Altamira Gold Intersects Disseminated Sulphide Mineralization in Initial Diamond Drill Holes at the Apiacas Project

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Vancouver, British Columbia--(Newsfile Corp. - November 3, 2021) - Altamira Gold Corp. (TSXV: ALTA) (FSE: T6UP) (OTC Pink: EQTRF), ("Altamira" or the "Company") is pleased to provide an update regarding drilling at the central part of the Mutum target area in the Apiacas Project area, which historically produced an estimated 1 million ounces of placer gold. The project is located within the Alta Floresta Gold Belt in Northern Mato Grosso, Brazil.

Highlights

  • Initial diamond drilling at the Mutum target has intersected several zones of disseminated sulphide mineralization associated with shear zones within altered granitic rocks. Thus far, five diamond drill holes totaling 1,003 metres have been completed within the area initially permitted for drilling within the central part of the Mutum target, Apiacas Project
  • All holes have been drilled to investigate both the chargeability anomalies identified in the IP survey completed in August 2021 and the depth extension of the surface gold mineralization seen in channel samples and artisanal workings which include 12m @ 2.00 g/t gold (see June 4, 2019 news release for more information)
  • An application has been submitted to the local environmental authority, SEMA, to expand the area presently permitted for drilling. The expanded permit area will enable Altamira to both extend the drilling over a further 1.3 kilometers of east-west strike length within the target area and to access priority drill targets in areas where interpreted mineralized structures intersect
  • Soil sampling over three new areas covering a total of 8,000 hectares, both to the west and the east of the Mutum target has been completed. A total of 3,724 soil samples have been collected over three areas to date and results are expected shortly
  • Soil sampling, trenching and geological mapping are also being accelerated at the Santa Helena Project to define drill targets with the objective of commencing drilling during Q1 2022

Michael Bennett, President and CEO of Altamira Gold commented "The initial diamond drill holes at Mutum have intersected broad zones of disseminated sulphide mineralization and we look forward to receiving the geochemical results. At the same time, the environmental applications that are in process will more than double the available area for drill testing to the west. While diamond drilling continues to test the Mutum target, three new target areas within the Apiacas Project have been mapped and soil sampled and will progress to trenching and drilling in the near future. We are also advancing drill targets at the Santa Helena project."

APIACAS PROJECT

The Mutum target is part of the Apiacas Project area, located 50km west of Altamira's Cajueiro gold project which hosts NI 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 (Figure 1). An estimated 1Moz of alluvial and colluvial gold was reportedly recovered from the Mutum target, suggestive of the presence of a significant underlying hard-rock source.

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Figure 1: Location of the three main Altamira Project areas.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/4500/101832_6bbc88adc4cd3958_001full.jpg

In 2019, geological mapping outlined an area of pervasive disseminated-style gold mineralization over at least 4 km2 at Mutum. A total of 93 surface rock samples of disseminated and altered rocks collected on surface over this area returned gold values of up to 406.6 g/t gold (see news release dated September 11, 2019). Recent exploration has also identified four high-grade vein structures with channel samples returning values up to 3m @ 10.39 g/t gold. Silver assays have also returned high grade values up to 871 g/t silver (see March 8, 2021 news release for more information). An IP survey completed over the area in August shows extensive high chargeability anomalies over an east-west corridor covering some 6 kilometers which is coincident with the historic alluvial and colluvial workings in the target area (see Figure 2).

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Figure 2: Trends of high chargeability IP anomalies in the Mutum target, Apiacas project.

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/4500/101832_6bbc88adc4cd3958_002full.jpg

Initial diamond drilling has been limited to the areas with active drill permits covering the central one kilometer east-west corridor within the Mutum target. The first five diamond drill holes were drilled to downhole depths of between 126 m and 276 metres (see Figure 3) and targeted both chargeability anomalies and the depth extension of the surface gold mineralization indicated by both the historic artisanal mining and the channel sample results collected by Altamira (see news releases dated June 4, 2019 and June 8, 2021). Broad zones of hydrothermal alteration, accompanied by disseminated sulphide mineralization were logged within the granitic host rocks intersected. These alteration zones appear to correlate with known clay alteration zones mapped within several of the artisanal placer gold workings. Drill core samples have been submitted to the SGS laboratory in Belo Horizonte and results are pending.

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Figure 3: Drill hole locations and environmental permit areas, Mutum target, Apiacas project.

To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/4500/101832_6bbc88adc4cd3958_003full.jpg

In addition, soil sampling has been ongoing over three new areas both to the west and the east of the Mutum target. A total of 3,724 soil samples have been collected over the three areas to date and samples have been submitted to the SGS laboratory in Belo Horizonte for both gold and multi-element geochemical analyses. Results are expected shortly.

SANTA HELENA PROJECT

Soil sampling, trenching and geological mapping are also being accelerated at the Santa Helena Project to define drill targets with the objective of commencing drilling during the first quarter of 2022. Targets comprise both discrete quartz vein structures known to host sulphide mineralization with associated gold, which are the objective of historic and current artisanal mining operations plus base metal soil anomalies associated with intrusives.

Qualified Person

Guillermo Hughes, FAIG and M AusIMM., 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 its 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 8 projects comprising approximately 190,000 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/101832

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