Mr.
The Company expects the report to include a current Mineral Resource Estimate on the producing gold projects in
The reader is cautioned that historical gold resources cannot be relied upon as they need to be confirmed by a Qualified Person through additional sampling, analysis and possibly additional drilling. A National Instrument 43-101 Mineral Estimate Report on the property has now been commissioned by the Company to qualify the historical estimate and profile the property characteristics.
Acquisition highlights
Current aggregate gold production at the two properties is approximately 21,000 ounces of gold per year from the oxide zones of the two properties.
Highlights of the
- The 31st
August 2020 , SRK JORC (Joint Ore Reserves Committee ) (2012) MRE report for Property A stated a total Indicated Resource of 785 koz gold at an average grade of 1.62 g/t Au, and a total Inferred Resource of 765 koz of gold at an average grade of 1.22 g/t Au. A cut-off grade of 0.25 g/t Au was used for open pit, and a 0.55 g/t Au cut-off grade was used for underground. Two higher-grade shoots, mostly classified as an Inferred Resource, extend below the current optimised pit shell, and at this stage appear to comprise a grade of up to 3 g/t gold. - The 31st
December 2020 , SRK JORC (Joint Ore Reserves Committee ) (2012) MRE report for Property B stated a total Indicated Resource of 257 koz at an average grade of 1.36 g/t Au, and a total Inferred Resource of 110 koz of gold at an average grade of 1.35 g/t Au. A cut-off grade of 0.25 g/t Au was used for open pit, and a 0.59 g/t Au cut-off grade was used for underground. The SRK reports were prepared for the Vendor of the properties, who consented to their reference in the Company’sJuly 12, 2021 press release. - Current oxide mining is being carried out on Property A to a depth of 40 m with material being processed using conventional heap leach technology.
- Current annual production is 12 koz gold, which may be increased to 30 koz gold per annum with mining of additional oxide deposits in the A license.
- The Company has commissioned a National Instrument 43-101 PEA for Properties A and B.
- Exploration potential in the Property A license is good, with potential for adding additional ounces at multiple target areas in strong alteration zones ready to be soil sampled and drilled along previously delineated major controlling structures.
Highlights of the
- Deposit C has a historic GKZ resource of 480 to 500 koz of gold with a grade of 1.40 g/t to 1.45 g/t. Altair intends to develop this project to NI 43-101 compliance.
- C is an operating oxide heap leach gold mine, producing 9 koz gold per annum. The Company will be evaluating ways to increase this production.
- The mineralization being processed at C includes significant free gold with excellent metallurgical properties, currently yielding 70% Au recovery in the oxide zone in current test operations using both a gravity circuit and heap leach processing.
- Exploration potential at C is believed to be good, as the existing initial test mining operations cover only a small part of a much larger mineralized system. Gold and Copper geochemical anomalies, defined in 2020 to the east of both existing open cut pits, cover areas of 1,000 m by 800 m each, and are ready to be drill tested to increase the oxide gold resource.
- Based on hydrothermal alteration associated with the mineralization, the potential for a large copper-gold porphyry stockwork deposit underlies the currently identified mineralization. District-scale exploration, including both alteration mapping and a 3-D IP (induced polarization) geophysical survey, will assess this possibility. Success could form the basis for a future large open pit mine.
Both the
Altair, in conjunction with
Information of a technical and scientific nature that forms the basis of the disclosure in this press release has been prepared and approved by Dr.
About
Altair is a gold and precious metal exploration company. Altair recently announced the signing of a binding agreement for the purchase of the Marbera 2 permits in
The company also recently announced an agreement for the acquisition of two gold-producing properties in
Altair also has rights to acquire a 65-per-cent interest in the Simon gold and silver property located in the
For further information:
Chairman, CEO,
gyoung@altairresources.com, www.altairresources.com
Investor Relations
fruth@altairresources.com
Media Relations
kirsti.mattson@gmail.com
Neither
Forward-Looking Statements:
This press release contains forward-looking statements with respect to the Company. By their nature, forward-looking statements are subject to a variety of factors that could cause actual results to differ materially from the results suggested by the forward-looking statements. In addition, the forward-looking statements require management to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that the forward-looking statements will not prove to be accurate, that the management’s assumptions may not be correct and that actual results may differ materially from such forward-looking statements. Accordingly, readers should not place undue reliance on the forward-looking statements.
Generally forward-looking statements can be identified by the use of terminology such as “anticipate”, “will”, “expect”, “may”, “continue”, “could”, “estimate”, “forecast”, “plan”, “potential” and similar expressions. Forward-looking statements contained in this press release may include, but are not limited to, the completion of the private placement and the Company receiving regulatory approval to the partial revocation order. These forward-looking statements are based on a number of assumptions which may prove to be incorrect including, but not limited to, the Company receiving regulatory approval to the private placement and the partial revocation order application.
The forward-looking statements contained in this press release are made as of the date hereof or the dates specifically referenced in this press release, where applicable. Except as required by law, the Company does not undertake any obligation to update publicly or to revise any forward-looking statements that are contained or incorporated in this press release. All forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
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