January 18th, 2018 – Altamira Gold Corp. (TSXV: ALTA) (FSE: T6UP) (USA: EQTRF), (“Altamira” or the “Company”) is pleased to report that it continues to extend the strike extent of high grade mineralized structures through its recent trenching program at the Baldo East target area at the Cajueiro project located in western Brazil. Highlights are as follows;
Recent trenching has now excavated at least two continuous high-grade mineralized structures in the Baldo East area – the northern most of these two structures is now referred to as Baldo East 1, whilst the zone immediately south of this is referred to as Baldo East 2:
- Trench TCBL-29 was excavated on the Baldo East 1 zone, 200m east of trench TCBL-19 which returned 9m @ 1.84g/t gold plus 1m @ 13.33g/t gold. Results from trench TCBL-29 include 10m @ 1.82g/t gold and 7m @ 1.79 g/t gold including 1m @ 7.23 g/t gold. Several other narrower mineralized sections were also noted. The Baldo East 1 zone now extends over approximately 900m and is still open along strike to the east
- Trench TCBL-28 was developed on the more recently discovered Baldo East 2 zone, 200m east of trench TCBL-25 which cut three parallel brecciated zones and returned 7m @ 5.53 g/t, and 2m @ 8.30g/t. Results from trench TCBL-28 include 29m @ 03 g/t gold including 7m @ 5.42 g/t gold and 4m @ 8.07 g/t gold. This structure has now been traced over 250m of strike and is open to both the east and west
Trenching at the Baldo East 1 zone, and specifically the completion of trench TCBL-29 has extended the Baldo East 1 zone an additional 200m to the east extending the total strike length to more than 900m. TCBL-29 was completed 200m east of trench TCBL-19 which returned 9m @ 1.84g/t + 1m @ 13.33g/t gold gold. Results from trench TCBL-29 include;
10m @ 1.82g/t gold
+ 4m @ 1.07g/t
+ 2m @ 1.98g/t
+ 2m @ 1.36g/t
+ 2m @ 1.64g/t
+ 7m @ 1.79g/t including 1m @ 7.23g/t gold
Work has continued on the Baldo East 2 zone, where previous trenching indicated the presence of parallel structures with one trench TCBL-25 exposing apparently parallel structures 250m (7m @ 5.53g/t gold) and 425m (2m @ 8.30g/t gold) south of the Baldo East 1 zone. Trench TCBL-28 was excavated approximately 220m to the east and returned 29m @ 3.03g/t gold including 7m @ 5.42g/t gold and 4m @ 8.07g/t gold. This zone is believed to be the eastward extension to the zone which returned 7m @ 5.53g/t gold in trench TCBL-25. Trench TCBL-28 did not extend south far enough to cut the zone which returned 2m @ 8.30g/t in TCBL-25.
Commenting on these results, Mike Bennett, President & CEO stated “We are very pleased with the recent trench and drill results from the Baldo East area, which have excavated at least two parallel high-grade structures which remain open along strike and at depth. We expect the Baldo East 1 and 2 zones will materially add to both the size and grade of the current resource at Cajueiro”
The company follows industry standard procedures with a quality assurance/quality control (QA/QC) program. 2 Blank, 2 duplicates 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 pending. As a result of significantly 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 a 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.