CAJUEIRO

39,053 ha, Mato Grosso and Para States, Brazil 

Numerous untested gold-in-soil anomalies. Trial mining permit in place.

Highlights

  • Historic placer gold workings previously produced +250,000oz Au. Mining licenses granted

  • 14,367m of drilling and 105 drill holes completed to date. 4,062m of trenching completed since 2016

  • NI 43-101 compliant resource based on 11,292m of drilling – 8.64Mt at 0.77g/t Au (for 214,000oz) of Indicated resources and 9.53Mt at 0.66g/t Au (for 204,000oz) in the Inferred resource category and additional 1.37Mt at 1.61g/t in Oxides (for 79,000oz in Saprolite) also in the Inferred category

  • Soil sampling has identified 10 gold anomalies of which 4 have been only partially drill tested

Description

The Cajueiro Project comprises a large land package located in the Alta Floresta – Juruena Gold Belt, a Proterozoic arc consisting of calc-alkaline granite-volcanic, and medium to high grade metamorphic crustal segments. Historic gold production in the belt is generally recognized to be in the range of 7-10MM oz., primarily from garimpeiro activity. At Cajueiro, microgranites and rhyolites host a set of Northeast (NE) and East-West (E-W) conjugate shear structures exhibiting late brittle deformation. These were the primary structural controllers of hydrothermal alteration and associated gold mineralization.

 

Gold and pyrite in the bedrock sulphide domain is contained within hydrothermal alteration envelopes within and adjacent to the structures. An alteration assemblage of sericite-epidote-chlorite-quartz readily distinguishes the prospective “green” rhyolite and microgranite from their unaltered reddish counterparts.

 

Gold is also present in the saprolite overlying bedrock, in the oxidized equivalent of the sulphide alteration assemblage. Prospective saprolite hosts an assemblage of sericite-chlorite-silica, with disseminated limonite and “box-works” of limonite with rare occurrences of chalcopyrite. This alteration package is clearly visible on surface in many locations throughout the property.

 

Since acquiring the property in April 2016 the Company has completed 25 trenches totaling 4,062.5m that has resulted the identification of two new previously unrecognized mineralized zones, one at Baldo East and the other at Toninho, comprising multiple parallel structures similar to known zones at Crente and Baldo.  In addition, the Company has drilled 49 HQ diamond drill holes totaling 3,153.5m.  (Please see the full News Releases for detailed results of these programs)

 

The Baldo East target area is located approximately 500m due east of the Baldo resource and constituted an important previously untested gold-in-soil anomaly and a series of high grade rock samples from surface which range from 3.4 to 118.4 g/t gold.

 

During 2016 the Company performed metallurgical testing on a composite sample of gold mineralized saprolite from the Baldo trenching program. Results indicated low recoveries from gravity processing, and identified recoveries of up to 96.2% from Carbon In Leach (CIL) processing.

 

A series of NNW trending trenches were completed at approximately 100m spacings and have identified a series of previously unrecognized WNW-trending mineralized structures

 

Trenching activity in 2017 and 2018 excavated at least four continuous high-grade mineralized structures, two 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, and two in the Matrincha area immediately South of the Baldo East area – the northern most of these two structures is referred to as Matincha 1 and the area immediately south as Matrincha 2.

 

Baldo East 1

Trenching at the Baldo East 1 zone extended the Baldo East 1 zone to the east, extending the total strike length to more than 900m

 

Baldo East 2

Work continued on the Baldo East 2 zone, where previous trenching indicated the presence of parallel structures, with one trench exposing apparently parallel structures 250m south of the Baldo East 1 zone.

 

Matincha 1

The total strike length of the Matrincha 1 structure thus far is 430m and it is open to the west and east.

 

Matrincha 2

The total strike length of the Matrincha 2 zone to date is 445m and it is similarly open both to the west and the east.

Current Exploration Update

On August 8th, 2019 the Company announced that it had signed a binding agreement with FMS Investimentos e Participacoes Ltda. (“FMS”) to commence small-scale gold production at the Cajueiro gold project located in the northern part of Mato Grosso state in western Brazil. Highlights are as follows;

 

  • FMS, an established Brazilian small mining operator will sole fund, construct and operate a 1000t/d processing plant comprising a crushing and grinding circuit and a gravitational recovery circuit (the “Processing Plant”) at Altamira’s Cajuiero project

  • During payback of the construction capital, Altamira will receive 15% of net income. Following payback of the construction costs, Altamira will receive 50% of net income

  • The agreement is a lease and gives FMS the right to exploit the weathered material close to surface over an area of approximately 603ha. The operator will have no ownership in the underlying 43-101 resources

Please see the News Release dated August 8, 2019 for additional details.

 

On October 10. 2019 the Company announced that it had received results of the new resource estimate from Global Resource Engineering Ltd. (“GRE”) for the Cajueiro project.

 

Altamira’s 2019 NI 43-101 Mineral Resource Estimate was completed by Global Resource Engineering Ltd. (“GRE”), and totals 5,661,000t @ 1.02 g/t gold for a total of 185,000 oz of gold (Indicated) and 12,665,000t @ 1.26 g/t gold for a total of 515,000oz of gold (Inferred). The resources reported here are confined to an area of approximately 285 ha whilst the total area comprising the Cajueiro concession area amounts to 39,053 ha.

 

Please see the full News Release dated October 10, 2019 for additional details.

 

On October 16th, 2019 the Company announced that it had received the first Environmental Permit for the Trial Mining Licenses with respect to permit 866.160/2007 for the Cajueiro project.

 

  • The environmental process LOPM No 320459 within permit 866.160/2007, was published on October 7, 2019 and is valid for three years until October 6, 2022. This permit covers the southern part of the key Crente resource. The Environmental Permit has now been presented to the National Mining Agency (“ANM”) in Brazil and the Company is awaiting the approval of the first Trial Mining License

  • The first Trial Mining license will allow Altamira and its partner FMS Investimentos e Participacoes Ltda. (“FMS”) to commence the construction of the 1000 tonne / day processing facility and will liberate the southern half of the Crente resource for feed for the plant (see press release dated August 8, 2019 for additional information)

  • Altamira is also pursuing Trial Mining Licenses over three additional claim blocks which cover the resources in the northern part of the Crente deposit as well as the Baldo, Matrincha and Marines deposits within the Cajueiro project area

 

Please see the News Release dated October 16, 2019 for additional details.

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