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Altamira Gold (TSXV: ALTA) announced an increase in the resource estimate for its advanced Cajueiro project, located in the northern part of the Mato Grosso state in western Brazil.

In a media statement, Altamira said that a study conducted by Global Resource Engineering showed an 83% increase in the total amount of contained ounces of gold and a 61% increase in the gold grade.

According to the miner, inferred resources total 12,665,000 tonnes at 1.26 g/t gold for a total of 515,000 ounces of gold of which 1,673,000 tonnes at 1.12 g/t gold is weathered rock and 10,992,000 tonnes at 1.29 g/t is fresh rock.

Indicated resources, on the other hand, are reported as totaling 5,661,000 tonnes at 1.02 g/t gold for a total of 185,000 ounces of gold of which 854,000t at 0.92 g/t gold is weathered rock and 4,806,000 tonnes at 1.04 g/t is fresh rock.

“The 2019 indicated resources represent a 13.5% decrease in the total amount of contained ounces but also represent a 33% increase in grade,” the media brief states in a section where the current results are compared to those of 2016. “Inferred resources represent an 83% increase in the total amount of contained ounces and also represent a 61% increase in grade.”

Altamira said that the resource estimate utilizes all exploration information to date which includes 13,390 metres of diamond core drilling and 5,282 metres of surface trenches.