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Altamira Gold advances its Cajuiero gold project as it gets go-ahead for power plans

The state of Para's supplier Centrais Eletricas do Para (CELPA) has given the go-ahead for the firm's application to draw power from the existing transmission line

Altamira Gold Corp. -
The Cajueiro project has of 185,000 ounces at 1.02 grammes per tonne (g/t) gold in the indicated resource category and 515,000 ounces at 1.26 g/t gold in inferred resources

Altamira Gold Corp (CVE:ALTA) (OTCPINK:EQTRF) (FSE:T6UP) revealed Thursday that its Cajuiero gold project in Brazil has been boosted as it secured approval for its plans to get power to the camp and processing plant.

The state of Para's supplier Centrais Eletricas do Para (CELPA) has given the go-ahead for the firm's application to draw power from the existing transmission line by installing a 1.5 MW substation at the site, the group said.

READ: Altamira Gold hires experienced mine operator to oversee construction at Cajueiro project

It will allow the company to use of up to 1.5MW of electricity, which will be enough to service the camp facilities and a 1,000 tonnes per day (tpd) plant. Detailed design plans for the substation which will be submitted to CELPA within the next 50 days, Altamira added.

"This prompt approval from CELPA secures grid power for the Cajuiero gold project and marks a major step forward in our overall objective of transforming Altamira Gold from an exploration company to a near-term gold producer and will help the company to fast track the plant construction and begin production in 2021 using an environmentally friendly power supply," Michael Bennett, CEO of Altamira said in a statement.

Updating on other activity at Cajueiro, the firm noted that the initial engineering and design work phase was expected to be completed by the end of July, while construction of the plant was scheduled to begin during the second half of this year.

An nitial payment of US$1 million required under the April precious metals purchase deal between the firm and Metalstream is on track and expected on July 14 this year, it added.

In addition, Altamira is collecting several further bulk samples of oxide ore from the project which will be sent for further metallurgical testing in order to ensure that the plant design is optimized for maximum gold recovery. Additional soil sampling is also being carried out on areas outside the Central resource area.

Elsewhere, at the firm's Apiacas and Santa Helena projects, Core Geophysics of Perth has been contracted to complete interpretation work of airborne geophysical surveys covering the two assets.

This is to assist the group in defining target areas for geochemical follow up within these extensive property packages, Altamira said.

The Cajueiro project has 185,000 ounces at 1.02 grammes per tonne (g/t) gold in the indicated resource category and 515,000 ounces at 1.26 g/t gold in inferred resources.

Shares in Toronto ticked up 5.6% to C$0.095 each.

Contact the author at [email protected]

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Price: 0.12 CAD

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Market: TSX-V
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Altamira Gold hires mining veteran to lead the construction on their...

Altamira Gold (CVE: ALTA-FSE:T6UP-US: EQTRF) CEO Michael Bennett joined Steve Darling from Proactive with news the company has brought on Mr Edgar Barrios to run the construction of the mine and processing plant at the Cajueiro gold project in Brazil. Bennett discusses his experience and why...

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