Altamira Gold Corp, the Brazil-focused explorer, said it is advancing drilling at its Santa Helena and Apiacas projects and has raised $1,663,905 since the beginning of 2022 via the exercise of warrants.
Around 16.6 million share purchase warrants were exercised at C$0.10 each. They were issued in February, 2020 as part of a placing, and they expired on February 28 this year.
"We are pleased to have the continued support of our shareholders as we advance the drilling on both our Santa Helena and Apiacas projects in Brazil. We look forward to what we believe will be an exciting year ahead for Altamira in 2022," said Michael Bennett, the company's CEO in a statement.
Altamira currently has around 31.4 million warrants outstanding, with a weighted average exercise price of $0.27 and a weighted remaining contractual life of 1.04 years. Its treasury currently stands at around C$5.4 million.
READ: Altamira Gold says first three holes at Santa Helena copper-gold project have hit porphyry style mineralization
Diamond drilling continues at both the Santa Helena project and the Mutum target within the Apiacas project area, noted the company.
At the Mutum target, ten holes have now been completed and samples are presently being assayed with results expected during March.
Eleven holes have been sunk at the Santa Helena project area and samples will be sent to the lab in March.
"During March a detailed drone magnetometer survey will begin over the entire central area of the Santa Helena Project using equipment recently acquired from Terraplus Inc/ GEM systems in Canada and imported into Brazil by Altamira Gold. This survey along with the results from the Phase 1 drilling will be used to help design the second phase of drilling at Santa Helena expected to start in mid-2022," the company added.
Altamira holds eight projects comprising around 190,000 hectares (Ha), within the prolific Juruena gold belt which historically produced around between seven and 10 million ounces (Moz) of placer gold.
Contact the author at giles@proactiveinvestors.com