AHEM (Cough)A few weeks back we said that no one in the area has...

AHEM (Cough)

A few weeks back we said that no one in the area has had anything happen at all with gold.

Yes I know I wrote this post at 2am . but it was a good night to decide to have a midnight red bull and watch the stories on Netflix

SO

Alta Mira . .down the road just got a mining licence

Im not an expert (seriously, can you tell) but at least it means someone in Mato Grasso is digging for something and setting up procesing facilities.

https://altamiragold.com/2020/01/altamira-receives-bulk-sampling-license-for-trial-mining-at-the-cajueiro-gold-project-brazil/

Pursuant to the arrangement signed on August 8, 2019, FMS will sole finance the construction of a 1,000-tonne-per-day processing plant (currently estimated to cost $2.4-million (U.S.)) and be responsible for providing the surface mining fleet and staffing, and operating the trial mining project. The preproduction capital costs will be paid back from 70 percent of the net income flowing from the operation, and the remaining net income will be split 50:50 FMS and Altamira, resulting in Altamira receiving 15 percent of the net income from the operation until payback of construction costs and 50 percent thereafter. All additional costs, including those required for any expansion, will be financed on a 50:50 basis. The arrangement gives FMS no ownership of Altamira’s Cajueiro gold project or the resources contained therein and may be terminated by either party at any time, subject to the reimbursement by the terminating party of all losses suffered by the other parties due to the early termination.

January 16th, 2020 Altamira Gold Corp.’s (TSXV: ALTA) (FSE: T6UP) (USA: EQTRF), (“Altamira” or the “Company”) is pleased to announce that it has received the first Trial Mining License with respect to permit 866.160/2007 for its advanced Cajueiro Gold Project in northern Mato Grosso State in western Brazil.

Highlights are as follows:The Trial Mining license No 041/2019 was recently published and follows the environmental permit LOPM No 320459 published on October 7, 2019. The Trial Mining License now grants Altamira Gold and its partner FMS Investimentos e Participacoes Ltda. (“FMS”) the right to process up to 50,000 tonnes per year from the southern part of the key Crente resource area, and is valid for 36 months

The first Trial Mining license also allows Altamira and FMS to commence the construction of the processing facility in the Cajueiro Project area and will open up the southern portion of the highly-prospective Crente resource for feed for the plant (see press releases dated August 8, 2019 and October 16, 2019 for additional information)Altamira is pursuing Trial Mining Licenses over three additional claim blocks which would cover the resources in the northern part of the Crente deposit, as well as the Baldo, Matrincha and Marines deposits within the Cajueiro Project area

Altamira’s 2019 NI 43-101 Mineral Resource Estimate was recently completed by Global Resource Engineering Ltd. (“GRE”), and totals 5,661,000 tonnes @ 1.02 g/t gold for a total of 185,000 oz of gold (Indicated) and 12,665,000 tonnes @ 1.26 g/t gold for a total of 515,000oz of gold (Inferred) (see press release dated October 10, 2019 for additional details). The resources are confined to an area of approximately 285 ha whilst the total area comprising the Cajueiro concession area amounts to 28,559ha.

Permitting activities related to the receipt of the three additional Trial Mining Licenses for the three claim blocks directly north of the Crente target are ongoing, however these are not necessary in order to commence construction or production from the current license (No 041/2019).