SAN FRANCISCO, Dec. 12, 2018 (GLOBE NEWSWIRE) -- A junior holds a large tract of land in an area that has seen artisanal gold mining for generations that could turn out to be a major copper porphyry belt.
Company mentioned: Altamira Gold Corp. (ALTA:TSX.V; EQTRF:OTCBB)
Altamira's focus is centered on the Alta Floresta/Juruena Belt, which historically produced 7-10 Moz of placer gold, where its flagship Cajueiro property straddles the Brazilian states of Mato Grosso and Para and produced over 250,000 ounces. The area is mostly cattle ranches and features a network of roads, highways and power lines with hydroelectric dams including the large Teles Pires facility, and a regional airport at Alta Floresta.
To date, Altamira has drilled over 14,000 meters in 105 holes and in 2017 completed over 2,800 meters of trenching at Cajueiro. A small NI 43-101 compliant resource based on drilling prior to 2013 and covering less than 5% of Altamira's land at Cajueiro estimated a 214 Koz gold Indicated resource, 204 Koz Inferred resource, plus 79 Koz gold in the surface saprolite.
Just 13km south-southwest of Cajueiro, Altamira holds a claim covering the Porta Aberta property, where recent rock samples have returned values as high as 242 g/t gold.
The Alta Floresta/Juruena belt appears to contain copper as well as gold. The belt has become the site of one of the largest staking rushes in South America over the last year, with some of the largest copper mining companies taking large land positions.
Continue reading this article: Junior Gold Explorer in Brazil Now Completely Surrounded by Several of World's Largest Copper Mining Companies
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DISCLOSURE:
The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Altamira Gold.
The full disclosure is provided at the article's end: Junior Gold Explorer in Brazil Now Completely Surrounded by Several of World's Largest Copper Mining Companies