Altitude Minerals Secures High-Grade Firenze Silver & Gold Project in Nevada
Altitude Minerals (ASX: ATT) has secured a potentially game-changing opportunity through an option agreement to acquire the Firenze Silver & Gold Project in Nevada, USA. This acquisition targets untested epithermal veins with exceptional high-grade precious metals potential in one of the world's premier mining jurisdictions.
The Altitude Minerals Firenze project represents a significant step forward for the company as it expands its portfolio in North America. With bonanza-grade samples already identified at surface, the project offers considerable upside potential in an area that has remained virtually unexplored for decades.
Bonanza-Grade Results from Untouched Epithermal Veins
The Altitude Minerals Firenze project presents a rare opportunity – a high-grade silver and gold project with outcropping bonanza-grade veins that have never been drilled. Rock chip sampling conducted by the vendor, Orogen Royalties, has returned truly exceptional assays, including:
- 1,825 g/t silver with 22.5 g/t gold
- 1,250 g/t silver with 9.3 g/t gold
- 534 g/t silver with 43.9 g/t gold
- 600 g/t silver with 2 g/t gold
What makes this project particularly unique is its history. The area was classified as a Bureau of Land Management (BLM) Wilderness Study Area from 1980 until December 2022, which prevented meaningful exploration for over four decades.
Now accessible for modern exploration methods including drilling, Firenze represents a genuine greenfield opportunity in a mature mining region. Furthermore, this timing advantage gives Altitude Minerals a first-mover position in an area with demonstrated high-grade mineralisation.
Prime Nevada Location with Established Infrastructure
The Altitude Minerals Firenze project is situated in a prime location within Nevada's mineral-rich Churchill County, just 10km from Interstate-50 highway and approximately 2 hours from Reno. This provides excellent year-round access and proximity to exploration service providers, allowing for accelerated exploration activities.
Nevada ranks as the #2 mining jurisdiction in the world according to the Fraser Institute and produced 70% of the USA's annual gold production in 2024. The strategic location places it near several significant mines:
- Paradise Peak Mine: Past production of 1.6 Moz gold and 24.1 Moz silver
- Round Mountain: Active mine with 20.7 Moz gold and 16 Moz silver produced to date
- Denton-Rawhide: Past production of 1.9 Moz gold and 15 Moz silver
This established mining region offers Altitude Minerals not only geological advantages but also practical benefits in terms of permitting, skilled workforce availability, and processing infrastructure.
Understanding Epithermal Vein Systems
Why Firenze Has Significant Potential
Epithermal vein systems are mineral deposits that form relatively near the Earth's surface in volcanic regions. They develop when hot mineral-rich fluids circulate through cracks and faults in the rock, depositing valuable minerals as they cool.
The Altitude Minerals Firenze project displays classic characteristics of a low-sulphidation epithermal system, indicated by the presence of quartz-adularia veins with high-grade silver and gold mineralisation.
In simpler terms, these are mineral-rich structures formed by hydrothermal fluids that deposited precious metals in natural fractures within the rock. Such systems often contain extremely rich concentrations of precious metals, particularly in "boiling zones" where rapid changes in fluid chemistry cause metals to precipitate.
The observed outcropping veins at Firenze are up to 1.5 meters wide with an approximate 1,000m strike length and remain open to the east with potential extensions under shallow cover.
Geological Indicators of a Major System
The geological characteristics – including specific clay minerals (illite, kaolinite) and silver minerals (acanthite, silver sulfosalts) hosted within volcanic tuff – are typical of what geologists call "boiling zones" in these systems.
"The unique opportunity presented for Altitude to acquire the Firenze Project in Nevada, with bonanza-grade Ag-Au epithermal veins that have never been drilled, was too good to pass up. Furthermore, due to the rezoning by BLM, the project has never been explored using modern exploration techniques in one of the world's top destinations for exploration," commented Duncan Chessell, Managing Director of Altitude Minerals.
Importantly, the relatively low base metal content suggests the upper levels of the system are exposed, with potentially much more of the mineral system preserved below the surface – precisely where Altitude Minerals Firenze project plans to direct its exploration efforts.
Dual Exploration Strategy Targeting Multiple Deposit Styles
Altitude Minerals has identified two key exploration targets at the Firenze project:
- High-grade vein-hosted epithermal mineralisation immediately below the outcropping bonanza-grade veins
- Large-scale disseminated silver-gold deposits under shallow cover to the east, where mineralised veins plunge under basin-bounding fault lines
This second target represents a significant opportunity similar to Orogen's Silicon Deposit discovery, which was initially staked by Orogen before being developed into a 4.2 million ounce gold deposit.
The expanded Silicon Project now includes a second deposit (Merlin), bringing the total resource to 16.3 million ounces of gold. This demonstrates the potential for major discoveries in Nevada's epithermal systems, even in areas previously considered fully explored.
Attractive Deal Structure with Clear Path Forward
Altitude Minerals has negotiated favourable terms with Orogen Royalties for the Firenze project:
- Option to purchase agreement with election notice due by October 2, 2025
- Initial payment of US$100,000 (in cash or shares at Altitude's election)
- Second payment of US$300,000 due before November 30, 2025 (in cash or shares)
- 3% royalty to Orogen with 1% buydown provision for US$1.5 million
The 90 fully granted BLM unpatented mineral claims cover 7.4 km², allowing for all forms of exploration including drilling. This structure gives Altitude time to assess the project's full potential before committing to the final acquisition.
Near-Term Exploration Plan and Timeline
Altitude has outlined a clear path forward at the Altitude Minerals Firenze project:
- Finalise legal due diligence and complete the purchase and transfer of claim titles
- Conduct alteration and structural mapping, rock chipping, and infill geophysical surveys
- Complete drill collar location confirmation and permitting activities
- Execute a drilling program planned before H1 2026
This methodical approach allows for proper characterisation of the target zones prior to drilling, maximising the chance of exploration success while managing costs effectively.
Why Investors Should Track Altitude Minerals
Altitude Minerals offers investors exposure to a compelling exploration opportunity with several key advantages:
- Untested high-grade targets in a premier mining jurisdiction with bonanza-grade surface samples
- Dual target potential for both high-grade veins and large-scale disseminated deposits
- Strategic partnership with Orogen Royalties, who have a proven track record of discovery in Nevada
- Excellent infrastructure and year-round access allowing for accelerated exploration
- Experienced management with a team involved in over $100 billion worth of discoveries
With a clearly defined exploration pathway and significant near-term catalysts, including geophysical surveys and an upcoming drill program, Altitude Minerals is well-positioned to unlock substantial value at the Firenze Project.
The combination of exceptional grades at surface, no previous drilling, and location in a world-class mining jurisdiction makes the Altitude Minerals Firenze project a compelling opportunity that deserves close attention from resource investors.
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