Altamira Gold Corp. (TSX-V:ALTA, OTC:EQTRF) said it has entered into a definitive purchase agreement with the private owners of surface rights covering the Maria Bonita target, part of the Cajueiro gold project in Brazil.
The company said, following the receipt of drill results for four initial drill holes at Maria Bonita that returned consistent gold mineralization in porphyritic rocks, it will purchase a total of 409 hectares of surface rights that include the current known extension of the Maria Bonita target.
Under the agreement, the company will make four equal payments to the vendors over a period of 18 months for a total of R$2.5 million (C$625,750). The initial payment of R$625,000 (C$156,438) was paid on November 14, 2022, upon execution of the agreement.
READ: Altamira Gold reports promising drill hole results from Cajueiro gold project in Brazil
Altamira Gold said the agreement provides the company with immediate unencumbered access to undertake further exploration at the Maria Bonita discovery and facilitates the fast-tracking of future development of the Cajueiro project.
Altamira Gold CEO Mike Bennett said it was clear from the initial drill results that the company has discovered a significant new mineralized system at Maria Bonita.
“The acquisition of these surface rights provides us with the flexibility to design further exploration drilling within our own timeline,” Bennett noted in a statement
“We are very pleased to have been able to move swiftly to acquire the surface rights at a competitive price in the local market context and look forward to the results of further drilling as we work to identify the extent of the new discovery at Maria Bonita," he added.
Altamira Gold is focused on the exploration and development of gold projects within Western Central Brazil.
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