Altamira Gold Corp: Additional surface sampling at Mutum, Apiacas confirms widespread disseminated gold mineralization over a surface area of four square kilometres

Vancouver, British Columbia--(Newsfile Corp. - September 11, 2019) - Altamira Gold Corp.'s (TSXV: ALTA) (FSE: T6UP) (OTC Pink: EQTRF), ("Altamira" or the "Company") is pleased to announce that it has received encouraging results from a follow up program of surface sampling from the Mutum target within the Apiacas gold project in northern Mato Grosso state in western Brazil. Highlights are as follows:

• Geological mapping of a syenogranitic intrusive has confirmed widespread quartz-sericite-pyrite alteration over a surface area of 4km by 1km at the Mutum target

• Results from 93 additional surface rock grab samples within the area of quartz-sericite-pyrite alteration at the Mutum target area returned gold values of 0.003 to 406.6 g/t gold. Forty-three samples returned gold values of +0.3g/t gold

• Eight of the 93 samples collected during this sampling campaign returned gold values in excess of 20g/t gold

Mutum target, Apiacas

The Mutum target is one of several areas of placer gold mineralization in the Apiacas district that were originally mined by artisanal miners during the Alta Floresta gold rush which reached its peak during the mid-1980's. Mutum however, is unlike the other targets at Apiacas as it produced significantly more placer gold than anywhere else, with estimates in excess of 1Moz.

Recent mapping by Altamira geologists at Mutum aimed at identifying the source of this placer gold, revealed that the alteration and mineralization of the rocks surrounding the historic placer gold workings is not like any other known gold occurrences within the district.

Geological mapping to date suggests that an area of approximately 4km² is characterized by quartz-sericite-pyrite alteration of a syenogranite with disseminated pyritic clots (Figure 1).

Figure 1: Typical photo of quartz-sericite-pyrite altered mineralized syenogranite at Mutum

To view an enhanced version of Figure 1, please visit:
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This style of alteration and mineralization has returned highly anomalous gold values with 53 of 93 recently collected grab samples returning gold values above 0.1 g/t gold, 43 of which returned gold values above 0.3 g/t gold (see Table 1). The syenogranite is overlain by a post-mineralization quartz porphyry sill, which is up to 20m thick, and extensive soil and alluvial workings (see Figure 2).

Figure 2: Recently completed geological map and section of Mutum target at Apiacas showing extent of mineralized and altered syenogranite and post-mineralalization quartz porphyry and soils and alluvial workings together with gold values associated with surface rock sampling to date

To view an enhanced version of Figure 2, please visit:
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Eight of the 93 recently collected grab samples returned values above 20g/t gold with one sample returning 406.6 g/t gold (see Table 1). This suggests the presence of narrower high-grade structures within the broader area of alteration and mineralization. This new surface sampling campaign at the Mutum target confirms the previous sampling campaign of June 2019 (see press release dated 4^th June 2019) suggesting widespread disseminated gold mineralization. Discussions are currently underway with several drilling contractors.

Table 1: Gold results from 92 recently collected surface grab samples collected over Mutum target. Samples above 0.3g/t gold are highlighted in yellow and samples above 20g/t gold are bolded

Michael Bennett, Altamira Gold's President and CEO, commented, "The results of the follow-up surface sampling program at the Mutum target at Apiacas continue to suggest the presence of widespread disseminated gold mineralization associated with unusual but extensive quartz-sericite-pyrite alteration over an area of approximately 4km². We are excited by the enormous potential of this target and look forward to announcing the commencement of a maiden reconnaissance drill program in the coming months."

Cajueiro project update

Altamira is currently focused on obtaining the necessary permits to allow Trial Mining at the Cajueiro gold project in advance of plant construction and production during mid-2020.

In addition, Global Resource Engineering Ltd. ("GRE") has advised the Company that it expects to complete the updated resource estimate (see press release dated 16^th July 2019) for the Cajueiro gold project during September.

About Altamira Gold Corp.

The Company is focused on the exploration and development of gold projects within western central Brazil. The Company holds 11 projects comprising approximately 300,000 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 an NI 43-101 resources of 8.64Mt @ 0.78 g/t Au (for 214,000oz) in the Indicated Resource category and 9.53Mt @ 0.66 g/t Au (for 204,000oz) in the Inferred Resource category and an additional 1.37Mt @ 1.61 g/t Au in oxides (for 79,000oz in saprolite) 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

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 TSX Venture Exchange nor it 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.

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/47714