Altamira Gold trenches 17m grading 1.5 g/t gold 200 metres south of the Cajueiro Central Mineral Resource Block on Extension of Central Resource mineralization, Brazil

Altamira Gold Corp. [TSXV: ALTA; FSE: T6UP; OTC Pink: EQTRF] reported results of recent trenching for metallurgical sample collection and testing of extensions to mineralized structures outside the Mineral Resource reported under NI 43-101 for the Cajueiro Central Project, Brazil.

Highlights: The collection of oxide zone metallurgical samples for column leach testwork confirmed prior high-grade intercepts in two trenches: 6 metres of 5.12 g/t gold and 4 metres of 9.50 g/t gold.

The ongoing review of the Cajueiro Central Mineral Resource has led to the reinterpretation of the structural control in some areas of the deposit. Additional trenching has identified important extensions of near-surface mineralization, outside the current Mineral Resource: 17 metres of 1.46 g/t gold.

The intercept of 17 metres of 1.46 g/t Au lies approximately 200 metres along strike beyond the limit of the current Mineral Resource, and the mineralized zone can be seen in surface float samples for a total of 350 metres from the limit of the NI 43-101 Mineral Resource, representing potential to add significant resources to the mineral inventory in the short term, through additional trenching and drilling.

Trenching programs are ongoing within the Guillermo and Mombaque target areas, both of which form part of a more extensive district-scale porphyry-related gold mineralization event within the 23,000 hectares claim block. The company has to date drilled 31 diamond drill holes in the Maria Bonita porphyry discovery, located 7 kilometres to the west of the Central area, with hole 29 returning 146 metres of 1 g/t gold with the mineralization open at depth.

CEO Mike Bennett commented; “The current trenching program at Cajueiro Central had two objectives; to collect bulk samples for column leach testwork and to identify extensions to the existing Mineral Resource. The results confirm some of the prior higher grade intercepts in trenches and have generated a significant new drill target outside the current Mineral Resource. We now interpret the Baldo A structure to extend to the southwest by at least 350 metres, with grades and widths in the new trench comparable with the prior drilling within the Mineral Resource. The alteration and style of mineralization observed in the trenches is consistent with the mineralization previously drill tested within the Mineral Resource area. Additional drilling is now being planned to extend the footprint of the Central Mineral Resource as well as to test the three new peripheral intrusive-related targets.”

The Cajueiro project is located approximately 75km NW of the town of Alta Floresta in the state of Mato Grosso in central western Brazil. The project is easily accessible by road, lies on open farmland and has grid power and a local water supply. Cajueiro is the most advanced of three key projects that Altamira controls in the region, the other two being Apiacas and Santa Helena.

The Cajueiro Central project has current NI 43-101 resources of 5.66Mt of 1.02 g/t gold for a total of 185,000 oz in the Indicated Resource category and 12.66Mt of 1.26 g/t gold for a total of 515,000 oz in the Inferred Resource category (estimated using a gold price of US$1,500/oz).

Reconnaissance drilling at the Maria Bonita target, located 7km west of the Cajueiro Central Mineral Resource, identified the first porphyry-hosted gold discovery at Cajueiro and returned gold values up to 146m of 1 g/t gold (from 23 metres depth.

Ongoing re-evaluation of the Cajueiro Central Mineral Resource, in the light of the discovery of porphyry-style gold mineralization at the Maria Bonita target, prompted the potential to extend testing of several of the open-ended mineralized structures that form the current Mineral Resource.

As a first step, a trenching program was designed to identify the surface expression of the extensions to known breccia-vein structures. Unlike the situation at Maria Bonita, where the weathering profile is too deep for effective trenching, at Cajueiro Central, subcropping bedrock can be exposed and sampled by trenching in most areas, except those within creeks, which are covered by alluvium.

A total of 1,042 metres was excavated in 13 trenches covering parts of the Baldo and Matrincha sectors of the deposit where approximately 60% of the total Mineral Resource gold ounces are currently located.

Three trenches for metallurgical sampling confirmed higher grade intercepts within the published Mineral Resource: 3 metres of 3.57 g/t gold; 4 metyres of 0.50 g/t gold and 6 metres of 5.12 g/t gold.

Trenching also revealed an important extension to the south-western limit of the Baldo sector of the Mineral Resource. The interpreted vein structures coalesce and disappear beneath worked alluvial cover of a former garimpo (artisanal alluvial working). Trench 61 shows an interval of 17 metres of 1.46 g/t gold, approximately 200 metres beyond the limit of the currently defined Mineral Resource. The extrapolation of this structure is interpreted to continue to an inferred fault along the NNW trending creek that separates the Baldo and Marines sectors, thus opening potential for an untested strike of up to 350 metres outside the current Mineral Resource.

Similarly, Trench 53 on the Matrincha 2 structure, revealed a 3-metre section of 3.57 g/t gold, within the current Mineral Resource, defining a second drill target between Trenches 53 and 33 in a breccia vein structure with a mapped strike of at least 150m that has is not yet included in the Mineral Resource.

The western margin of the mineralization is interpreted as a fault, raising the possibility of the continuation of the mineralized trends to the west of the fault, either dislocated laterally or at depth.

A composite metallurgical sample of approximately 75,000 kg was collected from 5 pits in oxide material across the Mineral Resource to form the basis for initial heap leach testing of the Cajueiro mineralization. Prior initial heap leach testing of the Maria Bonita oxide material showed a positive recovery of 88% of the contained gold at a coarse feed size of 100% passing 9.5mm (see Press release dated February 7, 2024).

The company continues its regional exploration program at Cajueiro. The 2025 exploration program will include initial scout drilling of the three intrusive-related targets identified to date (Mombaque, Espirro and Guillermo, completion of drone magnetic surveys over the prospective belt, infill and extension drilling at Maria Bonita, plus progression of metallurgical testwork on both Cajueiro Central and Maria Bonita mineralization.

The company is focused on the exploration and development of gold and copper projects within western central Brazil, advancing six projects spanning approximately 190,000 hectares within the prolific Juruena Gold Belt.

Ongoing exploration and fieldwork at Cajueiro indicate the presence of multiple porphyry gold systems, reinforcing its potential for district-scale development.