With the acquisition of Alta Floresta Gold Ltd. (“AFG”) in April 2016, the Company acquired a 100% interest in six gold properties comprising over 186,000 ha of licence area, and four production licenses, in the prolific Alta Floresta Gold Belt of central Brazil. Since then, Altamira has added additional claims and increased its land position to approximately 290,000 ha with the addition of the Santa Helena and Apiacas, Firmino and Sao Joazinho licenses.
The Alta Floresta Gold Belt produced an estimated 7-10Moz of placer gold belt during the gold rush of the 1980’s when gold was washed from streams in a number of areas. All of Altamira’s key projects were historic placer gold producers including Cajueiro, Santa Helena and Apiacas. The Apiacas district which is now 100% controlled by Altamira, was the largest placer gold producer in the belt and produced an estimated 1Moz of gold from streams.
In addition, the Cajuiero project (100% Altamira) is currently the largest known gold deposit with a 43-101 compliant resource and is expected to grow with additional exploration.
The region largely comprises ranch land and has excellent access with an extensive raod road network. The main town in the area is Alta Floresta which has daily flights to the state capital of Cuiaba and connections to Sao Paulo. The Cajuiero project is located approximately 80km from the airport at Alta Floresta and can be reached by road in 1.5 hours. The Santa Helena Project is located on the main BR-163 highway which is the principal N-S route in this part of Mato Grosso. The Apiacas project is accessed by asphalt and gravel roads from Alta Floresta and travel time is approximately 3 hours.
The recent completion of the Teles Pires hydroelectric scheme on the Teles Pires river brought grid power to Altamira’s Cajueiro project in 2019.