Altair expects that the report will provide a current mineral resource estimate on the two producing gold projects being acquired, further updating the SRK reports referenced in the Company's press releases. In addition, the company expects that the work will include evaluations leading toward the preparation of a full Preliminary Economic Assessment ('PEA') for the expansion of the operations in the oxide portions of the properties as well as the commencement of additional production in the sulfide zones.
In addition, this week and next week, Company management including its CEO and several technical and geological consultants are conducting site visits to the projects to advance forward with due diligence evaluations. The consultants include personnel from a highly reputable engineering firm with significant experience designing and constructing gold plants for mid-tier public gold companies at 8 separate gold properties in
Acquisition highlights
The two gold-producing properties in eastern and central
Current aggregate gold production at the two properties is approximately 21,000 ounces of gold per year from the oxide zones of each property.
Highlights of the
The
Current oxide mining is being carried out on the A deposit to 40 m, which is being processed using conventional heap leach technology.
Current annual production is 12,000 oz Au, which may be increased to 30,000 oz Au per annum with mining of additional oxide deposits in the A license.
The Company has commissioned a National Instrument 43-101 PEA for the A and B properties.
Exploration potential in the A license is very high, with potential for adding of additional ounces at both target areas in strong alteration zones along major controlling structures previously delineated and ready to be soil sampled and drilled.
Highlights of the
C is an operating oxide heap leach Au mine, producing 9,000 oz Au per annum.
The mineralization being processed at C includes significant free gold with excellent metallurgical properties, currently yielding 70-per-cent Au recovery in current test operations in the oxide zone using a gravity circuit, in addition to the heap leach processing.
Exploration potential at C is believed to be excellent, as the existing initial test mining operations are only a small part of a much larger porphyry stockwork system, with Au and Cu geochemical anomalies defined in 2020, east of both existing open cut pits covering areas of 1,000 m by 800 m each, ready to be drill tested to increase the oxide Au resource.
A large target exists for a 3-D IP (induced polarization) survey to locate the deeper Cu-Au (copper-gold) porphyry stockwork mineralization at depth, for a potential future open cut sulphide operation.
Both the
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 state of
Contact:
Tel: +1 (806) 886- 3317
Email: gyoung@altairresources.com
Web: www.altairresources.com
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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