Company
CVE:ALTA
Altamira Gold Corp is focused on the exploration and development of gold projects within western central Brazil. The company holds 8 projects comprising approximately 190,000 hectares, within the prolific Juruena gold belt which historically produced an estimated 7 to 10 million ounces of placer gold. Altamira's advanced Cajueiro project has NI 43-101 resources of 5.66 million tons at 1.02 grams per ton (g/t) gold for a total of 185,000 ounces in the Indicated Resource category and 12.66 million tons at 1.26 g/t gold for a total of 515,000 ounces in the Inferred Resource category.
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The company noted that its current treasury stands at approximately $6.1 million, sufficient to undertake its aggressive 2021 exploration program
Michael Bennett, Altamira Gold president & CEO said: "The exercise of these warrants provides sufficient funds to ensure the completion of a well-financed exploration drill program well into 2022"
The permit allows the Canadian junior to complete drilling and trenching over the target area
The IP study will better define the geology and help prioritize drill targets at Mutum, which lies 50 kilometres west of Altamira's Cajueiro gold project
Surface grab samples returned values of up to 403.5 g/t gold, while recent channel samples included values of up to three metres at 10.4 g/t gold
Asset management group Crescat took part in the placing, ordering units worth C$1.5 million, becoming a significant shareholder in the resource firm
The company has retained a 4% net smelter return royalty (NSR) as part of the agreement regarding the Crepori gold project
The 700 metre by 100 metre anomaly was discovered at the Maria Bonita area of the project, where no drilling or trenching has taken place
They include an intercept of 7 metres at 1.32 grams per ton gold at Baldo 3, which is an east-north-east structure around 350 metres north of the known Baldo 1 zone
The junior resource company said it may have to terminate the agreement, as Metalstream did not provide the initial payment of US$1 million due on June 23 or the US$5 million due 60 days afterwards
Several previously unknown mineralized structures were located within the Baldo and Crente gold areas, where production is planned during the second half of 2021
The group said it now has the right to process a further 50,000 tonnes per year from the key Crente resource area
The state of Para's supplier Centrais Eletricas do Para (CELPA) has given the go-ahead for the firm's application to draw power from the existing transmission line
Atamira has a huge package of exploration ground under license
Edgar Barrios has more than three decades' experience in the construction and management of various gold mining operations
The company holds several projects located within the prolific Juruena gold belt which historically produced between 7 and 10 million ounces of placer gold
The firm will receive a total of C$500,000 from the sale and retain a 4% net smelter royalty following the start of production
