Altamira Gold Confirms Presence of Four High-Grade Vein Structures at Mutum Target, Apiacas Project, Brazil

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Individual samples up to 403.5 g/t gold and channel samples up to 3m @ 10.39 g/t gold

Vancouver, British Columbia--(Newsfile Corp. - March 8, 2021) - Altamira Gold Corp.'s (TSXV: ALTA) (FSE: T6UP) (OTC Pink: EQTRF) ("Altamira" or the "Company"), is pleased to announce the confirmation of four high-grade gold-silver vein structures at the wholly owned Apiacas project located in Mato Grosso state, Brazil.

Highlights

  • Recent surface sampling has confirmed the presence of four NE-SW trending high-grade vein structures at the Mutum target within the Apiacas project area. Each of the four veins appears to extend over at least 1km in strike length and all originate from the area of disseminated gold mineralization which has been mapped over 4 km2 on surface
  • Surface grab samples of these high-grade veins returned values up to 403.5 g/t gold and recent channel samples included values up to 3m @ 10.39 g/t gold. Silver assays have also returned high grade values up to 871 g/t silver
  • Altamira plans to conduct a ground induced polarization geophysical ("IP") survey to better define the limits of altered and mineralized intrusive rock carrying disseminated pyrite in advance of drilling

Michael Bennett, President & CEO commented, "At least 1 million ounces of gold were produced primarily from weathered bedrock at the Mutum target within the Apiacas Gold Project. Mutum displays broad distribution of disseminated gold mineralization occurring within altered intrusive rock. This target, covering at least 4km2, has the potential to host a very large gold system. Altamira's recent identification of four high-grade vein structures, locally carrying bonanza gold and silver values, makes this target even more compelling. We eagerly await results of our ground geophysical survey that will assist in delineation of targets in advance of drilling planned for mid-2021."

Apiacas Project

The Apiacas project area is located 50km west of Altamira's Cajueiro gold project which hosts 43-101 compliant indicated resources of 5.66Mt @ 1.02 g/t gold for a total of 185,000 oz and inferred resources of 12.66Mt @ 1.26 g/t gold for a total of 515,000oz.

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Figure 1: Location of the Altamira's projects in Mato Grosso and Para states

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/4500/76409_164ea5b044cb2a03_001full.jpg

Recent geological mapping and surface rock sampling by the Altamira geological team has confirmed the presence of four high-grade vein structures and further defined the limits of pervasive disseminated-style gold mineralization over at least 4 km2. An estimated 1Moz of colluvial gold was historically recovered from the Mutum target, suggestive of the presence of a significant underlying hard-rock deposit.

High-grade veins at Mutum are oriented NNE-SSW, are sub-vertical and have been designated Mutum 1, 2, 3 and 4 (see Figure 2). Geophysical data together with limited surface exposures suggest that each individual vein may extend for at least 1km along strike. Mineralization associated with the high-grade narrow veins varies in width from a few centimeters to several metres. The best chip channel sample, 3m @ 10.39 g/t Au, comes from the Mutum 1 vein structure (See Figure 3).

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Figure 2: Detailed map of the Mutum target showing the limits to quartz-sericite-pyrite alteration and disseminated gold mineralization associated with an altered intrusive. Historic surface workings which recovered an estimated 1Moz of gold, and location of high-grade veins are also shown

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/4500/76409_164ea5b044cb2a03_002full.jpg

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Figure 3: Channel sample across Mutum 1 structure which returned 3m @ 10.39 g/t gold

To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/4500/76409_164ea5b044cb2a03_003full.jpg

Both high-grade gold and silver mineralization characterizes the Mutum structures with values up to 403.5 g/t gold at Mutum 2, and up to 871 g/t silver at the Mutum 4 structure. A complete list of all of the surface samples collected from the four individual vein structures can be found in Table 1.

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Table 1 Multi-element assay results of the rock grab and chip samples collected along and adjacent to the Mutum 1, 2, 3 and 4 vein structures

To view an enhanced version of Table 1, please visit:
https://orders.newsfilecorp.com/files/4500/76409_altamiratable1enhanced.jpg

A re-interpretation of the regional airborne magnetic data suggests that both the widespread disseminated gold mineralization and the recently identified high-grade veins correlate with magnetic lows, probably as a result of widespread magnetite-destructive quartz-sericite-pyrite alteration which is associated with the disseminated gold mineralization.

Future ground geophysical work in the form of an IP survey is planned to complement the on-going geological and geochemical programs in order to assist with the identification of drill targets.

Qualified Person

Guillermo Hughes, P. Geo., a consultant to the Company as well as a Qualified Person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.

Neither the TSX Venture Exchange nor it's Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

About Altamira Gold Corp.

The Company is focused on the exploration and development of gold projects within western central Brazil. The Company holds 9 projects comprising approximately 280,000 hectares, within the prolific Juruena gold belt which historically produced an estimated 7 to 10Moz of placer gold. The Company's advanced Cajueiro project has NI 43-101 resources of 5.66Mt @ 1.02 g/t gold for a total of 185,000 oz in the Indicated Resource category and 12.66Mt @ 1.26 g/t gold for a total of 515,000oz in the Inferred Resource category.

On Behalf of the Board of Directors,

ALTAMIRA GOLD CORP.

"Michael Bennett"

Michael Bennett
President & CEO

Tel: 604.676.5660
Toll-Free: 1-833-606-6271
[email protected]
www.altamiragold.com

Forward-Looking Statements

Statements in this document which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Except as required by law, we do not undertake to update these forward-looking statements.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/76409

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