June 7th, 2018 – Altamira Gold Corp. (TSXV: ALTA) (FSE: T6UP) (USA: EQTRF), (“Altamira” or the “Company”) is pleased to provide results from a recent program of soil sampling at the Santa Helena project located within the eastern part of the Juruena belt in Mato Grosso, Brazil. These results follow recent surface rock sample results which identified high grade gold values from grab samples in several areas (averaging 31.2g/t Au + 0.13% Cu for 17 samples) from the Flecha Dourada target, 19.0g/t gold + 0.11% Cu from Gabriel for 20 samples, 24.6g/t gold from 6 rock samples from the Dorival target and 7.2g/t gold from 6 rock samples from the Tucura target, as well as appreciable amounts of copper (see press release dated 16th May 2018)
Highlights are as follows;
- Soil sampling at Santa Helena has identified a well-defined copper-in-soil anomaly approximately 1.5km in diameter in the centrally located Gabriel target within the Santa Helena project area with values up to 308ppm copper. The target has had no previous trenching or drilling.
- A low-level molybdenum anomaly in soils is evident on the northern margin of the copper-in-soil anomaly which remains open to the north
- The copper-in-soil anomaly is located 1.5km north of a small open pit which exploits gold-copper mineralization in a high-grade shear zone within granitic host rock. Recent rock grab samples from the area of anomalous copper in soils returned elevated copper values from 0.14 to 0.96% copper.
- Previous work identified two distinct gold-in-soil anomalies, in the Gabriel area and in the Flecha Dourada area, which are peripheral to the copper-in-soil anomaly
The Santa Helena project, which comprises a total of 58,594 ha is the Company’s closest project to the newly discovered copper porphyry by Anglo American at Jaca. The project is characterized by gold mineralization on surface and has a history of small-scale gold and copper production. The area has never been the subject of any previous drilling by Altamira.
A total of 196 soil samples were collected during the recent soil sampling program in the Gabriel target area which previously returned anomalous gold and copper values averaging 19.0g/t gold + 0.11% Cu from 20 grab samples in rock sampling (see press release dated 16th May 2018). Soil samples were collected on a grid spaced 100 m N-S and 200 m E-W. This work has identified a significant zone of anomalous copper values up to 308ppm which is 1.5km in diameter. Anomalous molybdenum values up to 6ppm are also evident on the northern margin of the copper-in-soil anomaly with the zone being open to the north.
In addition, two existing gold-in-soil anomalies identified during previous sampling, are known to exist in the Gabriel and Flecha Dourada areas and appear to be peripheral to the copper-in-soil anomaly at Gabriel. The anomaly in the Gabriel area has a north-east trend and a surface expression of 1000m x 400 meters (gold-in-soil values range from 50 to 3,834 ppb Au). The gold anomaly is located 1km west of the copper-in-soil anomaly. The second gold anomaly is located two kilometers to the south west in the Flecha Dourada area and extends over an area surface of 750 x 500 meters (gold in soil values range from 50 to 3,830 ppb Au.
Michael Bennett, President and CEO of Altamira stated, “the presence of a copper-in-soil anomaly at Santa Helena associated with a large scale hydrothermal alteration system, as well as two significant gold-in-soil anomalies and numerous high grade gold bearing structures and elevated copper values, is an important step forward for Altamira and further increases the potential for a concealed Au-Cu mineralized system at Santa Helena”.
Gold analysis has been conducted by SGS method FAA505 (fire assay of 50g charge), with higher grade samples checked by FAA525. Copper and molybdenum analysis has been conducted by SGS method ICP40B (multiacid digestion). Analytical quality is monitored by certified references and blanks. Until dispatch, samples are stored in the Company’s supervised exploration office. The samples are couriered to the assay laboratory using a commercial contractor. Pulps and rejects are returned to the Company and archived. Channel sampling is conducted using a hand-trenching tool over exposed faces to maintain a consistent sample. Drilling results are reported as down-hole length weighted intersections. Channel sampling is conducted across the strike of the veins and are quoted as true widths.
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 (Gustavson Associates, 2016).
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 policiesof 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.