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Altamira Gold Corp., CA02139L1031

Altamira Gold Corp., CA02139L1031

10.10.2019 - 14:06:18

Altamira reports Updated and Expanded Resource Estimate for Cajueiro gold project, Brazil

DGAP-News: Altamira Gold Corp.

/ Key word(s): Miscellaneous

Altamira reports Updated and Expanded Resource Estimate for Cajueiro gold project, Brazil 10.10.2019 / 14:04

The issuer is solely responsible for the content of this announcement.

Class Rock Type Domain Tonnes1,000sGoldGradeg/tGoldTroy Ounces1,000sIndicatedFreshBaldo Vein1,0941.0035Crente Vein2,4251.30101Baldo Rhyolite Alt9300.6620Crente Rhyolite Alt3580.354Total4,8061.04160WeatheredBaldo Vein3001.0710Crente Vein1531.497Baldo Rhyolite Alt2540.746Crente Rhyolite Alt1480.342Total8540.9225TotalBaldo Vein1,3941.0246Crente Vein2,5781.31108Baldo Rhyolite Alt1,1830.6726Crente Rhyolite Alt5050.356Total5,6611.02185InferredFreshBaldo Vein2,6821.74150Crente Vein3,0041.29125Marines Vein991.144Matrincha Vein1,0711.2242Tavares Vein90.740Baldo Rhyolite Alt3,2911.11118Crente Rhyolite Alt2490.302Marines Rhyolite2701.029Matrincha Rhyolite3180.535Total10,9921.29455WeatheredBaldo Vein2601.6414Crente Vein3691.1714Marines Vein151.111Matrincha Vein581.072Tavares Vein40.620Baldo Rhyolite Alt6981.1526Crente Rhyolite Alt940.351Marines Rhyolite250.410Matrincha Rhyolite1500.643Total1,6731.1260TotalBaldo Vein2,9411.73163Crente Vein3,3731.28138Marines Vein1141.144Matrincha Vein1,1291.2144Tavares Vein130.700Baldo Rhyolite Alt3,9881.12143Crente Rhyolite Alt3430.323Marines Rhyolite2950.979Matrincha Rhyolite4680.579Total12,6651.26515 Differences may occur in totals due to rounding

 

Table 1. Resource table showing Indicated and Inferred resources by geological domain and weathered versus fresh rock

A capping analysis of the assays was performed, resulting in 5 domains being capped to values between 5 and 10 g/t gold. Capped assay intervals were then composited to 3 meters with subsequent variography completed for each mineralization domain to determine the primary directions of mineralization and extent of grade continuity.

Gold grade was estimated into a 5m x 5m x 5m (x,y,z) block model using inverse distance squared. The mineral resource statement is confined to a defined pit shell using the Lerchs Grossman algorithm to determine the economic limits for potential mineral extraction.

Constrained gold resources were determined using mining shapes based on a $1,500/oz gold price. Resources falling within the pits were reported above cut-off grades of 0.25 g/t Au. Recoveries were assumed to be 92% based on the metallurgical test work completed to date. Mining costs used were US$2.00/t for fresh rock, and US$1.50/t for saprolite; with US$12.00 per tonne of ore for processing. The pit slopes selected were 45° for saprolite and 55° for fresh rock. Measured densities were 1.8g/cm3 for the weathered rock and 2.6 g/cm3 for fresh rock.

The 2019 resource estimate is based on drill and trench data from nine separate deposits, several of which are contiguous. Microgranites and rhyolites host a set of Northeast (NE) and East-West (E-W) trending conjugate shear structures / veins exhibiting late brittle deformation. These were the primary structural controllers of hydrothermal alteration and associated gold mineralization and are in general higher grade. Gold and pyrite in the bedrock sulphide domain is contained within hydrothermal alteration envelopes of sericite-epidote-chlorite-quartz within and adjacent to the structures.

Comparison of 2019 and 2016 Resource Estimates

The 2019 Inferred resources represent an 83% increase in the total amount of contained ounces and also represent a 61% increase in grade. The 2019 Indicated resources represent a 13.5% decrease in the total amount of contained ounces but also represent a 33% increase in grade.

The original 2016 resource estimate completed by Gustavson and Associates was not pit constrained. The GRE estimate reported here was pit constrained and using hypothetical open pits with slope angles ranging from 45 to 55 degrees.

The cut-off grades employed by both estimates were the same at 0.25g/t gold. The Gustavson estimated was similarly capped at values between 5 g/t gold and 10g/t gold.

The Gustavson estimate of 2016 employed a gold price of US$1250 per oz compared with the GRE 2019 estimate of US$1500 per oz. Density assumptions were unchanged at 1.8g/cm3 for the weathered rock and 2.6 g/cm3 for fresh rock.

Michael Bennett, Altamira Gold's President and CEO, commented, "The updated resource estimate for our flagship Cajueiro project in Brazil represents an important milestone for the Company. This estimate has added significantly to the total number of ounces in the Inferred category and more importantly has significantly improved the grade of the total resources in both the Indicated and Inferred categories. The bulk of the Cajueiro concession area remains unexplored and we look forward to further increases in the resource base with future trenching and drilling."

Kevin Gunesch, P.E., a principal of GRE and Dr. Hamid Samari, QP-MMSA, senior geologist of GRE, both consultants to the Company as well as a Qualified Persons as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.

Neither the TSX Venture Exchange nor it's Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

About Altamira Gold Corp.

The Company is focused on the exploration and development of gold projects within western central Brazil. The Company holds 11 projects comprising approximately 300,000 hectares, within the prolific Juruena gold belt which historically produced an estimated 7 to 10Moz of placer gold. The Company's advanced Cajueiro project has NI 43-101 resources of 5.66Mt @ 1.02 g/t gold for a total of 185,000 oz in the Indicated Resource category and 12.66Mt @ 1.26 g/t gold for a total of 515,000oz in the Inferred Resource category.

On Behalf of the Board of Directors,

ALTAMIRA GOLD CORP.

"Michael Bennett"

Michael BennettPresident & CEO

Tel: 604.676.5660Toll-Free: 1-833-606-6271info@altamiragold.comwww.altamiragold.com

Forward-Looking Statements

Statements in this document which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Except as required by law, we do not undertake to update these forward-looking statements.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/48660

Click on, or paste the following link into your web browser,to view the associated documents

http://www.newsfilecorp.com/release/48660 News Source: Newsfile

10.10.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de

Language: English Company: Altamira Gold Corp.

Canada ISIN: CA02139L1031 EQS News ID: 888409   End of News DGAP News Service

888409  10.10.2019 

@ dgap.de