Altamira Gold updates Maria Bonita discovery, Cajueiro Project, Brazil

Altamira Gold Corp. [TSXV-ALTA; FSE-T6UP; OTC Pink- EQTRF] updates on ongoing exploration activities at the Cajueiro and Apiacas projects, Brazil.

Highlights: Results of the final two second-round diamond drillholes at the Maria Bonita discovery located within the Cajueiro project area were received and returned 32.7 metres of 0.53 g/t gold in MBA030 and 46.5 metres of 0.50 g/t gold in MBA031. Work continues on the analysis and interpretation of drill results.

Recent surface sampling at the Casa Branca target area of the Apiacas project, returned highly anomalous gold in all surface samples collected. Ten grab samples all contain gold greater than 0.5 g/t, and average 14.5 g/t gold with two high grade values of 69 g/t and 52 g/t gold.

CEO Mike Bennett commented, “The results of the last two drillholes at the Maria Bonita discovery confirm that the porphyry gold deposit carries consistent gold mineralization from surface. We are working through the interpretation of the three-dimensional geological model to define potential zones of extension and repetition of the mineralization for further drill testing. The mineralized system remains open in several directions and at depth. Our new Casa Branca target at the Apiacas project is again intrusive hosted with disseminated gold mineralization observed on surface. Further mapping and sampling are planned in advance of reconnaissance drilling.”

The Cajueiro project is located approximately 75km NW of the town of Alta Floresta in the state of Mato Grosso, central western Brazil and is easily accessible by road and has grid power and 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 project has NI 43-101 resources of 5.66Mt of 1.02 g/t gold for a total of 185,000 oz Indicated and 12.66Mt of 1.26 g/t gold for a total of 515,000 oz Inferred (estimated using a gold price of US$1,500/oz). Included in these totals are near-surface oxide portions of the Cajueiro resource, containing an estimated 75,000oz of gold.

Maria Bonita is located 7km west of the Cajueiro mineral resource and is easily accessible by road. The current drill program is a follow-up to the initial round of discovery drillholes which include 69 metres of 1 g/t gold (MBA005), 50m of 1.1 g/t gold (MBA004), 55m of 1.0 g/t gold (MBA002), 50m of 1.0 g/t gold (MBA001) and 45m of 1.4 g/t gold (MBA003).

Significant results previously reported as part of the current follow-up drill program include: MBA029: 213m of 0.8 g/t gold from surface including 146m of 1.0g/t from 23m. MBA016: 90m of 0.6g/t gold from 14m and 65m @ 0.4g/t gold from 118m.

MBA018: 105m of 0.5g/t gold from 23m and 24m @ 0.4g/t gold from 144m. MBA020: 72m of 0.4 g/t gold from 59m. MBA022: 53m of 0.7 g/t gold from surface

Mapping and logging of drill core from the Maria Bonita second drill program is ongoing to identify the various phases of porphyry intrusion.

The results of the final two drillholes from the second drill program include 32.7m of 0.53 g/t gold in MBA030 and 46.5m of 0.50 g/t gold in MBA031.

These two short vertical HQ holes were completed primarily to provide new metallurgical samples across the grade range for further heap leach testing and optimization. The holes were completed within the central zone of the drilling area. Sample selection and testing will proceed shortly.

The Apiacas project is located approximately 120km north-west of Alta Floresta and 60km west of the Cajueiro mineral resource. Approximately 1 million ounces of gold is inferred to have been recovered historically (since 1980) from alluvial and eluvial sources in the district, centred on Mutum. Primary gold mineralization is poorly exposed, particularly in the large areas of former alluvial workings.

The Casa Branca target is located 10km east of the Mutum target at Apiacas and, like Apiacas, it exhibits strong sericite-pyrite alteration with disseminated gold mineralization in intrusive rocks.

This is a newly defined prospect outside the main area of historic alluvial/eluvial production at Apiacas.

A proprietary drone aeromagnetic survey has been completed and the data processed via consultant geophysicist Core Geophysics of Perth, Australia. The results indicate an association between the prospect location and a magnetic low lying to the north of a magnetite bearing intrusive whose contact is mappable on the ground.

Ten samples were collected from the alteration zone exposed on surface and all returned gold values above 0.5 g/t. The samples average 14.5 g/t gold with two high grade values of 69 g/t and 52 g/t gold. Further mapping and sampling is in progress and could lead to the definition of targets for reconnaissance drilling.

The company is focused on the exploration and development of gold and copper projects within western central Brazil. The Company holds six projects comprising approximately 190,000 hectares, within the prolific Juruena gold belt which historically produced an estimated 7 to 10Moz of placer gold.