 to 10Moz of placer gold. The Company’s advanced Cajueiro project has an NI 43-101 compliant resources of 8.64Mt @ 0.78 g/t Au (for 214,000oz) in the Indicated resource category and 9.53Mt @ 0.66 g/t Au (for 204,000oz) in the Inferred resource category and an additional 1.37Mt @ 1.61 g/t Au in oxides (for 79,000oz in saprolite) in the Inferred resource category.
On Behalf of the Board of Directors,
ALTAMIRA GOLD CORP.
President & CEO
Guillermo Hughes, P. Geo., 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.
Neither TSX Venture Exchange nor it Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements in this document which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. It is important to note that actual outcomes and the Company’s actual results could differ materially from those in such forward-looking statements. Except as required by law, we do not undertake to update these forward looking statements.