Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Altamira Gold (TSXV: ALTA) announced that it is working towards completing an updated resource estimate for its flagship Cajueiro gold project located in the northern part of Mato Grosso state in western Brazil.
To move ahead, the Canadian miner hired Global Resource Engineering.
Cajueiro comprises NI 43-101 compliant 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.
The resource estimate was completed in May 2016 and, according to Altamira, is based on 10,282 metres of drilling and 48 drill holes within an area of 275 hectares.
Since then, the company has drilled an additional 49 diamond drill holes totaling 3,154 metres and completed 25 surface trenches totaling 4,063 metres. This work was largely focused on the Baldo East area which is located 500 metres due east of the existing Baldo resource and has resulted in the discovery of several parallel high-grade structures.
Based on these findings, the Vancouver-based miner considered it necessary to revise its resource estimate.
The Cajueiro project comprises a large land package located in the Alta Floresta – Juruena Gold Belt, a Proterozoic arc consisting of calc-alkaline granite-volcanic, and medium to high grade metamorphic crustal segments.
Historic gold production in the belt is recognized to be in the range of 7-10MM oz., primarily from garimpeiro activity.
