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Altamira signs agreement for Trial Mining gold production at the Cajueiro gold project, Brazil
Vancouver, British Columbia--(Newsfile Corp. - August 8, 2019) - Altamira Gold Corp.'s (TSXV:...
About this update from Altamira Gold Corp
[{"type":"text","content":"Altamira signs agreement for Trial Mining gold production at the Cajueiro gold project, BrazilVancouver, British Columbia--(Newsfile Corp. - August 8, 2019) - Altamira Gold Corp.'s (TSXV: ALTA) (FSE: T6UP) (USA: EQTRF), (\"Altamira\" or the \"Company\") is pleased to announce that it has signed a binding agreement with FMS Investimentos e Participacoes Ltda. (\"FMS\") to commence small-scale gold production at the Cajueiro gold project located in the northern part of Mato Grosso state in western Brazil. Highlights are as follows;FMS, an established Brazilian small mining operator will sole fund, construct and operate a 1000t/d processing plant comprising a crushing and grinding circuit and a gravitational recovery circuit (the \"Processing Plant\") at Altamira's Cajuiero projectDuring payback of the construction capital, Altamira will receive 15% of net income. Following payback of the construction costs, Altamira will receive 50% of net incomeThe agreement is a lease and gives FMS the right to exploit the weathered material close to surface over an area of approximately 603ha. The operator will have no ownership in the underlying 43-101 resourcesThe Cajueiro project is currently Altamira's key project in Brazil and comprises NI 43-101 resources of 8.64Mt @ 0.78 g/t Au (for 214,000oz) in the Indicated Resource category and 9.53Mt @ 0.66 g/t Au (for 204,000oz) in the Inferred Resource category and an additional 1.37Mt @ 1.61 g/t Au in oxides (for 79,000oz in saprolite) in the Inferred Resource category. Global resource Engineering Ltd. is currently working on a revised resource estimate for the Cajueiro property.Figure 1: Map of Cajueiro ProjectTo view an enhanced version of Figure 1, please visit:https://orders.newsfilecorp.com/files/4500/46796_d26091e2f4750871_001full.jpgThis arrangement contemplates the construction of at least two shallow open pits at the Baldo and the adjacent Baldo East targets aimed at exploiting oxidized saprolite material to a maximum depth of 25m. These open pits will be designed to expose the east-west trending and northeast-southwest trending gold mineralized structures in the Baldo target, which comprises part of the new resource being calculated by Global Resource Engineering. Surface trenching at Baldo East during 2018 has identified a number of parallel mineralized structures with trench results i...