Disseminated gold mineralization over 4 x 1km area

Largest placer gold camp in the belt with historic artisanal production of 1Moz


  • Located 50km west of Cajueiro project within the Alta Floresta Belt – 82,000 hectare land package

  • Apiacas district historically produced over 1Moz of placer gold and was largest placer gold camp in the Alta Floresta belt

  • The bulk of the historic placer production came from the Mutum target. Reconnaissance drilling during 2022 indicates the presence of low grade disseminated gold mineralization over 2km east-west

  • Channel samples up to 12m @ 2.0 g/t gold on surface. 75% of surface rock samples collected at Mutum in 2019 returned gold values ranging from 0.5 – 96.6 g/t

  • Three new targets were identified within the Apiacás project area during 2019 at Nelson Rocha, Ze Rodrigues and Chaveta. The results from 26 grab samples collected at the Nelson Rocha target returned values ranging from 2 – 335.2 g/t gold from thirteen of twenty-six samples. Five samples returned copper values of 0.2 to 1.2% Cu


Regional map showing location of Altamira’s Apiacas and Cajueiro projects. Note size of historic placer gold footprint at Apiacas relative to Cajueiro


The Apiacás project comprises a package of properties covering seven main target areas which constitute the Apiacas district, which was the largest placer gold camp in the Alta Floresta Belt during the gold rush of the 1980’s. An estimated 1Moz of placer gold has been extracted from the Apiacas district, most of which came from the Mutum target.

Wide-spaced trenching over prospective structures along a two km trend, adjacent historic garimpeiro workings, has achieved some promising results, including 9m @ 9.44 g/t gold, and 9m @ 4.5 g/t gold.

Apiacas district claim map showing Altamira’s claims and location of key targets including Mutum target

Mutum target

The Mutum target area is estimated to have produced at least 90% of the estimated 1Moz of the placer gold produced from the Apiacás district. Unlike the other known targets at Apiacás, the Mutum target is characterised by widespread quartz-sericite-pyrite alteration of granitic rocks with minor quartz which extends over at least 4 square kilometres. Artisanal mining of this altered material has taken place at several places suggesting that the altered and pyritized rocks contain gold. This suggests that a large disseminated gold system may be present at Mutum.

Please see the News Release dated February 4, 2019, June 4 2019, March 8, 2021, November 18, 2021 and June 16, 2022 for additional details.

Mutum Reconnaissance Drilling Program

Results from initial 13 reconnaissance diamond drill holes at the Mutum target confirm the presence of a broad zone of low-grade disseminated gold within altered intrusive rocks, extending for at least 2km in an E-W direction. Drill results include 30.5m @ 0.52 g/t, 62m @ 0.32 g/t, 13.4m @ 0.62 g/t, 11m @ 0.7 g/t and 131.8m @ 0.15g/t gold indicating the potential for significant volumes of primary gold mineralization within the project area.

Drill results to date do not explain the massive amount of placer gold previously recovered at Mutum which is estimated at 1Moz. Further work is planned following the completion of a detailed drone magnetic survey in 2023.

Satellite image of Mutum target showing placer workings and location of reconnaissance drill holes

Gold analysis has been conducted by SGS method FAA505 (fire assay of 50g charge), with higher grade samples checked by FAA525. Analytical quality is monitored by certified references and blanks. Until dispatch, samples are stored under the supervision the Company’s exploration office. The samples are couriered to the assay laboratory using a commercial contractor. Pulps are returned to the Company and archived. Drill holes results are quoted as down-hole length weighted intersections

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