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They’re Uncovering an Entire DISTRICT OF GOLD | Michael Bennett - Altamira Gold

The Deep Dive Sep 28, 2026 7:20

Summary

Altamira Gold added over 600,000 ounces with just 12 drill holes, lifting Maria Bonita (its main deposit) from 720,000 to over 1.3 million ounces.

The guest argues today's roughly $4,300 gold price makes low-grade deposits economic; his resource was viable at $1,500 gold in 2019.

A new porphyry (a large, low-grade intrusion-hosted gold system) called Maria Bonita West was found at depth, and its first drill hole is now collared.

Altamira frames Cajueiro as a multi-porphyry district, targeting over three million ounces, with new targets Novosonios and Tavares North in the pipeline.

The Deep Dive discloses Altamira is a paying client of its parent, Canacom Group, so treat this coverage as compensated promotion.

Key points on Seabridge Gold

  • The host cites Rudy Frong of Seabridge as an admirer of exploration metrics such as ounces added per meter drilled and capital spent per ounce, using them to frame Altamira's Maria Benito growth as efficient.

Steve Hyland's takeaways

  • Top takeaway Frames Altamira as an 'elephant hunt' for a large ore body and suggests to Bennett that the company is sitting on a potential tier-one, district-scale asset.
  • Closes by asking what watch-list investors should track over the next 12 months and pointing to upcoming assay results from the recent drilling program.

Rick Rule's takeaways

  • Top takeaway Cited by Bennett as one of the successful resource investors he has conversed with, all of whom judge a company on whether it holds a big ore body majors would eventually want to examine.

Mike Bennett's takeaways

  • Top takeaway Argues the Maria Benito resource has grown to just over 1.3 million ounces, up from 720,000 in July 2025, at a rate of roughly 153 ounces added per meter drilled, and says the system holds more than 3 million ounces.
  • Maintains that gold near $4,300 an ounce — versus $1,500 when the deposit's first resource was compiled in 2019 — makes low-grade porphyry material economic, without needing a move to $10,000 gold.
  • Presents Maria Benito West as a newly discovered porphyry (hole 36: pyrite, magnetite, minor molybdenum) and reports the first 300-400 meter hole was collared the day before the interview.
  • Reframes Altamira as a district rather than a single deposit — 25 kilometers of east-west strike, 15 kilometers of mineralized alluvial streams and multiple porphyries found over the past 18 months — calling it potential tier-one.
  • Directs investors to watch for the new porphyry's first results, Novosonios trenching ahead of drilling, regular resource increments and newer targets such as Tavares North.

Warren Gilman's takeaways

  • Top takeaway Named by Bennett among the successful investors he has spoken with whose shared yardstick is whether a company holds a big ore body majors would eventually want to examine.