OVERVIEW

Regional Location

With the acquisition of Alta Floresta Gold Ltd. (“AFG”) in April 2016, the Company acquired 100% interest in six gold properties comprising over 186,000 ha of licence area, and four production licenses, in the prolific Juruena Gold Belt of central Brazil. The licence area was subsequently increased to 200,000 ha with the addition of the Santa Helena and Colider Leste licenses and the production licences reduced to two.  

 

September 2017 saw a staking rush in the Juruena Belt as a result of a rumoured copper porphyry discovery near Altamira’s Santa Helena project.  The Company staked additional ground at the Santa Helena and Fazenda Mogno projects, increasing its land position.  In May 2018 the Company reported that it had further increased its land positions in the Santa Helena and Colider projects by an additional 51,553 ha, which after adjustment by the mining office brings its total land position to 244,000 ha.  The Company reevaluated its previous data with a view to identifying copper anomalies, and identified several prospects warranting follow up, leading to an announcement in February 2018 of a copper exploration program, in addition to its gold exploration activities. 

 

In December 2018 the Company reported that it had has successfully applied to stake additional claims within the Alta Floresta Belt in Mato Grosso, Brazil. These new claims total 70,184.70 hectares and lie on the northern margin of the Alta Floresta Belt close to the contact with the sediments of the Cachimbo Graben. The acquisition of these claims has increased the total licence area to over 300,000 hectares. 

 

During the current fiscal year the Company has entered into a joint venture agreement with an established gold producer to commence small-scale gold production at the Cajueiro gold project located in the northern part of Mato Grosso state. Plant construction is expected to commence once the Company’s environmental permit is approved and a trial mining permit issued.  The Company has also announced revised NI 43-101 resources of 5.66Mt @ 1.02 g/t gold for a total of 185,000 oz in the Indicated Resource category and 12.66Mt @ 1.26 g/t gold for a total of 515,000oz in the Inferred Resource category.