Altamira starts Crepori drilling, appoints Bennett CEO
ALTAMIRA GOLD Corp. has commenced diamond drilling at the Crepori project in southern Para state, Brazil, and has appointed Michael Bennett as president and chief executive officer of the company.
Commencement of Crepori drilling
Drilling has commenced at the Crepori project. Historical placer gold workings at Crepori are extensive and cover an area of several square kilometres, making it one of the largest placer gold camps in the northern Brazil. Estimated historical gold production from the placer workings is in excess of 500,000 ounces.
The project has never been previously drilled. Reconnaissance work by Altamira has identified outcropping high-grade vein mineralization in at least six different areas at Crepori, including Ze Milton, Raimundo, Ze do Bode, Filao do Boiadeiro, Filao do Parente and Filao do Ouro, which will all be tested as part of this first-phase drill program. The program is expected to comprise six or seven holes for a maximum of 1,000 metres of drilling. Earlier work by Altamira returned gold values from surface samples ranging up to 1,023 grams per tonne gold, and results are currently pending on a number of additional surface samples which will be used to further refine drill targets.
Michael Bennett has assumed the position of president and CEO of the company, replacing Alan Carter, who will move to the position of chairman of the company
and will remain a director.
Mr. Bennett is both a geologist and a board member of Altamira. He is also Altamira’s largest shareholder, as well as a founder of Alta Floresta Gold Ltd., the private company that was acquired by Altamira (formerly Equitas Resources Ltd.) in April, 2016.
Mr. Bennett said: “I am delighted to assume the position of president and chief executive officer of Altamira Gold. During the last few months, we have successfully completed a corporate restructuring, raised $2.9-million through several non-brokered private placements, discovered two new zones on our key Cajueiro project and have commenced drilling on our Crepori project. These developments, together with our track record of discovery in South America, as well as our local expertise, puts Altamira in a class all by itself in Brazil, and with drills turning, the company is very well placed to create significant value for shareholders.”
The TSX Venture Exchange has accepted for filing the company’s proposal to issue 236,111 common shares at a deemed price of 18 cents per share to settle outstanding debts totaling $42,500.
With certain debts owing to management and certain directors of the company being settled pursuant to the debt settlement, their participation in the debt settlement will be considered to be a related party transaction.
We seek Safe Harbor.
Karen Baxter condensed this news release (email@example.com).
Michael Bennett, Alan H C Carter, Christopher Harris, David Ian Hodge
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