Altamira Gold in the middle of an unprecedented staking rush in Brazil

The recent staking of about 3.5Mha of new mineral claims by some of the world's largest mining companies in the Juruena belt on the border of Brazil's mid-western and northern regions has led Canadian junior Altamira Gold to announce an exploration program for concealed porphyry copper mineralization in the zone, where it holds nine project areas.

Altamira said that the catalyst for the staking rush appears to be a significant copper discovery at the Jaca area, in the eastern part of the belt. The company also said that apparently UK-based Anglo American has six rigs drilling on the project, according to an analysis based on Google Live satellite imagery.

Following rumors about Anglo being close to a major copper discovery in Brazil, corporate communications group head James Wyatt-Tilby told BNamericas in late July that the resources giant has drilled six holes at the site, and that early results are promising. 

Meanwhile, Altamira's program found copper-gold mineralization at its own Jaca target consistent with porphyry mineralization based on an examination of open file reports. Also, a reinterpretation of detailed aeromagnetic data over Altamira's Cajueiro project has revealed 14 separate targets for concealed porphyry-style mineralization.

BNamericas spoke with Altamira'a president and CEO, Michael Bennett (pictured), about the company's prospects in the area and the unprecedented staking rush in Brazil.

BNamericas: What are Altamira's projects in the Juruena belt and when did the company start prospecting in the region?

Bennett: Altamira holds nine project areas in the Juruena belt. The company's wholly owned subsidiary, Alta Floresta Mineração, has been prospecting the region, specifically the Alta Floresta mineral belt, for the last 10 years.

BNamericas: Altamira is a gold-focused miner. When did the company start prospecting for copper in the region and why?

Bennett: The company is a gold-focused exploration company targeting the source of the placer gold that has been historically produced throughout the belt. Altamira currently controls approximately 250,000ha. Altamira has been aware of copper mineralization in the belt for some five years, but started prospecting for copper in the second half of 2017 after the porphyry discovery by Anglo American.

At the end of last year, with reliable word of the first copper porphyry discovery in the Alta Floresta belt, we decided to re-look at our historical data which included detailed aeromagnetic data on our flagship Cajueiro project. That has revealed the presence of a number of discrete targets with magnetic and/or radiometric responses that may be consistent with concealed porphyry-style mineralization, which could be the driver for the extensive gold mineralization observed on surface at Cajueiro.

BNamericas: Altamira said earlier that the staking rush of Anglo American and Nexa Resources in September last year could result from Brazil's first ever porphyry copper-gold discovery. In Altamira's point of view the discovery can be confirmed? 

Bennett: Anglo American staked 2.5Mha between September 11-15, 2017 and Nexa Resources staked approximately 500,000ha immediately after on September 28-29. The world's largest copper company, Codelco, staked over 880,000ha adjoining and surrounding the belt just a few weeks ago. The Jaca porphyry outcrops on surface and has been confirmed by a number of geologists with experience in the belt including research geologists working with the University of Campinas [UNICAMP].

BNamericas: How could the company take advantage of the discovery? Is Altamira well-positioned in the region among its peers?

Bennett: Altamira is very well-positioned and has been exploring for gold in the Alta Floresta belt for several years prior to the latest staking rush. Some of these historic placer gold camps are thought to be associated with deeper-seated intrusive sources and so Altamira is in a unique position as a junior company surrounded by three major mining companies.