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Altamira Gold raises additional $1,104,490 from warrant exercises; launches 3D IP survey at the Apiacas Project

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Altamira Gold Corp. (CVE:ALTA) (FRA:T6UP) (OTCPINKEQTRF) said it has raised an additional $1,104,490 from warrant exercises over the past few days bringing proceeds from recent exercises to $2,537,077.

The company noted that its current treasury stands at approximately $6.1 million, sufficient to undertake its aggressive 2021 exploration program.

In a statement, Michael Bennett, Altamira Gold president & CEO commented: ”These additional funds allow us to aggressively explore our 3 main projects and continue to advance our growth strategy. Once again, we would like to thank our long-term shareholders for supporting the Company through the process of exercising these warrants and we look forward to commencing a significant and well-financed exploration drill program in the next few months.”

READ: Altamira Gold set to begin IP survey at Mutum target after receiving environmental approval from Brazilian state authorities

As previously disclosed, officers and directors of the company exercised a total of 1,072,800 warrants for proceeds of $160,920. Of this total, Bennett exercised a total of 672,800 warrants representing proceeds of $100,920, and the company’s chairman exercised a total of 400,000 warrants representing proceeds of $60,000. In connection with the exercise of the warrants, the CEO and the chairman sold 284,000 and 170,000 common shares respectively for proceeds of $102,458 and $61,320.

Mutum IP Survey

Altamira Gold also said it has launched its 3D Induced Polarization and Resistivity (IP) ground geophysical survey at the 100% controlled Apiacas Project, located in Mato Grosso State, Brazil. The program is centered on the large-scale Mutum gold target and incorporates areas covered by ongoing geochemical rock sampling and geological mapping programs.

The IP survey is intended to assist with the identification of sulfide mineralization related to the gold mineralizing system at Mutum and will guide subsequent trenching and drill targeting. Recent surface mapping has delineated a large area of pyritic mineralisation and sericitic alteration in addition to extensive historic artisanal colluvial gold workings over an area encompassing several square kilometres.

The company said it expects the IP results to generate drill targets to be tested within the next couple of months. The 17 line-program covers an area of 4 square kilometres and is expected to be completed by the end of June.

The Mutum gold target is part of the Apiacas Project located 50 kilometres west of Altamira’s Cajueiro gold project which hosts 43-101 compliant indicated resources of 5.66 million tonnes (Mt) at 1.02 grams per ton gold for a total of 185,000 ounces and inferred resources of 12.66Mt at 1.26 g/t gold for a total of 515,000 ounces. An estimated 1 million ounces (Moz) of colluvial gold was historically recovered from the Mutum area, suggestive of the presence of a significant underlying hard-rock deposit.

Recent exploration has identified four high-grade vein structures with channel samples returning values up to 3 metres at 10.39 g/t gold. Silver assays have also returned high-grade values up to 871 g/t silver.

Altamira Gold is focused on the exploration and development of gold projects within western central Brazil. It holds 8 projects comprising approximately 190,000 hectares, within the prolific Juruena gold belt which historically produced an estimated 7Moz to 10Moz of placer gold.

The company’s advanced Cajueiro project has NI 43-101 resources of 5.66Mt at 1.02 g/t gold for a total of 185,000 ounces in the Indicated Resource category and 12.66Mt at 1.26 g/t gold for a total of 515,000 ounces in the Inferred Resource category.

Contact the author at [email protected]

Story by ProactiveInvestors


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