Interview with Michael Bennett, President & CEO of Altamira Gold

Our previous interview: https://www.cruxinvestor.com/posts/altamira-gold-alta-finding-gold-copper-porphyries-in-brazil-1925

Recording date: 31st May 2024

Altamira Gold (TSXV:ALTA) offers investors a unique opportunity to gain exposure to the underexplored gold potential of Brazil. The company's flagship Cajueiro project in the central-western part of the country hosts a 700,000 ounce resource at an average grade of 1.2 grams per tonne (g/t). However, the real excitement comes from the recent Maria Bonita discovery, which has the potential to rapidly grow the resource while providing a pathway to near-term production.

Maria Bonita was discovered in 2020 and has seen limited drilling to date. Yet the results have been impressive, with long intercepts of consistent gold mineralization starting from surface. Hole 29, for example, returned 1.0 g/t gold over 22.8 meters with a peak value of 2.4g/t gold. Importantly, the deposit features 10-20 meters of soft oxidized rock from surface that is highly amenable to heap leach processing. Initial metallurgical tests returned 88% gold recoveries with very low reagent consumption.

The oxidized blanket at Maria Bonita supports a potential heap leach operation producing around 200,000 ounces per year. With a capex estimated at less than $10 million, such an operation would be transformational for Altamira. It would provide the cash flow to fund aggressive exploration across the company's 30,000-hectare land package, where numerous targets have yet to be drill tested.

The ultimate goal is to establish Cajueiro as a multi-million ounce gold district. Maria Bonita is open at depth where recent drilling has encountered visible gold, pointing to the potential for a positive grade reconciliation. Regionally, Altamira is conducting geophysical surveys to define new drill targets for testing later this year.

Altamira also offers investors optionality through its earlier-stage Apiacas and Santa Helena projects. Apiacas, located 50 km east of Cajueiro, produced over 1 million ounces of gold historically from garimpeiro workings. Altamira's first-pass drilling returned grades up to 9m @ 9.44 g/t gold, and 9m @ 4.5 g/t gold, with follow-up geophysics and drilling planned. Santa Helena meanwhile provides copper-gold porphyry exposure, with three targets identified from surface sampling.

With a market cap of just $20 million, Altamira is an attractive speculation at current levels. The company has recently raised $6 million through private placement, providing ample funding for upcoming drilling and development studies. The potential for a low-capex heap leach operation at Maria Bonita provides a compelling near-term production opportunity. And with a 30,000-hectare land package in a highly prospective yet underexplored gold belt, there is no shortage of upside potential. With drilling ongoing to grow the resource base and a number of potential catalysts on the horizon, Altamira is a story worth watching closely.

View Altamira Gold's company profile: https://cruxinvestor.com/companies/altamira-gold

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