Altamira Gold Corp revealed positive news from its ongoing drill campaign at the Mutum target on its Apiacas project in Brazil.
According to the company, diamond drilling at the target has intersected zones of disseminated sulphide mineralization associated with shear zones within altered granitic rocks.
Five holes totalling 1,003 metres were sunk in the area to investigate both the chargeability anomalies and the depth extension of the surface gold mineralization, the company said.
READ: Altamira Gold kicks off drilling at the Mutum target at its Apiacas gold project in Brazil
Altiplano’s team has submitted an application to the local environmental authority in the region to expand the area beyond the current drilling permit. The firm told investors that the expanded permit area will allow the company to extend the drilling by 1.3 kilometres of strike to access priority targets in areas where interpreted mineralized structures intersect.
"The initial diamond drill holes at Mutum have intersected broad zones of disseminated sulphide mineralization and we look forward to receiving the geochemical results,” Michael Bennett, Altamira’s CEO, said in a statement.
“At the same time, the environmental applications that are in process will more than double the available area for drill testing to the west. While diamond drilling continues to test the Mutum target, three new target areas within the Apiacas Project have been mapped and soil sampled and will progress to trenching and drilling in the near future.”
Altamira is also advancing drill targets at the Santa Helena project, it said in the release.
The Mutum target is part of the Apiacas project area, which is located 50 kilometres west of Altamira's Cajueiro gold project.
Cajueiro hosts NI 43-101 compliant indicated resources of 5.66 million tons at 1.02 grams per ton (g/t) gold for a total of 185,000 ounces and inferred resources of 12.66 million tons at 1.26 g/t gold for a total of 515,000 ounces.
Nearly one million ounces of alluvial and colluvial gold was reportedly recovered from the Mutum target, which Altamira said is suggestive of the presence of a significant underlying hard-rock source.
Altamira holds eight projects comprising approximately 190,000 hectares, within the prolific Juruena gold belt in Brazil.
Contact Angela at angela@proactiveinvestors.com
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