Altamira clarifies sampling results at Crepori and provides update on drill program

By September 27, 20172017, News

September 27th, 2017 – Altamira Gold Corp. (TSXV: ALTA) (FSE: T6UP) (USA: EQTRF), (“Altamira” or the “Company”) at the request of IIROC, wishes to clarify certain disclosure in its September 26th, 2017 news release. The high grade samples disclosed are grab samples, grab samples are selective samples and are not representative of the mineralization hosted on the property, which was previously extensively worked for placer gold by artisanal  miners. The current drilling program is aimed at identifying the source of this placer gold.

 

Of the 115 surface grab samples recently collected at Crepori, 56 samples were of saprolite or weathered bedrock, with the remainder comprising rock samples. The surface grab samples were collected mainly from four zones; Filao do Milton (24 samples), Ze de Ouro (10 samples) Filao de Parente – Boiadeiro (33 samples) and Raimundo (24 samples). Samples were collected from both outcropping veins and surrounding wall rock and range from below the analytical method detection limit (5ppb) to 148.2g/t gold. Of the 115 samples collected, nine returned values above 5g/t gold, eight returned values of 1 – 5 g/t gold, twenty-six returned values of 0.1 – 1g/t gold and the remaining seventy-two samples returned values of less than 0.1g/t gold. All of the samples which returned values above 1g/t gold were rock samples.

 

The company follows industry standard procedures with a quality assurance/quality control (QA/QC) program. Blank, duplicate and standard samples were inserted in each batch of samples.  Sample preparation and analysis was done at SGS GEOSOL in Vespasiano, Minas Gerais State, Brazil. Analysis is performed by fire assay with 50g fusion and Atomic Absorption Spectroscopy.

 

Altamira has completed two diamond drill holes thus far at the Crepori project, which has never been subject to any prior drill program. Holes at the Filao do Milton and Raimundo targets have been completed and the drill is currently testing the Ze de Bode target.

 

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.

 

“Mike Bennett”

 

Mike Bennett
President & CEO

 

Tel: 604.676.5660
info@altamiragold.com

 

 

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.

 

Forward-Looking Statements

 

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.

English English German German