November 1, 2017 – Altamira Gold Corp. (TSXV: ALTA) (FSE: T6UP) (USA: EQTRF), (“Altamira” or the “Company”) is pleased to provide additional results from the recent completed drilling and ongoing trenching programs at the Baldo East and Toninho targets at the Cajueiro project located in western Brazil. Highlights are as follows;
- Drill holes CJO-96, CJO-97 and CJO-104 were drilled under the previously untested Baldo East zone and returned 6m @ 4.13g/t gold including 1.8m @ 6.19g/t from CJO-96, 3.6m @ 3.06 g/t gold from CJO-97, and 1.5m @ 4.98g/t gold including 0.7m @ 9.66g/t and 0.9m @ 3.16g/t gold from CJO-104 which was drilled below trench TCBL-20 (6m @ 21.74g/t gold), proving evidence that the high-grade zone cut in trenches on surface extends to depth
- Trench TCBL-25 developed immediately south of the Baldo East zone cut three parallel brecciated zones which closely resemble Baldo East. These zones returned 7m @ 5.53 g/t, 2m @ 8.30g/t and 2m @ 0.92 g/t gold
- at Toninho North CJO-101 intersected5m @ 16.77g/t gold approximately 200m north of the main Toninho zone
Trenching at the Baldo East zone, and specifically the completion of trench TCBL-23 has extended the Baldo East zone an additional 150m to the west bringing the total strike length to in excess of 600m. TCBL-23 was completed 130m west of trench TCBL-20 which cut 6m @ 21.74g/t gold. Results from trench TCBL-23 include 1m @ 4.17g/t gold + 1m @ 1.10g/t + 1m @ 4.00g/t gold. The zone remains open to both the west and east with additional trench results pending.
In addition, results were returned from drill holes CJO-96, CJO-97, CJO-99 and CJO-104. Drill hole CJO-96 was drilled beneath trench TCBL-10 with a dip of 50o (3m @ 6.54g/t gold) and intersected 3.6m @ 4.13g/t gold from 39.6 – 43.2m depth and 1.4m @ 1.50g/t gold from 58.0 – 59.4m depth in a hydrothermal breccia zone. Drill hole CJO-97 was drilled approximately 100m east of CJO-96 beneath trench TCBL-13 (3m @ 5.83g/t gold) and intersected 3.6m @ 3.06g/t gold from 38.4 – 42.0m depth and 1m @ 0.65g/t gold from 47.0 – 48m depth in the same hydrothermal breccia zone. Drill hole CJO-99 was drilled approximately 120m east of CJO-97 beneath trench TCBL-18 (1m @ 9.15g/t gold) and intersected 0.8m @ 1.60g/t gold from 81.8 – 82.6m depth.
CJO-104 tested the down dip extent of the Baldo East zone below trench TCBL-20 (6m @ 21.74g/t gold) and was drilled approximately 135m west of CJO-96, and returned 1.5m @ 4.98g/t gold and 0.9m @ 3.16g/t gold. True widths cannot be determined with any certainty owing to the lack of drill data.
These results are highly encouraging and demonstrate that the higher grade Baldo East zone is continuous at depth between drill holes and remains both open along strike and at depth. Results are currently pending on Trench TCBL-29 developed 220m east of the most easterly trench at Baldo East, and TCBL-27 which is 150m west of trench TCBL-23.
Separately trench TCBL-25 was completed immediately south of, and perpendicular to the Baldo East zone in a north -south direction commencing 150m south of Baldo East and extending to the south for 300m. Mapping and sampling of this trench suggests the presence of at least two additional and previously unknown structures, which are parallel to Baldo East. Results from TCBL-25 include 7m @ 5.53g/t + 2m @ 8.30g/t + 2m @ 0.92g/t gold. The strike extent of these structures is not currently known. Additional trenching is aimed at determining the strike extent of these previously unknown structures.
At Toninho results were obtained on three additional trenches TCBL-21, TCBL-22 and TCBL-24 as well as five diamond drill holes CJO-100, CJO-101, CJO-102, CJO-103 and CJO-105.
Trench TCBL-24 was developed approximately 350m west of trench TCBL-14 which cut multiple mineralized zones including 5m @ 4.35g/t, 5m @ 0.51g/t, 3m @ 0.76g/t, 1m @ 0.67g/t and 10m @ 1.16g/t. Trench TCBL-24 returned 1m @ 0.65g/t + 5m @ 1.19 g/t + 1m @ 0.99 g/t + 1m @ 1.04 g/t gold indicating that the main Toninho zone extends to the west by at least 350m. Drill hole CJO-100 was drilled from the north under TCBL-14 and cut 1m @ 2.30 g/t gold and appears to have drilled sub-parallel to the main zone. Hole CJO-103 was drilled from the south and cut two narrow intervals of 1.2m @ 0.56g/t and 1m @ 2.53g/t.
Two trenches (TCBL-21 and TCBL-22) were developed and two drill holes (CJO-101 and CJO-102) completed immediately north of the Toninho zone in an area of historic garimpo workings in an effort to check for parallel zones. Of these, the only significant results were returned from trench TCBL-21 which returned 1m @ 4.04g/t gold and drill hole CJO-101 which returned 0.5m @ 16.77g/t gold from a narrow structure. This may be indicative of an E-W trending high grade zone similar to that identified at Baldo East.
Drill holes were inclined at between 45° and 50°. Core recovery for the mineralized intervals averaged 99%. The estimate true widths of all the mineralized intervals are approximately 90% of the intersected width in the holes.
Mike Bennett, President & CEO commented “we are very encouraged by the recent drill results at Cajueiro which demonstrate the continuity of higher grade mineralization at depth at Baldo East. In addition, the identification of two high-grade structures immediately south of Baldo East in recent trenching suggests that significant high grade mineralization is yet to be discovered at Cajueiro”
The company follows industry standard procedures with a quality assurance/quality control (QA/QC) program. 2 Blank, 2 duplicate and 2 standard samples were inserted in each batch of 40 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.
Crepori Update and Regional Program
The Company also announces that it has now completed the program of seven diamond drill holes at the Crepori project and results are currently pending. As a result of increased competitor activity in the Juruena Belt, the Company has initiated an exploration program for copper. The program initially consists of a geophysical and regional compilation study with further details to be provided once this work has been completed.
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 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.