Altamira granted extension to Porta Aberta claim where recent sampling returns values up to 242.8g/t gold on surface, Brazil

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Vancouver, British Columbia--(Newsfile Corp. - October 31, 2018) - Altamira Gold Corp. (TSXV: ALTA) (FSE: T6UP) (OTC Pink: EQTRF), ("Altamira" or the "Company") is pleased to announce that it has been granted a 2 year extension to the Porta Aberta claim block which is located 13km SSW of Altamira's flagship Cajueiro project (Figure 1) located in the north of the Alta Floresta Belt, in the state of Mato Grosso, Brazil. (Figure 1 - Location of the Porta Aberta project in the north of the Alta Floresta Belt)

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Figure 1 - Location of the Porta Aberta project in the north of the Alta Floresta Belt

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Highlights are as follows: -

  • The Porta Aberta claim blocks amounting to 1,521ha and located 13km SSW of the Cajueiro project area have been extended for a further two years
  • Recent reconnaissance work by Altamira suggests the presence of a series of high-grade veins with gold values ranging from 0.5g/t - 242.8g/t gold from a total of 12 surface rock samples taken within a NNW trending shear zone over a distance of approximately 2.5km

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Figure 2 - The Porta Aberta project showing historic placer workings and location of surface samples with gold values.

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The Porta Aberta project area is characterized by extensive historic placer workings which produced an estimated 500kg of gold and cover an area of several square kilometers. Outcropping gold mineralization appears to be confined to a series of quartz-sulphide veins within a NNWtrending shear zone characterized by silica-sericite-pyrite alteration which has been traced for 2.5km and is open to the north and south. The width of the shear zone and the width and extent of individual veins within the zone is, as yet, unknown.

Reconnaissance rock chip sampling from outcropping quartz-sulphide veins returned gold values ranging from 0.5 to 242.8g/t gold (12 samples) with three samples returning 199.3g/t, 202.1g/t and 242.8g/t gold. In addition to the high-grade gold values returned from the surface sampling, elevated Ag (up to 60g/t), Zn (up to 0.13%), Pb (up to 1%) Cu (up to 0.08%) values were also returned.

Commenting on these results, Mike Bennett, President & CEO stated "the discovery of very high-grade gold mineralization at Porta Aberta which is located just 13km SSW of our flagship Cajueiro project, is highly significant and comes on top of recent discoveries at Matrincha and Baldo East at Cajuiero. We are optimistic that additional surface work at Porta Aberta will allow us to define targets ahead of drilling". (Figure 3 - Location of the Porta Aberta project area with respect to larger Cajueiro project area. Main targets at Cajueiro are highlighted.)

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Figure 3 - Location of the Porta Aberta project area with respect to larger Cajueiro project area. Main targets at Cajueiro are highlighted.

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The company follows industry standard procedures with a quality assurance/quality control (QA/QC) program. 2 Blank, 2 duplicate and 2 standard samples were inserted in each batch of 40 samples. Sample preparation and analysis was done at SGS GEOSOL in Vespasiano, Minas Gerais State, Brazil. Analysis is performed by fire assay with 50g fusion and Atomic Absorption Spectroscopy.

About Altamira Gold Corp.

The Company is focused on the exploration and development of gold deposits within western central Brazil. The Company holds 12 projects comprising approximately 200,000 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 compliant 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,


"Michael Bennett"

Michael Bennett
President & CEO

Tel: 604.676.5660
Toll-Free: 1-833-606-6271
[email protected]

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 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.

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.

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